Industry research
India’s communications sector connects households, enterprises and public services through access networks, fixed links and shared infrastructure.
| # | Company | Status | Revenue (₹ crore) | EBITDA margin % | Registered in |
|---|---|---|---|---|---|
| 1 | Bharti Airtel | Listed · BHARTIARTL | 1,72,985 | 56.9 | Haryana |
| 2 | Vodafone Idea | Listed · IDEA | 43,571 | 43.9 | Gujarat |
| 3 | Indus Towers | Listed · INDUSTOWER | 30,123 | 71.1 | Haryana |
| 4 | Tata Communications | Listed · TATACOMM | 23,109 | 20.3 | Maharashtra |
| 5 | Jio Digital Fibre | Private | 18,553 | 90.7 | Gujarat |
| 6 | Realme Mobile Telecommunications (india) | Private | 17,597 | 1.5 | Haryana |
| 7 | Summit Digitel Infrastructure | Private | 13,642 | 39.1 | Maharashtra |
| 8 | Atc Telecom Infrastructure | Private | 10,571 | 82.1 | Maharashtra |
| 9 | Tejas Networks | Listed · TEJASNET | 8,923 | 14.6 | Karnataka |
| 10 | Paharpur Cooling Towers | Private | 6,869 | 13.2 | West Bengal |
| 11 | Teleecare Network India | Private | 5,760 | 0.1 | Delhi |
| 12 | G-mobile Devices | Private | 4,749 | 3.5 | Uttar Pradesh |
| 13 | Hfcl | Listed · HFCL | 4,065 | 12.5 | Himachal Pradesh |
| 14 | Madison Communications | Private | 3,989 | 1.1 | Maharashtra |
| 15 | Safexpress | Private | 3,870 | 20.8 | Haryana |
| 16 | Regenvo Mobile | Private | 3,556 | 4.9 | Uttar Pradesh |
| 17 | Railtel Corporation Of India | Listed · RAILTEL | 3,478 | 17.5 | Delhi |
| 18 | GTPL Hathway | Listed · GTPL | 3,477 | 13.3 | Gujarat |
| 19 | Safexpress | Private | 3,422 | 20.1 | Delhi |
| 20 | Ascend Telecom Infrastructure | Private | 2,505 | 62.1 | Telangana |
| 21 | Bubugao Communication | Private | 2,467 | 8.1 | Rajasthan |
| 22 | Arvind Lifestyle Brands | Private | 2,393 | 12.5 | Gujarat |
| 23 | Karix Mobile | Private | 2,336 | 11.1 | Telangana |
| 24 | S Mobile Devices | Private | 2,181 | 1.9 | Uttar Pradesh |
| 25 | Hathway Cable & Datacom | Listed · HATHWAY | 2,040 | 21.9 | Maharashtra |
| 26 | Quartz Fiber | Private | 1,995 | 13.6 | Maharashtra |
| 27 | Neolync Tele Communications | Private | 1,975 | 1.9 | Karnataka |
| 28 | Optiemus Infracom | Listed · OPTIEMUS | 1,890 | 6.7 | Delhi |
| 29 | Poojara Telecom | Private | 1,863 | 2.0 | Gujarat |
| 30 | Hariom Mobile | Private | 1,748 | 0.6 | Gujarat |
1250 telecom companies with statutory filings (17 listed, 1233 private) reported combined revenue of ₹4.55 lakh crore in FY2025, +9.4% on the same companies, and aggregate EBITDA of ₹1.82 lakh crore. As filed each year, combined revenue was ₹1.80 lakh crore in FY2018, reached ₹4.55 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 13 listed companies with an exchange price are worth ₹13.28 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.
Mixed. The aggregate EBITDA margin of telecom companies was 39.9% in FY2025, 1.7 pts above FY2024, against a peak of 40.3% in FY2022. The low since the peak was 37.8% in FY2023. Profit after tax margin was 3.2% (+9.4 pts on FY2024). Aggregate EBITDA of listed and private telecom companies moved +52% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹1.82 lakh crore (+17.8% on FY2024).
By FY2025 revenue the largest telecom companies are Bharti Airtel (₹1.73 lakh crore, 56.9% EBITDA margin); Vodafone Idea (₹43,571 crore, 43.9% EBITDA margin); Indus Towers (₹30,123 crore, 71.1% EBITDA margin); Tata Communications (₹23,109 crore, 20.3% EBITDA margin); Jio Digital Fibre (₹18,553 crore, 90.7% EBITDA margin, private). Among the ten largest, Jio Digital Fibre (90.7%) and Atc Telecom Infrastructure (82.1%) earn the widest EBITDA margins and Realme Mobile Telecommunications (india) (1.5%) the thinnest. 16 of the 25 largest are private companies, which a listed-only view leaves out.
In the news: Subscriber growth carried 4.1% of telecom stories in 2025-06 to 2026-05, up 1.4 pts (+52%) on the prior 12 months; net tone +83 vs +51 for all telecom stories. In buyer searches: Search interest in business connectivity and network services queries (leased line internet, network security services, network security service) was +7% in the 12 months to 2026-09 vs the prior 12, led by “network security services” (+18%), followed by telecom infrastructure and equipment (-7%); telecom plans and service prices moved -37%.
These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Telecom EBITDA grew 52% since FY2022 (Industry financials). 33 private telecom providers pass an IPO-readiness screen (Top telecom companies in India). Subscriber growth is gaining the most ground in telecom news (Telecom in the news). Business connectivity and network services searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 14.4× and median P/E 19.2× across 13 priced telecom companies. (Market capitalisation & valuation).
The median trailing P/E is 19.2× and the median EV/EBITDA 14.4× across 13 priced companies.
It covers providers selected through statutory activity classifications and a conservative communications name rule.
Entities with unclear activity or reporting relationships remain outside the lane until they can be reviewed.
Research information, not investment advice.
Industry research