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Indian (NIFTY) Telecom Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies147
  • 7D-1.1%
  • 3M-1.0%
  • 1Y-5.3%
  • YTD-12.0%

Over the last 7 days, the Telecom industry has dropped 1.1%, driven by Bharti Airtel declining 1.7%. Meanwhile, Vodafone Idea actually outperformed within the industry, gaining 6.9% in the last week. However, the industry is down 5.3% over the past year. Looking forward, earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

Has the Indian Telecom Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026₹16.2t₹3.6t₹443.7b22x36.5x4.4x
Tue, 05 May 2026₹16.1t₹3.5t₹486.1b23.7x33.1x4.6x
Thu, 02 Apr 2026₹15.6t₹3.5t₹492.0b19.8x31.7x4.4x
Sat, 28 Feb 2026₹16.4t₹3.5t₹491.8b20.7x33.3x4.7x
Mon, 26 Jan 2026₹17.0t₹3.4t₹581.5b19.5x29.2x5x
Wed, 24 Dec 2025₹18.1t₹3.4t₹566.2b21.3x32x5.3x
Fri, 21 Nov 2025₹18.3t₹3.4t₹573.1b24x31.9x5.4x
Sun, 19 Oct 2025₹17.3t₹3.3t₹543.3b24.5x31.9x5.3x
Tue, 16 Sep 2025₹16.6t₹3.3t₹542.7b25.1x30.5x5.1x
Thu, 14 Aug 2025₹16.2t₹3.3t₹538.7b28.4x30.2x5x
Sat, 12 Jul 2025₹17.2t₹3.1t₹508.7b29.7x33.8x5.5x
Mon, 09 Jun 2025₹16.7t₹3.1t₹507.2b29.9x32.8x5.3x
Wed, 07 May 2025₹16.4t₹3.0t₹416.7b26.4x39.4x5.5x
Fri, 04 Apr 2025₹15.3t₹3.0t₹410.6b28.2x37.3x5.1x
Sun, 02 Mar 2025₹13.9t₹3.1t₹416.8b25.6x33.3x4.5x
Tue, 28 Jan 2025₹14.5t₹3.0t₹270.8b33.3x53.4x4.9x
Thu, 26 Dec 2024₹15.1t₹3.1t₹257.1b36.4x58.6x4.9x
Sat, 23 Nov 2024₹14.8t₹3.1t₹263.3b31.2x56.2x4.8x
Mon, 21 Oct 2024₹16.0t₹3.0t₹248.9b34.8x64.2x5.3x
Wed, 18 Sep 2024₹15.8t₹3.0t₹257.2b36.6x61.6x5.3x
Fri, 16 Aug 2024₹14.2t₹3.0t₹256.8b36.8x55.5x4.7x
Sun, 14 Jul 2024₹13.9t₹3.0t₹218.5b35.6x63.6x4.7x
Tue, 11 Jun 2024₹13.4t₹3.0t₹217.3b35.1x61.6x4.5x
Thu, 09 May 2024₹12.3t₹3.0t₹241.6b35.3x50.7x4.1x
Sat, 06 Apr 2024₹11.3t₹2.8t₹234.2b32.7x48.1x4x
Mon, 04 Mar 2024₹10.7t₹2.8t₹233.9b39.9x45.9x3.8x
Wed, 31 Jan 2024₹10.7t₹2.8t₹221.7b43.7x48.4x3.8x
Fri, 29 Dec 2023₹9.9t₹2.8t₹203.7b35.2x48.4x3.6x
Sun, 26 Nov 2023₹9.3t₹2.8t₹203.6b31.2x45.4x3.4x
Tue, 24 Oct 2023₹8.8t₹2.7t₹180.3b34.3x48.9x3.2x
Thu, 21 Sep 2023₹8.8t₹2.7t₹181.1b33.9x48.7x3.3x
Sat, 19 Aug 2023₹8.2t₹2.7t₹181.6b29.5x45.4x3x
Mon, 17 Jul 2023₹8.3t₹2.6t₹196.6b32.6x42.3x3.2x
Wed, 14 Jun 2023₹7.8t₹2.6t₹196.5b31.9x39.9x3x
Price to Earnings Ratio

39.9x


Total Market Cap: ₹7.8tTotal Earnings: ₹196.5bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.2x202420252026
Current Industry PE
  • Investors are pessimistic on the Indian Communication Services industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 36.5x which is lower than its 3-year average PE of 44.2x.
  • The industry is trading close to its 3-year average PS ratio of 4.6x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 29% per year over the last three years.
  • Revenues for these companies have grown 12% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Indian Telecom sector?

IN Market-0.83%
Telecom-1.09%
Entertainment2.30%
Media2.22%
Interactive Media and Services0.04%
Telecom Services and Carriers-0.97%
Wireless Telecom-1.64%
Industry PE
  • Investors are most optimistic about the Entertainment industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 28.9%, which is higher than its past year's earnings decline of 6.9% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 31.0x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings decline of 6.9% per year.
  • In contrast, the Interactive Media and Services industry is expected to see its earnings grow by 8.7% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
IDEA Vodafone Idea₹14.956.9%
+₹104.0b		116.0%PE4.7x
ZEEL Zee Entertainment Enterprises₹112.2720.6%
+₹18.4b		-11.3%PE39.5x
HFCL HFCL₹187.234.1%
+₹11.2b		104.8%PE91.9x
532163 Saregama India₹475.8012.0%
+₹9.8b		-17.3%PE44.1x
532371 Tata Teleservices (Maharashtra)₹46.157.8%
+₹6.5b		-35.1%PS7.8x

Latest News

JAGRAN
₹66.79
Jagran Prakashan
7D
-10.9%
1Y
-8.6%
PFOCUS
₹240.19
Prime Focus
7D
2.9%
1Y
105.7%
Analysis Article • Jun 05

Prime Focus (NSE:PFOCUS) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

Investors were disappointed with Prime Focus Limited's ( NSE:PFOCUS ) earnings, despite the strong profit numbers. We...
532163
₹475.80
Saregama India
7D
12.0%
1Y
-17.3%
Narrative Update • Jun 04

532163: Board Governance And Margin Outlook Will Steady Future Repricing Potential

Analysts have raised their fair value estimate for Saregama India from ₹459 to ₹489.5, citing updated assumptions that reflect revised revenue growth expectations, an improved profit margin outlook, a slightly lower discount rate, and an updated future P/E of 43.86x compared with 46.16x previously. What's in the News The board meeting is scheduled for May 14, 2026, at 11:00 Indian Standard Time, to consider and approve the annual audited financial results for the quarter and financial year ended March 31, 2026.
ZEEL
₹112.27
Zee Entertainment Enterprises
7D
20.6%
1Y
-11.3%
Narrative Update • Jun 04

ZEEL: Index Removal And Upcoming Results Will Highlight Downside Risk

Analysts have trimmed their fair value estimate for Zee Entertainment Enterprises to ₹75 from ₹80, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E, along with a small adjustment to the discount rate. What's in the News A board meeting is scheduled for May 19, 2026 to consider and approve audited standalone and consolidated financial results for the quarter and year ended March 31, 2026, and to consider an equity dividend for FY 2025-26.
SIGNPOST
₹265.15
Signpost India
7D
-10.6%
1Y
39.9%
Analysis Article • Jun 02

With EPS Growth And More, Signpost India (NSE:SIGNPOST) Makes An Interesting Case

It's common for many investors, especially those who are inexperienced, to buy shares in companies with a good story...
INDUSTOWER
₹429.65
Indus Towers
7D
-2.8%
1Y
9.9%
Narrative Update • Jun 01

INDUSTOWER: Slowing Margins And Growth Will Likely Expose Earnings To Higher Risk

Analysts have kept the Indus Towers price target steady at ₹345.00, with their rationale now reflecting updated assumptions for revenue growth, profit margin, and a higher future P/E multiple. What's in the News Chief Financial Officer Vikas Poddar has tendered his resignation, effective from the close of business on August 18, 2026, to pursue a new professional opportunity, after contributing to the company's financial governance and transparency.
VERTOZ
₹38.73
Vertoz
7D
-18.8%
1Y
-62.8%
SUNTV
₹516.55
Sun TV Network
7D
2.9%
1Y
-16.0%
NAZARA
₹271.50
Nazara Technologies
7D
-2.3%
1Y
-12.3%
Narrative Update • May 28

NAZARA: Higher Revenue Outlook Will Still Face Compressed Future Earnings Multiple

Analysts have kept their fair value estimate for Nazara Technologies steady at ₹180. They have updated their assumptions to reflect different expectations for revenue growth, profit margins and future P/E, along with a slightly adjusted discount rate.
NAUKRI
₹988.45
Info Edge (India)
7D
-0.7%
1Y
-34.4%
Narrative Update • May 27

NAUKRI: Upcoming Board Capital Allocation Decisions Will Support Future Upside Potential

Analysts have trimmed their price target for Info Edge (India) from about ₹1,392 to roughly ₹1,316, citing updated assumptions that reflect slightly higher discount rates, more moderate revenue growth expectations, and a marginally lower profit margin, while keeping future P/E estimates broadly unchanged. What's in the News A board meeting is scheduled for May 22, 2026, to review audited standalone and consolidated financial results and financial statements for the quarter and year ended March 31, 2026, and to consider a final dividend for FY 2025-26 (company filing).
HFCL
₹187.23
HFCL
7D
4.1%
1Y
104.8%
IDEA
₹14.95
Vodafone Idea
7D
6.9%
1Y
116.0%
Narrative Update • May 25

IDEA: Funding And Ownership Uncertainty Will Eventually Restrain Recent Share Price Optimism

Analysts have lifted their price target on Vodafone Idea to ₹5.79 from ₹5.19, citing updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting on May 16, 2026 to review standalone and consolidated audited financial results for the quarter and financial year ended March 31, 2026, and to evaluate raising funds through equity shares and or warrants on a preferential basis, subject to required approvals including shareholders.
BHARTIHEXA
₹1,480.50
Bharti Hexacom
7D
-1.0%
1Y
-18.6%
Narrative Update • May 22

BHARTIHEXA: Upcoming Results And Dividend Decision Will Support Future Upside Repricing Potential

Analysts now set a slightly lower Bharti Hexacom price target of ₹2,105, trimming it from ₹2,115 as they update their models for small changes in projected revenue growth, profit margins and forward P/E assumptions. What's in the News Board meeting scheduled for May 12, 2026 to consider and take on record audited financial results for Q4 and the full year ended March 31, 2026 (company filing).
AMAGI
₹421.30
Amagi Media Labs
7D
5.6%
1Y
n/a
532454
₹1,798.95
Bharti Airtel
7D
-1.7%
1Y
-3.8%
532371
₹46.15
Tata Teleservices (Maharashtra)
7D
7.8%
1Y
-35.1%