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Indian (NIFTY) Telecom Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies139
  • 7D0.07%
  • 3M-5.5%
  • 1Y-1.5%
  • YTD-10.9%

The Telecom is pretty flat in the last 7 days, but HFCL has stood out, gaining 14%. Furthermore, the industry has been flat for the past year as well. As for the next few years, earnings are expected to grow by 22% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Apr 2026₹16.4t₹3.5t₹490.8b24.6x33.4x4.7x
Sat, 21 Mar 2026₹16.0t₹3.5t₹491.9b20.2x32.6x4.6x
Mon, 16 Feb 2026₹17.3t₹3.5t₹491.3b21x35.3x4.9x
Wed, 14 Jan 2026₹17.4t₹3.4t₹566.3b21.4x30.8x5.1x
Fri, 12 Dec 2025₹18.3t₹3.5t₹544.9b21.3x33.5x5.2x
Sun, 09 Nov 2025₹17.3t₹3.4t₹575.0b27.7x30.1x5.1x
Tue, 07 Oct 2025₹16.6t₹3.3t₹544.3b23.8x30.5x5.1x
Thu, 04 Sep 2025₹16.3t₹3.3t₹542.0b27x30.1x5x
Sat, 02 Aug 2025₹16.5t₹3.1t₹518.7b26.7x31.7x5.3x
Mon, 30 Jun 2025₹17.8t₹3.1t₹507.9b29.5x35x5.7x
Wed, 28 May 2025₹16.3t₹3.1t₹511.2b29.5x32x5.3x
Fri, 25 Apr 2025₹16.2t₹3.0t₹417.7b28.2x38.8x5.4x
Sun, 23 Mar 2025₹15.1t₹3.1t₹416.8b26.3x36.3x5x
Tue, 18 Feb 2025₹14.8t₹3.1t₹396.1b27x37.3x4.8x
Thu, 16 Jan 2025₹14.7t₹3.0t₹245.3b34.4x60x5x
Sat, 14 Dec 2024₹15.8t₹3.1t₹261.6b34.4x60.5x5.2x
Mon, 11 Nov 2024₹14.8t₹3.1t₹283.9b32.7x52.3x4.9x
Wed, 09 Oct 2024₹15.7t₹3.0t₹251.5b35.2x62.5x5.3x
Fri, 06 Sep 2024₹15.1t₹3.0t₹257.2b38x58.5x5x
Sun, 04 Aug 2024₹14.5t₹3.0t₹223.8b39.4x65x4.8x
Tue, 02 Jul 2024₹14.0t₹3.0t₹218.6b35.5x63.9x4.7x
Thu, 30 May 2024₹13.0t₹3.0t₹240.8b33.5x53.8x4.3x
Sat, 27 Apr 2024₹12.6t₹2.9t₹238.1b34.6x52.9x4.3x
Mon, 25 Mar 2024₹11.2t₹2.8t₹234.2b31.7x47.8x3.9x
Wed, 21 Feb 2024₹10.7t₹2.8t₹233.9b43.2x45.9x3.8x
Fri, 19 Jan 2024₹10.4t₹2.8t₹201.4b38.1x51.5x3.7x
Sun, 17 Dec 2023₹9.6t₹2.8t₹203.7b33.7x47.3x3.5x
Tue, 14 Nov 2023₹9.0t₹2.8t₹203.1b31.4x44.1x3.2x
Thu, 12 Oct 2023₹9.1t₹2.7t₹181.2b32.9x50.2x3.4x
Sat, 09 Sep 2023₹8.7t₹2.7t₹180.8b35.6x48.2x3.2x
Mon, 07 Aug 2023₹8.5t₹2.7t₹205.0b39.3x41.5x3.1x
Wed, 05 Jul 2023₹8.0t₹2.6t₹196.7b30.9x40.9x3.1x
Fri, 02 Jun 2023₹7.6t₹2.6t₹204.9b31.9x37.3x2.9x
Sun, 30 Apr 2023₹7.3t₹2.6t₹157.6b33.6x46.5x2.8x
Price to Earnings Ratio

46.5x


Total Market Cap: ₹7.3tTotal Earnings: ₹157.6bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.5x202420252026
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 33.4x which is lower than its 3-year average PE of 44.5x.
  • 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 46% 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 Market4.27%
Telecom0.066%
Interactive Media and Services7.37%
Media4.22%
Entertainment2.55%
Wireless Telecom-0.61%
Telecom Services and Carriers-1.65%
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 41.5%, 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 31.6x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 42% 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 18% 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
HFCL HFCL₹100.3713.9%
+₹18.7b		17.1%PE296.5x
NAUKRI Info Edge (India)₹1.05k2.4%
+₹16.0b		-25.7%PE50.6x
SUNTV Sun TV Network₹652.455.1%
+₹12.6b		-0.6%PE16.3x
IDEA Vodafone Idea₹9.541.1%
+₹10.8b		19.1%PS2.3x
TIPSMUSIC Tips Music₹599.608.8%
+₹6.2b		-9.2%PE40.7x

Latest News

SUNTV
₹652.45
Sun TV Network
7D
5.1%
1Y
-0.6%
TIPSMUSIC
₹599.60
Tips Music
7D
8.8%
1Y
-9.2%

TIPSMUSIC: CEO Transition And April Results Will Shape Balanced Long Term Outlook

Analysts have kept their price target for Tips Music steady at ₹648, reflecting essentially unchanged assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Board meeting scheduled on April 23, 2026 to consider and approve the audited financial results for the quarter and financial year ended March 31, 2026 (company filing).
INDUSTOWER
₹408.15
Indus Towers
7D
-2.9%
1Y
2.0%

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

Analysts have fine tuned their price target on Indus Towers to ₹454.96 from ₹463.25, reflecting adjustments to fair value, revenue growth, profit margin, and future P/E assumptions in their models. What's in the News Deloitte Haskins & Sells LLP is set to retire as Indus Towers' Statutory Auditor at the conclusion of the 21st AGM in 2027, following the completion of its second consecutive term (company announcement).
532454
₹1,829.70
Bharti Airtel
7D
-1.4%
1Y
-2.8%

532454: New 5G Rollout And AI Fraud Protection Will Drive Future Upside

Analysts have nudged Bharti Airtel's fair value estimate slightly lower from ₹2,347.63 to ₹2,346.58, reflecting updated assumptions that combine a higher forecast revenue growth rate of 13.51%, a modestly lower profit margin of 20.04%, and a small adjustment to the future P/E to 34.11x. What's in the News More than 4,300 new 5G sites rolled out across 48 districts in UP East over the last 12 months, extending coverage to about 34 million people across cities, towns and rural areas, alongside a ₹399 recharge pack offering 28 days of unlimited 4G and 5G data plus unlimited calls (Business Expansions).
AMAGI
₹375.05
Amagi Media Labs
7D
6.4%
1Y
n/a

Cloud Migration And Streaming Expansion Will Support Long Term Earnings Power

Catalysts About Amagi Media Labs Amagi Media Labs provides cloud based media software that helps TV networks and content owners manage, distribute and monetize video globally. What are the underlying business or industry changes driving this perspective?
HATHWAY
₹11.16
Hathway Cable and Datacom
7D
-3.4%
1Y
-24.2%
ZEEL
₹87.58
Zee Entertainment Enterprises
7D
5.9%
1Y
-23.6%
IDEA
₹9.54
Vodafone Idea
7D
1.1%
1Y
19.1%

IDEA: Funding Uncertainty And Investor Talks Will Eventually Erode Recent Optimism

Analysts have trimmed their fair value estimate for Vodafone Idea to ₹5.19 from ₹5.40, reflecting slightly softer assumptions on revenue growth, profit margins and future P/E, partly offset by a marginally lower 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.
RAILTEL
₹331.59
RailTel Corporation of India
7D
-1.5%
1Y
3.8%
NAZARA
₹271.56
Nazara Technologies
7D
5.7%
1Y
7.9%

NAZARA: Future Returns Will Depend On Overseas Acquisitions Execution

Analysts have raised their price target on Nazara Technologies to ₹289.40 from ₹275.48. They cite updated assumptions that include a slightly lower discount rate, a higher profit margin, a lower future P/E multiple, and modestly adjusted revenue growth expectations.
NAUKRI
₹1,052.70
Info Edge (India)
7D
2.4%
1Y
-25.7%

NAUKRI: Upcoming Board Investments And Subsidiary Transfers Will Support Future Upside Potential

Analysts have slightly reduced their price target on Info Edge (India) to ₹1,415.95 from about ₹1,435.24. The adjustment reflects updated views on the discount rate, revenue growth, profit margin and future P/E assumptions, rather than a major shift in outlook.
TATACOMM
₹1,525.00
Tata Communications
7D
-2.3%
1Y
-3.7%
MPSLTD
₹1,739.90
MPS
7D
-5.2%
1Y
-30.4%
PFOCUS
₹332.50
Prime Focus
7D
-2.6%
1Y
237.6%
539682
₹1,141.30
Mobavenue AI Tech
7D
-6.5%
1Y
78.0%
HFCL
₹100.37
HFCL
7D
13.9%
1Y
17.1%