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Indian (NIFTY) Telecom Sector Analysis

UpdatedApr 03, 2026
DataAggregated Company Financials
Companies138
  • 7D-2.2%
  • 3M-14.8%
  • 1Y0.003%
  • YTD-14.7%

Over the last 7 days, the Telecom industry has dropped 2.2%, driven by Bharti Airtel declining 2.5%. As for the longer term, the industry's performance has been flat for the past year. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026₹15.7t₹3.5t₹492.0b20.4x31.8x4.5x
Sun, 01 Mar 2026₹16.4t₹3.5t₹491.8b20.7x33.3x4.7x
Tue, 27 Jan 2026₹17.0t₹3.4t₹581.5b19.5x29.2x5x
Thu, 25 Dec 2025₹18.2t₹3.4t₹566.2b20.9x32.1x5.3x
Sat, 22 Nov 2025₹18.2t₹3.4t₹566.4b23.7x32.2x5.4x
Mon, 20 Oct 2025₹17.3t₹3.3t₹543.2b24.5x31.9x5.3x
Wed, 17 Sep 2025₹16.8t₹3.3t₹542.7b25.8x31x5.1x
Fri, 15 Aug 2025₹16.3t₹3.3t₹538.9b27.9x30.2x5x
Sun, 13 Jul 2025₹16.9t₹3.1t₹508.6b29.4x33.2x5.4x
Tue, 10 Jun 2025₹16.7t₹3.1t₹507.2b29.6x32.9x5.4x
Thu, 08 May 2025₹16.4t₹3.0t₹416.4b26.7x39.4x5.5x
Sat, 05 Apr 2025₹15.2t₹3.0t₹410.6b27.5x37x5.1x
Mon, 03 Mar 2025₹13.9t₹3.1t₹416.8b25.6x33.3x4.5x
Wed, 29 Jan 2025₹14.6t₹3.0t₹270.8b33.5x53.7x4.9x
Fri, 27 Dec 2024₹15.1t₹3.1t₹257.1b35.2x58.8x5x
Sun, 24 Nov 2024₹14.8t₹3.1t₹263.4b31.2x56.2x4.8x
Tue, 22 Oct 2024₹15.8t₹3.0t₹248.9b35.5x63.5x5.3x
Thu, 19 Sep 2024₹15.8t₹3.0t₹257.2b36.4x61.3x5.2x
Sat, 17 Aug 2024₹14.4t₹3.0t₹256.9b36.3x56.2x4.8x
Mon, 15 Jul 2024₹13.9t₹3.0t₹218.3b36.1x63.7x4.7x
Wed, 12 Jun 2024₹13.4t₹3.0t₹217.3b34.8x61.8x4.5x
Fri, 10 May 2024₹12.1t₹3.0t₹241.6b33.9x50.1x4.1x
Sun, 07 Apr 2024₹11.3t₹2.8t₹234.2b32.7x48.1x4x
Tue, 05 Mar 2024₹10.8t₹2.8t₹233.9b37.4x46x3.8x
Thu, 01 Feb 2024₹10.8t₹2.8t₹221.5b41.9x48.9x3.8x
Sat, 30 Dec 2023₹9.9t₹2.8t₹203.7b37x48.6x3.6x
Mon, 27 Nov 2023₹9.3t₹2.8t₹203.6b31.2x45.4x3.4x
Wed, 25 Oct 2023₹8.8t₹2.7t₹180.3b34.3x48.9x3.2x
Fri, 22 Sep 2023₹8.8t₹2.7t₹181.1b33.4x48.8x3.3x
Sun, 20 Aug 2023₹8.2t₹2.7t₹180.8b32.5x45.6x3x
Tue, 18 Jul 2023₹8.3t₹2.6t₹196.6b34.2x42.3x3.2x
Thu, 15 Jun 2023₹7.8t₹2.6t₹196.5b32.2x39.8x3x
Sat, 13 May 2023₹7.3t₹2.6t₹157.6b35.2x46.2x2.8x
Mon, 10 Apr 2023₹7.1t₹2.6t₹164.0b32.3x43.3x2.8x
Price to Earnings Ratio

43.3x


Total Market Cap: ₹7.1tTotal Earnings: ₹164.0bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.7x202420252026
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 31.8x which is lower than its 3-year average PE of 44.7x.
  • The industry is trading close to its 3-year average PS ratio of 4.5x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 44% per year over the last three years.
  • Revenues for these companies have grown 11% 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-2.08%
Telecom-2.17%
Entertainment0.44%
Media-0.35%
Interactive Media and Services-0.45%
Telecom Services and Carriers-1.52%
Wireless Telecom-2.65%
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 45.5%, which is higher than its past year's earnings growth of 0.8% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 32.1x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 0.8% per year.
  • In contrast, the Interactive Media and Services industry is expected to see its earnings decline by 26% 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
PFOCUS Prime Focus₹331.203.4%
+₹8.5b		250.5%PS6x
AFFLE Affle 3i₹1.42k2.0%
+₹3.9b		-11.3%PE45.6x
532371 Tata Teleservices (Maharashtra)₹36.334.2%
+₹2.9b		-39.4%PS6.1x
NAZARA Nazara Technologies₹234.923.3%
+₹2.8b		-1.6%PE199x
MPSLTD MPS₹1.66k10.1%
+₹2.6b		-33.7%PE16.2x

Latest News

542727
₹2,279.30
City Pulse Multiventures
7D
-18.6%
1Y
87.1%
532454
₹1,789.55
Bharti Airtel
7D
-2.5%
1Y
2.5%

532454: Digital Financial Services Arm Will Support Expansion Of New Connectivity Services

Analysts have nudged their fair value estimate for Bharti Airtel slightly lower from ₹2,351.47 to ₹2,347.63, reflecting small refinements to revenue growth, profit margin and forward P/E assumptions. What's in the News Bharti Airtel has rolled out more than 2,750 new 5G sites across 36 districts in Gujarat over the past 12 months, extending high speed coverage to over 41 million customers and introducing an unlimited data option in its ₹399 recharge pack (Business Expansions).
BHARTIHEXA
₹1,506.80
Bharti Hexacom
7D
-4.8%
1Y
3.6%

BHARTIHEXA: Higher Margin Outlook Will Support Future Upside Repricing Potential

Analysts have trimmed their price target on Bharti Hexacom from ₹2,170 to ₹2,115. This reflects updated assumptions that combine a lower revenue growth outlook with a higher profit margin profile and a slightly adjusted future P/E multiple.
NAZARA
₹234.92
Nazara Technologies
7D
3.3%
1Y
-1.6%

NAZARA: Planned Acquisitions And Margin Outlook Will Support Future Upside

Analysts have kept their Nazara Technologies fair value unchanged at ₹400, noting that slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E are the key drivers behind a stable price target despite updated model inputs. What's in the News Nazara Technologies has called a Special or Extraordinary Shareholders Meeting for April 30, 2026, to seek shareholder approvals on specified corporate matters, to be held via video conferencing or other audio visual means (company event filing).
VERTOZ
₹33.02
Vertoz
7D
-9.5%
1Y
-60.2%
TATACOMM
₹1,387.30
Tata Communications
7D
-4.3%
1Y
-15.0%

TATACOMM: Rail Partnership And AI Infrastructure Will Drive Future Upside

Analysts have maintained their fair value estimate for Tata Communications at ₹1,987.89, making only minor adjustments to assumptions such as the discount rate and future P/E. This reflects largely unchanged views on the stock’s medium-term risk and earnings profile.
MPSLTD
₹1,659.30
MPS
7D
10.1%
1Y
-33.7%
TIPSMUSIC
₹528.50
Tips Music
7D
3.0%
1Y
-19.8%

TIPSMUSIC: Interim Dividend And Leadership Transition Will Support Positive Future Outlook

Analysts have maintained their fair value estimate for Tips Music at ₹647.67, making only minor adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions, so the updated price target essentially aligns with the previous view on the stock. What's in the News Chief Executive Officer Hari Nair plans to step down effective April 30, 2026, after leading Tips Music’s shift toward a proprietary software led, data focused digital model and building brand partnerships and technology capabilities.
532371
₹36.33
Tata Teleservices (Maharashtra)
7D
4.2%
1Y
-39.4%
INDUSTOWER
₹424.85
Indus Towers
7D
-0.7%
1Y
18.7%

INDUSTOWER: African Subsidiary Expansion And Stable Assumptions Will Support Balanced Outlook

The analyst price target for Indus Towers remains unchanged at ₹463.25, as analysts cite only marginal tweaks to revenue growth, profit margin and forward P/E assumptions that do not materially alter their valuation view. What's in the News Deloitte Haskins & Sells LLP is set to retire as Statutory Auditors at the conclusion of the 21st AGM in the 2027 calendar year, after completing its second consecutive term (company filing).
AFFLE
₹1,421.60
Affle 3i
7D
2.0%
1Y
-11.3%

AFFLE: Modest Assumption Tweaks Will Sustain A More Optimistic Future Price Scenario

Analysts have maintained their ₹2,280 price target on Affle 3i, citing only modest tweaks to revenue growth, profit margin and future P/E assumptions that do not materially change their overall view of the stock. What's in the News Board meeting scheduled for January 31, 2026, to review and approve unaudited standalone and consolidated financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
IDEA
₹8.58
Vodafone Idea
7D
-5.1%
1Y
4.8%

IDEA: Future Returns Will Benefit From Potential New Equity Investor Interest

Analysts have lifted their fair value estimate for Vodafone Idea from ₹8.88 to ₹9.97, reflecting updated assumptions around revenue growth, profit margins and future P/E levels, along with a modest adjustment to the discount rate. What's in the News Singapore based ST Telemedia and India's JSW Group are in discussions with Vodafone Idea for a potential equity stake, alongside US based Tillman Global Holdings and other unnamed domestic business houses (Key Developments) The interest from multiple investors follows financial relief extended by the Government of India, which now holds nearly 49% of Vodafone Idea and is seeking a new investor to inject capital and run the company (Key Developments) Promoters Aditya Birla Group and Vodafone Group Plc have not yet clarified whether any deal would involve a sale of existing promoter holdings or a fresh equity issuance (Key Developments) Vodafone Idea's management is scheduled to meet institutional investors in Singapore and Hong Kong on 16 and 17 March 2026, with discussions described as exploratory and without certainty of a transaction (Key Developments) The board plans to meet on 27 January 2026 to consider and approve the standalone and consolidated unaudited financial results for the third quarter and nine months ended 31 December 2025 (Key Developments) Valuation Changes Fair Value: Revised from ₹8.88 to ₹9.97, indicating a modest uplift in the analyst fair value estimate.
SUNTV
₹595.35
Sun TV Network
7D
-2.3%
1Y
-8.2%
PFOCUS
₹331.20
Prime Focus
7D
3.4%
1Y
250.5%
532368
₹8.95
Brightcom Group
7D
5.0%
1Y
n/a
HFCL
₹71.72
HFCL
7D
1.1%
1Y
-13.8%