According to a report by Jefferies, telecom sector revenues are set to climb to a record $35 billion (Rs 3.12 trillion) this fiscal, driven by Bharti Airtel and Reliance Jio’s market positions and the industry’s smooth absorption of last year’s tariff hikes with minimal customer churn. It marks a sharp turnaround from the post-Jio disruption years, when sector revenues had collapsed to $15 billion in 2018-19 amid price wars and consolidation.
With another tariff hike expected, the report estimated industry revenues to rise further to $39 billion by 2026-27, signalling the strongest upcycle in more than a decade. Additionally, sector average revenue per user (ARPU) is also on track to cross Rs 200 this year, a long-awaited marker of financial stability, with expectations of Rs 215 this fiscal and Rs 266 by 2027-28.
