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Indian (NIFTY) Telecom Sector Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies134
  • 7D-1.1%
  • 3M6.1%
  • 1Y11.7%
  • YTD16.4%

Over the last 7 days, the Telecom industry has dropped 1.1%, driven by Bharti Airtel declining 1.2%. In contrast, Vodafone Idea has gained 7.8%. This takes the industry's 12 month performance to a gain of 12%. Earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Dec 2025₹17.7t₹3.4t₹566.2b22.2x31.3x5.2x
Wed, 12 Nov 2025₹17.5t₹3.4t₹570.1b24x30.8x5.2x
Fri, 10 Oct 2025₹16.9t₹3.3t₹544.4b23.5x31x5.2x
Sun, 07 Sep 2025₹16.4t₹3.3t₹542.7b26.8x30.2x5x
Tue, 05 Aug 2025₹16.7t₹3.1t₹518.7b26.5x32.1x5.3x
Thu, 03 Jul 2025₹17.8t₹3.1t₹508.0b30x35.1x5.7x
Sat, 31 May 2025₹16.5t₹3.1t₹508.4b28x32.4x5.3x
Mon, 28 Apr 2025₹15.9t₹3.0t₹417.1b27.3x38.2x5.3x
Wed, 26 Mar 2025₹15.2t₹3.1t₹416.8b25.5x36.5x5x
Fri, 21 Feb 2025₹14.7t₹3.1t₹416.8b28.2x35.2x4.8x
Sun, 19 Jan 2025₹14.9t₹3.0t₹245.1b37.6x60.9x5.1x
Tue, 17 Dec 2024₹15.7t₹3.1t₹258.8b33.8x60.9x5.2x
Thu, 14 Nov 2024₹14.6t₹3.1t₹283.4b31.3x51.5x4.8x
Sat, 12 Oct 2024₹15.9t₹3.0t₹251.4b36.1x63.4x5.3x
Mon, 09 Sep 2024₹14.9t₹3.0t₹256.9b36.7x57.9x4.9x
Wed, 07 Aug 2024₹14.0t₹3.0t₹252.0b38.2x55.6x4.6x
Fri, 05 Jul 2024₹13.8t₹3.0t₹218.5b36.6x63.2x4.6x
Sun, 02 Jun 2024₹12.9t₹3.0t₹240.9b33.7x53.5x4.3x
Tue, 30 Apr 2024₹12.6t₹2.9t₹238.0b33.4x53.1x4.3x
Thu, 28 Mar 2024₹11.2t₹2.8t₹234.2b31.7x47.8x3.9x
Sat, 24 Feb 2024₹10.7t₹2.8t₹233.9b41.9x45.7x3.8x
Mon, 22 Jan 2024₹10.6t₹2.8t₹198.0b39x53.6x3.8x
Wed, 20 Dec 2023₹9.6t₹2.8t₹203.7b32.3x47.2x3.5x
Fri, 17 Nov 2023₹9.1t₹2.8t₹203.1b32.1x44.8x3.3x
Sun, 15 Oct 2023₹9.1t₹2.7t₹181.2b34.8x50.3x3.4x
Tue, 12 Sep 2023₹8.8t₹2.7t₹181.1b35.1x48.5x3.2x
Thu, 10 Aug 2023₹8.5t₹2.7t₹182.4b34.2x46.4x3.1x
Sat, 08 Jul 2023₹8.1t₹2.6t₹196.7b31.9x41.3x3.1x
Mon, 05 Jun 2023₹7.7t₹2.6t₹205.1b33.8x37.6x3x
Wed, 03 May 2023₹7.3t₹2.6t₹157.6b33.6x46.5x2.8x
Fri, 31 Mar 2023₹6.9t₹2.6t₹164.0b30.5x42x2.7x
Sun, 26 Feb 2023₹7.1t₹2.6t₹163.6b30.4x43.4x2.8x
Tue, 24 Jan 2023₹7.4t₹2.5t₹230.2b32.3x32x2.9x
Thu, 22 Dec 2022₹7.7t₹2.5t₹232.1b31.5x33.4x3.1x
Price to Earnings Ratio

33.4x


Total Market Cap: ₹7.7tTotal Earnings: ₹232.1bTotal Revenue: ₹2.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 45.2x202320242025
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 31.3x 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 5.2x.
Past Earnings Growth
  • The earnings for companies in the Communication Services industry have grown 35% 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-0.34%
Telecom-1.12%
Media0.77%
Entertainment0.14%
Interactive Media and Services-0.74%
Telecom Services and Carriers-1.02%
Wireless Telecom-1.36%
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 40.7%, which is higher than its past year's earnings growth of 7.0% per year.
  • Investors are most pessimistic about the Telecom Services and Carriers industry, which is trading below its 3-year average of 19.6x.
Forecasted Growth
  • Analysts are most optimistic on the Entertainment industry, expecting annual earnings growth of 41% 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
IDEA Vodafone Idea₹11.647.8%
+₹91.0b		45.7%PS2.9x
PFOCUS Prime Focus₹200.897.7%
+₹11.2b		49.5%PS3.9x
AFFLE Affle 3i₹1.69k3.2%
+₹7.4b		-5.2%PE56.5x
530943 Sri Adhikari Brothers Television Network₹1.65k21.0%
+₹7.3b		-20.1%PS510.6x
SUNTV Sun TV Network₹562.502.5%
+₹5.5b		-22.2%PE13.7x

Latest News

PVRINOX
₹1,051.90
PVR INOX
7D
-3.6%
1Y
-27.7%

PVRINOX Margins Are Expected To Improve While Share Price Appears Reasonable

Analysts have raised their price target on PVR INOX from ₹945 to ₹1,026, citing expectations of modestly improving growth, higher sustainable profit margins, and a more reasonable future valuation multiple. What's in the News Board meeting scheduled for October 17, 2025, to consider unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2025 (company filing) Valuation Changes Fair Value: raised from ₹945 to ₹1,026, reflecting a modest upward revision in the intrinsic value estimate.
NAUKRI
₹1,377.70
Info Edge (India)
7D
-0.8%
1Y
-20.8%

NAUKRI: Upcoming Subsidiary Investments And Interim Dividend Will Support Bullish Outlook

Narrative Update on Info Edge (India) Analysts have marginally raised their fair value estimate for Info Edge (India) to approximately ₹1,554 from about ₹1,552, reflecting slightly lower discount rate assumptions, modestly softer long term revenue growth, and a small improvement in expected profit margins and future valuation multiples. What's in the News The board has approved a potential investment in Startup Internet Services Ltd and an agreement to transfer its entire stake in Shopkirana E Trading Private Limited to Hiveloop E Commerce Private Limited.
SUNTV
₹562.50
Sun TV Network
7D
2.5%
1Y
-22.2%

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Dec 13
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TATACOMM
₹1,799.10
Tata Communications
7D
-2.1%
1Y
-2.3%

TATACOMM: Expanding AI-Powered Customer Engagement Will Drive Long-Term Upside

Analysts have modestly raised their price target on Tata Communications to ₹2,073.70. This reflects slightly higher long term profitability expectations and a marginal uptick in assumed valuation multiples, despite only minor adjustments to growth and discount rate assumptions.
MATRIMONY
₹546.00
Matrimony.com
7D
14.8%
1Y
-19.1%

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Dec 11
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AFFLE
₹1,685.80
Affle 3i
7D
3.2%
1Y
-5.2%

AFFLE: Upcoming Q2 Results Will Confirm Bullish Long Term Outlook

Analysts have modestly revised their price target for Affle 3i to ₹2,036.67, reflecting unchanged long term assumptions on discount rate, revenue growth, profit margins, and future P E multiples that continue to support a stable valuation outlook. What's in the News Board meeting scheduled for November 1, 2025 to review and approve unaudited standalone and consolidated financial results for Q2 and the half year ended September 30, 2025 (Company filing) Investors watching the upcoming Q2 and H1 FY2026 results for confirmation of revenue growth and margin trends underlying the revised price target (Company filing) Half year performance review expected to provide clearer visibility on execution against the company’s medium term growth strategy (Company filing) Valuation Changes Consensus Analyst Price Target is stable at ₹2,036.67, indicating no change in fair value expectations.
HFCL
₹66.56
HFCL
7D
-3.6%
1Y
-46.8%

Capital Allocation Trends At HFCL (NSE:HFCL) Aren't Ideal

Dec 09
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ZEEL
₹94.17
Zee Entertainment Enterprises
7D
-3.4%
1Y
-29.1%
NAZARA
₹225.75
Nazara Technologies
7D
-6.4%
1Y
-9.9%

NAZARA: Upcoming Stock Split Will Support Bullish Long Term Outlook

Analysts have modestly raised their price target on Nazara Technologies to ₹275.48 per share from ₹275.48, reflecting a slightly higher discount rate and unchanged long term assumptions on growth, margins and valuation multiples. What's in the News Nazara Technologies closed a private placement transaction on November 12, 2025, strengthening its funding position for future growth (company filing).
IDEA
₹11.64
Vodafone Idea
7D
7.8%
1Y
45.7%

IDEA: Future Outlook Will Remain Constrained By Unresolved Government Liability Risks

Analysts have raised their price target on Vodafone Idea to Rs 8.88 from Rs 8.55, citing slightly lower perceived risk, modestly stronger expected revenue growth, a marginally improved profit margin outlook, and a higher anticipated future price to earnings multiple. What's in the News Kyndryl renewed its three-year partnership with Vodafone Idea to modernize IT operations, deploy a cyber resilience framework and expand AI driven automation across Vi's technology estate (Client Announcements).
532454
₹2,083.35
Bharti Airtel
7D
-1.2%
1Y
23.9%

532454: AI Partnerships And Network Expansion Will Likely Support Balanced Outlook

Analysts have modestly raised their fair value estimate for Bharti Airtel from ₹2,245.63 to ₹2,281.12 per share, citing slightly stronger long term revenue growth expectations that more than offset a marginally lower projected profit margin and a small uptick in future valuation multiples. What's in the News Expanded its mobile network to Man and Merak on the eastern border of Ladakh, becoming the only operator to offer coverage along the 50 km stretch between Chushul and Pangong Tso.
BHARTIHEXA
₹1,683.40
Bharti Hexacom
7D
-4.3%
1Y
13.4%

BHARTIHEXA: Stronger Margins Expected Following October Financial Results Release

Analysts have raised their price target for Bharti Hexacom from ₹1,908.54 to ₹1,947.23, supported by incremental improvements in revenue growth and profit margin expectations. What's in the News Bharti Hexacom has scheduled a Board Meeting on October 31, 2025, to consider and take on record the audited financial results for the second quarter and half-year ended September 30, 2025.
PFOCUS
₹200.89
Prime Focus
7D
7.7%
1Y
49.5%

Prime Focus (NSE:PFOCUS) Might Have The Makings Of A Multi-Bagger

Dec 02
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VERTOZ
₹75.15
Vertoz
7D
3.9%
1Y
-51.4%
TIPSMUSIC
₹545.60
Tips Music
7D
3.8%
1Y
-32.7%

TIPSMUSIC: Upcoming Board Meeting Will Drive Dividend Decision And Earnings Focus

Analysts have slightly increased their price target for Tips Music to ₹658.67. This reflects a modest adjustment that incorporates updated projections while maintaining largely stable expectations for growth and profitability.
530943
₹1,653.20
Sri Adhikari Brothers Television Network
7D
21.0%
1Y
-20.1%