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Indian (NIFTY) Telecom Services and Carriers Industry Analysis

UpdatedJun 14, 2026
DataAggregated Company Financials
Companies8
  • 7D-2.4%
  • 3M18.2%
  • 1Y15.0%
  • YTD7.1%

Over the last 7 days, the Telecom Services and Carriers industry has dropped 2.4%, driven by pullbacks in HFCL and Indus Towers of 8.2% and 2.0%, respectively. Over the past 12 months, the industry was up 15%. Looking forward, earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

Has the Indian Telecom Services and Carriers Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Jun 2026₹2.0t₹677.1b₹89.5b22.1x22.8x3x
Tue, 12 May 2026₹1.9t₹678.6b₹89.6b23x20.9x2.8x
Thu, 09 Apr 2026₹1.8t₹654.2b₹91.5b21.7x19.6x2.7x
Sat, 07 Mar 2026₹1.8t₹654.2b₹91.5b21.8x19.9x2.8x
Mon, 02 Feb 2026₹1.8t₹644.8b₹113.6b21.8x15.8x2.8x
Wed, 31 Dec 2025₹1.9t₹640.9b₹112.5b25.6x16.5x2.9x
Fri, 28 Nov 2025₹1.8t₹640.3b₹112.4b24.7x16.2x2.8x
Sun, 26 Oct 2025₹1.7t₹630.6b₹116.0b27.5x15x2.8x
Tue, 23 Sep 2025₹1.7t₹627.4b₹116.8b25.2x14.2x2.6x
Thu, 21 Aug 2025₹1.6t₹627.3b₹116.8b31.2x13.9x2.6x
Sat, 19 Jul 2025₹1.9t₹620.6b₹119.9b33.5x15.4x3x
Mon, 16 Jun 2025₹1.8t₹615.4b₹121.0b29.9x14.8x2.9x
Wed, 14 May 2025₹1.7t₹620.4b₹122.8b25.7x14.2x2.8x
Fri, 11 Apr 2025₹1.6t₹608.7b₹117.6b27x13.9x2.7x
Sun, 09 Mar 2025₹1.5t₹608.7b₹117.6b26.5x12.7x2.4x
Tue, 04 Feb 2025₹1.6t₹608.2b₹117.6b34x14x2.7x
Thu, 02 Jan 2025₹1.7t₹600.9b₹91.4b43.7x18.7x2.8x
Sat, 30 Nov 2024₹1.8t₹600.9b₹91.4b46.9x19.2x2.9x
Mon, 28 Oct 2024₹1.7t₹598.1b₹91.3b48.8x18.6x2.8x
Wed, 25 Sep 2024₹2.0t₹586.1b₹81.9b59.3x24.8x3.5x
Fri, 23 Aug 2024₹2.1t₹586.1b₹81.9b56.3x25.6x3.6x
Sun, 21 Jul 2024₹2.0t₹579.7b₹75.5b48.7x25.9x3.4x
Tue, 18 Jun 2024₹1.8t₹571.0b₹76.0b39.5x23.2x3.1x
Thu, 16 May 2024₹1.7t₹570.2b₹75.9b43.8x22.4x3x
Sat, 13 Apr 2024₹1.7t₹554.3b₹71.0b43.2x24.1x3.1x
Mon, 11 Mar 2024₹1.6t₹554.3b₹71.0b50.6x21.9x2.8x
Wed, 07 Feb 2024₹1.4t₹553.5b₹71.0b53x19.3x2.5x
Fri, 05 Jan 2024₹1.3t₹536.3b₹51.8b42.7x25.8x2.5x
Sun, 03 Dec 2023₹1.2t₹536.3b₹51.8b34.9x22.6x2.2x
Tue, 31 Oct 2023₹1.1t₹535.5b₹51.8b31.4x21.1x2x
Thu, 28 Sep 2023₹1.2t₹538.1b₹50.7b28x24.3x2.3x
Sat, 26 Aug 2023₹1.1t₹538.1b₹50.7b25x22.2x2.1x
Mon, 24 Jul 2023₹1.1t₹535.9b₹41.7b28.7x25.2x2x
Wed, 21 Jun 2023₹1.0t₹531.3b₹43.3b25.7x23.8x1.9x
Price to Earnings Ratio

23.8x


Total Market Cap: ₹1.0tTotal Earnings: ₹43.3bTotal Revenue: ₹531.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Services and Carriers Industry Price to Earnings3Y Average 19.8x202420252026
Current Industry PE
  • Investors are optimistic on the Indian Telecom industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 22.8x which is higher than its 3-year average PE of 19.8x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Telecom industry have grown 27% per year over the last three years.
  • Revenues for these companies have grown 8.4% 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 industry?

IN Market0.052%
Telecom0.42%
Telecom Services and Carriers-2.38%
Alternative Carriers-1.43%
Integrated Telecom Services-2.43%
Industry PE
  • Investors are most optimistic about the Alternative Carriers industry even though it's trading below its 3-year average PE ratio of 42.2x.
    • Analysts expect its future annual earnings growth (15.8%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Integrated Telecom Services industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 19.0x.
Forecasted Growth
  • Analysts are most optimistic on the Alternative Carriers industry, expecting annual earnings growth of 16% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Integrated Telecom Services industry is expected to see its earnings grow by 15% 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
532371 Tata Teleservices (Maharashtra)₹46.430.6%
+₹547.4m		-35.2%PS7.8x
KDL Kore Digital₹124.258.2%
+₹113.6m		-59.1%PE4.2x
VIVO Vivo Collaboration Solutions₹77.502.0%
+₹3.0m		21.1%PS4.8x

Latest News

TATACOMM
₹1,966.60
Tata Communications
7D
-0.3%
1Y
15.3%
SARTELE
₹111.25
SAR Televenture
7D
-14.6%
1Y
-54.2%
HFCL
₹171.86
HFCL
7D
-8.2%
1Y
98.0%
KDL
₹124.25
Kore Digital
7D
8.2%
1Y
-59.1%
Analysis Article • Jun 10

Solid Earnings May Not Tell The Whole Story For Kore Digital (NSE:KDL)

Kore Digital Limited's ( NSE:KDL ) stock didn't jump after it announced some healthy earnings. Our analysis showed that...
543622
₹66.95
Steelman Telecom
7D
-1.9%
1Y
-54.8%
INDUSTOWER
₹421.20
Indus Towers
7D
-2.0%
1Y
10.7%
Narrative Update • Jun 01

INDUSTOWER: Slowing Margins And Growth Will Likely Expose Earnings To Higher Risk

Analysts have kept the Indus Towers price target steady at ₹345.00, with their rationale now reflecting updated assumptions for revenue growth, profit margin, and a higher future P/E multiple. What's in the News Chief Financial Officer Vikas Poddar has tendered his resignation, effective from the close of business on August 18, 2026, to pursue a new professional opportunity, after contributing to the company's financial governance and transparency.
RAILTEL
₹308.75
RailTel Corporation of India
7D
-1.4%
1Y
-27.4%
Narrative Update • Jun 01

RAILTEL: Long Dated Government IT Contracts Will Sustain Overvaluation Concerns

Analysts have nudged their price target for RailTel Corporation of India up from ₹257.50 to ₹262.50, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E that slightly adjust their valuation framework. What's in the News Work awarded by the Ministry of Railways for an AI based surveillance system at New Delhi Railway Station, with financial details to be communicated once finalised.
VIVO
₹77.50
Vivo Collaboration Solutions
7D
2.0%
1Y
21.1%
532371
₹46.43
Tata Teleservices (Maharashtra)
7D
0.6%
1Y
-35.2%
GTLINFRA
₹1.50
GTL Infrastructure
7D
-6.8%
1Y
-19.8%
500108
₹30.83
Mahanagar Telephone Nigam
7D
-0.6%
1Y
-40.8%