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Indian (NIFTY) Telecom Sector Analysis

UpdatedMar 09, 2026
DataAggregated Company Financials
Companies136
  • 7D-1.1%
  • 3M-9.3%
  • 1Y10.6%
  • YTD-11.1%

Over the last 7 days, the Telecom industry has dropped 1.1%, driven by declines in Vodafone Idea and Bharti Airtel of 5.0% and 0.4%, respectively. On the other hand Prime Focus is actually up 8.2%. Over the past 12 months, the industry was up 11%. 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
Mon, 09 Mar 2026₹16.2t₹3.5t₹491.9b20.8x32.9x4.6x
Wed, 04 Feb 2026₹17.1t₹3.4t₹562.1b20.7x30.5x5x
Fri, 02 Jan 2026₹18.1t₹3.4t₹566.3b21.7x32x5.3x
Sun, 30 Nov 2025₹17.9t₹3.4t₹566.3b22.4x31.5x5.3x
Tue, 28 Oct 2025₹17.9t₹3.3t₹544.4b24.7x32.8x5.5x
Thu, 25 Sep 2025₹16.8t₹3.3t₹542.7b25.2x30.9x5.1x
Sat, 23 Aug 2025₹16.8t₹3.3t₹542.0b27.2x31x5.1x
Mon, 21 Jul 2025₹16.8t₹3.1t₹517.3b29.9x32.6x5.4x
Wed, 18 Jun 2025₹16.5t₹3.1t₹507.6b29.5x32.6x5.3x
Fri, 16 May 2025₹16.5t₹3.1t₹510.6b28.4x32.3x5.3x
Sun, 13 Apr 2025₹15.3t₹3.0t₹410.6b25.5x37.3x5.1x
Tue, 11 Mar 2025₹14.3t₹3.1t₹416.8b26.3x34.3x4.7x
Thu, 06 Feb 2025₹15.1t₹3.0t₹271.2b32.2x55.6x5.1x
Sat, 04 Jan 2025₹15.2t₹3.1t₹257.1b37.3x59.3x5x
Mon, 02 Dec 2024₹15.4t₹3.1t₹263.3b31.7x58.3x5x
Wed, 30 Oct 2024₹15.3t₹3.0t₹281.2b32.6x54.2x5x
Fri, 27 Sep 2024₹16.5t₹3.0t₹251.5b38.9x65.7x5.5x
Sun, 25 Aug 2024₹14.7t₹3.0t₹257.1b38.1x57.2x4.9x
Tue, 23 Jul 2024₹14.1t₹3.0t₹216.4b36.2x65.2x4.7x
Thu, 20 Jun 2024₹13.3t₹3.0t₹218.6b34.4x61x4.5x
Sat, 18 May 2024₹12.7t₹3.0t₹237.8b35.2x53.5x4.3x
Mon, 15 Apr 2024₹11.9t₹2.9t₹239.0b34.5x49.7x4.1x
Wed, 13 Mar 2024₹11.0t₹2.8t₹233.9b32.3x46.9x3.9x
Fri, 09 Feb 2024₹10.7t₹2.8t₹230.6b41.3x46.6x3.8x
Sun, 07 Jan 2024₹10.1t₹2.8t₹203.6b37.9x49.8x3.7x
Tue, 05 Dec 2023₹9.6t₹2.8t₹203.6b31.2x47.3x3.5x
Thu, 02 Nov 2023₹8.7t₹2.8t₹176.7b33x49.3x3.2x
Sat, 30 Sep 2023₹8.9t₹2.7t₹181.1b35x49.3x3.3x
Mon, 28 Aug 2023₹8.4t₹2.7t₹180.8b31.7x46.7x3.1x
Wed, 26 Jul 2023₹8.4t₹2.7t₹196.9b31.7x42.5x3.1x
Fri, 23 Jun 2023₹7.9t₹2.6t₹196.5b30.2x40.4x3x
Sun, 21 May 2023₹7.3t₹2.6t₹186.6b33.5x39.2x2.8x
Tue, 18 Apr 2023₹7.0t₹2.6t₹164.2b31.7x42.8x2.7x
Thu, 16 Mar 2023₹7.0t₹2.6t₹163.6b31x42.5x2.7x
Price to Earnings Ratio

42.5x


Total Market Cap: ₹7.0tTotal Earnings: ₹163.6bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.9x202420252026
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 32.9x which is lower than its 3-year average PE of 44.9x.
  • The industry is trading close to its 3-year average PS ratio of 4.4x.
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-3.02%
Telecom-1.13%
Entertainment-0.0092%
Wireless Telecom-0.42%
Telecom Services and Carriers-2.90%
Interactive Media and Services-4.03%
Media-5.20%
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 45.1%, which is higher than its past year's earnings growth of 3.9% per year.
  • Investors are most pessimistic about the Media industry, which is trading below its 3-year average of 32.6x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 3.9% 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
AFFLE Affle 3i₹1.39k2.4%
+₹4.7b		-2.7%PE44.6x
PFOCUS Prime Focus₹277.200.7%
+₹1.4b		176.8%PS5x
HFCL HFCL₹68.401.3%
+₹1.4b		-14.8%PE202.1x
BASILIC Basilic Fly Studio₹219.156.4%
+₹306.8m		-25.7%PE9.9x
GTPL GTPL Hathway₹60.544.3%
+₹282.3m		-46.4%PE16.4x

Latest News

SUNTV
₹578.20
Sun TV Network
7D
-7.6%
1Y
3.1%
PFOCUS
₹277.20
Prime Focus
7D
0.7%
1Y
176.8%
INDUSTOWER
₹438.50
Indus Towers
7D
-2.2%
1Y
32.8%

INDUSTOWER: African Expansion Via UAE Hubs Will Support Balanced Forward Outlook

Analysts have nudged their price target on Indus Towers up from about ₹443 to ₹463, citing updated assumptions on discount rate, revenue growth, profit margins and future P/E that refine their view of the stock's risk and earnings profile. What's in the News Indus Towers plans to set up a wholly owned subsidiary in GIFT City, Gujarat, to act as an investment holding and treasury hub for overseas subsidiaries within the IFSC framework, subject to applicable permissions (company filing).
AFFLE
₹1,391.00
Affle 3i
7D
2.4%
1Y
-2.7%

AFFLE: Maintained Fair Value Will Rely On Upcoming Board Results

Analysts have maintained their price target for Affle 3i at ₹1,700, citing slightly higher assumptions for revenue growth, a marginally stronger profit margin, and a modestly lower future P/E multiple as reasons for keeping their view unchanged. What's in the News Board meeting scheduled for January 31, 2026, to consider and approve unaudited standalone financial results for the third quarter and nine months ended December 31, 2025 (Key Developments).
IDEA
₹9.91
Vodafone Idea
7D
-3.7%
1Y
36.5%

IDEA: Future Guarantee And Pledge Obligations Will Undermine Optimistic Margin Outlook

Analysts have lifted their price target on Vodafone Idea from ₹5.10 to ₹5.43, citing refreshed assumptions on fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of this update. What's in the News A board meeting is scheduled on Jan 27, 2026 to consider and approve standalone and consolidated unaudited financial results for the third quarter and nine months ended Dec 31, 2025 (company filing).
GTPL
₹60.54
GTPL Hathway
7D
4.3%
1Y
-46.4%
BHARTIHEXA
₹1,582.20
Bharti Hexacom
7D
-0.8%
1Y
18.5%

BHARTIHEXA: Rich P/E Will Likely Persist With CFO Transition And Stable Outlook

Analysts have raised their price target for Bharti Hexacom by about ₹20. The revision reflects updated assumptions that balance a lower discount rate and a revised profit margin outlook with a slightly higher future P/E multiple.
NAZARA
₹239.80
Nazara Technologies
7D
-6.9%
1Y
2.9%

NAZARA: ESOP Plan And Margin Outlook Will Support Future Upside

Analysts are maintaining their fair value estimate for Nazara Technologies at ₹400.00. Only small model adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions are behind this unchanged price target.
532454
₹1,867.15
Bharti Airtel
7D
-0.3%
1Y
14.6%

532454: Digital Financial Services Expansion Will Support Stronger Long Term Outlook

The analyst price target for Bharti Airtel has been adjusted slightly lower, with the fair value estimate moving from about ₹2,356.88 to ₹2,356.73, as analysts fine tune their assumptions around revenue growth, profit margins, and future P/E levels. What's in the News Airtel plans to capitalise its NBFC subsidiary, Airtel Money Limited, with ₹20,000m over the next few years.
NAUKRI
₹979.30
Info Edge (India)
7D
-1.9%
1Y
-25.7%

NAUKRI: Subsidiary Investment Pipeline And Board Actions Will Support Long Term Upside

Analysts have trimmed their fair value estimate for Info Edge (India) slightly, with the price target easing from about ₹1,464 to ₹1,446, as small adjustments to the discount rate, revenue growth, profit margin, and future P/E expectations feed through their valuation models. What's in the News Board meeting scheduled for Feb 26, 2026 to consider a contribution agreement with B8 Fund I, a scheme of B8 Trust registered with SEBI as a Category II Alternative Investment Fund (Key Developments) Board meeting on Feb 13, 2026 set to review un-audited standalone and consolidated results for the quarter and nine months ended Dec 31, 2025, consider a second interim dividend, and review amendments to the company’s Dividend Distribution Policy (Key Developments) Board meeting on Jan 03, 2026 to consider transfer of the entire stake in Agstack Technologies Private Limited (Gramophone) via Startup Investments (Holding) Limited to Akshamaala Solutions Private Limited (Unnati), along with a proposed primary infusion into Unnati (Key Developments) Board meeting on Dec 23, 2025 to consider an investment of about ₹46.81 crore in Unboxrobotics Labs Private Limited and other matters (Key Developments) Board meeting on Dec 12, 2025 to consider investment in Startup Internet Services Ltd.
TATACOMM
₹1,483.40
Tata Communications
7D
-4.0%
1Y
8.0%

TATACOMM: New Leadership And AI Platforms Will Support Future Upside

Analysts have kept their fair value estimate for Tata Communications steady at ₹1,981.8, with only small tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E. Together, these factors support the updated price target narrative.
PVRINOX
₹1,018.00
PVR INOX
7D
0.2%
1Y
8.1%

PVRINOX: Future Returns Will Rely On Improving Margins And Lower Risk Profile

The analyst price target for PVR INOX has inched up by about ₹6 to ₹1,731.81, as analysts factor in a slightly lower discount rate, a modestly adjusted revenue growth outlook, and a marginally higher profit margin alongside a reduced future P/E assumption. What's in the News PVR INOX has scheduled a Board Meeting on Feb 05, 2026 to consider and approve unaudited standalone and consolidated financial results for the third quarter and nine months ended Dec 31, 2025 (Key Developments).
BASILIC
₹219.15
Basilic Fly Studio
7D
6.4%
1Y
-25.7%
539515
₹42.61
Quint Digital
7D
10.8%
1Y
-39.6%
HFCL
₹68.40
HFCL
7D
1.3%
1Y
-14.8%
CONNPLEX
₹237.85
Connplex Cinemas
7D
4.4%
1Y
n/a