According to a report by ICICI Securities, Reliance Jio Infocomm Limited has further consolidated its position in India’s telecom market in the third quarter (Q3) of financial year 2025-26 (FY26), reporting strong revenue growth and higher market share amid stable industry momentum,
Jio’s adjusted gross revenue (AGR), including national long distance, increased 3.9 per cent quarter-on-quarter and 11.2 per cent year-on-year (YoY) to Rs 321 billion in Q3 FY26. Its AGR market share rose to 43 per cent, up 41 basis points sequentially and 114 basis points on a YoY basis, the report noted. Meanwhile, Bharti Airtel reported AGR of Rs 299 billion, translating into a 39.9 per cent market share, while Vodafone Idea Limited posted AGR of Rs 99 billion with a 13.3 per cent share.
Jio’s incremental YoY AGR increase of Rs 32.4 billion surpassed Airtel’s Rs 24.8 billion, highlighting its stronger revenue momentum during the quarter.
The combined AGR of the top three private telecom operators grew 2.9 per cent QoQ and 8.9 per cent YoY to Rs 720 billion in Q3 FY26, supported by subscriber additions and ongoing premiumisation trends. On an annualised basis, industry AGR approached nearly Rs 3 trillion, the report added.
Furthermore, the report noted that Jio’s performance in metro circles remained particularly strong, with AGR rising 18 per cent sequentially. Among key cities, Delhi and Kolkata recorded increases of 22.9 per cent and 24 per cent respectively, while Mumbai registered a 6.7 per cent rise.
