Jio or Airtel: Who’s Winning India’s Telecom Race?
As India’s telecom market consolidates, the spotlight is on who’s topping the charts—Reliance Jio or Bharti Airtel? This quarter, the numbers are speaking volumes.
Quarter Highlights: Jio Surpasses Airtel in Growth Momentum
Analysts at JM Financial and Bank of America found that in the June 2025 quarter, Jio’s revenue rose by around 2.7% sequentially, reaching ₹31,200 crore. In contrast, Airtel posted a 2.6% uptick in wireless service revenues, totaling ₹27,305 crore
The driving force? Jio’s massive surge in fixed wireless access (FWA) users—adding 2 million to its FWA base out of 7.2 million total net new subscribers. Airtel also saw strong additions, with about 5.5 million mobile broadband users, but couldn’t match Jio’s full-stack push
ARPU: Growth Rate vs Absolute Value
Average Revenue Per User (ARPU) reveals an interesting story:
Jio’s ARPU rose 1.8% QoQ to ₹210 in Q1 FY26
Airtel’s ARPU increased 1.6% to ₹249—higher than Jio’s, but growing more slowly
This pattern isn’t new. Earlier quarters showed Airtel leading in absolute ARPU—like ₹233 vs ₹195 for Jio—but Jio has been steadily closing the gap through smarter pricing and bundled services
Reports from Bernstein and other brokerages forecast tariff hikes toward the end of 2025, which could push ARPU for both major players above ₹300 by FY27
Industry consensus also expects strong double-digit revenue growth through FY27, thanks to subscriber additions, 5G service monetization, and broadband expansion .
Who’s Ahead?
Jio leads in revenue growth, fueled by aggressive subscriber additions across both mobile and FWA markets.
Airtel maintains its hold on the highest ARPU, thanks to premium plans, high postpaid adoption, and seamless 4G-to-5G transitions.
With tariff hikes expected in December and beyond, both companies are projected to boost ARPU significantly, though Airtel may retain the edge
Final Take
Yes—this trend is real and backed by data. Jio is leading in growth pace, especially in FWA and revenue gains, while Airtel holds a more profitable user mix and higher ARPU. As pricing strengthens and 5G adoption grows, both are set to reap the rewards. If you're tracking telecom stocks, service trends, or telco strategies, these developments are essential to your radar.
