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Indian (NIFTY) Telecom Services and Carriers Industry Analysis

UpdatedJun 20, 2026
DataAggregated Company Financials
Companies8
  • 7D2.1%
  • 3M18.7%
  • 1Y14.8%
  • YTD9.4%

The Telecom Services and Carriers industry is up 3.2% in the last week, with HFCL up 22%. In the last 12 months, the industry was up 17%. 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
Sat, 20 Jun 2026₹2.1t₹676.9b₹89.5b22.4x23.3x3.1x
Mon, 18 May 2026₹2.0t₹677.9b₹89.6b22.8x21.8x2.9x
Wed, 15 Apr 2026₹1.8t₹654.2b₹91.5b22.1x19.9x2.8x
Fri, 13 Mar 2026₹1.8t₹654.2b₹91.5b21.6x19.6x2.7x
Sun, 08 Feb 2026₹1.8t₹654.2b₹91.5b22.6x20.1x2.8x
Tue, 06 Jan 2026₹1.9t₹640.9b₹112.5b26.8x16.8x2.9x
Thu, 04 Dec 2025₹1.8t₹640.9b₹112.5b24.2x16.2x2.8x
Sat, 01 Nov 2025₹1.7t₹637.8b₹112.2b27x15.4x2.7x
Mon, 29 Sep 2025₹1.6t₹627.4b₹116.8b24.7x13.8x2.6x
Wed, 27 Aug 2025₹1.6t₹627.3b₹116.8b29.7x13.5x2.5x
Fri, 25 Jul 2025₹1.8t₹620.6b₹119.9b32.8x15.3x3x
Sun, 22 Jun 2025₹1.8t₹615.4b₹121.0b29x15.1x3x
Tue, 20 May 2025₹1.8t₹620.4b₹122.8b25.7x14.6x2.9x
Thu, 17 Apr 2025₹1.7t₹608.7b₹117.6b30x14.5x2.8x
Sat, 15 Mar 2025₹1.5t₹608.7b₹117.6b25.3x12.8x2.5x
Mon, 10 Feb 2025₹1.7t₹608.0b₹117.5b38.9x14.4x2.8x
Wed, 08 Jan 2025₹1.7t₹600.9b₹91.4b43.1x18.1x2.7x
Fri, 06 Dec 2024₹1.8t₹600.9b₹91.4b46.2x19.8x3x
Sun, 03 Nov 2024₹1.7t₹600.6b₹91.4b52.6x19.2x2.9x
Tue, 01 Oct 2024₹2.0t₹586.1b₹81.9b58.5x24.8x3.5x
Thu, 29 Aug 2024₹2.1t₹586.1b₹81.9b58.2x26.1x3.7x
Sat, 27 Jul 2024₹2.1t₹581.3b₹76.0b47.7x27.4x3.6x
Mon, 24 Jun 2024₹1.9t₹571.0b₹76.0b43.2x25.4x3.4x
Wed, 22 May 2024₹1.7t₹571.0b₹76.0b44x22.7x3x
Fri, 19 Apr 2024₹1.7t₹565.5b₹71.0b45.3x24.2x3x
Sun, 17 Mar 2024₹1.5t₹554.3b₹71.0b46x20.7x2.7x
Tue, 13 Feb 2024₹1.3t₹553.5b₹71.0b47.6x18.7x2.4x
Thu, 11 Jan 2024₹1.3t₹536.3b₹51.8b45.7x25.4x2.5x
Sat, 09 Dec 2023₹1.2t₹536.3b₹51.8b35.7x23x2.2x
Mon, 06 Nov 2023₹1.2t₹535.6b₹51.9b26.1x22.5x2.2x
Wed, 04 Oct 2023₹1.3t₹538.1b₹50.7b28.6x24.7x2.3x
Fri, 01 Sep 2023₹1.2t₹538.1b₹50.7b27.6x22.8x2.1x
Sun, 30 Jul 2023₹1.1t₹538.1b₹50.7b26.4x22x2.1x
Tue, 27 Jun 2023₹1.0t₹531.3b₹43.3b24.3x23.7x1.9x
Price to Earnings Ratio

23.7x


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 19.7x202420252026
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 23.1x which is higher than its 3-year average PE of 19.7x.
  • The 3-year average PS ratio of 2.8x is lower than the industry's current PS ratio of 3.1x.
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 Market2.85%
Telecom3.76%
Telecom Services and Carriers2.11%
Alternative Carriers3.44%
Integrated Telecom Services2.04%
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
HFCL HFCL₹209.6122.0%
+₹57.8b		156.5%PE102.9x
TATACOMM Tata Communications₹1.99k1.1%
+₹6.3b		20.2%PE54.3x
RAILTEL RailTel Corporation of India₹319.403.4%
+₹3.4b		-24.2%PE29.6x
SARTELE SAR Televenture₹150.2535.1%
+₹1.8b		-38.3%PE9.9x
500108 Mahanagar Telephone Nigam₹31.823.2%
+₹623.7m		-33.2%PS2.1x

Latest News

TATACOMM
₹1,988.80
Tata Communications
7D
1.1%
1Y
20.2%
Analysis Article • Jun 19

Tata Communications Limited Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Tata Communications Limited ( NSE:TATACOMM ) last week reported its latest yearly results, which makes it a good time...
RAILTEL
₹319.40
RailTel Corporation of India
7D
3.4%
1Y
-24.2%
Narrative Update • Jun 16

RAILTEL: Long Dated Service Contracts Will Sustain Stock Overvaluation Concerns

RailTel Corporation of India’s analyst price target remains steady at ₹262.50, as analysts point to essentially unchanged assumptions around the discount rate, revenue growth, profit margin, and future P/E to support maintaining their valuation stance. What’s in the News for RailTel Corporation of India RailTel Corporation of India received a Letter of Acceptance from Eastern Coalfields Limited for MPLS VPN, internet leased lines, video conferencing and managed bandwidth services, with an estimated order size of ₹1,454.7 million including tax, to be executed by May 2, 2031.
INDUSTOWER
₹411.20
Indus Towers
7D
-2.4%
1Y
1.7%
Narrative Update • Jun 15

INDUSTOWER: Upcoming CFO Exit And Results Will Support Bullish Re Rating

Analysts have kept their price target for Indus Towers steady at ₹580.00, citing slightly higher modeled revenue growth of 8.56% and a small uplift in expected profit margin to 26.14%, along with a marginally lower future P/E assumption of 20.04x. What's in the News Chief Financial Officer Vikas Poddar has resigned to pursue a new professional opportunity, with his exit effective from the close of business on August 18, 2026, following his contributions to Indus Towers' financial oversight and governance.
SARTELE
₹150.25
SAR Televenture
7D
35.1%
1Y
-38.3%
HFCL
₹209.61
HFCL
7D
22.0%
1Y
156.5%
KDL
₹128.55
Kore Digital
7D
3.5%
1Y
-60.2%
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...
511116
₹0.39
Quadrant Televentures
7D
11.4%
1Y
-11.4%
532371
₹44.19
Tata Teleservices (Maharashtra)
7D
-4.8%
1Y
-30.7%
GTLINFRA
₹1.52
GTL Infrastructure
7D
1.3%
1Y
-9.5%
500108
₹31.82
Mahanagar Telephone Nigam
7D
3.2%
1Y
-33.2%