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Indian (NIFTY) Telecom Sector Analysis

UpdatedJan 20, 2026
DataAggregated Company Financials
Companies135
  • 7D-1.8%
  • 3M-2.0%
  • 1Y13.1%
  • YTD-4.8%

In the last week, Telecom has been flat. The past year has been better, since the industry has gained 15% in that time. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 20 Jan 2026₹17.3t₹3.4t₹532.0b21.4x32.4x5.1x
Thu, 18 Dec 2025₹17.9t₹3.4t₹566.2b20.6x31.6x5.3x
Sat, 15 Nov 2025₹17.9t₹3.4t₹573.0b27x31.3x5.3x
Mon, 13 Oct 2025₹16.9t₹3.3t₹544.4b23.9x31.1x5.2x
Wed, 10 Sep 2025₹16.5t₹3.3t₹542.7b26.2x30.3x5x
Fri, 08 Aug 2025₹16.6t₹3.3t₹536.8b28.7x31x5.1x
Sun, 06 Jul 2025₹17.8t₹3.1t₹509.1b29.4x34.9x5.7x
Tue, 03 Jun 2025₹16.5t₹3.1t₹507.3b28.4x32.5x5.3x
Thu, 01 May 2025₹16.3t₹3.0t₹417.1b26.9x39x5.4x
Sat, 29 Mar 2025₹15.2t₹3.1t₹416.8b24.9x36.4x5x
Mon, 24 Feb 2025₹14.6t₹3.1t₹416.8b28.6x34.9x4.8x
Wed, 22 Jan 2025₹14.8t₹3.0t₹245.1b36.6x60.6x5x
Fri, 20 Dec 2024₹15.3t₹3.1t₹257.1b35.1x59.4x5x
Sun, 17 Nov 2024₹14.7t₹3.1t₹265.1b31.9x55.4x4.8x
Tue, 15 Oct 2024₹15.9t₹3.0t₹251.0b35.9x63.4x5.3x
Thu, 12 Sep 2024₹15.2t₹3.0t₹257.1b34.6x59x5x
Sat, 10 Aug 2024₹14.3t₹3.0t₹252.2b39.7x56.9x4.8x
Mon, 08 Jul 2024₹13.9t₹3.0t₹218.5b37.2x63.4x4.6x
Wed, 05 Jun 2024₹12.2t₹3.0t₹218.0b34.3x56.1x4.1x
Fri, 03 May 2024₹12.5t₹3.0t₹242.6b34.5x51.5x4.2x
Sun, 31 Mar 2024₹11.3t₹2.8t₹234.2b31.7x48x4x
Tue, 27 Feb 2024₹10.6t₹2.8t₹233.9b42.1x45.4x3.7x
Thu, 25 Jan 2024₹10.9t₹2.8t₹198.2b42.8x55.2x3.9x
Sat, 23 Dec 2023₹9.5t₹2.8t₹203.7b32.9x46.8x3.5x
Mon, 20 Nov 2023₹9.1t₹2.8t₹203.6b34.5x44.7x3.3x
Wed, 18 Oct 2023₹9.1t₹2.7t₹181.2b34.8x50.3x3.4x
Fri, 15 Sep 2023₹8.9t₹2.7t₹181.1b33.6x48.9x3.3x
Sun, 13 Aug 2023₹8.4t₹2.7t₹181.3b31.6x46.2x3.1x
Tue, 11 Jul 2023₹8.2t₹2.6t₹196.7b34.1x41.6x3.1x
Thu, 08 Jun 2023₹7.8t₹2.6t₹205.5b34.1x38x3x
Sat, 06 May 2023₹7.3t₹2.6t₹157.4b34x46.1x2.8x
Mon, 03 Apr 2023₹7.0t₹2.6t₹164.0b29.7x42.5x2.7x
Wed, 01 Mar 2023₹7.0t₹2.6t₹163.6b30.7x42.8x2.7x
Fri, 27 Jan 2023₹7.3t₹2.5t₹207.6b31.6x35.1x2.9x
Price to Earnings Ratio

35.1x


Total Market Cap: ₹7.3tTotal Earnings: ₹207.6bTotal Revenue: ₹2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 45.2x202420252026
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 32.6x which is lower than its 3-year average PE of 45.2x.
  • The 3-year average PS ratio of 4.3x is lower than the industry's current PS ratio of 5.1x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 32% per year over the last three years.
  • Revenues for these companies have grown 10% 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-0.69%
Telecom-1.76%
Interactive Media and Services0.22%
Telecom Services and Carriers0.032%
Wireless Telecom-2.03%
Media-2.29%
Entertainment-3.40%
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 40.2%, which is higher than its past year's earnings growth of 7.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 40% over the next 5 years.
  • This is better than its past earnings growth rate of 7.0% per year.
  • In contrast, the Interactive Media and Services industry is expected to see its earnings decline by 17% 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
TATACOMM Tata Communications₹1.76k1.4%
+₹7.0b		1.9%PE35x
530943 Sri Adhikari Brothers Television Network₹2.12k13.0%
+₹6.2b		227.8%PS653.6x
HFCL HFCL₹66.064.5%
+₹4.4b		-37.4%PE363.2x
NAUKRI Info Edge (India)₹1.32k0.3%
+₹2.9b		-15.2%PE64.7x
PVRINOX PVR INOX₹995.701.4%
+₹1.4b		-8.9%PS1.6x

Latest News

PFOCUS
₹217.35
Prime Focus
7D
-10.5%
1Y
72.2%

Is Prime Focus (NSE:PFOCUS) A Risky Investment?

Jan 20
Is Prime Focus (NSE:PFOCUS) A Risky Investment?
DBCORP
₹249.55
D. B
7D
2.3%
1Y
-9.8%

D. B. Corp Limited (NSE:DBCORP) Just Released Its Third-Quarter Earnings: Here's What Analysts Think

Jan 20
D. B. Corp Limited (NSE:DBCORP) Just Released Its Third-Quarter Earnings: Here's What Analysts Think
NAUKRI
₹1,317.40
Info Edge (India)
7D
0.3%
1Y
-15.2%
NETWORK18
₹39.40
Network18 Media & Investments
7D
-4.1%
1Y
-31.1%
IDEA
₹10.59
Vodafone Idea
7D
-5.9%
1Y
6.5%

Vodafone Idea Limited's (NSE:IDEA) Intrinsic Value Is Potentially 97% Above Its Share Price

Jan 15
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TATACOMM
₹1,762.00
Tata Communications
7D
1.4%
1Y
1.9%
PVRINOX
₹995.70
PVR INOX
7D
1.4%
1Y
-8.9%

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

Analysts have made a marginal downward tweak to their fair value estimate for PVR INOX to ₹1,725.75 from ₹1,726.10, reflecting updated assumptions on revenue growth, profit margins and the discount rate, as well as a slightly lower future P/E multiple. Valuation Changes Fair Value: Trimmed slightly to ₹1,725.75 from ₹1,726.10, a marginal change in the model output.
INDUSTOWER
₹428.40
Indus Towers
7D
-1.0%
1Y
14.1%

INDUSTOWER: African Subsidiary Expansion Will Support Future Earnings Multiple Re-Rating

Analysts have lifted their fair value estimate for Indus Towers from ₹525 to ₹565, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E that feed into their refreshed price target framework. What's in the News Indus Towers incorporated a wholly owned subsidiary, Indus Towers FZE, in the United Arab Emirates with share capital of 300 shares of AED 1,000 each to consider investments in African markets, starting with Nigeria, Uganda and Zambia (Key Developments).
530943
₹2,116.35
Sri Adhikari Brothers Television Network
7D
13.0%
1Y
227.8%
BHARTIHEXA
₹1,594.40
Bharti Hexacom
7D
-6.5%
1Y
22.4%
AFFLE
₹1,692.40
Affle 3i
7D
-2.0%
1Y
7.2%

AFFLE: Higher P/E Expectations Will Outpace Softening Profit Margins

Analysts have raised their fair value estimate for Affle 3i from ₹1,365.20 to ₹1,623.89, citing updated assumptions related to the discount rate, revenue growth, profit margins and future P/E expectations. What's in the News Affle 3i has scheduled a board meeting on November 1, 2025, to consider and approve its unaudited standalone and consolidated financial results.
MATRIMONY
₹565.80
Matrimony.com
7D
3.3%
1Y
-12.5%

MATRIMONY: Future Earnings Outlook Will Rely On Stable Margins And Planned Buyback

Analysts have reiterated their fair value estimate for Matrimony.com at ₹570.00, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions. This has led to a stable price target anchored on updated model mechanics rather than a shift in fundamental views.
NAZARA
₹264.65
Nazara Technologies
7D
0.5%
1Y
-0.5%

NAZARA: Steady Fair Value Will Rely On ESOP Plan And Capital Raise

Analysts have held their fair value estimate for Nazara Technologies steady at ₹275.48 per share. They have made small adjustments to inputs, including a slightly lower discount rate, a modest tweak to revenue growth assumptions near 9.20% and profit margin expectations around 11.28%, which together underpin the unchanged price target.
532454
₹2,008.55
Bharti Airtel
7D
-1.7%
1Y
22.4%

532454: Network Expansion And API Monetisation Will Likely Support Balanced Outlook

Analysts have nudged their fair value estimate for Bharti Airtel slightly higher to ₹2,319.74 from ₹2,298.76, citing updated assumptions that combine a lower revenue growth outlook with a firmer profit margin and a broadly steady future P/E multiple. What's in the News Bharti Airtel launched "Airtel Cartoon Network Classics" on Airtel Digital TV in partnership with Warner Bros.
SUNTV
₹542.10
Sun TV Network
7D
-2.9%
1Y
-16.2%

Capital Allocation Trends At Sun TV Network (NSE:SUNTV) Aren't Ideal

Jan 01
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HFCL
₹66.06
HFCL
7D
4.5%
1Y
-37.4%