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Indian (NIFTY) Telecom Sector Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies137
  • 7D0.2%
  • 3M-15.0%
  • 1Y0.6%
  • YTD-15.0%

Bharti Airtel is up 0.4%, leading the way for the Telecom industry, which has gained 2.4%. In the same time, Vodafone Idea was down 7.3%. This means that the industry has gained 3.6% over the past year. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026₹15.6t₹3.5t₹491.9b19.5x31.7x4.4x
Thu, 19 Feb 2026₹17.5t₹3.5t₹491.8b20.5x35.5x5x
Sat, 17 Jan 2026₹17.4t₹3.4t₹532.0b21.5x32.6x5.1x
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
Price to Earnings Ratio

42x


Total Market Cap: ₹6.9tTotal Earnings: ₹164.0bTotal Revenue: ₹2.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Sector Price to Earnings3Y Average 44.8x202420252026
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 44.8x.
  • 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-3.57%
Telecom0.19%
Interactive Media and Services1.24%
Wireless Telecom0.77%
Entertainment-0.60%
Media-1.00%
Telecom Services and Carriers-3.33%
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 44.9%, 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 32.3x.
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
532454 Bharti Airtel₹1.80k0.4%
+₹45.1b		4.5%PE36x
BHARTIHEXA Bharti Hexacom₹1.58k6.0%
+₹44.7b		13.4%PE44.9x
PFOCUS Prime Focus₹283.208.7%
+₹17.5b		185.5%PS5.1x
SUNTV Sun TV Network₹599.107.6%
+₹16.7b		-7.9%PE15x
NAUKRI Info Edge (India)₹974.702.6%
+₹16.3b		-31.4%PE46.9x

Latest News

532371
₹33.58
Tata Teleservices (Maharashtra)
7D
-12.0%
1Y
-45.6%
ZEEL
₹68.39
Zee Entertainment Enterprises
7D
-9.3%
1Y
-35.1%
INDUSTOWER
₹413.60
Indus Towers
7D
-3.2%
1Y
18.5%

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
₹1,268.70
Affle 3i
7D
-3.2%
1Y
-18.6%

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
₹8.70
Vodafone Idea
7D
-7.3%
1Y
18.5%

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.
532454
₹1,796.30
Bharti Airtel
7D
0.4%
1Y
4.5%

532454: Digital Financial Services Arm Will Drive Stronger Long Term Outlook

Analysts have trimmed their price target for Bharti Airtel slightly from ₹2,356.73 to ₹2,351.47, reflecting updated assumptions around revenue, profit margins and future P/E multiples. What's in the News Bharti Airtel plans to inject ₹20,000m into its NBFC arm, Airtel Money Limited, over the next few years, with Airtel providing 70% of the capital and the promoter group the remaining 30%, following the NBFC license granted on February 13, 2026 (Key Developments).
BHARTIHEXA
₹1,575.70
Bharti Hexacom
7D
6.0%
1Y
13.4%

BHARTIHEXA: Leadership Transition Will Support Margin Resilience And Future Repricing Potential

Analysts have trimmed Bharti Hexacom's fair value estimate from ₹2,280 to ₹2,170, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E, while using a modestly adjusted discount rate. What's in the News A board meeting is scheduled on February 5, 2026, at 17:30 IST to consider and record audited financial results for Q3 and for the nine months ended December 31, 2025, along with the auditor's reports on these results (company filing).
NAUKRI
₹974.70
Info Edge (India)
7D
2.6%
1Y
-31.4%

NAUKRI: Upcoming Board Investments Will Shape Future Upside Potential

Analysts have nudged their price target for Info Edge (India) slightly lower to around ₹1,435 from about ₹1,446, citing updated assumptions for discount rate, profit margin, revenue growth, and forward P/E that are broadly in line with prior estimates. What's in the News Board meeting on 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 under the AIF Regulations, 2012 (Key Developments).
TATACOMM
₹1,383.00
Tata Communications
7D
-2.1%
1Y
-14.2%

TATACOMM: Rail Network Alliance And AI Rollout Will Support Upside

Analysts have inched up their fair value estimate for Tata Communications from about ₹1,982 to roughly ₹1,988, reflecting small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E multiples. What's in the News Tata Communications and RailTel Corporation of India have formed an association to combine RailTel's 63,000 km domestic optical fibre network with Tata Communications' global networks, cloud, communications platforms and cybersecurity offerings, with a focus on modernising network infrastructure, cyber protection and cloud adoption for government and enterprise customers (Key Developments).
SUNTV
₹599.10
Sun TV Network
7D
7.6%
1Y
-7.9%
PFOCUS
₹283.20
Prime Focus
7D
8.7%
1Y
185.5%
MATRIMONY
₹409.85
Matrimony.com
7D
4.2%
1Y
-23.5%

MATRIMONY: Future Upside Will Depend On Upcoming Share Buyback Programme

Analysts have kept their fair value estimate for Matrimony.com steady at ₹570, with only small adjustments to the discount rate, profit margin and assumed future P/E lightly fine tuning their price target rationale. What's in the News The board authorized a share buyback plan on December 15, 2025, with a proposed repurchase of up to 893,129 shares, or 4.14% of equity, for up to ₹585 million at ₹655 per share.
AMAGI
₹334.25
Amagi Media Labs
7D
-7.6%
1Y
n/a
HFCL
₹66.49
HFCL
7D
-6.7%
1Y
-21.7%
543831
₹390.00
Bright Outdoor Media
7D
2.1%
1Y
22.3%
CONNPLEX
₹229.90
Connplex Cinemas
7D
4.5%
1Y
n/a