Airtel’s ₹11 Lakh crore Story in Simple Numbers, and How it Compares to Jio?

Bharti Airtel has kept pace with change and often stayed a step ahead in one of the most competitive telecom markets in the world.

As per INDmoney, Bharti Airtel is valued at an impressive ₹1,131,054 crore, as of August 2025, which is around 3.4 times higher than the entire stock market of Pakistan (₹342,000 crore). Numbers like these aren’t just big; they underline Airtel’s commanding presence in the market.

Airtel vs Its Telecom Peers

• Airtel is over 15 times the size of Vodafone Idea,even though both serve a similar number of subscribers.
• It represents more than 80% of the combined market value of listed telecom peers, a group that includes Tata Communications (₹47,377 crore), Tata Teleservices Maharashtra (₹11,534 crore), MTNL (₹2,880 crore), and Reliance Communications (₹384 crore).
• Bharti Hexacom, Airtel’s listed subsidiary valued at ₹92,338 crore, is worth just 7.7% of the parent company’s value.

Airtel vs Top Consumer Companies

• When stacked against India’s biggest consumer brands, Bharti Airtel’s scale is staggering. Its market cap exceeds the combined value of Zomato (₹293,901 Cr), DMart (₹272,202 Cr), and Trent (₹183,780 Cr).
• Including other major consumer players like Indian Hotels (₹105,355 Cr), Swiggy (₹97,826 Cr), and Nykaa (₹60,065 Cr), Airtel’s market capitalization still surpasses them all.

Even combined, three of India’s biggest names in food delivery, retail, and fashion don’t match Airtel’s valuation. While consumer brands grab headlines, Airtel leads in sheer financial strength.

Comparison of India’s Telecom Giants

Bharti Airtel and Reliance Jio dominate India’s telecom market, with a combined value surpassing several national economies. Their rivalry spans revenue, subscribers, and more, making telecom one of India’s most competitive sectors.

Average Revenue Per User (ARPU), a measure of how much money a company earns from each customer on average every month.

Source: Company Reports

Airtel continues to lead the telecom industry; it earns ₹41.2 more per user than Jio in Q1 FY26, due to a strong post-paid base and focus on premium services, an approach that’s helping the company attract and retain high-value customers 

EBITDA Margin In Q1 FY26: 

Source: Company Reports | *India Operations

These results underline both companies’ disciplined cost control and ability to deliver strong profitability at scale.

Subscriber base

• Jio added 9.9 million subscribers in Q1 FY26, bringing its total to over 498 million. The company also surpassed 20 million home connections, adding 2.6 million in the quarter, maintaining its #1 position in home connectivity.
• Airtel serves 605 million customers across 15 countries, including 436 million in India and 169 million in Africa; 78.5% of its Indian mobile users (280.7 million) are on smartphones. Its home services reached 11 million customers, with 939,000 new additions in Q1 FY26.

Jio leads in subscriber numbers with aggressive growth, while Airtel excels with a premium, data-focused user base.

Data Usage Per Customer In Q1 FY26:

Source: Company Reports

Jio’s users consume 10.1 GB more data per month than Airtel’s, due to its larger 5G base and competitive data plans. With year-on-year growth of 24%, almost double Airtel’s 13.4%, Jio is leading on engagement and adoption of higher-data services

Network expansion: Diverging 5G Strategies

• Jio’s Standalone (SA) 5G network covers 90%+ of India’s urban areas with 115,000+ sites, reaching over 212 million users by June 2025, using its own core network, software, and hardware for the fastest 5G rollout.
  JioAirFiber is the world’s largest Fixed Wireless Access (FWA) service, with 7.4 million subscribers.
• Airtel operates 377,439 towers (339,860 in India, with 1.8K added in Q1 FY26) and 999,933 mobile broadband base stations.
  Its fiber network spans 1,512 cities, with 1.6 million new home passes added in Q1 FY26.

Different Approaches, Same Goal

Bharti Airtel and Jio follow two distinct strategies in India’s telecom market:

• Jio focuses on rapid growth, massive scale, and high data usage, leading in subscribers and 5G adoption.
•  Airtel emphasizes profitability, premium services, and broad coverage, generating more revenue per customer.

Both approaches are effective, showing there’s more than one way to lead in a competitive market.

Bottomline

Ultimately, India’s consumers are the biggest beneficiaries of this intense competition, gaining access to more affordable and higher-quality telecom services as Airtel and Jio push each other to innovate. The company that continues to adapt and execute effectively will shape the future of India’s digital landscape.

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