📶 Subscriber Additions (Q2 FY26)
– Reliance Jio
– Added ~11 million subscribers
– Total user base: ~506 million
– Strong growth from JioBharat and JioAirFiber
– Bharti Airtel
– Added ~0.95 million subscribers
– Total user base: ~364 million (India)
– Focus on premium postpaid and high-ARPU users
– Vodafone Idea
– Added ~0.8 million subscribers (first net addition in 13 quarters)
– Total user base: ~196.7 million
– 4G subscriber base grew to 126.3 million
💰 Financial Highlights (Q2 FY26)
– Bharti Airtel
– Net Profit: ₹8,651 Cr (up 89% YoY)
– ARPU: ₹256 (highest in industry)
– Strong Africa business and data consumption growth
– Reliance Jio
– EBITDA: ₹18,757 Cr (up 11.7% YoY)
– ARPU: ₹211.4
– Continued investment in 5G and broadband
– Vodafone Idea
– Net Loss: ₹5,524 Cr (narrowed YoY)
– ARPU: ₹142
– Revenue: ₹10,716 Cr (flat QoQ)
– Capex: ₹750 Cr (vs ₹1,150 Cr in Q1)
👀 Investor Watchouts
– Tariff Hike Potential: All three players hinting at tariff hikes in FY26
– 5G Monetization: Airtel and Jio progressing; Vi still in early rollout phase
– Funding Needs: Vi’s survival hinges on equity infusion and AGR relief
– ARPU Trends: Airtel leads in monetization; Jio catching up; Vi lags
📈 Impact on Stocks
– Bharti Airtel
– Positive sentiment due to strong earnings and ARPU
– Analysts bullish; target price ~₹2,450
– Focus on premiumization and digital services
– Reliance Industries (Jio)
– Jio’s performance supports RIL’s telecom and digital verticals
– Watch for JioAirFiber monetization and Jio Financial Services spin-off
– Vodafone Idea
– Stock rallied 6% post-results on narrowing losses
– Long-term outlook hinges on funding, tariff hikes, and network expansion