Is the Telecom Services sector outperforming NIFTY 500?
The 52-week sector comparison is unavailable. 10 of 18 covered companies currently have positive Mansfield relative strength versus NIFTY 500.
20-quarter listed-company comparison
Telecom Services Stocks in India
Telecom Services: Bharti Airtel Ltd owns the largest revenue base; Sar Televenture Ltd has the fastest current growth.
Nifty Telecom Services Index — Constituents & Performance
The Telecom Services companies below are the listed Indian Telecom Services universe this page tracks — the same constituent set people search for as the Nifty Telecom Services index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
The sector itself · before any single company
How has Telecom Services moved against NIFTY 500?
The line below covers 5.1 years. Over the most recent two of them this sector is 7% behind NIFTY 500. Earnings across its companies grew 8% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 16 weeks running.
LEADER · ahead 16w✓Moving with the index8 of 17 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more
RS ↑16w · 9/17 >200d (−1) · 8/17 lead (−4) · EPS 11/16↑
Telecom Services, equal-weighted, based at 200
NIFTY 500, same base, same start
trailing 12-month earnings per share rising
falling
Strength anatomy
MixedHow much of the sector is participating, how recently, and whether the movers score well.
Together8 of 17 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score −2 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large
1/40
Mid
4/6−2
Small
3/7−2
Participation is not spreading downward this month; the larger companies are still carrying most of it.
Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 17 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.
Sector relative strength · before individual stocks
Is Telecom Services outperforming NIFTY 500?
The 52-week comparison of Telecom Services against NIFTY 500 is not available from the current market series. 10 of 18 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. HFCL Ltd is the strongest against the sector itself at +100%. Readings are as of 2026-07-19.
—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
10/18Stocks leading NIFTY 500
6/18Stocks leading sector
Sector metric: 40.1 as of 2026-07-19 · BROADENING · falling.
The central tension: the companies with the most scale are not necessarily the companies creating the most change.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
The 52-week sector comparison is unavailable. 10 of 18 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Bharti Airtel Ltd leads with revenue of ₹2,10,973 crore, based on 18 of 18 comparable companies through Mar 2026. Sar Televenture Ltd has the fastest current revenue growth at 100%, across 18 of 18 comparable companies.
Which Telecom Services company is largest by revenue?
Bharti Airtel Ltd leads with revenue of ₹2,10,973 crore, based on 18 of 18 comparable companies through Mar 2026.
Which Telecom Services company is growing fastest?
Sar Televenture Ltd has the fastest current revenue growth at 100%, across 18 of 18 comparable companies.
Which Telecom Services company has the strongest 4-Factor Sector Score?
Valiant Communications Ltd ranks first at 69.7/100 with 72% evidence confidence. The score prioritizes research; it is not a buy recommendation.
Which Telecom Services company reports the most CAPEX?
Bharti Airtel Ltd reports the largest latest CAPEX at ₹12,431 crore, with 4 of 18 companies comparable.
Which Telecom Services company has the least gross debt?
ADC India Communications Ltd has the lowest comparable gross debt at ₹0 crore. Bharti Airtel Ltd has the highest at ₹1,95,412 crore.
Which Telecom Services company has the lowest comparable PEG?
Indus Towers Ltd has the lowest comparable Guarded PEG at 0.46, among 5 of 18 companies that pass the metric’s comparability rules.
How much history does this Telecom Services comparison include?
The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.
How is the 4-Factor Sector Score calculated?
The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.
Companies
18
complete canonical membership
Combined market value
₹16.5 L Cr
Bharti Airtel Ltd
Revenue growing
13/18
positive TTM year-on-year growth
Beating NIFTY 500
10/18
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit
4-Factor Sector Score
An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.
Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Valiant Communications Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 72% evidence confidence.
Indus Towers Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
ADC India Communications Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.
1. Valiant Communications Ltd · 526775
69.7/100 · Favorable setup · 72% evidence
Exact sum: 30.1 + 20.7 + 10.2 + 8.7 = 69.7
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
30.1/35Growth & earnings
Revenue 66.9% · PAT 100% · OPM change 3.6 pp
83% evidence
20.7/25Capital efficiency
ROCE 39.7% · debt/equity 0.03×
80% evidence
10.2/20Valuation
P/E 46.8× · PEG —
15% evidence
8.7/20Relative strength
RS sector -0.9% · RS bench 9.4% · 1Y 66.9%
100% evidence
2. Bharti Airtel Ltd · BHARTIARTL
68.4/100 · Favorable setup · 83% evidence
Exact sum: 23.2 + 18.3 + 14.4 + 12.5 = 68.4
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
23.2/35Growth & earnings
Revenue 22% · PAT -9.8% · OPM change 1 pp
88% evidence
18.3/25Capital efficiency
ROCE 17.6% · debt/equity 1.31×
100% evidence
14.4/20Valuation
P/E 44.5× · PEG 0.65
65% evidence
12.5/20Relative strength
RS sector 11.6% · RS bench -2.6% · 1Y 0.4%
70% evidence
3. HFCL Ltd · HFCL
66.5/100 · Favorable setup · 75% evidence
Exact sum: 26 + 14.5 + 6 + 20 = 66.5
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
26.0/35Growth & earnings
Revenue 58.6% · PAT 100% · OPM change 19 pp
71% evidence
14.5/25Capital efficiency
ROCE 10.9% · debt/equity 0.36×
80% evidence
6.0/20Valuation
P/E 52.6× · PEG —
50% evidence
20.0/20Relative strength
RS sector 100% · RS bench 116% · 1Y 161.4%
100% evidence
4. Suyog Telematics Ltd · SUYOG
65.2/100 · Favorable setup · 68% evidence
Exact sum: 23.5 + 16.6 + 10.6 + 14.5 = 65.2
Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
23.5/35Growth & earnings
Revenue 15% · PAT 57.5% · OPM change 59 pp
62% evidence
16.6/25Capital efficiency
ROCE 14.6% · debt/equity 0.76×
95% evidence
10.6/20Valuation
P/E 15.8× · PEG —
15% evidence
14.5/20Relative strength
RS sector 3.9% · RS bench 14.7% · 1Y -2.7%
100% evidence
5. Bharti Hexacom Ltd · BHARTIHEXA
58.1/100 · Mixed-positive evidence · 83% evidence
Exact sum: 22.5 + 18.8 + 6 + 10.8 = 58.1
Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
22.5/35Growth & earnings
Revenue 9.4% · PAT 16.1% · OPM change 1 pp
88% evidence
18.8/25Capital efficiency
ROCE 21.4% · debt/equity 0.86×
100% evidence
6.0/20Valuation
P/E 47.3× · PEG 3.46
65% evidence
10.8/20Relative strength
RS sector 3.1% · RS bench -4% · 1Y -10.4%
70% evidence
6. ADC India Communications Ltd · KRONECOMM
55.4/100 · Mixed-positive evidence · 79% evidence
Exact sum: 12 + 18.5 + 6.4 + 18.5 = 55.4
Decision use: Price leads the evidence: RS versus the benchmark is 43.4%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
12.0/35Growth & earnings
Revenue 6.9% · PAT -22.6% · OPM change 0.8 pp
83% evidence
18.5/25Capital efficiency
ROCE 31.4% · debt/equity 0×
80% evidence
6.4/20Valuation
P/E 51.6× · PEG —
50% evidence
18.5/20Relative strength
RS sector 31.1% · RS bench 43.4% · 1Y 103%
100% evidence
7. Sar Televenture Ltd · SARTELE
52.4/100 · Mixed-positive evidence · 70% evidence
Exact sum: 21.4 + 15.4 + 14.6 + 1 = 52.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
21.4/35Growth & earnings
Revenue 100% · PAT 100% · OPM change 1 pp
48% evidence
15.4/25Capital efficiency
ROCE 8.8% · debt/equity 0×
95% evidence
14.6/20Valuation
P/E 8.2× · PEG —
50% evidence
1.0/20Relative strength
RS sector -40.6% · RS bench -33.7% · 1Y -45.7%
100% evidence
8. Vodafone Idea Ltd · IDEA
51.3/100 · Mixed-positive evidence · 71% evidence
Exact sum: 16.2 + 6.3 + 11.3 + 17.5 = 51.3
Decision use: Price leads the evidence: RS versus the benchmark is 31%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
16.2/35Growth & earnings
Revenue 3% · PAT 100% · OPM change 1 pp
65% evidence
6.3/25Capital efficiency
ROCE -1.6% · debt/equity 19.23×
100% evidence
11.3/20Valuation
P/E 4× · PEG —
15% evidence
17.5/20Relative strength
RS sector 19% · RS bench 31% · 1Y 78%
100% evidence
9. Indus Towers Ltd · INDUSTOWER
51.1/100 · Mixed-positive evidence · 96% evidence
Exact sum: 10.6 + 18 + 16.6 + 5.9 = 51.1
Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
10.6/35Growth & earnings
Revenue 7.9% · PAT -28.1% · OPM change -2 pp
88% evidence
18.0/25Capital efficiency
ROCE 19.5% · debt/equity 0.53×
100% evidence
16.6/20Valuation
P/E 14.6× · PEG 0.46
100% evidence
5.9/20Relative strength
RS sector -10.8% · RS bench -0.9% · 1Y 0%
100% evidence
10. Tata Communications Ltd · TATACOMM
43.9/100 · Mixed-negative evidence · 84% evidence
Exact sum: 13.4 + 11.3 + 8.4 + 10.8 = 43.9
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13.4/35Growth & earnings
Revenue 8.3% · PAT -44.8% · OPM change 0 pp
95% evidence
11.3/25Capital efficiency
ROCE 14.6% · debt/equity 3.55×
95% evidence
8.4/20Valuation
P/E 48.6× · PEG 2.22
65% evidence
10.8/20Relative strength
RS sector -1.7% · RS bench 5% · 1Y 3%
70% evidence
11. Tata Teleservices (Maharashtra) Ltd · TTML
42.3/100 · Thin evidence · provisional · 60% evidence
Exact sum: 21 + 8.2 + 8.7 + 4.4 = 42.3
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
21.0/35Growth & earnings
Revenue 11.4% · PAT -80% · OPM change 3.1 pp
71% evidence
8.2/25Capital efficiency
ROCE -12.7% · debt/equity —
72% evidence
8.7/20Valuation
P/E 202.8× · PEG —
15% evidence
4.4/20Relative strength
RS sector -28.2% · RS bench -17.1% · 1Y -35.6%
70% evidence
12. ITI Ltd · ITI
40.5/100 · Mixed-negative evidence · 71% evidence
Exact sum: 19.7 + 8.6 + 8.9 + 3.3 = 40.5
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
19.7/35Growth & earnings
Revenue -39.6% · PAT 100% · OPM change 7 pp
65% evidence
8.6/25Capital efficiency
ROCE 1.4% · debt/equity 0.4×
100% evidence
8.9/20Valuation
P/E 89.8× · PEG —
15% evidence
3.3/20Relative strength
RS sector -14.5% · RS bench -5.3% · 1Y -10%
100% evidence
13. OnMobile Global Ltd · ONMOBILE
37.7/100 · Thin evidence · provisional · 59% evidence
Exact sum: 9.7 + 8.3 + 10 + 9.7 = 37.7
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
9.7/35Growth & earnings
Revenue -9.8% · PAT 72.5% · OPM change -34 pp
62% evidence
8.3/25Capital efficiency
ROCE -0.1% · debt/equity 0.12×
95% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
9.7/20Relative strength
RS sector -4.7% · RS bench 10.1% · 1Y 13.5%
70% evidence
14. Optiemus Infracom Ltd · OPTIEMUS
34.8/100 · Adverse evidence · 83% evidence
Exact sum: 11.4 + 11.2 + 4.1 + 8.1 = 34.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11.4/35Growth & earnings
Revenue -6.5% · PAT 4.8% · OPM change -4 pp
88% evidence
11.2/25Capital efficiency
ROCE 10.9% · debt/equity 0.48×
100% evidence
4.1/20Valuation
P/E 81.1× · PEG 9.11
65% evidence
8.1/20Relative strength
RS sector -30.5% · RS bench 17.2% · 1Y -3.2%
70% evidence
15. NELCO Ltd · NELCO
34.8/100 · Adverse evidence · 74% evidence
Exact sum: 8.7 + 9.2 + 8.5 + 8.4 = 34.8
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8.7/35Growth & earnings
Revenue 2% · PAT -43% · OPM change 0.1 pp
95% evidence
9.2/25Capital efficiency
ROCE 7.2% · debt/equity 0.57×
95% evidence
8.5/20Valuation
P/E 357× · PEG —
15% evidence
8.4/20Relative strength
RS sector -21.7% · RS bench 13.2% · 1Y 0.5%
70% evidence
16. Tejas Networks Ltd · TEJASNET
33.4/100 · Adverse evidence · 65% evidence
Exact sum: 7.2 + 3.4 + 10 + 12.8 = 33.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7.2/35Growth & earnings
Revenue -80% · PAT -80% · OPM change -42 pp
62% evidence
3.4/25Capital efficiency
ROCE -14.6% · debt/equity 1.43×
95% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
12.8/20Relative strength
RS sector -2.6% · RS bench 7.1% · 1Y -15.6%
100% evidence
17. GTL Infrastructure Ltd · GTLINFRA
33.4/100 · Adverse evidence · 62% evidence
Exact sum: 12.1 + 4.5 + 11.5 + 5.3 = 33.4
Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12.1/35Growth & earnings
Revenue 2.2% · PAT 100% · OPM change 1 pp
62% evidence
4.5/25Capital efficiency
ROCE -48.2% · debt/equity 2.94×
95% evidence
11.5/20Valuation
P/E 2× · PEG —
15% evidence
5.3/20Relative strength
RS sector -16.3% · RS bench -7.2% · 1Y -27.5%
70% evidence
18. Mahanagar Telephone Nigam Ltd · MTNL
32.8/100 · Thin evidence · provisional · 59% evidence
Exact sum: 13.8 + 5.5 + 10 + 3.5 = 32.8
Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
13.8/35Growth & earnings
Revenue -5.7% · PAT 6.6% · OPM change 22 pp
62% evidence
5.5/25Capital efficiency
ROCE -2.3% · debt/equity 8.07×
95% evidence
10.0/20Valuation
P/E — · PEG —
0% evidence
3.5/20Relative strength
RS sector -32.3% · RS bench -21% · 1Y -43.9%
70% evidence
01 · compare level, then change
Revenue Scale & Growth Durability
Bharti Airtel Ltd has the highest Revenue among the 18 Telecom Services companies compared here, at ₹2,10,973 crore. Vodafone Idea Ltd is next at ₹44,872 crore. Sar Televenture Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Bharti Airtel Ltd is the scale leader at ₹2,10,973 crore, 370.2% ahead of Vodafone Idea Ltd. Sar Televenture Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 452.9% from a ₹846 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.
LeaderBharti Airtel Ltd · ₹2,10,973 crore
Gap370.2% versus #2 · Vodafone Idea Ltd
Persistence8/8 recent comparable periods
Coverage18/18 companies · 295 observations
Investor read: Bharti Airtel Ltd is the scale benchmark; Sar Televenture Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Bharti Airtel Ltd's growth falls below Sar Televenture Ltd's for two consecutive comparable reports while operating margin also compresses.
Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Bharti Airtel Ltd BHARTIARTL₹2.1 L Cr
2Vodafone Idea Ltd IDEA₹44.9K Cr
3Indus Towers Ltd INDUSTOWER₹32.5K Cr
4Tata Communications Ltd TATACOMM₹25.4K Cr
5Bharti Hexacom Ltd BHARTIHEXA₹9.4K Cr
Revenue growthfastest growers
1Sar Televenture Ltd SARTELE100%
2Valiant Communications Ltd 52677567%
3HFCL Ltd HFCL59%
4Bharti Airtel Ltd BHARTIARTL22%
5Suyog Telematics Ltd SUYOG⚠ unverified15%
Revenue · company comparison
18/18 level · 18/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Bharti Airtel Ltd BHARTIARTL | ₹55.4K Cr | 16% | Mar 2026 |
| Vodafone Idea Ltd IDEA | ₹11.3K Cr | 2.9% | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | ₹8.1K Cr | 4.8% | Mar 2026 |
| Tata Communications Ltd TATACOMM | ₹6.6K Cr | 10% | Jun 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | ₹2.4K Cr | 5.5% | Mar 2026 |
| HFCL Ltd HFCL | ₹1.9K Cr | 120% | Jun 2026 |
| ITI Ltd ITI | ₹628 Cr | -40% | Mar 2026 |
| Optiemus Infracom Ltd OPTIEMUS | ₹485 Cr | 8.0% | Mar 2026 |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | ₹371 Cr | 35% | Mar 2026 |
| Tejas Networks Ltd TEJASNET | ₹333 Cr | -83% | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | ₹330 Cr | -2.1% | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | ₹304 Cr | 7.0% | Jun 2026 |
| Sar Televenture Ltd SARTELE | ₹280 Cr | 35% | Mar 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | ₹128 Cr | -18% | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | ₹80 Cr | 7.0% | Jun 2026 |
| ADC India Communications Ltd KRONECOMM | ₹61 Cr | 34% | Mar 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | ₹56 Cr | 12% | Mar 2026 |
| Valiant Communications Ltd 526775 | ₹24 Cr | 50% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹28.3K Cr
₹29.9K Cr
₹31.5K Cr
₹32.8K Cr
₹34.5K Cr
₹35.8K Cr
₹36.0K Cr
₹37.4K Cr
₹37.0K Cr
₹37.9K Cr
₹37.6K Cr
₹38.5K Cr
₹41.5K Cr
₹45.1K Cr
₹47.9K Cr
₹49.5K Cr
₹52.1K Cr
₹54.0K Cr
₹55.4K Cr
—
Bharti Hexacom Ltd · BHARTIHEXA
₹1.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹2.1K Cr
₹2.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.4K Cr
₹2.4K Cr
—
HFCL Ltd · HFCL
—
—
—
—
—
₹1.1K Cr
₹1.4K Cr
₹995 Cr
₹1.1K Cr
₹1.0K Cr
₹1.3K Cr
₹1.2K Cr
₹1.1K Cr
₹1.0K Cr
₹801 Cr
₹871 Cr
₹1.0K Cr
₹1.2K Cr
₹1.8K Cr
₹1.9K Cr
Indus Towers Ltd · INDUSTOWER
₹6.9K Cr
₹6.9K Cr
₹7.1K Cr
₹6.9K Cr
₹8.0K Cr
₹6.8K Cr
₹6.8K Cr
₹7.1K Cr
₹7.1K Cr
₹7.2K Cr
₹7.2K Cr
₹7.4K Cr
₹7.5K Cr
₹7.5K Cr
₹7.7K Cr
₹8.1K Cr
₹8.2K Cr
₹8.1K Cr
₹8.1K Cr
—
ITI Ltd · ITI
₹352 Cr
₹137 Cr
₹1.1K Cr
₹166 Cr
₹198 Cr
₹256 Cr
₹775 Cr
₹157 Cr
₹246 Cr
₹259 Cr
₹601 Cr
₹520 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹498 Cr
₹543 Cr
₹515 Cr
₹628 Cr
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
—
—
—
—
—
₹227 Cr
₹219 Cr
₹199 Cr
₹198 Cr
₹192 Cr
₹209 Cr
₹184 Cr
₹267 Cr
₹261 Cr
₹275 Cr
₹159 Cr
₹190 Cr
₹211 Cr
₹371 Cr
—
NELCO Ltd · NELCO⚠ unverified
—
—
—
—
—
₹74 Cr
₹82 Cr
₹79 Cr
₹77 Cr
₹83 Cr
₹82 Cr
₹74 Cr
₹83 Cr
₹81 Cr
₹68 Cr
₹75 Cr
₹74 Cr
₹78 Cr
₹79 Cr
₹80 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹96 Cr
₹133 Cr
₹195 Cr
₹206 Cr
₹301 Cr
₹327 Cr
₹340 Cr
₹282 Cr
₹274 Cr
₹482 Cr
₹490 Cr
₹493 Cr
₹477 Cr
₹472 Cr
₹449 Cr
₹435 Cr
₹418 Cr
₹430 Cr
₹485 Cr
—
Tata Communications Ltd · TATACOMM
₹4.2K Cr
₹4.2K Cr
₹4.3K Cr
₹4.3K Cr
₹4.4K Cr
₹4.5K Cr
₹4.6K Cr
₹4.8K Cr
₹4.9K Cr
₹5.6K Cr
₹5.6K Cr
₹5.6K Cr
₹5.7K Cr
₹5.8K Cr
₹6.0K Cr
₹6.0K Cr
₹6.1K Cr
₹6.2K Cr
₹6.6K Cr
₹6.6K Cr
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
₹271 Cr
₹286 Cr
₹266 Cr
₹266 Cr
₹278 Cr
₹282 Cr
₹280 Cr
₹286 Cr
₹287 Cr
₹296 Cr
₹323 Cr
₹324 Cr
₹344 Cr
₹333 Cr
₹308 Cr
₹284 Cr
₹286 Cr
₹294 Cr
₹296 Cr
₹304 Cr
Tejas Networks Ltd · TEJASNET
₹173 Cr
₹107 Cr
₹129 Cr
₹126 Cr
₹220 Cr
₹275 Cr
₹299 Cr
₹188 Cr
₹396 Cr
₹560 Cr
₹1.3K Cr
₹1.6K Cr
₹2.8K Cr
₹2.6K Cr
₹1.9K Cr
₹202 Cr
₹262 Cr
₹307 Cr
₹333 Cr
—
Vodafone Idea Ltd · IDEA
₹9.4K Cr
₹9.7K Cr
₹10.2K Cr
₹10.4K Cr
₹10.6K Cr
₹10.6K Cr
₹10.5K Cr
₹10.7K Cr
₹10.7K Cr
₹10.7K Cr
₹10.6K Cr
₹10.5K Cr
₹10.9K Cr
₹11.1K Cr
₹11.0K Cr
₹11.0K Cr
₹11.2K Cr
₹11.3K Cr
₹11.3K Cr
—
Revenue growth · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
—
—
—
22%
22%
20%
14%
14%
7.3%
5.9%
4.4%
2.9%
12%
19%
27%
28%
26%
20%
16%
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
27%
25%
22%
14%
8.0%
8.0%
7.2%
7.9%
14%
21%
25%
23%
18%
10%
4.8%
5.5%
—
HFCL Ltd · HFCL
—
—
—
—
—
—
—
—
—
-5.0%
-7.5%
16%
-1.5%
-1.9%
-40%
-25%
-4.7%
20%
128%
120%
Indus Towers Ltd · INDUSTOWER
—
—
—
1.5%
16%
-2.3%
-5.1%
2.6%
-10%
6.4%
6.5%
4.3%
4.7%
4.8%
7.4%
9.1%
9.7%
7.9%
4.8%
—
ITI Ltd · ITI
—
—
—
-28%
-44%
87%
-32%
-5.4%
24%
1.2%
-22%
231%
313%
300%
74%
-4.2%
-47%
-50%
-40%
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
—
—
—
—
—
—
—
—
—
-15%
-4.6%
-7.5%
35%
36%
32%
-14%
-29%
-19%
35%
—
NELCO Ltd · NELCO⚠ unverified
—
—
—
—
—
—
—
—
—
12%
-0.5%
-6.0%
7.7%
-3.0%
-17%
1.0%
-10.0%
-3.0%
17%
7.0%
Optiemus Infracom Ltd · OPTIEMUS
—
—
—
329%
214%
146%
74%
37%
-9.0%
47%
44%
75%
74%
-2.1%
-8.4%
-12%
-12%
-8.9%
8.0%
—
Tata Communications Ltd · TATACOMM
—
—
—
5.1%
6.2%
8.2%
7.2%
11%
10.0%
23%
24%
17%
18%
3.8%
6.1%
6.6%
6.5%
6.7%
9.4%
10%
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
—
—
—
—
2.6%
-1.4%
5.3%
7.5%
3.2%
5.0%
15%
13%
20%
13%
-4.6%
-12%
-17%
-12%
-3.9%
7.0%
Tejas Networks Ltd · TEJASNET
—
—
—
-13%
27%
157%
132%
49%
80%
104%
344%
731%
610%
372%
44%
-87%
-91%
-88%
-83%
—
Vodafone Idea Ltd · IDEA
—
—
—
14%
13%
9.3%
2.9%
2.4%
1.0%
0.5%
0.7%
-1.4%
2.0%
4.2%
3.9%
4.9%
2.4%
1.9%
2.9%
—
02 · compare level, then change
Operating Economics & Margin Trend
Suyog Telematics Ltd has the highest OPM among the 18 Telecom Services companies compared here, at 75%. Bharti Airtel Ltd is next at 57%. The same company also holds the highest Margin change, at +59 percentage points. 18 of 18 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Suyog Telematics Ltd leads both opm at 75% and margin change at +59 percentage points.
LeaderSuyog Telematics Ltd · 75%
Gap31.6% versus #2 · Bharti Airtel Ltd
Persistence6/8 recent comparable periods
Coverage18/18 companies · 337 observations
Investor read: Suyog Telematics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current margin change signal.
Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Suyog Telematics Ltd SUYOG⚠ unverified75%
2Bharti Airtel Ltd BHARTIARTL57%
3Indus Towers Ltd INDUSTOWER55%
4Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified55%
5Bharti Hexacom Ltd BHARTIHEXA52%
Margin changefastest expanders
1Suyog Telematics Ltd SUYOG⚠ unverified+59.0 pp
2Mahanagar Telephone Nigam Ltd MTNL⚠ unverified+22.0 pp
3HFCL Ltd HFCL+19.0 pp
4ITI Ltd ITI+7.0 pp
5Valiant Communications Ltd 526775+3.6 pp
Operating margin · company comparison
18/18 level · 18/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Suyog Telematics Ltd SUYOG⚠ unverified | 75% | +59.0 pp | Mar 2026 |
| Bharti Airtel Ltd BHARTIARTL | 57% | +1.0 pp | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | 55% | −2.0 pp | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | 55% | +3.1 pp | Jun 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | 52% | +1.0 pp | Mar 2026 |
| Vodafone Idea Ltd IDEA | 43% | +1.0 pp | Mar 2026 |
| Valiant Communications Ltd 526775 | 38% | +3.6 pp | Mar 2026 |
| HFCL Ltd HFCL | 22% | +19.0 pp | Jun 2026 |
| Tata Communications Ltd TATACOMM | 19% | 0.0 pp | Jun 2026 |
| Sar Televenture Ltd SARTELE | 17% | +1.0 pp | Mar 2026 |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | 16% | +22.0 pp | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | 15% | +1.0 pp | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | 10% | +0.1 pp | Jun 2026 |
| ADC India Communications Ltd KRONECOMM | 7.3% | +0.8 pp | Mar 2026 |
| ITI Ltd ITI | 4.0% | +7.0 pp | Mar 2026 |
| Optiemus Infracom Ltd OPTIEMUS | 1.0% | −4.0 pp | Mar 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | -33% | −34.0 pp | Mar 2026 |
| Tejas Networks Ltd TEJASNET | -36% | −42.0 pp | Mar 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
49%
49%
51%
50%
51%
51%
52%
52%
53%
52%
52%
51%
53%
54%
56%
56%
57%
57%
57%
—
Bharti Hexacom Ltd · BHARTIHEXA
33%
32%
36%
41%
40%
43%
44%
49%
48%
46%
47%
46%
48%
51%
51%
51%
52%
53%
52%
—
HFCL Ltd · HFCL
15%
14%
10%
11%
15%
16%
11%
15%
12%
11%
15%
15%
14%
15%
-5.0%
3.0%
18%
19%
17%
22%
Indus Towers Ltd · INDUSTOWER
53%
53%
57%
33%
35%
17%
51%
49%
48%
50%
57%
61%
65%
92%
57%
54%
56%
55%
55%
—
ITI Ltd · ITI
-1.9%
-27%
17%
-39%
-25%
-14%
-1.0%
-31%
-22%
-17%
-29%
-2.0%
-1.0%
-1.0%
-3.0%
-2.0%
0.0%
5.0%
4.0%
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
-17%
-9.1%
-65%
-32%
-47%
-57%
-57%
-77%
-67%
-65%
-36%
-60%
-10%
-14%
-6.0%
-58%
-57%
-13%
16%
—
NELCO Ltd · NELCO⚠ unverified
19%
20%
17%
18%
19%
20%
21%
18%
18%
20%
18%
17%
13%
15%
9.5%
10%
10%
10.0%
6.9%
10%
Optiemus Infracom Ltd · OPTIEMUS
0.5%
-2.3%
-8.7%
-0.2%
3.0%
5.0%
-2.0%
5.0%
5.0%
5.0%
6.0%
5.0%
6.0%
7.0%
5.0%
6.0%
8.0%
7.0%
1.0%
—
Tata Communications Ltd · TATACOMM
27%
26%
25%
25%
26%
24%
23%
21%
21%
21%
19%
20%
20%
20%
19%
19%
19%
20%
20%
19%
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
43%
42%
44%
44%
44%
46%
47%
44%
44%
47%
44%
42%
40%
45%
50%
52%
49%
60%
55%
55%
Tejas Networks Ltd · TEJASNET
11%
-26%
-70%
-5.8%
9.8%
3.0%
-3.0%
-24%
3.0%
-1.0%
23%
15%
19%
14%
6.0%
-67%
-112%
-44%
-36%
—
Vodafone Idea Ltd · IDEA
41%
39%
45%
42%
39%
39%
40%
39%
40%
41%
41%
40%
42%
42%
42%
42%
42%
43%
43%
—
Margin change · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
+5.8 pp
+4.6 pp
+3.0 pp
+2.1 pp
+2.2 pp
+1.8 pp
+1.1 pp
+1.6 pp
+2.0 pp
+1.0 pp
0.0 pp
−1.0 pp
0.0 pp
+2.0 pp
+4.0 pp
+5.0 pp
+4.0 pp
+3.0 pp
+1.0 pp
—
Bharti Hexacom Ltd · BHARTIHEXA
+10.3 pp
+10.2 pp
+9.6 pp
+8.2 pp
+7.3 pp
+10.7 pp
+8.4 pp
+7.7 pp
+7.7 pp
+3.0 pp
+3.0 pp
−3.0 pp
0.0 pp
+5.0 pp
+4.0 pp
+5.0 pp
+4.0 pp
+2.0 pp
+1.0 pp
—
HFCL Ltd · HFCL
+3.2 pp
+1.2 pp
−2.5 pp
−4.4 pp
+0.2 pp
+2.0 pp
+0.5 pp
+4.0 pp
−3.2 pp
−5.0 pp
+4.0 pp
0.0 pp
+2.0 pp
+4.0 pp
−20.0 pp
−12.0 pp
+4.0 pp
+4.0 pp
+22.0 pp
+19.0 pp
Indus Towers Ltd · INDUSTOWER
+1.3 pp
+3.5 pp
+4.5 pp
−19.0 pp
−17.4 pp
−36.4 pp
−6.1 pp
+16.2 pp
+12.7 pp
+33.0 pp
+6.0 pp
+12.0 pp
+17.0 pp
+42.0 pp
0.0 pp
−7.0 pp
−9.0 pp
−37.0 pp
−2.0 pp
—
ITI Ltd · ITI
+16.0 pp
−29.4 pp
+3.1 pp
−19.3 pp
−22.9 pp
+13.5 pp
−18.3 pp
+7.6 pp
+2.8 pp
−3.0 pp
−28.0 pp
+29.0 pp
+21.0 pp
+16.0 pp
+26.0 pp
0.0 pp
+1.0 pp
+6.0 pp
+7.0 pp
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
−28.8 pp
−10.8 pp
−60.8 pp
−3.1 pp
−30.3 pp
−47.9 pp
+7.6 pp
−45.2 pp
−20.3 pp
−8.0 pp
+21.0 pp
+17.0 pp
+57.0 pp
+51.0 pp
+30.0 pp
+2.0 pp
−47.0 pp
+1.0 pp
+22.0 pp
—
NELCO Ltd · NELCO⚠ unverified
−0.2 pp
+0.2 pp
−3.0 pp
−4.2 pp
+0.1 pp
+0.6 pp
+3.0 pp
+0.5 pp
−0.7 pp
−0.8 pp
−2.5 pp
−1.7 pp
−5.0 pp
−4.5 pp
−8.5 pp
−6.3 pp
−3.1 pp
−5.1 pp
−2.6 pp
+0.1 pp
Optiemus Infracom Ltd · OPTIEMUS
+24.2 pp
−0.5 pp
+71.4 pp
+5.4 pp
+2.5 pp
+7.3 pp
+6.7 pp
+5.2 pp
+2.0 pp
0.0 pp
+8.0 pp
0.0 pp
+1.0 pp
+2.0 pp
−1.0 pp
+1.0 pp
+2.0 pp
0.0 pp
−4.0 pp
—
Tata Communications Ltd · TATACOMM
+0.4 pp
+1.1 pp
−0.4 pp
+1.0 pp
−1.2 pp
−1.9 pp
−1.5 pp
−4.0 pp
−4.5 pp
−3.0 pp
−4.0 pp
−1.0 pp
−1.0 pp
−1.0 pp
0.0 pp
−1.0 pp
−1.0 pp
0.0 pp
+1.0 pp
0.0 pp
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
−3.9 pp
−4.6 pp
−4.1 pp
+0.2 pp
+1.4 pp
+3.7 pp
+2.4 pp
−0.2 pp
+0.5 pp
+0.9 pp
−3.2 pp
−2.0 pp
−4.1 pp
−1.6 pp
+6.0 pp
+9.8 pp
+8.6 pp
+14.4 pp
+5.7 pp
+3.1 pp
Tejas Networks Ltd · TEJASNET
+2.2 pp
−36.5 pp
−84.5 pp
−18.0 pp
−0.8 pp
+29.4 pp
+66.7 pp
−18.2 pp
−6.8 pp
−4.0 pp
+26.0 pp
+39.0 pp
+16.0 pp
+15.0 pp
−17.0 pp
−82.0 pp
−131.0 pp
−58.0 pp
−42.0 pp
—
Vodafone Idea Ltd · IDEA
+2.6 pp
−0.1 pp
−0.5 pp
+1.1 pp
−2.5 pp
−0.3 pp
−5.4 pp
−2.6 pp
+1.4 pp
+2.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
0.0 pp
+1.0 pp
+1.0 pp
—
03 · compare level, then change
Profit Scale & Acceleration
Vodafone Idea Ltd has the highest Net profit among the 18 Telecom Services companies compared here, at ₹34,552 crore. Bharti Airtel Ltd is next at ₹33,823 crore. Valiant Communications Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.
What the numbers say: Vodafone Idea Ltd leads with ₹34,552 crore of TTM profit, 2.2% above Bharti Airtel Ltd. Valiant Communications Ltd shows ≥100% on the scoring scale (151.5% uncapped) growth from a ₹24 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
LeaderVodafone Idea Ltd · ₹34,552 crore
Gap2.2% versus #2 · Bharti Airtel Ltd
PersistenceNot enough history
Coverage18/18 companies · 295 observations
Investor read: Vodafone Idea Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.
Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Vodafone Idea Ltd IDEA₹34.6K Cr
2Bharti Airtel Ltd BHARTIARTL₹33.8K Cr
3Indus Towers Ltd INDUSTOWER₹7.1K Cr
4Bharti Hexacom Ltd BHARTIHEXA₹1.7K Cr
5Tata Communications Ltd TATACOMM₹936 Cr
Profit growthfastest growers
1Valiant Communications Ltd 526775100%
2Sar Televenture Ltd SARTELE100%
3Bharti Hexacom Ltd BHARTIHEXA16%
4Optiemus Infracom Ltd OPTIEMUS4.8%
5Bharti Airtel Ltd BHARTIARTL-9.8%
Net profit · company comparison
18/18 level · 9/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Vodafone Idea Ltd IDEA | ₹52.0K Cr | — | Mar 2026 |
| Bharti Airtel Ltd BHARTIARTL | ₹9.2K Cr | -26% | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | ₹1.8K Cr | 0.8% | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | ₹1.2K Cr | — | Mar 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | ₹447 Cr | -4.5% | Mar 2026 |
| ITI Ltd ITI | ₹436 Cr | -120% | Mar 2026 |
| HFCL Ltd HFCL | ₹246 Cr | 40% | Jun 2026 |
| Tata Communications Ltd TATACOMM | ₹130 Cr | -32% | Jun 2026 |
| Sar Televenture Ltd SARTELE | ₹36 Cr | 24% | Mar 2026 |
| Optiemus Infracom Ltd OPTIEMUS | ₹22 Cr | 0.0% | Mar 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | ₹14 Cr | -12% | Mar 2026 |
| Valiant Communications Ltd 526775 | ₹8 Cr | 93% | Mar 2026 |
| ADC India Communications Ltd KRONECOMM | ₹4 Cr | 19% | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | ₹2 Cr | 30% | Jun 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | ₹-37 Cr | -233% | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | ₹-72 Cr | — | Jun 2026 |
| Tejas Networks Ltd TEJASNET | ₹-211 Cr | -219% | Mar 2026 |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | ₹-307 Cr | — | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹2.0K Cr
₹1.7K Cr
₹3.7K Cr
₹2.5K Cr
₹3.0K Cr
₹2.6K Cr
₹4.2K Cr
₹1.5K Cr
₹2.1K Cr
₹2.9K Cr
₹2.1K Cr
₹4.7K Cr
₹4.2K Cr
₹16.1K Cr
₹12.5K Cr
₹7.4K Cr
₹8.7K Cr
₹8.5K Cr
₹9.2K Cr
—
Bharti Hexacom Ltd · BHARTIHEXA
₹-56 Cr
₹-71 Cr
₹1.8K Cr
₹96 Cr
₹99 Cr
₹152 Cr
₹202 Cr
₹253 Cr
₹-184 Cr
₹213 Cr
₹223 Cr
₹511 Cr
₹253 Cr
₹261 Cr
₹468 Cr
₹392 Cr
₹421 Cr
₹474 Cr
₹447 Cr
—
HFCL Ltd · HFCL
—
—
—
—
—
₹102 Cr
₹79 Cr
₹76 Cr
₹70 Cr
₹82 Cr
₹109 Cr
₹111 Cr
₹73 Cr
₹73 Cr
₹-83 Cr
₹-29 Cr
₹72 Cr
₹102 Cr
₹184 Cr
₹246 Cr
Indus Towers Ltd · INDUSTOWER
₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹477 Cr
₹872 Cr
₹-708 Cr
₹1.4K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.9K Cr
₹1.9K Cr
₹2.2K Cr
₹4.0K Cr
₹1.8K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.8K Cr
—
ITI Ltd · ITI
₹-56 Cr
₹-93 Cr
₹355 Cr
₹-100 Cr
₹-101 Cr
₹-88 Cr
₹-72 Cr
₹-103 Cr
₹-126 Cr
₹-101 Cr
₹-239 Cr
₹-91 Cr
₹-70 Cr
₹-49 Cr
₹-4 Cr
₹-64 Cr
₹-54 Cr
₹-25 Cr
₹436 Cr
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
—
—
—
—
—
₹-776 Cr
₹-749 Cr
₹-852 Cr
₹-793 Cr
₹-839 Cr
₹-784 Cr
₹-773 Cr
₹-890 Cr
₹-836 Cr
₹-828 Cr
₹-943 Cr
₹-960 Cr
₹-897 Cr
₹-307 Cr
—
NELCO Ltd · NELCO⚠ unverified
—
—
—
—
—
₹5 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹5 Cr
₹4 Cr
₹5 Cr
₹-4 Cr
₹2 Cr
₹2 Cr
₹-1 Cr
₹1 Cr
₹2 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹2 Cr
₹-4 Cr
₹3 Cr
₹5 Cr
₹7 Cr
₹13 Cr
₹17 Cr
₹9 Cr
₹5 Cr
₹18 Cr
₹24 Cr
₹12 Cr
₹14 Cr
₹15 Cr
₹22 Cr
₹15 Cr
₹17 Cr
₹12 Cr
₹22 Cr
—
Tata Communications Ltd · TATACOMM
₹426 Cr
₹393 Cr
₹369 Cr
₹545 Cr
₹534 Cr
₹395 Cr
₹327 Cr
₹382 Cr
₹221 Cr
₹45 Cr
₹322 Cr
₹333 Cr
₹227 Cr
₹236 Cr
₹1.0K Cr
₹190 Cr
₹183 Cr
₹364 Cr
₹259 Cr
₹130 Cr
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
₹-314 Cr
₹-302 Cr
₹-281 Cr
₹-295 Cr
₹-293 Cr
₹-280 Cr
₹-277 Cr
₹-301 Cr
₹-310 Cr
₹-308 Cr
₹-309 Cr
₹-323 Cr
₹-330 Cr
₹-315 Cr
₹-306 Cr
₹-325 Cr
₹-321 Cr
₹-150 Cr
₹581 Cr
₹-72 Cr
Tejas Networks Ltd · TEJASNET
₹4 Cr
₹-24 Cr
₹-50 Cr
₹-7 Cr
₹1 Cr
₹-15 Cr
₹-11 Cr
₹-26 Cr
₹-13 Cr
₹-45 Cr
₹147 Cr
₹77 Cr
₹275 Cr
₹166 Cr
₹-72 Cr
₹-194 Cr
₹-307 Cr
₹-197 Cr
₹-211 Cr
—
Vodafone Idea Ltd · IDEA
₹-7.1K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-7.3K Cr
₹-7.6K Cr
₹-8.0K Cr
₹-6.4K Cr
₹-7.8K Cr
₹-8.7K Cr
₹-7.0K Cr
₹-7.7K Cr
₹-6.4K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-5.5K Cr
₹-5.3K Cr
₹52.0K Cr
—
Profit growth · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
ADC India Communications Ltd · KRONECOMM
—
—
—
—
—
—
—
—
—
67%
—
—
17%
-8.6%
-57%
-29%
-51%
5.2%
19%
—
Bharti Airtel Ltd · BHARTIARTL
—
—
—
162%
49%
58%
14%
-38%
-30%
10%
-51%
210%
98%
461%
503%
57%
108%
-47%
-26%
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
-89%
164%
-286%
40%
10%
102%
—
23%
110%
-23%
66%
82%
-4.5%
—
HFCL Ltd · HFCL
—
—
—
—
—
—
—
—
—
-20%
38%
46%
4.3%
-11%
-176%
-126%
-1.4%
40%
—
—
Indus Towers Ltd · INDUSTOWER
—
—
—
-66%
-44%
-145%
-24%
183%
49%
—
32%
43%
72%
160%
-4.0%
-9.8%
-17%
-56%
0.8%
—
ITI Ltd · ITI
—
—
—
—
—
—
-120%
—
—
—
—
—
—
—
—
—
—
—
—
—
NELCO Ltd · NELCO⚠ unverified
—
—
—
—
—
—
—
—
—
23%
7.8%
-20%
-28%
-20%
-167%
-61%
-60%
-124%
—
30%
Optiemus Infracom Ltd · OPTIEMUS
—
—
—
150%
250%
—
467%
80%
-29%
38%
41%
33%
180%
-17%
-8.3%
25%
21%
-20%
0.0%
—
Suyog Telematics Ltd · SUYOG⚠ unverified
—
—
—
—
—
—
—
—
—
90%
23%
42%
25%
-11%
-188%
0.0%
-15%
-12%
—
—
Tata Communications Ltd · TATACOMM
—
—
—
84%
25%
0.5%
-11%
-30%
-59%
-89%
-1.5%
-13%
2.7%
424%
223%
-43%
-19%
54%
-75%
-32%
Tejas Networks Ltd · TEJASNET
—
—
—
-188%
-75%
—
—
—
-1,400%
—
—
—
—
—
-149%
-352%
-212%
-219%
—
—
Valiant Communications Ltd · 526775
—
—
—
—
—
—
—
—
—
86%
183%
251%
96%
-138%
69%
51%
88%
—
93%
—
04 · compare level, then change
Capacity Spending & Returns On It
Bharti Airtel Ltd has the highest CAPEX among the 18 Telecom Services companies compared here, at ₹12,431 crore. Indus Towers Ltd is next at ₹2,162 crore. Indus Towers Ltd has the highest CAPEX intensity at 26.5%, so level and change sit with different companies. 4 of 18 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Bharti Airtel Ltd reports ₹12,431 crore of CAPEX; Indus Towers Ltd has the highest covered intensity at 26.5%. Coverage is only 4 of 18 companies and 53 reported observations, so this is partial evidence—not a complete sector rank.
LeaderBharti Airtel Ltd · ₹12,431 crore
Gap475% versus #2 · Indus Towers Ltd
Persistence8/8 recent comparable periods
Coverage4/18 companies · 53 observations
Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.
This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.
CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Bharti Airtel Ltd BHARTIARTL₹12.4K Cr
2Indus Towers Ltd INDUSTOWER₹2.2K Cr
3Bharti Hexacom Ltd BHARTIHEXA₹350 Cr
4Vodafone Idea Ltd IDEA₹243 Cr
CAPEX intensityhighest reinvestment intensity
1Indus Towers Ltd INDUSTOWER27%
2Bharti Airtel Ltd BHARTIARTL22%
3Bharti Hexacom Ltd BHARTIHEXA15%
4Vodafone Idea Ltd IDEA2.3%
Capital expenditure · company comparison
4/18 level · 4/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: HFCL Ltd (HFCL) — its two data sources disagree by up to 9.8% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | CAPEX | CAPEX intensity | Reported |
|---|---|---|---|
| Bharti Airtel Ltd BHARTIARTL | ₹12.4K Cr | 22% | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | ₹2.2K Cr | 27% | Mar 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | ₹350 Cr | 15% | Mar 2026 |
| Vodafone Idea Ltd IDEA | ₹243 Cr | 2.3% | Mar 2026 |
Full 20-quarter history · every available company
CAPEX · reported quarter history
Bharti Airtel Ltd · BHARTIARTL
₹6.1K Cr
₹6.8K Cr
₹6.5K Cr
₹7.0K Cr
₹5.4K Cr
₹6.4K Cr
₹7.3K Cr
₹9.1K Cr
₹9.8K Cr
₹9.9K Cr
₹9.5K Cr
₹9.9K Cr
₹9.6K Cr
₹8.4K Cr
₹10.1K Cr
₹11.1K Cr
₹10.8K Cr
₹10.8K Cr
₹12.4K Cr
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
₹230 Cr
₹333 Cr
—
—
₹538 Cr
₹491 Cr
₹473 Cr
₹379 Cr
₹397 Cr
₹221 Cr
₹291 Cr
₹377 Cr
₹409 Cr
₹350 Cr
—
Indus Towers Ltd · INDUSTOWER
₹837 Cr
₹804 Cr
₹689 Cr
₹641 Cr
₹844 Cr
₹908 Cr
₹1.2K Cr
₹2.0K Cr
₹2.2K Cr
₹2.3K Cr
₹2.5K Cr
₹2.0K Cr
₹1.8K Cr
₹974 Cr
₹2.0K Cr
₹2.0K Cr
₹2.3K Cr
₹2.2K Cr
—
—
Vodafone Idea Ltd · IDEA
—
—
—
—
—
₹331 Cr
₹657 Cr
—
—
₹938 Cr
₹243 Cr
—
—
—
—
—
—
—
—
—
CAPEX intensity · reported quarter history
Bharti Airtel Ltd · BHARTIARTL
22%
23%
21%
21%
16%
18%
20%
24%
26%
26%
25%
26%
23%
19%
21%
23%
21%
20%
22%
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
14%
19%
—
—
30%
26%
25%
18%
18%
9.7%
13%
16%
17%
15%
—
Indus Towers Ltd · INDUSTOWER
12%
12%
9.7%
9.3%
11%
13%
18%
28%
30%
33%
34%
28%
24%
13%
26%
25%
29%
27%
—
—
Vodafone Idea Ltd · IDEA
—
—
—
—
—
3.1%
6.2%
—
—
8.8%
2.3%
—
—
—
—
—
—
—
—
—
Annual capital allocation · 10-year view
17/18 capacity base · 18/18 OCF · 17/18 CAPEX · 17/18 FCF
Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.
Full annual capacity base, operating cash flow, CAPEX and free cash flow history
Capacity base · net fixed assets + CWIP · fiscal-year history
Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹1.9 L Cr
₹2.0 L Cr
₹2.1 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.5 L Cr
₹3.3 L Cr
₹3.2 L Cr
₹4.0 L Cr
₹4.2 L Cr
Bharti Hexacom Ltd · BHARTIHEXA
—
—
₹9.4K Cr
₹10.0K Cr
₹10.4K Cr
₹10.3K Cr
₹13.1K Cr
₹14.1K Cr
₹15.0K Cr
₹14.5K Cr
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
₹10.0K Cr
₹8.0K Cr
₹6.8K Cr
₹6.5K Cr
₹5.5K Cr
₹4.6K Cr
₹3.2K Cr
₹3.0K Cr
₹2.8K Cr
₹2.7K Cr
HFCL Ltd · HFCL
₹190 Cr
₹206 Cr
₹324 Cr
₹538 Cr
₹544 Cr
₹636 Cr
₹816 Cr
₹1.1K Cr
₹1.5K Cr
₹1.7K Cr
Indus Towers Ltd · INDUSTOWER
₹5.9K Cr
₹5.7K Cr
₹5.5K Cr
₹6.8K Cr
₹32.1K Cr
₹32.0K Cr
₹32.7K Cr
₹39.7K Cr
₹44.9K Cr
₹50.1K Cr
ITI Ltd · ITI
₹2.6K Cr
₹2.8K Cr
₹2.9K Cr
₹2.9K Cr
₹2.9K Cr
₹2.9K Cr
₹2.9K Cr
₹2.9K Cr
₹2.7K Cr
₹2.4K Cr
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹9.1K Cr
₹8.5K Cr
₹7.8K Cr
₹7.2K Cr
₹6.4K Cr
₹5.7K Cr
₹5.0K Cr
₹4.4K Cr
₹3.8K Cr
₹3.2K Cr
NELCO Ltd · NELCO⚠ unverified
₹39 Cr
₹56 Cr
₹104 Cr
₹120 Cr
₹112 Cr
₹113 Cr
₹96 Cr
₹97 Cr
₹87 Cr
₹118 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹181 Cr
₹226 Cr
₹160 Cr
₹149 Cr
₹20 Cr
₹115 Cr
₹213 Cr
₹257 Cr
₹317 Cr
₹605 Cr
Tata Communications Ltd · TATACOMM
₹11.7K Cr
₹11.3K Cr
₹11.7K Cr
₹13.1K Cr
₹12.0K Cr
₹11.8K Cr
₹11.6K Cr
₹14.8K Cr
₹15.0K Cr
₹16.3K Cr
Tejas Networks Ltd · TEJASNET
₹111 Cr
₹122 Cr
₹140 Cr
₹106 Cr
₹135 Cr
₹178 Cr
₹801 Cr
₹1.2K Cr
₹1.6K Cr
₹2.1K Cr
Vodafone Idea Ltd · IDEA
₹84.3K Cr
₹83.3K Cr
₹1.8 L Cr
₹1.9 L Cr
₹1.7 L Cr
₹1.6 L Cr
₹1.7 L Cr
₹1.6 L Cr
₹1.6 L Cr
₹1.6 L Cr
Operating cash flow · fiscal-year history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹28.3K Cr
₹29.9K Cr
₹20.1K Cr
₹18.1K Cr
₹48.2K Cr
₹55.0K Cr
₹65.3K Cr
₹78.9K Cr
₹98.3K Cr
₹1.2 L Cr
Bharti Hexacom Ltd · BHARTIHEXA
—
—
₹493 Cr
₹-316 Cr
₹1.5K Cr
₹1.3K Cr
₹5.1K Cr
₹3.5K Cr
₹4.6K Cr
₹4.5K Cr
HFCL Ltd · HFCL
₹136 Cr
₹207 Cr
₹34 Cr
₹172 Cr
₹145 Cr
₹205 Cr
₹235 Cr
₹-45 Cr
₹396 Cr
₹-378 Cr
Indus Towers Ltd · INDUSTOWER
₹2.9K Cr
₹3.5K Cr
₹3.2K Cr
₹2.3K Cr
₹7.5K Cr
₹9.1K Cr
₹7.9K Cr
₹11.6K Cr
₹19.6K Cr
₹15.7K Cr
ITI Ltd · ITI
₹-347 Cr
₹-113 Cr
₹24 Cr
₹-199 Cr
₹94 Cr
₹-432 Cr
₹-294 Cr
₹974 Cr
₹-135 Cr
₹-135 Cr
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹-1.0K Cr
₹155 Cr
₹-733 Cr
₹-1.2K Cr
₹-225 Cr
₹704 Cr
₹64 Cr
₹130 Cr
₹340 Cr
₹176 Cr
NELCO Ltd · NELCO⚠ unverified
₹38 Cr
₹32 Cr
₹21 Cr
₹33 Cr
₹54 Cr
₹51 Cr
₹58 Cr
₹45 Cr
₹20 Cr
₹15 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹91 Cr
₹-26 Cr
₹73 Cr
₹44 Cr
₹-56 Cr
₹28 Cr
₹1 Cr
₹40 Cr
₹-13 Cr
₹-12 Cr
Tata Communications Ltd · TATACOMM
₹2.4K Cr
₹1.7K Cr
₹1.8K Cr
₹2.5K Cr
₹3.2K Cr
₹4.2K Cr
₹4.4K Cr
₹3.2K Cr
₹2.9K Cr
₹4.5K Cr
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
—
—
—
—
—
₹530 Cr
₹558 Cr
₹587 Cr
₹505 Cr
₹668 Cr
Tejas Networks Ltd · TEJASNET
₹150 Cr
₹239 Cr
₹-82 Cr
₹1 Cr
₹158 Cr
₹-17 Cr
₹-380 Cr
₹-2.0K Cr
₹-491 Cr
₹135 Cr
Vodafone Idea Ltd · IDEA
₹10.5K Cr
₹5.3K Cr
₹5.3K Cr
₹7.3K Cr
₹15.6K Cr
₹17.4K Cr
₹18.9K Cr
₹20.8K Cr
₹9.3K Cr
₹19.4K Cr
CAPEX · reported cash flow · fiscal-year history
Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹30.9K Cr
₹27.1K Cr
₹34.9K Cr
₹50.8K Cr
₹25.1K Cr
₹53.9K Cr
₹1.1 L Cr
₹32.9K Cr
₹1.2 L Cr
₹72.5K Cr
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
₹1.8K Cr
₹1.7K Cr
₹1.4K Cr
₹4.4K Cr
₹2.7K Cr
₹3.1K Cr
₹1.7K Cr
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
₹7.4K Cr
₹-1.2K Cr
₹-532 Cr
₹300 Cr
₹-407 Cr
₹-484 Cr
₹-832 Cr
₹65 Cr
₹82 Cr
₹60 Cr
HFCL Ltd · HFCL
₹36 Cr
₹39 Cr
₹145 Cr
₹256 Cr
₹75 Cr
₹170 Cr
₹263 Cr
₹387 Cr
₹439 Cr
₹405 Cr
Indus Towers Ltd · INDUSTOWER
₹885 Cr
₹1.0K Cr
₹811 Cr
₹2.6K Cr
₹28.2K Cr
₹5.3K Cr
₹6.1K Cr
₹13.0K Cr
₹11.6K Cr
₹12.3K Cr
ITI Ltd · ITI
—
₹186 Cr
₹128 Cr
₹64 Cr
₹31 Cr
₹60 Cr
₹60 Cr
₹36 Cr
₹-76 Cr
₹-287 Cr
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹451 Cr
₹499 Cr
₹293 Cr
₹417 Cr
₹113 Cr
₹27 Cr
₹64 Cr
₹59 Cr
₹33 Cr
₹-121 Cr
NELCO Ltd · NELCO⚠ unverified
₹13 Cr
₹26 Cr
₹61 Cr
₹36 Cr
₹14 Cr
₹26 Cr
₹11 Cr
₹23 Cr
₹12 Cr
₹51 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹15 Cr
₹61 Cr
₹-49 Cr
₹-1 Cr
₹-124 Cr
₹101 Cr
₹111 Cr
₹62 Cr
₹82 Cr
₹312 Cr
Tata Communications Ltd · TATACOMM
₹-1.7K Cr
₹1.5K Cr
₹2.4K Cr
₹3.8K Cr
₹1.2K Cr
₹2.0K Cr
₹2.1K Cr
₹5.6K Cr
₹2.8K Cr
₹4.1K Cr
Tejas Networks Ltd · TEJASNET
₹21 Cr
₹72 Cr
₹84 Cr
₹43 Cr
₹81 Cr
₹120 Cr
₹745 Cr
₹577 Cr
₹708 Cr
₹932 Cr
Vodafone Idea Ltd · IDEA
₹20.9K Cr
₹7.4K Cr
₹1.1 L Cr
₹28.4K Cr
₹4.8K Cr
₹12.7K Cr
₹40.0K Cr
₹6.8K Cr
₹23.2K Cr
₹20.9K Cr
Free cash flow · fiscal-year history
Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹-2.6K Cr
₹2.7K Cr
₹-14.8K Cr
₹-32.6K Cr
₹23.1K Cr
₹1.1K Cr
₹-47.9K Cr
₹46.0K Cr
₹-26.5K Cr
₹49.7K Cr
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
₹-2.2K Cr
₹-159 Cr
₹-106 Cr
₹743 Cr
₹858 Cr
₹1.5K Cr
₹2.8K Cr
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
₹-6.2K Cr
₹1.9K Cr
₹796 Cr
₹136 Cr
₹826 Cr
₹987 Cr
₹1.3K Cr
₹129 Cr
₹553 Cr
₹475 Cr
HFCL Ltd · HFCL
₹100 Cr
₹168 Cr
₹-111 Cr
₹-84 Cr
₹70 Cr
₹35 Cr
₹-28 Cr
₹-432 Cr
₹-43 Cr
₹-783 Cr
Indus Towers Ltd · INDUSTOWER
₹2.0K Cr
₹2.4K Cr
₹2.3K Cr
₹-285 Cr
₹-20.7K Cr
₹3.9K Cr
₹1.8K Cr
₹-1.5K Cr
₹8.0K Cr
₹3.3K Cr
ITI Ltd · ITI
—
₹-299 Cr
₹-104 Cr
₹-263 Cr
₹63 Cr
₹-492 Cr
₹-354 Cr
₹938 Cr
₹-59 Cr
₹152 Cr
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹-1.5K Cr
₹-344 Cr
₹-1.0K Cr
₹-1.6K Cr
₹-338 Cr
₹677 Cr
₹0 Cr
₹71 Cr
₹307 Cr
₹297 Cr
NELCO Ltd · NELCO⚠ unverified
₹25 Cr
₹6 Cr
₹-40 Cr
₹-3 Cr
₹40 Cr
₹25 Cr
₹47 Cr
₹22 Cr
₹8 Cr
₹-36 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹76 Cr
₹-87 Cr
₹122 Cr
₹45 Cr
₹68 Cr
₹-73 Cr
₹-110 Cr
₹-22 Cr
₹-95 Cr
₹-324 Cr
Tata Communications Ltd · TATACOMM
₹4.1K Cr
₹170 Cr
₹-557 Cr
₹-1.3K Cr
₹2.0K Cr
₹2.2K Cr
₹2.3K Cr
₹-2.4K Cr
₹94 Cr
₹340 Cr
Tejas Networks Ltd · TEJASNET
₹129 Cr
₹167 Cr
₹-166 Cr
₹-42 Cr
₹77 Cr
₹-137 Cr
₹-1.1K Cr
₹-2.6K Cr
₹-1.2K Cr
₹-797 Cr
Vodafone Idea Ltd · IDEA
₹-10.4K Cr
₹-2.1K Cr
₹-1.1 L Cr
₹-21.1K Cr
₹10.9K Cr
₹4.7K Cr
₹-21.1K Cr
₹14.0K Cr
₹-13.9K Cr
₹-1.5K Cr
05 · compare level, then change
Debt Load & Balance-Sheet Headroom
ADC India Communications Ltd has the lowest Gross debt among the 18 Telecom Services companies compared here, at ₹0 crore. Sar Televenture Ltd is next at ₹2 crore. OnMobile Global Ltd has the lowest Net debt at ₹55 crore net cash, so level and change sit with different companies.
What the numbers say: OnMobile Global Ltd has the clearest covered balance-sheet capacity with ₹55 crore net cash and gross debt of ₹77 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.
LeaderADC India Communications Ltd · ₹0 crore
Gap100% versus #2 · Sar Televenture Ltd
PersistenceNot enough history
Coverage18/18 companies · 280 observations
Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.
This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.
Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1ADC India Communications Ltd KRONECOMM₹0 Cr
2Sar Televenture Ltd SARTELE₹2 Cr
3Valiant Communications Ltd 526775₹3 Cr
4NELCO Ltd NELCO⚠ unverified₹73 Cr
5OnMobile Global Ltd ONMOBILE⚠ unverified₹77 Cr
Net debtlowest net debt
1OnMobile Global Ltd ONMOBILE⚠ unverified₹-55 Cr
2NELCO Ltd NELCO⚠ unverified₹54 Cr
3Optiemus Infracom Ltd OPTIEMUS₹331 Cr
4Suyog Telematics Ltd SUYOG⚠ unverified₹353 Cr
5ITI Ltd ITI₹414 Cr
Debt and balance-sheet capacity · company comparison
18/18 level · 14/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Gross debt | Net debt | Reported |
|---|---|---|---|
| Bharti Airtel Ltd BHARTIARTL | ₹2.0 L Cr | ₹1.6 L Cr | Mar 2026 |
| Vodafone Idea Ltd IDEA | ₹1.9 L Cr | ₹1.9 L Cr | Mar 2026 |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | ₹35.4K Cr | ₹34.7K Cr | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | ₹21.1K Cr | ₹15.3K Cr | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | ₹20.9K Cr | ₹20.8K Cr | Jun 2026 |
| Tata Communications Ltd TATACOMM | ₹12.2K Cr | ₹11.3K Cr | Jun 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | ₹6.1K Cr | ₹5.5K Cr | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | ₹5.9K Cr | ₹5.8K Cr | Mar 2026 |
| Tejas Networks Ltd TEJASNET | ₹4.2K Cr | ₹3.7K Cr | Mar 2026 |
| HFCL Ltd HFCL | ₹1.7K Cr | — | Jun 2026 |
| ITI Ltd ITI | ₹765 Cr | ₹414 Cr | Mar 2026 |
| Optiemus Infracom Ltd OPTIEMUS | ₹373 Cr | ₹331 Cr | Mar 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | ₹371 Cr | ₹353 Cr | Mar 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | ₹77 Cr | ₹-55 Cr | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | ₹73 Cr | ₹54 Cr | Jun 2026 |
| Valiant Communications Ltd 526775 | ₹3 Cr | — | Mar 2026 |
| Sar Televenture Ltd SARTELE | ₹2 Cr | — | Mar 2026 |
| ADC India Communications Ltd KRONECOMM | ₹0 Cr | — | Mar 2026 |
Full 20-quarter history · every available company
Gross debt · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹1.8 L Cr
₹1.7 L Cr
₹1.7 L Cr
₹1.8 L Cr
₹2.2 L Cr
₹2.2 L Cr
₹2.3 L Cr
₹2.2 L Cr
₹2.2 L Cr
₹2.2 L Cr
₹2.2 L Cr
₹2.1 L Cr
₹2.3 L Cr
₹2.0 L Cr
₹2.1 L Cr
₹2.0 L Cr
₹2.1 L Cr
₹2.0 L Cr
₹2.0 L Cr
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
₹9.1K Cr
₹9.1K Cr
—
—
₹9.2K Cr
₹9.2K Cr
₹9.3K Cr
₹9.4K Cr
₹8.1K Cr
₹7.6K Cr
₹8.5K Cr
₹7.9K Cr
₹7.4K Cr
₹6.4K Cr
₹6.6K Cr
₹6.4K Cr
₹6.1K Cr
—
HFCL Ltd · HFCL
—
—
₹783 Cr
—
—
—
₹936 Cr
—
—
—
₹991 Cr
—
—
—
₹1.5K Cr
—
₹1.6K Cr
—
₹1.7K Cr
—
Indus Towers Ltd · INDUSTOWER
—
—
₹19.7K Cr
₹19.7K Cr
₹20.3K Cr
₹20.2K Cr
₹19.2K Cr
₹19.6K Cr
₹20.7K Cr
₹20.0K Cr
₹20.5K Cr
₹20.0K Cr
₹21.4K Cr
₹20.4K Cr
₹21.2K Cr
₹20.7K Cr
₹20.9K Cr
₹20.8K Cr
₹21.1K Cr
—
ITI Ltd · ITI
₹1.4K Cr
₹1.4K Cr
₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.9K Cr
₹1.8K Cr
₹1.8K Cr
₹1.7K Cr
₹1.7K Cr
₹1.5K Cr
₹1.5K Cr
₹1.4K Cr
₹1.3K Cr
₹765 Cr
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹26.2K Cr
₹26.2K Cr
₹26.8K Cr
₹26.8K Cr
₹27.8K Cr
₹27.8K Cr
₹28.4K Cr
₹28.4K Cr
₹29.2K Cr
₹29.2K Cr
₹30.1K Cr
₹30.1K Cr
₹31.2K Cr
₹31.2K Cr
₹32.4K Cr
₹32.4K Cr
₹34.1K Cr
₹34.1K Cr
₹35.4K Cr
—
NELCO Ltd · NELCO⚠ unverified
₹72 Cr
₹72 Cr
₹81 Cr
₹81 Cr
₹89 Cr
₹89 Cr
₹63 Cr
₹63 Cr
₹74 Cr
₹74 Cr
₹57 Cr
₹57 Cr
₹51 Cr
₹51 Cr
₹53 Cr
₹53 Cr
₹72 Cr
₹72 Cr
₹73 Cr
₹73 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹35 Cr
₹35 Cr
₹43 Cr
₹43 Cr
₹125 Cr
₹125 Cr
₹118 Cr
₹118 Cr
₹110 Cr
₹110 Cr
₹164 Cr
₹164 Cr
₹245 Cr
₹245 Cr
₹198 Cr
₹198 Cr
₹247 Cr
₹247 Cr
₹373 Cr
—
Tata Communications Ltd · TATACOMM
₹10.4K Cr
₹10.4K Cr
₹9.1K Cr
₹9.1K Cr
₹8.8K Cr
₹8.8K Cr
₹8.6K Cr
₹8.6K Cr
₹8.8K Cr
₹8.8K Cr
₹11.3K Cr
₹11.3K Cr
₹12.4K Cr
₹12.4K Cr
₹12.4K Cr
₹12.4K Cr
₹13.3K Cr
₹13.3K Cr
₹12.2K Cr
—
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
₹19.7K Cr
₹19.7K Cr
₹19.8K Cr
₹19.8K Cr
₹19.5K Cr
₹19.5K Cr
₹19.9K Cr
₹19.9K Cr
₹19.9K Cr
₹19.9K Cr
₹20.0K Cr
₹20.0K Cr
₹19.8K Cr
₹19.8K Cr
₹20.4K Cr
₹20.4K Cr
₹20.5K Cr
₹20.5K Cr
₹20.9K Cr
₹20.9K Cr
Tejas Networks Ltd · TEJASNET
₹23 Cr
₹21 Cr
₹20 Cr
₹52 Cr
₹57 Cr
₹52 Cr
₹50 Cr
₹48 Cr
₹138 Cr
₹138 Cr
₹1.9K Cr
₹1.9K Cr
₹2.9K Cr
₹2.9K Cr
₹3.4K Cr
₹3.4K Cr
₹4.3K Cr
₹4.3K Cr
₹4.2K Cr
—
Vodafone Idea Ltd · IDEA
₹2.1 L Cr
₹2.1 L Cr
₹2.1 L Cr
₹2.3 L Cr
₹2.5 L Cr
—
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.5 L Cr
₹2.5 L Cr
₹2.5 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹1.9 L Cr
—
Net debt · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
₹1.6 L Cr
₹1.5 L Cr
₹1.6 L Cr
₹1.6 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹2.1 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹2.0 L Cr
₹2.1 L Cr
₹1.9 L Cr
₹2.0 L Cr
₹1.8 L Cr
₹1.8 L Cr
₹1.7 L Cr
₹1.6 L Cr
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
₹8.9K Cr
₹8.9K Cr
—
—
₹8.1K Cr
₹8.1K Cr
₹7.8K Cr
₹7.5K Cr
₹7.8K Cr
₹7.5K Cr
₹8.4K Cr
₹7.9K Cr
₹7.3K Cr
₹6.3K Cr
₹6.3K Cr
₹5.6K Cr
₹5.5K Cr
—
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
₹4.5K Cr
₹4.5K Cr
₹4.3K Cr
₹4.3K Cr
₹4.2K Cr
—
₹3.7K Cr
₹3.9K Cr
—
—
₹3.4K Cr
₹3.4K Cr
₹3.2K Cr
₹3.2K Cr
₹2.9K Cr
₹2.9K Cr
₹2.7K Cr
₹2.7K Cr
₹5.8K Cr
—
Indus Towers Ltd · INDUSTOWER
—
—
₹17.1K Cr
₹19.3K Cr
₹20.0K Cr
₹19.5K Cr
₹18.9K Cr
₹19.0K Cr
₹20.4K Cr
₹19.8K Cr
₹20.5K Cr
₹19.2K Cr
₹21.1K Cr
₹18.9K Cr
₹17.8K Cr
₹16.5K Cr
₹16.5K Cr
₹16.4K Cr
₹15.3K Cr
—
ITI Ltd · ITI
₹1.1K Cr
₹1.1K Cr
₹1.5K Cr
₹1.3K Cr
₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.1K Cr
₹964 Cr
₹1.1K Cr
₹1.1K Cr
₹1.3K Cr
₹1.1K Cr
₹1.1K Cr
₹1.1K Cr
₹414 Cr
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
₹26.1K Cr
₹26.1K Cr
₹26.7K Cr
₹26.7K Cr
₹27.6K Cr
₹27.6K Cr
₹28.2K Cr
₹28.0K Cr
₹29.0K Cr
₹29.0K Cr
₹30.0K Cr
₹30.0K Cr
₹31.1K Cr
₹31.1K Cr
₹32.2K Cr
₹32.2K Cr
₹34.0K Cr
₹34.0K Cr
₹34.7K Cr
—
NELCO Ltd · NELCO⚠ unverified
₹62 Cr
₹62 Cr
₹65 Cr
₹65 Cr
₹66 Cr
₹66 Cr
₹47 Cr
₹47 Cr
₹50 Cr
₹50 Cr
₹35 Cr
₹35 Cr
₹40 Cr
₹40 Cr
₹39 Cr
₹39 Cr
₹42 Cr
₹42 Cr
₹54 Cr
₹54 Cr
Optiemus Infracom Ltd · OPTIEMUS
₹4 Cr
₹4 Cr
₹15 Cr
₹11 Cr
₹88 Cr
₹88 Cr
₹103 Cr
₹100 Cr
₹97 Cr
₹97 Cr
₹135 Cr
₹134 Cr
₹183 Cr
₹183 Cr
₹53 Cr
₹52 Cr
₹148 Cr
₹148 Cr
₹331 Cr
—
Tata Communications Ltd · TATACOMM
₹9.1K Cr
₹9.1K Cr
₹8.0K Cr
₹8.0K Cr
₹7.5K Cr
₹7.5K Cr
₹6.8K Cr
₹6.8K Cr
₹8.1K Cr
₹8.1K Cr
₹10.3K Cr
₹10.3K Cr
₹11.6K Cr
₹11.6K Cr
₹10.9K Cr
₹10.9K Cr
₹12.9K Cr
₹12.9K Cr
₹11.3K Cr
—
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
₹19.6K Cr
₹19.6K Cr
₹19.7K Cr
₹19.7K Cr
₹19.3K Cr
₹19.3K Cr
₹19.8K Cr
₹19.8K Cr
₹19.8K Cr
₹19.8K Cr
₹20.0K Cr
₹20.0K Cr
₹19.8K Cr
₹19.8K Cr
₹20.3K Cr
₹20.3K Cr
₹20.4K Cr
₹20.4K Cr
₹20.8K Cr
₹20.8K Cr
Tejas Networks Ltd · TEJASNET
₹-1.2K Cr
₹-1.2K Cr
₹-1.1K Cr
₹-1.7K Cr
₹-994 Cr
₹-1.2K Cr
₹-1.3K Cr
₹-936 Cr
₹-930 Cr
₹-930 Cr
₹1.3K Cr
₹1.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.6K Cr
₹2.6K Cr
₹3.9K Cr
₹3.9K Cr
₹3.7K Cr
—
Vodafone Idea Ltd · IDEA
₹2.1 L Cr
₹2.1 L Cr
₹2.1 L Cr
₹2.3 L Cr
₹2.5 L Cr
—
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.3 L Cr
₹2.4 L Cr
₹2.4 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹2.3 L Cr
₹1.9 L Cr
—
06 · compare level, then change
Return On Capital Employed
Valiant Communications Ltd has the highest ROCE among the 18 Telecom Services companies compared here, at 39.7%. ADC India Communications Ltd is next at 31.4%. The same company also holds the highest ROCE change, at +19 percentage points. 18 of 18 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Valiant Communications Ltd leads ROCE at 39.7%, 8.3 percentage points above ADC India Communications Ltd. Valiant Communications Ltd has the strongest latest improvement at +19 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.
LeaderValiant Communications Ltd · 39.7%
Gap26.4% versus #2 · ADC India Communications Ltd
PersistenceNot enough history
Coverage18/18 companies · 210 observations
Investor read: Valiant Communications Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.
This conclusion weakens if: The next two comparable reports reverse the current roce change signal.
ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Valiant Communications Ltd 52677540%
2ADC India Communications Ltd KRONECOMM31%
3Bharti Hexacom Ltd BHARTIHEXA21%
4Indus Towers Ltd INDUSTOWER20%
5Bharti Airtel Ltd BHARTIARTL18%
ROCE changefastest improvers
1Valiant Communications Ltd 526775+19.0 pp
2ITI Ltd ITI+6.2 pp
3Bharti Airtel Ltd BHARTIARTL+3.5 pp
4Bharti Hexacom Ltd BHARTIHEXA+3.3 pp
5HFCL Ltd HFCL+3.0 pp
Return on capital · company comparison
18/18 level · 18/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
Withheld from this chart: HFCL Ltd (HFCL) — its two data sources disagree by up to 9.8% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Bharti Hexacom Ltd BHARTIHEXA | 22% | +3.3 pp | Mar 2026 |
| Bharti Airtel Ltd BHARTIARTL | 18% | +3.5 pp | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | 17% | −10.2 pp | Mar 2026 |
| Tata Communications Ltd TATACOMM | 14% | +0.2 pp | Jun 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | 12% | +1.0 pp | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | 7.5% | −8.1 pp | Jun 2026 |
| Optiemus Infracom Ltd OPTIEMUS | 6.7% | −4.6 pp | Mar 2026 |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | 2.0% | −18.2 pp | Mar 2026 |
| ITI Ltd ITI | -0.6% | +6.2 pp | Mar 2026 |
| Vodafone Idea Ltd IDEA | -2.1% | +0.7 pp | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | -2.9% | +1.8 pp | Jun 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | -8.7% | −5.7 pp | Mar 2026 |
| Tejas Networks Ltd TEJASNET | -30% | −51.1 pp | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | -48% | −46.1 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
7.9%
8.6%
9.9%
10%
9.8%
11%
11%
12%
12%
13%
13%
13%
13%
13%
14%
16%
17%
18%
18%
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
4.4%
—
—
—
11%
—
16%
16%
16%
14%
14%
16%
18%
20%
22%
22%
22%
—
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
9.6%
—
2.8%
—
4.5%
—
-0.3%
—
—
—
-3.0%
—
-1.9%
—
-2.1%
—
-2.7%
—
-48%
—
Indus Towers Ltd · INDUSTOWER
—
—
25%
24%
21%
14%
12%
15%
15%
19%
20%
21%
23%
28%
28%
26%
24%
19%
17%
—
ITI Ltd · ITI
5.7%
—
1.9%
—
0.1%
—
-6.9%
—
-7.5%
-5.8%
-17%
-13%
-15%
-9.3%
-6.8%
1.7%
-7.0%
2.7%
-0.6%
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
-892%
—
52%
—
15%
—
91%
—
5,852%
-969%
-63%
-79%
44%
-71%
20%
-51%
16%
-64%
2.0%
—
NELCO Ltd · NELCO⚠ unverified
25%
—
19%
—
20%
—
24%
—
25%
28%
26%
26%
22%
22%
15%
16%
9.0%
6.8%
6.3%
7.5%
Optiemus Infracom Ltd · OPTIEMUS
1.0%
—
-7.0%
—
-5.1%
—
3.3%
16%
6.7%
17%
13%
20%
14%
22%
11%
16%
12%
14%
6.7%
—
Tata Communications Ltd · TATACOMM
17%
—
18%
—
18%
—
19%
—
15%
16%
17%
16%
10%
16%
14%
23%
16%
22%
14%
—
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
-3.1%
—
-3.9%
—
-6.4%
—
-3.9%
—
-3.3%
—
-6.1%
—
-8.6%
—
-4.7%
—
-4.2%
—
-2.9%
—
Tejas Networks Ltd · TEJASNET
1.0%
-1.5%
-8.0%
-6.9%
-6.7%
-5.7%
-3.3%
-4.8%
-5.4%
-4.4%
2.7%
12%
21%
33%
21%
14%
-8.7%
-21%
-30%
—
Vodafone Idea Ltd · IDEA
-5.5%
—
-5.7%
-4.7%
-4.0%
—
-4.2%
—
-4.4%
-4.2%
-4.3%
-3.5%
-3.3%
-2.5%
-2.8%
-1.8%
-2.8%
-1.2%
-2.1%
—
ROCE change · reported quarter history
Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
—
—
—
—
+1.9 pp
+1.9 pp
+0.9 pp
+1.2 pp
+2.6 pp
+2.0 pp
+2.0 pp
+1.1 pp
+0.4 pp
0.0 pp
+1.5 pp
+2.8 pp
+4.5 pp
+5.5 pp
+3.5 pp
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
+6.6 pp
—
—
—
+4.9 pp
—
−1.5 pp
−0.2 pp
+2.3 pp
+5.5 pp
+7.4 pp
+5.7 pp
+3.3 pp
—
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
—
—
—
—
−5.1 pp
—
−3.1 pp
—
—
—
−2.7 pp
—
—
—
+0.9 pp
—
−0.8 pp
—
−46.1 pp
—
Indus Towers Ltd · INDUSTOWER
—
—
—
—
—
—
−12.5 pp
−9.1 pp
−6.0 pp
+5.6 pp
+7.3 pp
+5.9 pp
+8.4 pp
+8.6 pp
+8.1 pp
+5.6 pp
+0.8 pp
−9.3 pp
−10.2 pp
—
ITI Ltd · ITI
—
—
—
—
−5.6 pp
—
−8.8 pp
—
−7.6 pp
—
−10.3 pp
—
−7.3 pp
−3.5 pp
+10.4 pp
+14.2 pp
+7.8 pp
+12.0 pp
+6.2 pp
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
—
—
—
—
+907.5 pp
—
+38.9 pp
—
+5,836.6 pp
—
−154.5 pp
—
−5,807.7 pp
+898.1 pp
+83.4 pp
+28.6 pp
−28.6 pp
+7.0 pp
−18.2 pp
—
NELCO Ltd · NELCO⚠ unverified
—
—
—
—
−5.2 pp
—
+5.0 pp
—
+4.3 pp
—
+2.4 pp
—
−2.4 pp
−6.0 pp
−11.3 pp
−10.7 pp
−13.1 pp
−15.4 pp
−8.5 pp
−8.1 pp
Optiemus Infracom Ltd · OPTIEMUS
—
—
—
—
−6.1 pp
—
+10.3 pp
—
+11.8 pp
—
+9.2 pp
+3.3 pp
+6.9 pp
+5.6 pp
−1.2 pp
−3.2 pp
−2.1 pp
−8.0 pp
−4.6 pp
—
Tata Communications Ltd · TATACOMM
—
—
—
—
+1.5 pp
—
+1.1 pp
—
−3.1 pp
—
−2.5 pp
—
−4.5 pp
−0.3 pp
−2.9 pp
+6.6 pp
+5.2 pp
+6.4 pp
+0.2 pp
—
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
—
—
—
—
−3.3 pp
—
0.0 pp
—
+3.1 pp
—
−2.2 pp
—
−5.3 pp
—
+1.4 pp
—
+4.4 pp
—
+1.8 pp
—
Tejas Networks Ltd · TEJASNET
—
—
—
—
−7.7 pp
−4.2 pp
+4.7 pp
+2.1 pp
+1.3 pp
+1.3 pp
+6.0 pp
+16.5 pp
+26.3 pp
+37.1 pp
+18.7 pp
+2.6 pp
−29.6 pp
−53.2 pp
−51.1 pp
—
Vodafone Idea Ltd · IDEA
—
—
—
—
+1.5 pp
—
+1.5 pp
—
−0.4 pp
—
−0.1 pp
—
+1.1 pp
+1.7 pp
+1.5 pp
+1.7 pp
+0.5 pp
+1.3 pp
+0.7 pp
—
07 · compare level, then change
Valuation Against Growth & Quality
Indus Towers Ltd has the lowest Guarded PEG among the 18 Telecom Services companies compared here, at 0.46×. Bharti Airtel Ltd is next at 0.65×. GTL Infrastructure Ltd has the lowest P/E at 2×, so level and change sit with different companies. 5 of 18 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Indus Towers Ltd has the lowest comparable Guarded PEG at 0.46×, 29.2% below Bharti Airtel Ltd. Only 5 of 18 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.
LeaderIndus Towers Ltd · 0.46×
Gap29.2% versus #2 · Bharti Airtel Ltd
Persistence0/8 recent comparable periods
Coverage5/18 companies · 31 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/e signal.
PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Indus Towers Ltd INDUSTOWER0.5
2Bharti Airtel Ltd BHARTIARTL0.7
3Tata Communications Ltd TATACOMM2.2
4Bharti Hexacom Ltd BHARTIHEXA3.5
5Optiemus Infracom Ltd OPTIEMUS9.1
P/Elowest P/E
1GTL Infrastructure Ltd GTLINFRA⚠ unverified2.0
2Vodafone Idea Ltd IDEA4.1
3Sar Televenture Ltd SARTELE8.2
4Indus Towers Ltd INDUSTOWER14.6
5Suyog Telematics Ltd SUYOG⚠ unverified15.8
Valuation · company comparison
5/18 level · 15/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Guarded PEG | P/E | Reported |
|---|---|---|---|
| Optiemus Infracom Ltd OPTIEMUS | 9.1 | 41.5 | Mar 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | 3.5 | 42.7 | Mar 2026 |
| Tata Communications Ltd TATACOMM | 2.2 | 53.8 | Jun 2026 |
| Bharti Airtel Ltd BHARTIARTL | 0.7 | 34.3 | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | 0.5 | 15.8 | Mar 2026 |
| Valiant Communications Ltd 526775 | — | 53.9 | Mar 2026 |
| Vodafone Idea Ltd IDEA | — | 2.7 | Mar 2026 |
| HFCL Ltd HFCL | — | 105.4 | Jun 2026 |
| ITI Ltd ITI | — | 78.4 | Mar 2026 |
| Tejas Networks Ltd TEJASNET | — | 57.4 | Mar 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | — | -28.4 | Jun 2026 |
| NELCO Ltd NELCO⚠ unverified | — | 163.2 | Jun 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | — | 1.6 | Mar 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | — | 19.6 | Mar 2026 |
| ADC India Communications Ltd KRONECOMM | — | 30.1 | Mar 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | — | 27.2 | Mar 2026 |
| Sar Televenture Ltd SARTELE | — | 16.0 | Mar 2026 |
Full 20-quarter history · every available company
Guarded PEG · reported quarter history
Bharti Airtel Ltd · BHARTIARTL
10.0
—
—
—
—
—
—
—
—
—
—
1.5
14.0
2.2
—
—
—
—
0.7
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
—
—
—
—
—
—
—
3.5
—
—
—
—
—
—
Indus Towers Ltd · INDUSTOWER
2.8
0.5
0.2
0.2
0.8
—
—
—
—
—
—
—
—
—
—
—
0.2
0.5
—
—
Optiemus Infracom Ltd · OPTIEMUS
—
—
—
—
—
—
—
—
—
—
—
1.5
4.3
1.7
1.9
8.0
9.1
—
—
—
Tata Communications Ltd · TATACOMM
—
1.1
0.6
1.1
0.7
0.6
0.7
1.5
—
—
—
—
—
—
1.7
1.5
2.6
0.9
2.2
—
P/E · reported quarter history
Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
392.3
145.2
162.7
109.5
95.3
74.8
58.7
57.2
46.4
53.1
59.8
65.5
82.1
63.9
49.3
42.4
37.0
37.3
34.3
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
—
—
—
—
—
137.4
141.2
77.8
69.7
75.6
58.3
57.0
42.7
—
GTL Infrastructure Ltd · GTLINFRA⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2.3
1.6
—
HFCL Ltd · HFCL
29.6
30.1
27.8
23.5
35.0
36.1
28.5
29.8
33.4
38.2
44.1
48.8
58.1
43.1
30.9
70.7
66.3
—
—
105.4
Indus Towers Ltd · INDUSTOWER
17.7
12.6
9.3
9.1
9.8
10.8
14.1
19.2
16.2
14.9
14.1
16.8
16.0
11.7
8.9
11.0
9.4
11.8
15.8
—
ITI Ltd · ITI
472.0
452.9
448.5
82.8
90.1
148.0
117.1
138.2
—
—
—
—
—
—
—
—
—
—
78.4
—
NELCO Ltd · NELCO⚠ unverified
90.7
102.5
92.6
87.3
119.4
92.9
68.5
83.5
85.8
82.1
68.2
74.4
105.9
139.0
104.2
241.7
204.0
176.6
127.7
163.2
Optiemus Infracom Ltd · OPTIEMUS
27.3
25.3
26.9
24.3
283.0
211.8
64.3
43.2
54.3
59.9
43.3
48.0
122.8
88.8
56.9
87.4
86.7
62.9
41.5
—
Tata Communications Ltd · TATACOMM
30.7
31.6
23.8
17.8
19.0
20.4
19.9
26.2
35.1
38.2
60.1
49.1
66.0
52.2
38.3
35.9
34.5
38.0
29.9
53.8
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-28.4
—
Tejas Networks Ltd · TEJASNET
74.2
73.2
147.7
189.3
-129.0
—
—
—
—
—
177.9
348.2
124.5
45.2
19.7
28.4
56.3
57.4
—
—
Vodafone Idea Ltd · IDEA
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2.7
—
08 · compare level, then change
Enterprise Value & Book Value
OnMobile Global Ltd has the lowest EV/EBITDA among the 18 Telecom Services companies compared here, at 6.4×. Suyog Telematics Ltd is next at 7.1×. Sar Televenture Ltd has the lowest P/BV at 0.61×, so level and change sit with different companies. 17 of 18 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: OnMobile Global Ltd leads ev/ebitda at 6.4×; Sar Televenture Ltd leads p/bv at 0.61×.
LeaderOnMobile Global Ltd · 6.4×
Gap9.9% versus #2 · Suyog Telematics Ltd
Persistence0/8 recent comparable periods
Coverage17/18 companies · 304 observations
Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.
This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.
EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1OnMobile Global Ltd ONMOBILE⚠ unverified6.4
2Suyog Telematics Ltd SUYOG⚠ unverified7.1
3Indus Towers Ltd INDUSTOWER7.2
4GTL Infrastructure Ltd GTLINFRA⚠ unverified10.9
5Bharti Airtel Ltd BHARTIARTL11.1
P/BVlowest P/BV
1Sar Televenture Ltd SARTELE0.6
2OnMobile Global Ltd ONMOBILE⚠ unverified1.0
3Suyog Telematics Ltd SUYOG⚠ unverified2.0
4Indus Towers Ltd INDUSTOWER2.6
5Tejas Networks Ltd TEJASNET3.0
Enterprise and book valuation · company comparison
17/18 level · 14/18 change
Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.
All-company data · latest reported quarter
Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | EV/EBITDA | P/BV | Reported |
|---|---|---|---|
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | 466.6 | -0.1 | Mar 2026 |
| ITI Ltd ITI | 394.8 | 16.1 | Mar 2026 |
| Tejas Networks Ltd TEJASNET | 120.7 | 2.2 | Mar 2026 |
| NELCO Ltd NELCO⚠ unverified | 59.9 | 15.3 | Jun 2026 |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | 47.6 | -0.4 | Jun 2026 |
| HFCL Ltd HFCL | 41.3 | 6.7 | Jun 2026 |
| Valiant Communications Ltd 526775 | 35.6 | 15.2 | Mar 2026 |
| Optiemus Infracom Ltd OPTIEMUS | 22.2 | 3.9 | Mar 2026 |
| ADC India Communications Ltd KRONECOMM | 20.7 | 7.2 | Mar 2026 |
| Vodafone Idea Ltd IDEA | 16.8 | -1.2 | Mar 2026 |
| Bharti Hexacom Ltd BHARTIHEXA | 16.4 | 12.0 | Mar 2026 |
| Tata Communications Ltd TATACOMM | 13.4 | 16.5 | Jun 2026 |
| Sar Televenture Ltd SARTELE | 12.6 | 0.8 | Mar 2026 |
| Bharti Airtel Ltd BHARTIARTL | 11.1 | 8.9 | Mar 2026 |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | 10.9 | -0.2 | Mar 2026 |
| Indus Towers Ltd INDUSTOWER | 7.2 | 3.1 | Mar 2026 |
| Suyog Telematics Ltd SUYOG⚠ unverified | 7.1 | 1.6 | Mar 2026 |
| OnMobile Global Ltd ONMOBILE⚠ unverified | 6.4 | 0.7 | Mar 2026 |
Full 20-quarter history · every available company
EV/EBITDA · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
9.6
9.1
10.3
9.0
10.2
9.7
8.2
9.6
9.5
9.9
11.0
12.6
14.3
13.1
13.2
13.8
12.2
12.3
11.1
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
—
—
—
—
—
18.0
23.0
21.6
20.0
24.2
19.5
20.0
16.4
—
HFCL Ltd · HFCL
14.1
15.4
14.1
12.1
16.6
16.8
13.3
13.8
16.7
18.5
21.3
24.8
31.7
23.4
16.5
26.0
31.3
26.9
25.8
41.3
Indus Towers Ltd · INDUSTOWER
10.1
6.6
5.1
5.2
5.2
5.4
5.4
6.3
6.3
6.3
6.9
8.1
7.8
6.2
5.3
6.1
5.3
6.3
7.2
—
ITI Ltd · ITI
51.8
51.5
56.6
30.0
32.8
36.7
31.1
—
—
—
—
—
—
—
—
731.0
645.0
577.1
394.8
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
54.1
79.0
84.2
85.0
82.3
94.5
125.0
165.6
525.4
427.0
335.3
346.2
153.2
163.9
145.3
164.9
466.6
—
—
—
NELCO Ltd · NELCO⚠ unverified
28.3
33.4
30.5
26.5
35.9
28.3
20.8
26.5
29.0
29.7
25.4
28.5
40.4
51.1
38.8
49.0
41.5
36.1
26.3
59.9
Optiemus Infracom Ltd · OPTIEMUS
23.7
22.2
23.6
162.1
95.5
75.5
32.1
25.3
32.6
34.9
26.2
27.8
66.3
47.4
27.9
44.4
44.6
34.1
22.2
—
Tata Communications Ltd · TATACOMM
11.8
12.0
9.9
7.6
8.4
9.1
9.0
11.3
13.7
13.2
14.5
14.1
15.8
13.2
12.3
12.7
12.3
13.6
11.3
13.4
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
56.9
132.9
117.6
97.7
88.7
81.2
63.8
70.0
80.4
76.2
69.0
69.9
71.0
66.5
58.3
61.4
57.2
52.1
44.6
47.6
Tejas Networks Ltd · TEJASNET
48.5
42.5
57.7
—
—
—
—
122.5
248.9
315.3
311.9
77.9
37.1
21.4
10.8
12.1
14.4
120.7
—
—
Vodafone Idea Ltd · IDEA
13.8
15.2
14.7
14.1
16.4
15.9
13.6
16.0
17.4
18.7
17.8
20.8
18.1
16.0
15.3
16.9
15.9
18.6
16.8
—
P/BV · reported quarter history
Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.
Bharti Airtel Ltd · BHARTIARTL
7.2
6.7
6.9
6.7
6.5
6.2
6.6
6.4
6.7
7.5
8.9
10.4
12.0
10.5
11.3
14.0
9.6
10.2
8.9
—
Bharti Hexacom Ltd · BHARTIHEXA
—
—
—
—
—
—
—
—
—
—
—
10.8
13.9
14.0
14.1
16.5
14.1
14.6
12.0
—
HFCL Ltd · HFCL
4.8
4.9
4.8
3.8
3.5
3.5
3.0
3.2
3.4
3.4
3.7
5.0
5.5
3.9
2.7
3.2
2.5
2.1
2.6
6.7
Indus Towers Ltd · INDUSTOWER
5.4
3.6
2.9
3.7
2.6
2.5
1.7
2.0
2.5
2.3
3.3
4.8
3.9
3.1
3.1
4.1
2.8
3.1
3.1
—
ITI Ltd · ITI
4.7
4.7
4.0
4.0
4.0
4.0
3.2
3.8
8.0
13.8
11.5
12.3
10.5
19.4
14.8
17.3
16.3
20.1
16.1
—
Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
-0.1
—
NELCO Ltd · NELCO⚠ unverified
17.8
20.5
20.2
15.7
20.9
17.3
13.3
15.9
17.1
16.3
14.3
14.2
19.3
22.9
16.2
18.1
15.3
13.2
9.5
15.3
Optiemus Infracom Ltd · OPTIEMUS
8.7
8.2
8.2
7.7
6.0
7.5
5.3
5.5
6.6
6.9
5.6
7.1
17.1
13.3
8.2
12.9
8.6
6.1
3.9
—
Tata Communications Ltd · TATACOMM
354.4
176.2
140.4
28.3
36.1
40.0
38.3
29.9
36.3
34.7
39.4
29.6
33.9
27.5
25.3
15.8
15.2
17.8
14.0
16.5
Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified
-0.4
-2.2
-1.7
-1.3
-1.1
-1.0
-0.6
-0.7
-1.0
-0.9
-0.8
-0.8
-0.9
-0.8
-0.6
-0.7
-0.5
-0.5
-0.3
-0.4
Tejas Networks Ltd · TEJASNET
3.6
2.4
2.2
3.6
3.9
3.3
3.4
4.1
5.0
4.9
3.7
7.7
6.6
5.5
3.6
3.3
2.7
2.4
2.2
—
Vodafone Idea Ltd · IDEA
-0.9
-0.8
-0.6
-0.7
-0.4
-0.3
-0.4
-0.5
-0.8
-0.9
-0.7
-1.2
-0.5
-0.6
-0.5
-0.5
-0.8
-1.6
-1.2
—
09 · let price answer last
Market action
HFCL Ltd has the strongest one-year price move in Telecom Services at +161.4%. It also leads on Mansfield relative strength against NIFTY at +116%. 10 of 18 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.
Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength
Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.
Before the conclusion · check the blind spots
What can make this comparison misleading?
This Telecom Services comparison names 6 specific ways its own evidence can mislead, all listed below. All 18 companies here report on comparable dates, so no rank carries a stale marker. 6 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.
Keep these limits visible
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
- 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
10 · the complete set
Which companies are included?
All 18 companies in the canonical Telecom Services membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.
AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.
| Company | Market value | Price | Priced to | Latest fundamentals | Source standing |
|---|---|---|---|---|---|
| Bharti Airtel Ltd BHARTIARTL | ₹11.8 L Cr | ₹1,898 | 2026-07-19 | Mar 2026 | Cross-checked |
| Vodafone Idea Ltd IDEAAHEAD18/26 WEEKS | ₹1.4 L Cr | ₹13.1 | 2026-07-19 | Mar 2026 | Cross-checked |
| Indus Towers Ltd INDUSTOWER | ₹1.0 L Cr | ₹395 | 2026-07-19 | Mar 2026 | Cross-checked |
| Bharti Hexacom Ltd BHARTIHEXA | ₹80.4K Cr | ₹1,608 | 2026-07-19 | Mar 2026 | Cross-checked |
| Tata Communications Ltd TATACOMMAHEAD | ₹50.6K Cr | ₹1,775 | 2026-07-19 | Jun 2026 | Cross-checked |
| HFCL Ltd HFCLAHEAD23/26 WEEKS | ₹30.1K Cr | ₹197 | 2026-07-19 | Jun 2026 | Second feed withheld |
| ITI Ltd ITI | ₹26.5K Cr | ₹275 | 2026-07-19 | Mar 2026 | Cross-checked |
| Tejas Networks Ltd TEJASNETAHEAD19/26 WEEKS | ₹8.8K Cr | ₹495 | 2026-07-19 | Mar 2026 | Cross-checked |
| Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified | ₹7.7K Cr | ₹39.4 | 2026-07-19 | Jun 2026 | Includes unverified figures |
| Optiemus Infracom Ltd OPTIEMUSAHEAD | ₹5.4K Cr | ₹600 | 2026-07-19 | Mar 2026 | Cross-checked |
| NELCO Ltd NELCOAHEAD⚠ unverified | ₹2.1K Cr | ₹933 | 2026-07-19 | Jun 2026 | Includes unverified figures |
| Mahanagar Telephone Nigam Ltd MTNL⚠ unverified | ₹1.7K Cr | ₹27.1 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| GTL Infrastructure Ltd GTLINFRA⚠ unverified | ₹1.6K Cr | ₹1.2 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Valiant Communications Ltd 52677524/26 WEEKS | ₹1.1K Cr | ₹967 | 2026-07-19 | Mar 2026 | Primary source only |
| Suyog Telematics Ltd SUYOGAHEAD21/26 WEEKS⚠ unverified | ₹996 Cr | ₹850 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| ADC India Communications Ltd KRONECOMM | ₹977 Cr | ₹2,124 | 2026-07-19 | Mar 2026 | Primary source only |
| OnMobile Global Ltd ONMOBILEAHEAD⚠ unverified | ₹646 Cr | ₹60.7 | 2026-07-19 | Mar 2026 | Includes unverified figures |
| Sar Televenture Ltd SARTELELAGGING, FUNDAMENTALS UP | ₹587 Cr | ₹117 | 2026-07-19 | Mar 2026 | Primary source only |
How each company's sources stand: 6 of 18 companies draw at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 1 of 18 companies has a second data feed that is known to disagree with the primary source, so nothing from it is drawn: HFCL Ltd (HFCL) — its two data sources disagree by up to 9.8% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness
How was this comparison built?
This comparison is built from the reported filings of 18 Telecom Services companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing8 cross-checked · 9 unverified · 1 withheld, of 18 graded companies.
A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.
Questions investors ask · short, speakable answers
Telecom Services company comparison FAQs
These 18 answers restate the Telecom Services comparison above in question form. Every one is computed from the same 18 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.
What is the Nifty Telecom Services index?
The Nifty Telecom Services index tracks India's listed Telecom Services companies as a single basket. This page follows the same 18 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Telecom Services sector rather than to its largest constituent. Figures are as of Jun 2026.
Which are the best Telecom Services stocks in India?
Ranked by this page's four-factor score, Valiant Communications Ltd places first among 18 listed Telecom Services companies, followed by Bharti Airtel Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.
How many Telecom Services stocks are listed in India?
This comparison covers 18 listed Telecom Services companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.
Which Telecom Services company is the biggest?
Bharti Airtel Ltd is the largest, with trailing-twelve-month revenue of ₹2,10,973 crore, ahead of Vodafone Idea Ltd at ₹44,872 crore. That covers 18 of 18 companies with comparable reporting through Mar 2026.
Which Telecom Services company is growing fastest?
Sar Televenture Ltd has the fastest revenue growth at 100% year on year, across 18 of 18 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.
Which Telecom Services company has the best profit margins?
Suyog Telematics Ltd has the highest operating margin at 75%, from 18 of 18 comparable companies. Suyog Telematics Ltd shows the biggest recent improvement, at +59 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which Telecom Services company makes the most profit?
Vodafone Idea Ltd earns the most, at ₹34,552 crore of trailing-twelve-month net profit, from 18 of 18 comparable companies. Valiant Communications Ltd has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.
Which Telecom Services company earns the highest return on capital?
Valiant Communications Ltd leads on return on capital employed at 39.7%, across 18 of 18 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.
Which Telecom Services stock is the cheapest?
On guarded PEG — where a LOWER number is cheaper — Indus Towers Ltd screens cheapest at 0.46×. Only 5 of 18 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.
Which Telecom Services company has the strongest balance sheet?
ADC India Communications Ltd carries the lowest comparable gross debt at ₹0 crore, from 18 of 18 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.
Which Telecom Services stock has the strongest price momentum?
HFCL Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.
Which Telecom Services company scores highest for research priority?
Valiant Communications Ltd scores 69.7 out of 100 with 72% evidence confidence, from 30.1 points on growth and earnings, 20.7 on capital efficiency, 10.2 on valuation and 8.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.
How many Telecom Services companies does this comparison cover, and over what period?
It compares 18 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.
What is the total market cap of the Telecom Services sector?
The 18 Telecom Services companies on this page carry ₹16,50,059 crore of combined market value. Bharti Airtel Ltd is the largest at ₹11,84,485 crore, about 72% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.
What is the Telecom Services sector's P/E ratio?
The median price-to-earnings ratio across the 18 Telecom Services companies on this page is 47.3×, measured on the 15 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.
How is the Telecom Services sector performing?
10 of the 18 covered Telecom Services companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.
Why are some values on this page blank?
A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.
Is this investment advice?
No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.