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Indian (NIFTY) Telecom Services and Carriers Industry Analysis

UpdatedDec 14, 2025
DataAggregated Company Financials
Companies8
  • 7D-1.0%
  • 3M10.2%
  • 1Y1.7%
  • YTD6.3%

Over the last 7 days, the Telecom Services and Carriers industry has dropped 1.0%, driven by Tata Communications declining 2.1%. As for the longer term, the industry's performance has been flat for the past year. As for the next few years, earnings are expected to grow by 8.5% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 14 Dec 2025₹1.8t₹640.9b₹112.5b24.2x16.2x2.8x
Tue, 11 Nov 2025₹1.8t₹638.9b₹112.2b25.9x16.1x2.8x
Thu, 09 Oct 2025₹1.7t₹627.3b₹116.8b24.4x14.2x2.6x
Sat, 06 Sep 2025₹1.6t₹627.3b₹116.8b21.9x13.3x2.5x
Mon, 04 Aug 2025₹1.6t₹626.3b₹116.7b31.7x13.9x2.6x
Wed, 02 Jul 2025₹1.9t₹616.9b₹121.1b29.6x15.6x3.1x
Fri, 30 May 2025₹1.8t₹615.2b₹120.9b27.9x15x2.9x
Sun, 27 Apr 2025₹1.7t₹610.3b₹123.2b26.9x14x2.8x
Tue, 25 Mar 2025₹1.6t₹608.7b₹117.6b28.5x13.8x2.7x
Thu, 20 Feb 2025₹1.5t₹608.7b₹117.6b27.4x13.1x2.5x
Sat, 18 Jan 2025₹1.7t₹600.9b₹91.4b40.1x19x2.9x
Mon, 16 Dec 2024₹1.8t₹600.9b₹91.4b45.2x19.6x3x
Wed, 13 Nov 2024₹1.7t₹600.6b₹91.4b51x18.4x2.8x
Fri, 11 Oct 2024₹1.9t₹586.1b₹81.9b55.7x23.3x3.3x
Sun, 08 Sep 2024₹2.1t₹586.1b₹81.9b59.7x25.6x3.6x
Tue, 06 Aug 2024₹2.0t₹585.6b₹81.9b50.7x24.4x3.4x
Thu, 04 Jul 2024₹1.9t₹571.0b₹76.0b51.9x25.6x3.4x
Sat, 01 Jun 2024₹1.7t₹571.0b₹76.0b45.4x22.8x3x
Mon, 29 Apr 2024₹1.7t₹565.5b₹71.0b47.4x24.4x3.1x
Wed, 27 Mar 2024₹1.6t₹554.3b₹71.0b44.8x22.2x2.8x
Fri, 23 Feb 2024₹1.4t₹554.3b₹71.0b54.7x20.1x2.6x
Sun, 21 Jan 2024₹1.3t₹547.3b₹48.3b51.2x27.9x2.5x
Tue, 19 Dec 2023₹1.3t₹536.3b₹51.8b36.5x24.4x2.4x
Thu, 16 Nov 2023₹1.2t₹535.9b₹51.9b32x22.5x2.2x
Sat, 14 Oct 2023₹1.2t₹538.1b₹50.7b28x23.9x2.3x
Mon, 11 Sep 2023₹1.2t₹538.1b₹50.7b28.1x24.3x2.3x
Wed, 09 Aug 2023₹1.1t₹538.1b₹50.7b28.8x21.7x2x
Fri, 07 Jul 2023₹1.0t₹531.3b₹43.3b27.7x23.6x1.9x
Sun, 04 Jun 2023₹949.5b₹530.8b₹43.3b21.7x21.9x1.8x
Tue, 02 May 2023₹907.3b₹525.8b₹43.0b20.5x21.1x1.7x
Thu, 30 Mar 2023₹848.1b₹526.4b₹47.7b19.1x17.8x1.6x
Sat, 25 Feb 2023₹930.0b₹525.4b₹47.7b18.7x19.5x1.8x
Mon, 23 Jan 2023₹987.3b₹524.4b₹70.7b20.2x14x1.9x
Wed, 21 Dec 2022₹1.0t₹524.4b₹70.7b20.2x14.8x2x
Price to Earnings Ratio

14.8x


Total Market Cap: ₹1.0tTotal Earnings: ₹70.7bTotal Revenue: ₹524.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Indian Telecom Services and Carriers Industry Price to Earnings3Y Average 19.6x202320242025
Current Industry PE
  • Investors are pessimistic on the Indian Telecom 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 16.2x which is lower than its 3-year average PE of 19.6x.
  • The 3-year average PS ratio of 2.6x is lower than the industry's current PS ratio of 2.8x.
Past Earnings Growth
  • The earnings for companies in the Telecom industry have grown 17% per year over the last three years.
  • Revenues for these companies have grown 6.9% 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 Market-0.34%
Telecom-1.12%
Telecom Services and Carriers-1.02%
Integrated Telecom Services-0.99%
Alternative Carriers-1.53%
Industry PE
  • Investors are most optimistic about the Alternative Carriers industry even though it's trading below its 3-year average PE ratio of 40.3x.
    • Analysts are expecting annual earnings growth of 16.9%, which is lower than the prior year's growth of 22.9% per year.
  • Investors are most pessimistic about the Integrated Telecom Services industry, which is trading below its 3-year average of 18.9x.
Forecasted Growth
  • Analysts are most optimistic on the Alternative Carriers industry, expecting annual earnings growth of 17% over the next 5 years.
  • However this is lower than its past earnings growth rate of 23% per year.
  • In contrast, the Integrated Telecom Services industry is expected to see its earnings grow by 7.9% 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
500108 Mahanagar Telephone Nigam₹36.840.7%
+₹151.2m		-35.7%PS4.5x
543622 Steelman Telecom₹98.957.8%
+₹69.2m		-33.0%PS0.4x
VIVO Vivo Collaboration Solutions₹78.003.9%
+₹5.8m		-3.4%PS18x

Latest News

VIVO
₹78.00
Vivo Collaboration Solutions
7D
3.9%
1Y
-3.4%
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.
INDUSTOWER
₹415.20
Indus Towers
7D
-0.1%
1Y
18.6%

INDUSTOWER: Future Overseas Expansion And Stable Margins Will Guide Measured Outlook

Narrative Update on Indus Towers Analysts have modestly increased their price target for Indus Towers to Rs 422.91, reflecting slightly higher projected profit margins and a marginal uptick in long term earnings expectations, despite a small rise in the assumed discount rate. What's in the News Board approves incorporation of a wholly owned subsidiary in the United Arab Emirates to explore telecom infrastructure investments in African markets, initially targeting Nigeria, Uganda and Zambia (company filing) Indus Towers plans an initial investment of up to INR 200 million in the proposed UAE subsidiary, to be made in one or more tranches via cash consideration, with 100 percent shareholding retained (company filing) Board meeting scheduled for October 10, 2025, to formally consider incorporation of the UAE subsidiary and related strategic matters (company notice) Board meeting set for October 27, 2025, to review and approve audited standalone and consolidated financial results for Q2 and the half year ended September 30, 2025 (company notice) Special shareholders meeting to be conducted via postal ballot on November 16, 2025, to vote on the reappointment of Mr. Sharad Bhansali as an independent director (company notice) Valuation Changes Fair Value: Unchanged at ₹422.91 per share, indicating no revision to the intrinsic value estimate.
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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SARTELE
₹220.45
SAR Televenture
7D
-10.2%
1Y
-24.0%
KDL
₹146.40
Kore Digital
7D
-1.6%
1Y
-74.0%

Here's What Kore Digital's (NSE:KDL) Strong Returns On Capital Mean

Dec 06
Here's What Kore Digital's (NSE:KDL) Strong Returns On Capital Mean
RAILTEL
₹329.20
RailTel Corporation of India
7D
-1.5%
1Y
-25.3%

RAILTEL: Education Order Concentration Will Pressure Long Term Earnings Sustainability

Analysts have maintained their fair value estimate for RailTel Corporation of India at ₹265.00 per share, reflecting unchanged assumptions on discount rate, revenue growth, profit margins, and future valuation multiples. They continue to view the company’s long term growth and earnings profile as fairly priced at current levels.
GTLINFRA
₹1.27
GTL Infrastructure
7D
-1.6%
1Y
-42.5%
543622
₹98.95
Steelman Telecom
7D
7.8%
1Y
-33.0%
500108
₹36.84
Mahanagar Telephone Nigam
7D
0.7%
1Y
-35.7%
532371
₹49.06
Tata Teleservices (Maharashtra)
7D
-0.2%
1Y
-42.5%