# Telecom Services — company-by-company sector analysis

> Telecom Services: Bharti Airtel Ltd owns the largest revenue base; Sar Televenture Ltd has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-29. Not investment advice.

## 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.

### 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.

### 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.

## Sector relative strength

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.

13-week sector return versus NIFTY 500: —
52-week sector return versus NIFTY 500: —
Stocks leading NIFTY: 10/18
Stocks leading sector: 6/18

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 18
Combined market value: ₹16.5 L Cr

## 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.

1. Valiant Communications Ltd (526775): 70/100 — Favorable setup; evidence 72%
   - Growth & earnings 30.1/35 | Capital efficiency 20.7/25 | Valuation 10.2/20 | Relative strength 8.7/20
   - 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.
2. Bharti Airtel Ltd (BHARTIARTL): 68/100 — Favorable setup; evidence 83%
   - Growth & earnings 23.2/35 | Capital efficiency 18.3/25 | Valuation 14.4/20 | Relative strength 12.5/20
   - 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.
3. HFCL Ltd (HFCL): 67/100 — Favorable setup; evidence 75%
   - Growth & earnings 26.0/35 | Capital efficiency 14.5/25 | Valuation 6.0/20 | Relative strength 20.0/20
   - 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.
4. Suyog Telematics Ltd (SUYOG): 65/100 — Favorable setup; evidence 68%
   - Growth & earnings 23.5/35 | Capital efficiency 16.6/25 | Valuation 10.6/20 | Relative strength 14.5/20
   - 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.
5. Bharti Hexacom Ltd (BHARTIHEXA): 58/100 — Mixed-positive evidence; evidence 83%
   - Growth & earnings 22.5/35 | Capital efficiency 18.8/25 | Valuation 6.0/20 | Relative strength 10.8/20
   - 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.
6. ADC India Communications Ltd (KRONECOMM): 55/100 — Mixed-positive evidence; evidence 79%
   - Growth & earnings 12.0/35 | Capital efficiency 18.5/25 | Valuation 6.4/20 | Relative strength 18.5/20
   - 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.
7. Sar Televenture Ltd (SARTELE): 52/100 — Mixed-positive evidence; evidence 70%
   - Growth & earnings 21.4/35 | Capital efficiency 15.4/25 | Valuation 14.6/20 | Relative strength 1.0/20
   - 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.
8. Vodafone Idea Ltd (IDEA): 51/100 — Mixed-positive evidence; evidence 71%
   - Growth & earnings 16.2/35 | Capital efficiency 6.3/25 | Valuation 11.3/20 | Relative strength 17.5/20
   - 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.
9. Indus Towers Ltd (INDUSTOWER): 51/100 — Mixed-positive evidence; evidence 96%
   - Growth & earnings 10.6/35 | Capital efficiency 18.0/25 | Valuation 16.6/20 | Relative strength 5.9/20
   - 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. Tata Communications Ltd (TATACOMM): 44/100 — Mixed-negative evidence; evidence 84%
   - Growth & earnings 13.4/35 | Capital efficiency 11.3/25 | Valuation 8.4/20 | Relative strength 10.8/20
   - 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.
11. Tata Teleservices (Maharashtra) Ltd (TTML): 42/100 — Thin evidence · provisional; evidence 60%
   - Growth & earnings 21.0/35 | Capital efficiency 8.2/25 | Valuation 8.7/20 | Relative strength 4.4/20
   - 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.
12. ITI Ltd (ITI): 41/100 — Mixed-negative evidence; evidence 71%
   - Growth & earnings 19.7/35 | Capital efficiency 8.6/25 | Valuation 8.9/20 | Relative strength 3.3/20
   - 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.
13. OnMobile Global Ltd (ONMOBILE): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 9.7/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 9.7/20
   - 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.
14. Optiemus Infracom Ltd (OPTIEMUS): 35/100 — Adverse evidence; evidence 83%
   - Growth & earnings 11.4/35 | Capital efficiency 11.2/25 | Valuation 4.1/20 | Relative strength 8.1/20
   - 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.
15. NELCO Ltd (NELCO): 35/100 — Adverse evidence; evidence 74%
   - Growth & earnings 8.7/35 | Capital efficiency 9.2/25 | Valuation 8.5/20 | Relative strength 8.4/20
   - 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.
16. Tejas Networks Ltd (TEJASNET): 33/100 — Adverse evidence; evidence 65%
   - Growth & earnings 7.2/35 | Capital efficiency 3.4/25 | Valuation 10.0/20 | Relative strength 12.8/20
   - 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.
17. GTL Infrastructure Ltd (GTLINFRA): 33/100 — Adverse evidence; evidence 62%
   - Growth & earnings 12.1/35 | Capital efficiency 4.5/25 | Valuation 11.5/20 | Relative strength 5.3/20
   - 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.
18. Mahanagar Telephone Nigam Ltd (MTNL): 33/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.8/35 | Capital efficiency 5.5/25 | Valuation 10.0/20 | Relative strength 3.5/20
   - 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.

## Revenue Scale & Growth Durability

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.

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.

Evidence: Bharti Airtel Ltd · ₹2,10,973 crore | 370.2% versus #2 · Vodafone Idea Ltd | 8/8 recent comparable periods | 18/18 companies · 295 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Bharti Airtel Ltd (BHARTIARTL): ₹2.1 L Cr
2. Vodafone Idea Ltd (IDEA): ₹44.9K Cr
3. Indus Towers Ltd (INDUSTOWER): ₹32.5K Cr
4. Tata Communications Ltd (TATACOMM): ₹25.4K Cr
5. Bharti Hexacom Ltd (BHARTIHEXA): ₹9.4K Cr

### Revenue growth — fastest growers
1. Sar Televenture Ltd (SARTELE): 100%
2. Valiant Communications Ltd (526775): 67%
3. HFCL Ltd (HFCL): 59%
4. Bharti Airtel Ltd (BHARTIARTL): 22%
5. Suyog Telematics Ltd (SUYOG): 15%

### 20-quarter Revenue history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹18 Cr | Sep 2025 ₹20 Cr | Dec 2025 ₹22 Cr | Mar 2026 ₹24 Cr | Jun 2026 —
- BHARTIARTL: Sep 2021 ₹28.3K Cr | Dec 2021 ₹29.9K Cr | Mar 2022 ₹31.5K Cr | Jun 2022 ₹32.8K Cr | Sep 2022 ₹34.5K Cr | Dec 2022 ₹35.8K Cr | Mar 2023 ₹36.0K Cr | Jun 2023 ₹37.4K Cr | Sep 2023 ₹37.0K Cr | Dec 2023 ₹37.9K Cr | Mar 2024 ₹37.6K Cr | Jun 2024 ₹38.5K Cr | Sep 2024 ₹41.5K Cr | Dec 2024 ₹45.1K Cr | Mar 2025 ₹47.9K Cr | Jun 2025 ₹49.5K Cr | Sep 2025 ₹52.1K Cr | Dec 2025 ₹54.0K Cr | Mar 2026 ₹55.4K Cr | Jun 2026 —
- IDEA: Sep 2021 ₹9.4K Cr | Dec 2021 ₹9.7K Cr | Mar 2022 ₹10.2K Cr | Jun 2022 ₹10.4K Cr | Sep 2022 ₹10.6K Cr | Dec 2022 ₹10.6K Cr | Mar 2023 ₹10.5K Cr | Jun 2023 ₹10.7K Cr | Sep 2023 ₹10.7K Cr | Dec 2023 ₹10.7K Cr | Mar 2024 ₹10.6K Cr | Jun 2024 ₹10.5K Cr | Sep 2024 ₹10.9K Cr | Dec 2024 ₹11.1K Cr | Mar 2025 ₹11.0K Cr | Jun 2025 ₹11.0K Cr | Sep 2025 ₹11.2K Cr | Dec 2025 ₹11.3K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 —
- INDUSTOWER: Sep 2021 ₹6.9K Cr | Dec 2021 ₹6.9K Cr | Mar 2022 ₹7.1K Cr | Jun 2022 ₹6.9K Cr | Sep 2022 ₹8.0K Cr | Dec 2022 ₹6.8K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹7.1K Cr | Sep 2023 ₹7.1K Cr | Dec 2023 ₹7.2K Cr | Mar 2024 ₹7.2K Cr | Jun 2024 ₹7.4K Cr | Sep 2024 ₹7.5K Cr | Dec 2024 ₹7.5K Cr | Mar 2025 ₹7.7K Cr | Jun 2025 ₹8.1K Cr | Sep 2025 ₹8.2K Cr | Dec 2025 ₹8.1K Cr | Mar 2026 ₹8.1K Cr | Jun 2026 —
- BHARTIHEXA: Sep 2021 ₹1.3K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.7K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.1K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.3K Cr | Jun 2025 ₹2.3K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.4K Cr | Mar 2026 ₹2.4K Cr | Jun 2026 —
- TATACOMM: Sep 2021 ₹4.2K Cr | Dec 2021 ₹4.2K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.5K Cr | Mar 2023 ₹4.6K Cr | Jun 2023 ₹4.8K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹5.6K Cr | Mar 2024 ₹5.6K Cr | Jun 2024 ₹5.6K Cr | Sep 2024 ₹5.7K Cr | Dec 2024 ₹5.8K Cr | Mar 2025 ₹6.0K Cr | Jun 2025 ₹6.0K Cr | Sep 2025 ₹6.1K Cr | Dec 2025 ₹6.2K Cr | Mar 2026 ₹6.6K Cr | Jun 2026 ₹6.6K Cr
- HFCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹995 Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.0K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹801 Cr | Jun 2025 ₹871 Cr | Sep 2025 ₹1.0K Cr | Dec 2025 ₹1.2K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 ₹1.9K Cr
- ITI: Sep 2021 ₹352 Cr | Dec 2021 ₹137 Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹166 Cr | Sep 2022 ₹198 Cr | Dec 2022 ₹256 Cr | Mar 2023 ₹775 Cr | Jun 2023 ₹157 Cr | Sep 2023 ₹246 Cr | Dec 2023 ₹259 Cr | Mar 2024 ₹601 Cr | Jun 2024 ₹520 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹498 Cr | Sep 2025 ₹543 Cr | Dec 2025 ₹515 Cr | Mar 2026 ₹628 Cr | Jun 2026 —
- TEJASNET: Sep 2021 ₹173 Cr | Dec 2021 ₹107 Cr | Mar 2022 ₹129 Cr | Jun 2022 ₹126 Cr | Sep 2022 ₹220 Cr | Dec 2022 ₹275 Cr | Mar 2023 ₹299 Cr | Jun 2023 ₹188 Cr | Sep 2023 ₹396 Cr | Dec 2023 ₹560 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹202 Cr | Sep 2025 ₹262 Cr | Dec 2025 ₹307 Cr | Mar 2026 ₹333 Cr | Jun 2026 —
- TTML: Sep 2021 ₹271 Cr | Dec 2021 ₹286 Cr | Mar 2022 ₹266 Cr | Jun 2022 ₹266 Cr | Sep 2022 ₹278 Cr | Dec 2022 ₹282 Cr | Mar 2023 ₹280 Cr | Jun 2023 ₹286 Cr | Sep 2023 ₹287 Cr | Dec 2023 ₹296 Cr | Mar 2024 ₹323 Cr | Jun 2024 ₹324 Cr | Sep 2024 ₹344 Cr | Dec 2024 ₹333 Cr | Mar 2025 ₹308 Cr | Jun 2025 ₹284 Cr | Sep 2025 ₹286 Cr | Dec 2025 ₹294 Cr | Mar 2026 ₹296 Cr | Jun 2026 ₹304 Cr
- OPTIEMUS: Sep 2021 ₹96 Cr | Dec 2021 ₹133 Cr | Mar 2022 ₹195 Cr | Jun 2022 ₹206 Cr | Sep 2022 ₹301 Cr | Dec 2022 ₹327 Cr | Mar 2023 ₹340 Cr | Jun 2023 ₹282 Cr | Sep 2023 ₹274 Cr | Dec 2023 ₹482 Cr | Mar 2024 ₹490 Cr | Jun 2024 ₹493 Cr | Sep 2024 ₹477 Cr | Dec 2024 ₹472 Cr | Mar 2025 ₹449 Cr | Jun 2025 ₹435 Cr | Sep 2025 ₹418 Cr | Dec 2025 ₹430 Cr | Mar 2026 ₹485 Cr | Jun 2026 —
- NELCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹74 Cr | Mar 2023 ₹82 Cr | Jun 2023 ₹79 Cr | Sep 2023 ₹77 Cr | Dec 2023 ₹83 Cr | Mar 2024 ₹82 Cr | Jun 2024 ₹74 Cr | Sep 2024 ₹83 Cr | Dec 2024 ₹81 Cr | Mar 2025 ₹68 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹74 Cr | Dec 2025 ₹78 Cr | Mar 2026 ₹79 Cr | Jun 2026 ₹80 Cr
- MTNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹227 Cr | Mar 2023 ₹219 Cr | Jun 2023 ₹199 Cr | Sep 2023 ₹198 Cr | Dec 2023 ₹192 Cr | Mar 2024 ₹209 Cr | Jun 2024 ₹184 Cr | Sep 2024 ₹267 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹275 Cr | Jun 2025 ₹159 Cr | Sep 2025 ₹190 Cr | Dec 2025 ₹211 Cr | Mar 2026 ₹371 Cr | Jun 2026 —
- GTLINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹360 Cr | Mar 2023 ₹378 Cr | Jun 2023 ₹353 Cr | Sep 2023 ₹351 Cr | Dec 2023 ₹338 Cr | Mar 2024 ₹331 Cr | Jun 2024 ₹332 Cr | Sep 2024 ₹336 Cr | Dec 2024 ₹338 Cr | Mar 2025 ₹337 Cr | Jun 2025 ₹335 Cr | Sep 2025 ₹356 Cr | Dec 2025 ₹351 Cr | Mar 2026 ₹330 Cr | Jun 2026 —
- SUYOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹38 Cr | Mar 2023 ₹38 Cr | Jun 2023 ₹39 Cr | Sep 2023 ₹41 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹46 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹55 Cr | Sep 2025 ₹55 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹56 Cr | Jun 2026 —
- KRONECOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹38 Cr | Mar 2023 ₹35 Cr | Jun 2023 ₹44 Cr | Sep 2023 ₹48 Cr | Dec 2023 ₹42 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹49 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹42 Cr | Mar 2025 ₹46 Cr | Jun 2025 ₹45 Cr | Sep 2025 ₹46 Cr | Dec 2025 ₹48 Cr | Mar 2026 ₹61 Cr | Jun 2026 —
- ONMOBILE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹131 Cr | Mar 2023 ₹128 Cr | Jun 2023 ₹137 Cr | Sep 2023 ₹134 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹123 Cr | Jun 2024 ₹124 Cr | Sep 2024 ₹129 Cr | Dec 2024 ₹164 Cr | Mar 2025 ₹156 Cr | Jun 2025 ₹125 Cr | Sep 2025 ₹128 Cr | Dec 2025 ₹136 Cr | Mar 2026 ₹128 Cr | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹3 Cr | Dec 2022 — | Mar 2023 ₹26 Cr | Jun 2023 — | Sep 2023 ₹36 Cr | Dec 2023 — | Mar 2024 ₹88 Cr | Jun 2024 — | Sep 2024 ₹117 Cr | Dec 2024 — | Mar 2025 ₹207 Cr | Jun 2025 — | Sep 2025 ₹242 Cr | Dec 2025 — | Mar 2026 ₹280 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 36% | Mar 2024 42% | Jun 2024 41% | Sep 2024 15% | Dec 2024 -32% | Mar 2025 21% | Jun 2025 34% | Sep 2025 59% | Dec 2025 165% | Mar 2026 50% | Jun 2026 —
- BHARTIARTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 22% | Sep 2022 22% | Dec 2022 20% | Mar 2023 14% | Jun 2023 14% | Sep 2023 7.3% | Dec 2023 5.9% | Mar 2024 4.4% | Jun 2024 2.9% | Sep 2024 12% | Dec 2024 19% | Mar 2025 27% | Jun 2025 28% | Sep 2025 26% | Dec 2025 20% | Mar 2026 16% | Jun 2026 —
- IDEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 13% | Dec 2022 9.3% | Mar 2023 2.9% | Jun 2023 2.4% | Sep 2023 1.0% | Dec 2023 0.5% | Mar 2024 0.7% | Jun 2024 -1.4% | Sep 2024 2.0% | Dec 2024 4.2% | Mar 2025 3.9% | Jun 2025 4.9% | Sep 2025 2.4% | Dec 2025 1.9% | Mar 2026 2.9% | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1.5% | Sep 2022 16% | Dec 2022 -2.3% | Mar 2023 -5.1% | Jun 2023 2.6% | Sep 2023 -10% | Dec 2023 6.4% | Mar 2024 6.5% | Jun 2024 4.3% | Sep 2024 4.7% | Dec 2024 4.8% | Mar 2025 7.4% | Jun 2025 9.1% | Sep 2025 9.7% | Dec 2025 7.9% | Mar 2026 4.8% | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 27% | Sep 2022 25% | Dec 2022 22% | Mar 2023 14% | Jun 2023 8.0% | Sep 2023 8.0% | Dec 2023 7.2% | Mar 2024 7.9% | Jun 2024 14% | Sep 2024 21% | Dec 2024 25% | Mar 2025 23% | Jun 2025 18% | Sep 2025 10% | Dec 2025 4.8% | Mar 2026 5.5% | Jun 2026 —
- TATACOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 6.2% | Dec 2022 8.2% | Mar 2023 7.2% | Jun 2023 11% | Sep 2023 10.0% | Dec 2023 23% | Mar 2024 24% | Jun 2024 17% | Sep 2024 18% | Dec 2024 3.8% | Mar 2025 6.1% | Jun 2025 6.6% | Sep 2025 6.5% | Dec 2025 6.7% | Mar 2026 9.4% | Jun 2026 10%
- HFCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -5.0% | Mar 2024 -7.5% | Jun 2024 16% | Sep 2024 -1.5% | Dec 2024 -1.9% | Mar 2025 -40% | Jun 2025 -25% | Sep 2025 -4.7% | Dec 2025 20% | Mar 2026 128% | Jun 2026 120%
- ITI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -28% | Sep 2022 -44% | Dec 2022 87% | Mar 2023 -32% | Jun 2023 -5.4% | Sep 2023 24% | Dec 2023 1.2% | Mar 2024 -22% | Jun 2024 231% | Sep 2024 313% | Dec 2024 300% | Mar 2025 74% | Jun 2025 -4.2% | Sep 2025 -47% | Dec 2025 -50% | Mar 2026 -40% | Jun 2026 —
- TEJASNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -13% | Sep 2022 27% | Dec 2022 157% | Mar 2023 132% | Jun 2023 49% | Sep 2023 80% | Dec 2023 104% | Mar 2024 344% | Jun 2024 731% | Sep 2024 610% | Dec 2024 372% | Mar 2025 44% | Jun 2025 -87% | Sep 2025 -91% | Dec 2025 -88% | Mar 2026 -83% | Jun 2026 —
- TTML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 2.6% | Dec 2022 -1.4% | Mar 2023 5.3% | Jun 2023 7.5% | Sep 2023 3.2% | Dec 2023 5.0% | Mar 2024 15% | Jun 2024 13% | Sep 2024 20% | Dec 2024 13% | Mar 2025 -4.6% | Jun 2025 -12% | Sep 2025 -17% | Dec 2025 -12% | Mar 2026 -3.9% | Jun 2026 7.0%
- OPTIEMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 329% | Sep 2022 214% | Dec 2022 146% | Mar 2023 74% | Jun 2023 37% | Sep 2023 -9.0% | Dec 2023 47% | Mar 2024 44% | Jun 2024 75% | Sep 2024 74% | Dec 2024 -2.1% | Mar 2025 -8.4% | Jun 2025 -12% | Sep 2025 -12% | Dec 2025 -8.9% | Mar 2026 8.0% | Jun 2026 —
- NELCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 12% | Mar 2024 -0.5% | Jun 2024 -6.0% | Sep 2024 7.7% | Dec 2024 -3.0% | Mar 2025 -17% | Jun 2025 1.0% | Sep 2025 -10.0% | Dec 2025 -3.0% | Mar 2026 17% | Jun 2026 7.0%
- MTNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -15% | Mar 2024 -4.6% | Jun 2024 -7.5% | Sep 2024 35% | Dec 2024 36% | Mar 2025 32% | Jun 2025 -14% | Sep 2025 -29% | Dec 2025 -19% | Mar 2026 35% | Jun 2026 —
- GTLINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -6.1% | Mar 2024 -12% | Jun 2024 -6.0% | Sep 2024 -4.3% | Dec 2024 0.0% | Mar 2025 1.8% | Jun 2025 0.9% | Sep 2025 6.0% | Dec 2025 3.9% | Mar 2026 -2.1% | Jun 2026 —
- SUYOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 11% | Mar 2024 18% | Jun 2024 18% | Sep 2024 17% | Dec 2024 17% | Mar 2025 11% | Jun 2025 20% | Sep 2025 15% | Dec 2025 14% | Mar 2026 12% | Jun 2026 —
- KRONECOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 9.6% | Mar 2024 28% | Jun 2024 9.9% | Sep 2024 5.6% | Dec 2024 -0.4% | Mar 2025 3.7% | Jun 2025 -7.2% | Sep 2025 -9.9% | Dec 2025 14% | Mar 2026 34% | Jun 2026 —
- ONMOBILE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -8.3% | Mar 2024 -3.9% | Jun 2024 -9.5% | Sep 2024 -3.7% | Dec 2024 37% | Mar 2025 27% | Jun 2025 0.8% | Sep 2025 -0.8% | Dec 2025 -17% | Mar 2026 -18% | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 1,100% | Dec 2023 — | Mar 2024 238% | Jun 2024 — | Sep 2024 225% | Dec 2024 — | Mar 2025 135% | Jun 2025 — | Sep 2025 107% | Dec 2025 — | Mar 2026 35% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Suyog Telematics Ltd leads both opm at 75% and margin change at +59 percentage points.

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.

Evidence: Suyog Telematics Ltd · 75% | 31.6% versus #2 · Bharti Airtel Ltd | 6/8 recent comparable periods | 18/18 companies · 337 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Suyog Telematics Ltd (SUYOG): 75%
2. Bharti Airtel Ltd (BHARTIARTL): 57%
3. Indus Towers Ltd (INDUSTOWER): 55%
4. Tata Teleservices (Maharashtra) Ltd (TTML): 55%
5. Bharti Hexacom Ltd (BHARTIHEXA): 52%

### Margin change — fastest expanders
1. Suyog Telematics Ltd (SUYOG): +59.0 pp
2. Mahanagar Telephone Nigam Ltd (MTNL): +22.0 pp
3. HFCL Ltd (HFCL): +19.0 pp
4. ITI Ltd (ITI): +7.0 pp
5. Valiant Communications Ltd (526775): +3.6 pp

### 20-quarter OPM history
- 526775: Sep 2021 -12% | Dec 2021 -41% | Mar 2022 -18% | Jun 2022 1.5% | Sep 2022 13% | Dec 2022 17% | Mar 2023 18% | Jun 2023 17% | Sep 2023 20% | Dec 2023 20% | Mar 2024 29% | Jun 2024 31% | Sep 2024 30% | Dec 2024 1.3% | Mar 2025 35% | Jun 2025 34% | Sep 2025 34% | Dec 2025 35% | Mar 2026 38% | Jun 2026 —
- BHARTIARTL: Sep 2021 49% | Dec 2021 49% | Mar 2022 51% | Jun 2022 50% | Sep 2022 51% | Dec 2022 51% | Mar 2023 52% | Jun 2023 52% | Sep 2023 53% | Dec 2023 52% | Mar 2024 52% | Jun 2024 51% | Sep 2024 53% | Dec 2024 54% | Mar 2025 56% | Jun 2025 56% | Sep 2025 57% | Dec 2025 57% | Mar 2026 57% | Jun 2026 —
- IDEA: Sep 2021 41% | Dec 2021 39% | Mar 2022 45% | Jun 2022 42% | Sep 2022 39% | Dec 2022 39% | Mar 2023 40% | Jun 2023 39% | Sep 2023 40% | Dec 2023 41% | Mar 2024 41% | Jun 2024 40% | Sep 2024 42% | Dec 2024 42% | Mar 2025 42% | Jun 2025 42% | Sep 2025 42% | Dec 2025 43% | Mar 2026 43% | Jun 2026 —
- INDUSTOWER: Sep 2021 53% | Dec 2021 53% | Mar 2022 57% | Jun 2022 33% | Sep 2022 35% | Dec 2022 17% | Mar 2023 51% | Jun 2023 49% | Sep 2023 48% | Dec 2023 50% | Mar 2024 57% | Jun 2024 61% | Sep 2024 65% | Dec 2024 92% | Mar 2025 57% | Jun 2025 54% | Sep 2025 56% | Dec 2025 55% | Mar 2026 55% | Jun 2026 —
- BHARTIHEXA: Sep 2021 33% | Dec 2021 32% | Mar 2022 36% | Jun 2022 41% | Sep 2022 40% | Dec 2022 43% | Mar 2023 44% | Jun 2023 49% | Sep 2023 48% | Dec 2023 46% | Mar 2024 47% | Jun 2024 46% | Sep 2024 48% | Dec 2024 51% | Mar 2025 51% | Jun 2025 51% | Sep 2025 52% | Dec 2025 53% | Mar 2026 52% | Jun 2026 —
- TATACOMM: Sep 2021 27% | Dec 2021 26% | Mar 2022 25% | Jun 2022 25% | Sep 2022 26% | Dec 2022 24% | Mar 2023 23% | Jun 2023 21% | Sep 2023 21% | Dec 2023 21% | Mar 2024 19% | Jun 2024 20% | Sep 2024 20% | Dec 2024 20% | Mar 2025 19% | Jun 2025 19% | Sep 2025 19% | Dec 2025 20% | Mar 2026 20% | Jun 2026 19%
- HFCL: Sep 2021 15% | Dec 2021 14% | Mar 2022 10% | Jun 2022 11% | Sep 2022 15% | Dec 2022 16% | Mar 2023 11% | Jun 2023 15% | Sep 2023 12% | Dec 2023 11% | Mar 2024 15% | Jun 2024 15% | Sep 2024 14% | Dec 2024 15% | Mar 2025 -5.0% | Jun 2025 3.0% | Sep 2025 18% | Dec 2025 19% | Mar 2026 17% | Jun 2026 22%
- ITI: Sep 2021 -1.9% | Dec 2021 -27% | Mar 2022 17% | Jun 2022 -39% | Sep 2022 -25% | Dec 2022 -14% | Mar 2023 -1.0% | Jun 2023 -31% | Sep 2023 -22% | Dec 2023 -17% | Mar 2024 -29% | Jun 2024 -2.0% | Sep 2024 -1.0% | Dec 2024 -1.0% | Mar 2025 -3.0% | Jun 2025 -2.0% | Sep 2025 0.0% | Dec 2025 5.0% | Mar 2026 4.0% | Jun 2026 —
- TEJASNET: Sep 2021 11% | Dec 2021 -26% | Mar 2022 -70% | Jun 2022 -5.8% | Sep 2022 9.8% | Dec 2022 3.0% | Mar 2023 -3.0% | Jun 2023 -24% | Sep 2023 3.0% | Dec 2023 -1.0% | Mar 2024 23% | Jun 2024 15% | Sep 2024 19% | Dec 2024 14% | Mar 2025 6.0% | Jun 2025 -67% | Sep 2025 -112% | Dec 2025 -44% | Mar 2026 -36% | Jun 2026 —
- TTML: Sep 2021 43% | Dec 2021 42% | Mar 2022 44% | Jun 2022 44% | Sep 2022 44% | Dec 2022 46% | Mar 2023 47% | Jun 2023 44% | Sep 2023 44% | Dec 2023 47% | Mar 2024 44% | Jun 2024 42% | Sep 2024 40% | Dec 2024 45% | Mar 2025 50% | Jun 2025 52% | Sep 2025 49% | Dec 2025 60% | Mar 2026 55% | Jun 2026 55%
- OPTIEMUS: Sep 2021 0.5% | Dec 2021 -2.3% | Mar 2022 -8.7% | Jun 2022 -0.2% | Sep 2022 3.0% | Dec 2022 5.0% | Mar 2023 -2.0% | Jun 2023 5.0% | Sep 2023 5.0% | Dec 2023 5.0% | Mar 2024 6.0% | Jun 2024 5.0% | Sep 2024 6.0% | Dec 2024 7.0% | Mar 2025 5.0% | Jun 2025 6.0% | Sep 2025 8.0% | Dec 2025 7.0% | Mar 2026 1.0% | Jun 2026 —
- NELCO: Sep 2021 19% | Dec 2021 20% | Mar 2022 17% | Jun 2022 18% | Sep 2022 19% | Dec 2022 20% | Mar 2023 21% | Jun 2023 18% | Sep 2023 18% | Dec 2023 20% | Mar 2024 18% | Jun 2024 17% | Sep 2024 13% | Dec 2024 15% | Mar 2025 9.5% | Jun 2025 10% | Sep 2025 10% | Dec 2025 10.0% | Mar 2026 6.9% | Jun 2026 10%
- MTNL: Sep 2021 -17% | Dec 2021 -9.1% | Mar 2022 -65% | Jun 2022 -32% | Sep 2022 -47% | Dec 2022 -57% | Mar 2023 -57% | Jun 2023 -77% | Sep 2023 -67% | Dec 2023 -65% | Mar 2024 -36% | Jun 2024 -60% | Sep 2024 -10% | Dec 2024 -14% | Mar 2025 -6.0% | Jun 2025 -58% | Sep 2025 -57% | Dec 2025 -13% | Mar 2026 16% | Jun 2026 —
- GTLINFRA: Sep 2021 27% | Dec 2021 8.7% | Mar 2022 32% | Jun 2022 10% | Sep 2022 0.4% | Dec 2022 -40% | Mar 2023 36% | Jun 2023 39% | Sep 2023 33% | Dec 2023 22% | Mar 2024 12% | Jun 2024 22% | Sep 2024 19% | Dec 2024 27% | Mar 2025 14% | Jun 2025 24% | Sep 2025 32% | Dec 2025 26% | Mar 2026 15% | Jun 2026 —
- SUYOG: Sep 2021 59% | Dec 2021 48% | Mar 2022 68% | Jun 2022 64% | Sep 2022 68% | Dec 2022 63% | Mar 2023 63% | Jun 2023 70% | Sep 2023 69% | Dec 2023 81% | Mar 2024 63% | Jun 2024 71% | Sep 2024 73% | Dec 2024 70% | Mar 2025 16% | Jun 2025 75% | Sep 2025 75% | Dec 2025 71% | Mar 2026 75% | Jun 2026 —
- KRONECOMM: Sep 2021 7.1% | Dec 2021 8.1% | Mar 2022 11% | Jun 2022 8.8% | Sep 2022 9.7% | Dec 2022 13% | Mar 2023 -3.3% | Jun 2023 -0.9% | Sep 2023 20% | Dec 2023 19% | Mar 2024 20% | Jun 2024 18% | Sep 2024 21% | Dec 2024 17% | Mar 2025 6.6% | Jun 2025 13% | Sep 2025 9.8% | Dec 2025 12% | Mar 2026 7.3% | Jun 2026 —
- ONMOBILE: Sep 2021 6.9% | Dec 2021 10.0% | Mar 2022 6.8% | Jun 2022 5.6% | Sep 2022 0.2% | Dec 2022 1.9% | Mar 2023 2.0% | Jun 2023 8.0% | Sep 2023 6.0% | Dec 2023 0.0% | Mar 2024 2.0% | Jun 2024 -1.0% | Sep 2024 0.0% | Dec 2024 6.0% | Mar 2025 1.0% | Jun 2025 5.0% | Sep 2025 7.0% | Dec 2025 4.0% | Mar 2026 -33% | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 23% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 15% | Dec 2023 13% | Mar 2024 14% | Jun 2024 — | Sep 2024 14% | Dec 2024 18% | Mar 2025 16% | Jun 2025 — | Sep 2025 19% | Dec 2025 — | Mar 2026 17% | Jun 2026 —

### 20-quarter Margin change history
- 526775: Sep 2021 −21.2 pp | Dec 2021 −61.3 pp | Mar 2022 −18.1 pp | Jun 2022 +28.8 pp | Sep 2022 +25.3 pp | Dec 2022 +57.6 pp | Mar 2023 +36.2 pp | Jun 2023 +15.5 pp | Sep 2023 +7.3 pp | Dec 2023 +3.5 pp | Mar 2024 +11.4 pp | Jun 2024 +14.1 pp | Sep 2024 +9.9 pp | Dec 2024 −18.8 pp | Mar 2025 +5.2 pp | Jun 2025 +3.3 pp | Sep 2025 +4.2 pp | Dec 2025 +33.5 pp | Mar 2026 +3.6 pp | Jun 2026 —
- BHARTIARTL: Sep 2021 +5.8 pp | Dec 2021 +4.6 pp | Mar 2022 +3.0 pp | Jun 2022 +2.1 pp | Sep 2022 +2.2 pp | Dec 2022 +1.8 pp | Mar 2023 +1.1 pp | Jun 2023 +1.6 pp | Sep 2023 +2.0 pp | Dec 2023 +1.0 pp | Mar 2024 0.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 +2.0 pp | Mar 2025 +4.0 pp | Jun 2025 +5.0 pp | Sep 2025 +4.0 pp | Dec 2025 +3.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- IDEA: Sep 2021 +2.6 pp | Dec 2021 −0.1 pp | Mar 2022 −0.5 pp | Jun 2022 +1.1 pp | Sep 2022 −2.5 pp | Dec 2022 −0.3 pp | Mar 2023 −5.4 pp | Jun 2023 −2.6 pp | Sep 2023 +1.4 pp | Dec 2023 +2.0 pp | Mar 2024 +1.0 pp | Jun 2024 +1.0 pp | Sep 2024 +2.0 pp | Dec 2024 +1.0 pp | Mar 2025 +1.0 pp | Jun 2025 +2.0 pp | Sep 2025 0.0 pp | Dec 2025 +1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- INDUSTOWER: Sep 2021 +1.3 pp | Dec 2021 +3.5 pp | Mar 2022 +4.5 pp | Jun 2022 −19.0 pp | Sep 2022 −17.4 pp | Dec 2022 −36.4 pp | Mar 2023 −6.1 pp | Jun 2023 +16.2 pp | Sep 2023 +12.7 pp | Dec 2023 +33.0 pp | Mar 2024 +6.0 pp | Jun 2024 +12.0 pp | Sep 2024 +17.0 pp | Dec 2024 +42.0 pp | Mar 2025 0.0 pp | Jun 2025 −7.0 pp | Sep 2025 −9.0 pp | Dec 2025 −37.0 pp | Mar 2026 −2.0 pp | Jun 2026 —
- BHARTIHEXA: Sep 2021 +10.3 pp | Dec 2021 +10.2 pp | Mar 2022 +9.6 pp | Jun 2022 +8.2 pp | Sep 2022 +7.3 pp | Dec 2022 +10.7 pp | Mar 2023 +8.4 pp | Jun 2023 +7.7 pp | Sep 2023 +7.7 pp | Dec 2023 +3.0 pp | Mar 2024 +3.0 pp | Jun 2024 −3.0 pp | Sep 2024 0.0 pp | Dec 2024 +5.0 pp | Mar 2025 +4.0 pp | Jun 2025 +5.0 pp | Sep 2025 +4.0 pp | Dec 2025 +2.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- TATACOMM: Sep 2021 +0.4 pp | Dec 2021 +1.1 pp | Mar 2022 −0.4 pp | Jun 2022 +1.0 pp | Sep 2022 −1.2 pp | Dec 2022 −1.9 pp | Mar 2023 −1.5 pp | Jun 2023 −4.0 pp | Sep 2023 −4.5 pp | Dec 2023 −3.0 pp | Mar 2024 −4.0 pp | Jun 2024 −1.0 pp | Sep 2024 −1.0 pp | Dec 2024 −1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −1.0 pp | Dec 2025 0.0 pp | Mar 2026 +1.0 pp | Jun 2026 0.0 pp
- HFCL: Sep 2021 +3.2 pp | Dec 2021 +1.2 pp | Mar 2022 −2.5 pp | Jun 2022 −4.4 pp | Sep 2022 +0.2 pp | Dec 2022 +2.0 pp | Mar 2023 +0.5 pp | Jun 2023 +4.0 pp | Sep 2023 −3.2 pp | Dec 2023 −5.0 pp | Mar 2024 +4.0 pp | Jun 2024 0.0 pp | Sep 2024 +2.0 pp | Dec 2024 +4.0 pp | Mar 2025 −20.0 pp | Jun 2025 −12.0 pp | Sep 2025 +4.0 pp | Dec 2025 +4.0 pp | Mar 2026 +22.0 pp | Jun 2026 +19.0 pp
- ITI: Sep 2021 +16.0 pp | Dec 2021 −29.4 pp | Mar 2022 +3.1 pp | Jun 2022 −19.3 pp | Sep 2022 −22.9 pp | Dec 2022 +13.5 pp | Mar 2023 −18.3 pp | Jun 2023 +7.6 pp | Sep 2023 +2.8 pp | Dec 2023 −3.0 pp | Mar 2024 −28.0 pp | Jun 2024 +29.0 pp | Sep 2024 +21.0 pp | Dec 2024 +16.0 pp | Mar 2025 +26.0 pp | Jun 2025 0.0 pp | Sep 2025 +1.0 pp | Dec 2025 +6.0 pp | Mar 2026 +7.0 pp | Jun 2026 —
- TEJASNET: Sep 2021 +2.2 pp | Dec 2021 −36.5 pp | Mar 2022 −84.5 pp | Jun 2022 −18.0 pp | Sep 2022 −0.8 pp | Dec 2022 +29.4 pp | Mar 2023 +66.7 pp | Jun 2023 −18.2 pp | Sep 2023 −6.8 pp | Dec 2023 −4.0 pp | Mar 2024 +26.0 pp | Jun 2024 +39.0 pp | Sep 2024 +16.0 pp | Dec 2024 +15.0 pp | Mar 2025 −17.0 pp | Jun 2025 −82.0 pp | Sep 2025 −131.0 pp | Dec 2025 −58.0 pp | Mar 2026 −42.0 pp | Jun 2026 —
- TTML: Sep 2021 −3.9 pp | Dec 2021 −4.6 pp | Mar 2022 −4.1 pp | Jun 2022 +0.2 pp | Sep 2022 +1.4 pp | Dec 2022 +3.7 pp | Mar 2023 +2.4 pp | Jun 2023 −0.2 pp | Sep 2023 +0.5 pp | Dec 2023 +0.9 pp | Mar 2024 −3.2 pp | Jun 2024 −2.0 pp | Sep 2024 −4.1 pp | Dec 2024 −1.6 pp | Mar 2025 +6.0 pp | Jun 2025 +9.8 pp | Sep 2025 +8.6 pp | Dec 2025 +14.4 pp | Mar 2026 +5.7 pp | Jun 2026 +3.1 pp
- OPTIEMUS: Sep 2021 +24.2 pp | Dec 2021 −0.5 pp | Mar 2022 +71.4 pp | Jun 2022 +5.4 pp | Sep 2022 +2.5 pp | Dec 2022 +7.3 pp | Mar 2023 +6.7 pp | Jun 2023 +5.2 pp | Sep 2023 +2.0 pp | Dec 2023 0.0 pp | Mar 2024 +8.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +2.0 pp | Mar 2025 −1.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 0.0 pp | Mar 2026 −4.0 pp | Jun 2026 —
- NELCO: Sep 2021 −0.2 pp | Dec 2021 +0.2 pp | Mar 2022 −3.0 pp | Jun 2022 −4.2 pp | Sep 2022 +0.1 pp | Dec 2022 +0.6 pp | Mar 2023 +3.0 pp | Jun 2023 +0.5 pp | Sep 2023 −0.7 pp | Dec 2023 −0.8 pp | Mar 2024 −2.5 pp | Jun 2024 −1.7 pp | Sep 2024 −5.0 pp | Dec 2024 −4.5 pp | Mar 2025 −8.5 pp | Jun 2025 −6.3 pp | Sep 2025 −3.1 pp | Dec 2025 −5.1 pp | Mar 2026 −2.6 pp | Jun 2026 +0.1 pp
- MTNL: Sep 2021 −28.8 pp | Dec 2021 −10.8 pp | Mar 2022 −60.8 pp | Jun 2022 −3.1 pp | Sep 2022 −30.3 pp | Dec 2022 −47.9 pp | Mar 2023 +7.6 pp | Jun 2023 −45.2 pp | Sep 2023 −20.3 pp | Dec 2023 −8.0 pp | Mar 2024 +21.0 pp | Jun 2024 +17.0 pp | Sep 2024 +57.0 pp | Dec 2024 +51.0 pp | Mar 2025 +30.0 pp | Jun 2025 +2.0 pp | Sep 2025 −47.0 pp | Dec 2025 +1.0 pp | Mar 2026 +22.0 pp | Jun 2026 —
- GTLINFRA: Sep 2021 −5.9 pp | Dec 2021 −18.1 pp | Mar 2022 +40.8 pp | Jun 2022 −13.6 pp | Sep 2022 −26.2 pp | Dec 2022 −48.7 pp | Mar 2023 +3.9 pp | Jun 2023 +29.0 pp | Sep 2023 +32.6 pp | Dec 2023 +62.0 pp | Mar 2024 −24.0 pp | Jun 2024 −17.0 pp | Sep 2024 −14.0 pp | Dec 2024 +5.0 pp | Mar 2025 +2.0 pp | Jun 2025 +2.0 pp | Sep 2025 +13.0 pp | Dec 2025 −1.0 pp | Mar 2026 +1.0 pp | Jun 2026 —
- SUYOG: Sep 2021 +4.3 pp | Dec 2021 +4.3 pp | Mar 2022 +14.5 pp | Jun 2022 +6.6 pp | Sep 2022 +9.5 pp | Dec 2022 +14.9 pp | Mar 2023 −4.6 pp | Jun 2023 +5.7 pp | Sep 2023 +0.7 pp | Dec 2023 +18.0 pp | Mar 2024 0.0 pp | Jun 2024 +1.0 pp | Sep 2024 +4.0 pp | Dec 2024 −11.0 pp | Mar 2025 −47.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 +59.0 pp | Jun 2026 —
- KRONECOMM: Sep 2021 +2.2 pp | Dec 2021 −0.7 pp | Mar 2022 −0.4 pp | Jun 2022 −0.5 pp | Sep 2022 +2.6 pp | Dec 2022 +4.6 pp | Mar 2023 −14.0 pp | Jun 2023 −9.7 pp | Sep 2023 +9.9 pp | Dec 2023 +6.5 pp | Mar 2024 +23.0 pp | Jun 2024 +18.4 pp | Sep 2024 +1.4 pp | Dec 2024 −2.4 pp | Mar 2025 −13.2 pp | Jun 2025 −4.4 pp | Sep 2025 −11.1 pp | Dec 2025 −4.9 pp | Mar 2026 +0.8 pp | Jun 2026 —
- ONMOBILE: Sep 2021 −2.8 pp | Dec 2021 −2.0 pp | Mar 2022 −4.7 pp | Jun 2022 −5.4 pp | Sep 2022 −6.7 pp | Dec 2022 −8.1 pp | Mar 2023 −4.8 pp | Jun 2023 +2.4 pp | Sep 2023 +5.8 pp | Dec 2023 −1.9 pp | Mar 2024 0.0 pp | Jun 2024 −9.0 pp | Sep 2024 −6.0 pp | Dec 2024 +6.0 pp | Mar 2025 −1.0 pp | Jun 2025 +6.0 pp | Sep 2025 +7.0 pp | Dec 2025 −2.0 pp | Mar 2026 −34.0 pp | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −8.0 pp | Dec 2023 — | Mar 2024 −4.0 pp | Jun 2024 — | Sep 2024 −1.0 pp | Dec 2024 +4.6 pp | Mar 2025 +2.0 pp | Jun 2025 — | Sep 2025 +5.0 pp | Dec 2025 — | Mar 2026 +1.0 pp | Jun 2026 —

## Profit Scale & Acceleration

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.

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.

Evidence: Vodafone Idea Ltd · ₹34,552 crore | 2.2% versus #2 · Bharti Airtel Ltd | Not enough history | 18/18 companies · 295 observations

Definition: 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 profit — largest
1. Vodafone Idea Ltd (IDEA): ₹34.6K Cr
2. Bharti Airtel Ltd (BHARTIARTL): ₹33.8K Cr
3. Indus Towers Ltd (INDUSTOWER): ₹7.1K Cr
4. Bharti Hexacom Ltd (BHARTIHEXA): ₹1.7K Cr
5. Tata Communications Ltd (TATACOMM): ₹936 Cr

### Profit growth — fastest growers
1. Valiant Communications Ltd (526775): 100%
2. Sar Televenture Ltd (SARTELE): 100%
3. Bharti Hexacom Ltd (BHARTIHEXA): 16%
4. Optiemus Infracom Ltd (OPTIEMUS): 4.8%
5. Bharti Airtel Ltd (BHARTIARTL): -9.8%

### 20-quarter Net profit history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹1 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹-1 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹8 Cr | Jun 2026 —
- BHARTIARTL: Sep 2021 ₹2.0K Cr | Dec 2021 ₹1.7K Cr | Mar 2022 ₹3.7K Cr | Jun 2022 ₹2.5K Cr | Sep 2022 ₹3.0K Cr | Dec 2022 ₹2.6K Cr | Mar 2023 ₹4.2K Cr | Jun 2023 ₹1.5K Cr | Sep 2023 ₹2.1K Cr | Dec 2023 ₹2.9K Cr | Mar 2024 ₹2.1K Cr | Jun 2024 ₹4.7K Cr | Sep 2024 ₹4.2K Cr | Dec 2024 ₹16.1K Cr | Mar 2025 ₹12.5K Cr | Jun 2025 ₹7.4K Cr | Sep 2025 ₹8.7K Cr | Dec 2025 ₹8.5K Cr | Mar 2026 ₹9.2K Cr | Jun 2026 —
- IDEA: Sep 2021 ₹-7.1K Cr | Dec 2021 ₹-7.2K Cr | Mar 2022 ₹-6.6K Cr | Jun 2022 ₹-7.3K Cr | Sep 2022 ₹-7.6K Cr | Dec 2022 ₹-8.0K Cr | Mar 2023 ₹-6.4K Cr | Jun 2023 ₹-7.8K Cr | Sep 2023 ₹-8.7K Cr | Dec 2023 ₹-7.0K Cr | Mar 2024 ₹-7.7K Cr | Jun 2024 ₹-6.4K Cr | Sep 2024 ₹-7.2K Cr | Dec 2024 ₹-6.6K Cr | Mar 2025 ₹-7.2K Cr | Jun 2025 ₹-6.6K Cr | Sep 2025 ₹-5.5K Cr | Dec 2025 ₹-5.3K Cr | Mar 2026 ₹52.0K Cr | Jun 2026 —
- INDUSTOWER: Sep 2021 ₹1.6K Cr | Dec 2021 ₹1.6K Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹477 Cr | Sep 2022 ₹872 Cr | Dec 2022 ₹-708 Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.5K Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.2K Cr | Dec 2024 ₹4.0K Cr | Mar 2025 ₹1.8K Cr | Jun 2025 ₹1.7K Cr | Sep 2025 ₹1.8K Cr | Dec 2025 ₹1.8K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- BHARTIHEXA: Sep 2021 ₹-56 Cr | Dec 2021 ₹-71 Cr | Mar 2022 ₹1.8K Cr | Jun 2022 ₹96 Cr | Sep 2022 ₹99 Cr | Dec 2022 ₹152 Cr | Mar 2023 ₹202 Cr | Jun 2023 ₹253 Cr | Sep 2023 ₹-184 Cr | Dec 2023 ₹213 Cr | Mar 2024 ₹223 Cr | Jun 2024 ₹511 Cr | Sep 2024 ₹253 Cr | Dec 2024 ₹261 Cr | Mar 2025 ₹468 Cr | Jun 2025 ₹392 Cr | Sep 2025 ₹421 Cr | Dec 2025 ₹474 Cr | Mar 2026 ₹447 Cr | Jun 2026 —
- TATACOMM: Sep 2021 ₹426 Cr | Dec 2021 ₹393 Cr | Mar 2022 ₹369 Cr | Jun 2022 ₹545 Cr | Sep 2022 ₹534 Cr | Dec 2022 ₹395 Cr | Mar 2023 ₹327 Cr | Jun 2023 ₹382 Cr | Sep 2023 ₹221 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹322 Cr | Jun 2024 ₹333 Cr | Sep 2024 ₹227 Cr | Dec 2024 ₹236 Cr | Mar 2025 ₹1.0K Cr | Jun 2025 ₹190 Cr | Sep 2025 ₹183 Cr | Dec 2025 ₹364 Cr | Mar 2026 ₹259 Cr | Jun 2026 ₹130 Cr
- HFCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹102 Cr | Mar 2023 ₹79 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹70 Cr | Dec 2023 ₹82 Cr | Mar 2024 ₹109 Cr | Jun 2024 ₹111 Cr | Sep 2024 ₹73 Cr | Dec 2024 ₹73 Cr | Mar 2025 ₹-83 Cr | Jun 2025 ₹-29 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹102 Cr | Mar 2026 ₹184 Cr | Jun 2026 ₹246 Cr
- ITI: Sep 2021 ₹-56 Cr | Dec 2021 ₹-93 Cr | Mar 2022 ₹355 Cr | Jun 2022 ₹-100 Cr | Sep 2022 ₹-101 Cr | Dec 2022 ₹-88 Cr | Mar 2023 ₹-72 Cr | Jun 2023 ₹-103 Cr | Sep 2023 ₹-126 Cr | Dec 2023 ₹-101 Cr | Mar 2024 ₹-239 Cr | Jun 2024 ₹-91 Cr | Sep 2024 ₹-70 Cr | Dec 2024 ₹-49 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹-64 Cr | Sep 2025 ₹-54 Cr | Dec 2025 ₹-25 Cr | Mar 2026 ₹436 Cr | Jun 2026 —
- TEJASNET: Sep 2021 ₹4 Cr | Dec 2021 ₹-24 Cr | Mar 2022 ₹-50 Cr | Jun 2022 ₹-7 Cr | Sep 2022 ₹1 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-11 Cr | Jun 2023 ₹-26 Cr | Sep 2023 ₹-13 Cr | Dec 2023 ₹-45 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹77 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹166 Cr | Mar 2025 ₹-72 Cr | Jun 2025 ₹-194 Cr | Sep 2025 ₹-307 Cr | Dec 2025 ₹-197 Cr | Mar 2026 ₹-211 Cr | Jun 2026 —
- TTML: Sep 2021 ₹-314 Cr | Dec 2021 ₹-302 Cr | Mar 2022 ₹-281 Cr | Jun 2022 ₹-295 Cr | Sep 2022 ₹-293 Cr | Dec 2022 ₹-280 Cr | Mar 2023 ₹-277 Cr | Jun 2023 ₹-301 Cr | Sep 2023 ₹-310 Cr | Dec 2023 ₹-308 Cr | Mar 2024 ₹-309 Cr | Jun 2024 ₹-323 Cr | Sep 2024 ₹-330 Cr | Dec 2024 ₹-315 Cr | Mar 2025 ₹-306 Cr | Jun 2025 ₹-325 Cr | Sep 2025 ₹-321 Cr | Dec 2025 ₹-150 Cr | Mar 2026 ₹581 Cr | Jun 2026 ₹-72 Cr
- OPTIEMUS: Sep 2021 ₹2 Cr | Dec 2021 ₹-4 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹17 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹5 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹22 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹12 Cr | Mar 2026 ₹22 Cr | Jun 2026 —
- NELCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹5 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹5 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹5 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹2 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹-1 Cr | Mar 2026 ₹1 Cr | Jun 2026 ₹2 Cr
- MTNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-776 Cr | Mar 2023 ₹-749 Cr | Jun 2023 ₹-852 Cr | Sep 2023 ₹-793 Cr | Dec 2023 ₹-839 Cr | Mar 2024 ₹-784 Cr | Jun 2024 ₹-773 Cr | Sep 2024 ₹-890 Cr | Dec 2024 ₹-836 Cr | Mar 2025 ₹-828 Cr | Jun 2025 ₹-943 Cr | Sep 2025 ₹-960 Cr | Dec 2025 ₹-897 Cr | Mar 2026 ₹-307 Cr | Jun 2026 —
- GTLINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-464 Cr | Mar 2023 ₹-756 Cr | Jun 2023 ₹-102 Cr | Sep 2023 ₹-170 Cr | Dec 2023 ₹-195 Cr | Mar 2024 ₹-215 Cr | Jun 2024 ₹-202 Cr | Sep 2024 ₹-214 Cr | Dec 2024 ₹-210 Cr | Mar 2025 ₹-249 Cr | Jun 2025 ₹-232 Cr | Sep 2025 ₹-193 Cr | Dec 2025 ₹20 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 —
- SUYOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹10 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹16 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹17 Cr | Mar 2025 ₹-14 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹17 Cr | Dec 2025 ₹15 Cr | Mar 2026 ₹14 Cr | Jun 2026 —
- KRONECOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹-1 Cr | Jun 2023 ₹-0 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹7 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹5 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹6 Cr | Mar 2026 ₹4 Cr | Jun 2026 —
- ONMOBILE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹4 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹10 Cr | Sep 2023 ₹9 Cr | Dec 2023 ₹-2 Cr | Mar 2024 ₹-1 Cr | Jun 2024 ₹-15 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-5 Cr | Mar 2025 ₹-8 Cr | Jun 2025 ₹16 Cr | Sep 2025 ₹6 Cr | Dec 2025 ₹4 Cr | Mar 2026 ₹-37 Cr | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 ₹0 Cr | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 ₹4 Cr | Dec 2023 — | Mar 2024 ₹12 Cr | Jun 2024 — | Sep 2024 ₹16 Cr | Dec 2024 — | Mar 2025 ₹29 Cr | Jun 2025 — | Sep 2025 ₹36 Cr | Dec 2025 — | Mar 2026 ₹36 Cr | Jun 2026 —

### 20-quarter Profit growth history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 86% | Mar 2024 183% | Jun 2024 251% | Sep 2024 96% | Dec 2024 -138% | Mar 2025 69% | Jun 2025 51% | Sep 2025 88% | Dec 2025 — | Mar 2026 93% | Jun 2026 —
- BHARTIARTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 162% | Sep 2022 49% | Dec 2022 58% | Mar 2023 14% | Jun 2023 -38% | Sep 2023 -30% | Dec 2023 10% | Mar 2024 -51% | Jun 2024 210% | Sep 2024 98% | Dec 2024 461% | Mar 2025 503% | Jun 2025 57% | Sep 2025 108% | Dec 2025 -47% | Mar 2026 -26% | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -66% | Sep 2022 -44% | Dec 2022 -145% | Mar 2023 -24% | Jun 2023 183% | Sep 2023 49% | Dec 2023 — | Mar 2024 32% | Jun 2024 43% | Sep 2024 72% | Dec 2024 160% | Mar 2025 -4.0% | Jun 2025 -9.8% | Sep 2025 -17% | Dec 2025 -56% | Mar 2026 0.8% | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -89% | Jun 2023 164% | Sep 2023 -286% | Dec 2023 40% | Mar 2024 10% | Jun 2024 102% | Sep 2024 — | Dec 2024 23% | Mar 2025 110% | Jun 2025 -23% | Sep 2025 66% | Dec 2025 82% | Mar 2026 -4.5% | Jun 2026 —
- TATACOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 84% | Sep 2022 25% | Dec 2022 0.5% | Mar 2023 -11% | Jun 2023 -30% | Sep 2023 -59% | Dec 2023 -89% | Mar 2024 -1.5% | Jun 2024 -13% | Sep 2024 2.7% | Dec 2024 424% | Mar 2025 223% | Jun 2025 -43% | Sep 2025 -19% | Dec 2025 54% | Mar 2026 -75% | Jun 2026 -32%
- HFCL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -20% | Mar 2024 38% | Jun 2024 46% | Sep 2024 4.3% | Dec 2024 -11% | Mar 2025 -176% | Jun 2025 -126% | Sep 2025 -1.4% | Dec 2025 40% | Mar 2026 — | Jun 2026 —
- ITI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -120% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TEJASNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -188% | Sep 2022 -75% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 -1,400% | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -149% | Jun 2025 -352% | Sep 2025 -212% | Dec 2025 -219% | Mar 2026 — | Jun 2026 —
- OPTIEMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 150% | Sep 2022 250% | Dec 2022 — | Mar 2023 467% | Jun 2023 80% | Sep 2023 -29% | Dec 2023 38% | Mar 2024 41% | Jun 2024 33% | Sep 2024 180% | Dec 2024 -17% | Mar 2025 -8.3% | Jun 2025 25% | Sep 2025 21% | Dec 2025 -20% | Mar 2026 0.0% | Jun 2026 —
- NELCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 23% | Mar 2024 7.8% | Jun 2024 -20% | Sep 2024 -28% | Dec 2024 -20% | Mar 2025 -167% | Jun 2025 -61% | Sep 2025 -60% | Dec 2025 -124% | Mar 2026 — | Jun 2026 30%
- SUYOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 90% | Mar 2024 23% | Jun 2024 42% | Sep 2024 25% | Dec 2024 -11% | Mar 2025 -188% | Jun 2025 0.0% | Sep 2025 -15% | Dec 2025 -12% | Mar 2026 — | Jun 2026 —
- KRONECOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 67% | Mar 2024 — | Jun 2024 — | Sep 2024 17% | Dec 2024 -8.6% | Mar 2025 -57% | Jun 2025 -29% | Sep 2025 -51% | Dec 2025 5.2% | Mar 2026 19% | Jun 2026 —
- ONMOBILE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -149% | Mar 2024 — | Jun 2024 -250% | Sep 2024 -233% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 300% | Jun 2024 — | Sep 2024 300% | Dec 2024 — | Mar 2025 142% | Jun 2025 — | Sep 2025 125% | Dec 2025 — | Mar 2026 24% | Jun 2026 —

## Capacity Spending & Returns On It

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.

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.

Evidence: Bharti Airtel Ltd · ₹12,431 crore | 475% versus #2 · Indus Towers Ltd | 8/8 recent comparable periods | 4/18 companies · 53 observations

Definition: 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.

### CAPEX — largest spenders
1. Bharti Airtel Ltd (BHARTIARTL): ₹12.4K Cr
2. Indus Towers Ltd (INDUSTOWER): ₹2.2K Cr
3. Bharti Hexacom Ltd (BHARTIHEXA): ₹350 Cr
4. Vodafone Idea Ltd (IDEA): ₹243 Cr

### CAPEX intensity — highest reinvestment intensity
1. Indus Towers Ltd (INDUSTOWER): 27%
2. Bharti Airtel Ltd (BHARTIARTL): 22%
3. Bharti Hexacom Ltd (BHARTIHEXA): 15%
4. Vodafone Idea Ltd (IDEA): 2.3%

### 20-quarter CAPEX history
- BHARTIARTL: Sep 2021 ₹6.1K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.5K Cr | Jun 2022 ₹7.0K Cr | Sep 2022 ₹5.4K Cr | Dec 2022 ₹6.4K Cr | Mar 2023 ₹7.3K Cr | Jun 2023 ₹9.1K Cr | Sep 2023 ₹9.8K Cr | Dec 2023 ₹9.9K Cr | Mar 2024 ₹9.5K Cr | Jun 2024 ₹9.9K Cr | Sep 2024 ₹9.6K Cr | Dec 2024 ₹8.4K Cr | Mar 2025 ₹10.1K Cr | Jun 2025 ₹11.1K Cr | Sep 2025 ₹10.8K Cr | Dec 2025 ₹10.8K Cr | Mar 2026 ₹12.4K Cr | Jun 2026 —
- IDEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹331 Cr | Mar 2023 ₹657 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹938 Cr | Mar 2024 ₹243 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDUSTOWER: Sep 2021 ₹837 Cr | Dec 2021 ₹804 Cr | Mar 2022 ₹689 Cr | Jun 2022 ₹641 Cr | Sep 2022 ₹844 Cr | Dec 2022 ₹908 Cr | Mar 2023 ₹1.2K Cr | Jun 2023 ₹2.0K Cr | Sep 2023 ₹2.2K Cr | Dec 2023 ₹2.3K Cr | Mar 2024 ₹2.5K Cr | Jun 2024 ₹2.0K Cr | Sep 2024 ₹1.8K Cr | Dec 2024 ₹974 Cr | Mar 2025 ₹2.0K Cr | Jun 2025 ₹2.0K Cr | Sep 2025 ₹2.3K Cr | Dec 2025 ₹2.2K Cr | Mar 2026 — | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹230 Cr | Mar 2023 ₹333 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 ₹538 Cr | Mar 2024 ₹491 Cr | Jun 2024 ₹473 Cr | Sep 2024 ₹379 Cr | Dec 2024 ₹397 Cr | Mar 2025 ₹221 Cr | Jun 2025 ₹291 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹409 Cr | Mar 2026 ₹350 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- BHARTIARTL: Sep 2021 22% | Dec 2021 23% | Mar 2022 21% | Jun 2022 21% | Sep 2022 16% | Dec 2022 18% | Mar 2023 20% | Jun 2023 24% | Sep 2023 26% | Dec 2023 26% | Mar 2024 25% | Jun 2024 26% | Sep 2024 23% | Dec 2024 19% | Mar 2025 21% | Jun 2025 23% | Sep 2025 21% | Dec 2025 20% | Mar 2026 22% | Jun 2026 —
- IDEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.1% | Mar 2023 6.2% | Jun 2023 — | Sep 2023 — | Dec 2023 8.8% | Mar 2024 2.3% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- INDUSTOWER: Sep 2021 12% | Dec 2021 12% | Mar 2022 9.7% | Jun 2022 9.3% | Sep 2022 11% | Dec 2022 13% | Mar 2023 18% | Jun 2023 28% | Sep 2023 30% | Dec 2023 33% | Mar 2024 34% | Jun 2024 28% | Sep 2024 24% | Dec 2024 13% | Mar 2025 26% | Jun 2025 25% | Sep 2025 29% | Dec 2025 27% | Mar 2026 — | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 14% | Mar 2023 19% | Jun 2023 — | Sep 2023 — | Dec 2023 30% | Mar 2024 26% | Jun 2024 25% | Sep 2024 18% | Dec 2024 18% | Mar 2025 9.7% | Jun 2025 13% | Sep 2025 16% | Dec 2025 17% | Mar 2026 15% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

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.

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.

Evidence: ADC India Communications Ltd · ₹0 crore | 100% versus #2 · Sar Televenture Ltd | Not enough history | 18/18 companies · 280 observations

Definition: 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 debt — lowest gross debt
1. ADC India Communications Ltd (KRONECOMM): ₹0 Cr
2. Sar Televenture Ltd (SARTELE): ₹2 Cr
3. Valiant Communications Ltd (526775): ₹3 Cr
4. NELCO Ltd (NELCO): ₹73 Cr
5. OnMobile Global Ltd (ONMOBILE): ₹77 Cr

### Net debt — lowest net debt
1. OnMobile Global Ltd (ONMOBILE): ₹-55 Cr
2. NELCO Ltd (NELCO): ₹54 Cr
3. Optiemus Infracom Ltd (OPTIEMUS): ₹331 Cr
4. Suyog Telematics Ltd (SUYOG): ₹353 Cr
5. ITI Ltd (ITI): ₹414 Cr

### 20-quarter Gross debt history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹2 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹2 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 — | Sep 2025 ₹2 Cr | Dec 2025 — | Mar 2026 ₹3 Cr | Jun 2026 —
- BHARTIARTL: Sep 2021 ₹1.8 L Cr | Dec 2021 ₹1.7 L Cr | Mar 2022 ₹1.7 L Cr | Jun 2022 ₹1.8 L Cr | Sep 2022 ₹2.2 L Cr | Dec 2022 ₹2.2 L Cr | Mar 2023 ₹2.3 L Cr | Jun 2023 ₹2.2 L Cr | Sep 2023 ₹2.2 L Cr | Dec 2023 ₹2.2 L Cr | Mar 2024 ₹2.2 L Cr | Jun 2024 ₹2.1 L Cr | Sep 2024 ₹2.3 L Cr | Dec 2024 ₹2.0 L Cr | Mar 2025 ₹2.1 L Cr | Jun 2025 ₹2.0 L Cr | Sep 2025 ₹2.1 L Cr | Dec 2025 ₹2.0 L Cr | Mar 2026 ₹2.0 L Cr | Jun 2026 —
- IDEA: Sep 2021 ₹2.1 L Cr | Dec 2021 ₹2.1 L Cr | Mar 2022 ₹2.1 L Cr | Jun 2022 ₹2.3 L Cr | Sep 2022 ₹2.5 L Cr | Dec 2022 — | Mar 2023 ₹2.4 L Cr | Jun 2023 ₹2.4 L Cr | Sep 2023 ₹2.4 L Cr | Dec 2023 ₹2.4 L Cr | Mar 2024 ₹2.4 L Cr | Jun 2024 ₹2.5 L Cr | Sep 2024 ₹2.5 L Cr | Dec 2024 ₹2.5 L Cr | Mar 2025 ₹2.3 L Cr | Jun 2025 ₹2.3 L Cr | Sep 2025 ₹2.3 L Cr | Dec 2025 ₹2.3 L Cr | Mar 2026 ₹1.9 L Cr | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹19.7K Cr | Jun 2022 ₹19.7K Cr | Sep 2022 ₹20.3K Cr | Dec 2022 ₹20.2K Cr | Mar 2023 ₹19.2K Cr | Jun 2023 ₹19.6K Cr | Sep 2023 ₹20.7K Cr | Dec 2023 ₹20.0K Cr | Mar 2024 ₹20.5K Cr | Jun 2024 ₹20.0K Cr | Sep 2024 ₹21.4K Cr | Dec 2024 ₹20.4K Cr | Mar 2025 ₹21.2K Cr | Jun 2025 ₹20.7K Cr | Sep 2025 ₹20.9K Cr | Dec 2025 ₹20.8K Cr | Mar 2026 ₹21.1K Cr | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹9.1K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹9.2K Cr | Jun 2023 ₹9.2K Cr | Sep 2023 ₹9.3K Cr | Dec 2023 ₹9.4K Cr | Mar 2024 ₹8.1K Cr | Jun 2024 ₹7.6K Cr | Sep 2024 ₹8.5K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.4K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.6K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹6.1K Cr | Jun 2026 —
- TATACOMM: Sep 2021 ₹10.4K Cr | Dec 2021 ₹10.4K Cr | Mar 2022 ₹9.1K Cr | Jun 2022 ₹9.1K Cr | Sep 2022 ₹8.8K Cr | Dec 2022 ₹8.8K Cr | Mar 2023 ₹8.6K Cr | Jun 2023 ₹8.6K Cr | Sep 2023 ₹8.8K Cr | Dec 2023 ₹8.8K Cr | Mar 2024 ₹11.3K Cr | Jun 2024 ₹11.3K Cr | Sep 2024 ₹12.4K Cr | Dec 2024 ₹12.4K Cr | Mar 2025 ₹12.4K Cr | Jun 2025 ₹12.4K Cr | Sep 2025 ₹13.3K Cr | Dec 2025 ₹13.3K Cr | Mar 2026 ₹12.2K Cr | Jun 2026 —
- HFCL: Sep 2021 — | Dec 2021 — | Mar 2022 ₹783 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹936 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹991 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹1.5K Cr | Jun 2025 — | Sep 2025 ₹1.6K Cr | Dec 2025 — | Mar 2026 ₹1.7K Cr | Jun 2026 —
- ITI: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.6K Cr | Jun 2022 ₹1.6K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.8K Cr | Mar 2023 ₹1.9K Cr | Jun 2023 ₹1.9K Cr | Sep 2023 ₹1.9K Cr | Dec 2023 ₹1.9K Cr | Mar 2024 ₹1.8K Cr | Jun 2024 ₹1.8K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹1.7K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹1.4K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹765 Cr | Jun 2026 —
- TEJASNET: Sep 2021 ₹23 Cr | Dec 2021 ₹21 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹57 Cr | Dec 2022 ₹52 Cr | Mar 2023 ₹50 Cr | Jun 2023 ₹48 Cr | Sep 2023 ₹138 Cr | Dec 2023 ₹138 Cr | Mar 2024 ₹1.9K Cr | Jun 2024 ₹1.9K Cr | Sep 2024 ₹2.9K Cr | Dec 2024 ₹2.9K Cr | Mar 2025 ₹3.4K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹4.3K Cr | Dec 2025 ₹4.3K Cr | Mar 2026 ₹4.2K Cr | Jun 2026 —
- TTML: Sep 2021 ₹19.7K Cr | Dec 2021 ₹19.7K Cr | Mar 2022 ₹19.8K Cr | Jun 2022 ₹19.8K Cr | Sep 2022 ₹19.5K Cr | Dec 2022 ₹19.5K Cr | Mar 2023 ₹19.9K Cr | Jun 2023 ₹19.9K Cr | Sep 2023 ₹19.9K Cr | Dec 2023 ₹19.9K Cr | Mar 2024 ₹20.0K Cr | Jun 2024 ₹20.0K Cr | Sep 2024 ₹19.8K Cr | Dec 2024 ₹19.8K Cr | Mar 2025 ₹20.4K Cr | Jun 2025 ₹20.4K Cr | Sep 2025 ₹20.5K Cr | Dec 2025 ₹20.5K Cr | Mar 2026 ₹20.9K Cr | Jun 2026 ₹20.9K Cr
- OPTIEMUS: Sep 2021 ₹35 Cr | Dec 2021 ₹35 Cr | Mar 2022 ₹43 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹125 Cr | Dec 2022 ₹125 Cr | Mar 2023 ₹118 Cr | Jun 2023 ₹118 Cr | Sep 2023 ₹110 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹164 Cr | Jun 2024 ₹164 Cr | Sep 2024 ₹245 Cr | Dec 2024 ₹245 Cr | Mar 2025 ₹198 Cr | Jun 2025 ₹198 Cr | Sep 2025 ₹247 Cr | Dec 2025 ₹247 Cr | Mar 2026 ₹373 Cr | Jun 2026 —
- NELCO: Sep 2021 ₹72 Cr | Dec 2021 ₹72 Cr | Mar 2022 ₹81 Cr | Jun 2022 ₹81 Cr | Sep 2022 ₹89 Cr | Dec 2022 ₹89 Cr | Mar 2023 ₹63 Cr | Jun 2023 ₹63 Cr | Sep 2023 ₹74 Cr | Dec 2023 ₹74 Cr | Mar 2024 ₹57 Cr | Jun 2024 ₹57 Cr | Sep 2024 ₹51 Cr | Dec 2024 ₹51 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹53 Cr | Sep 2025 ₹72 Cr | Dec 2025 ₹72 Cr | Mar 2026 ₹73 Cr | Jun 2026 ₹73 Cr
- MTNL: Sep 2021 ₹26.2K Cr | Dec 2021 ₹26.2K Cr | Mar 2022 ₹26.8K Cr | Jun 2022 ₹26.8K Cr | Sep 2022 ₹27.8K Cr | Dec 2022 ₹27.8K Cr | Mar 2023 ₹28.4K Cr | Jun 2023 ₹28.4K Cr | Sep 2023 ₹29.2K Cr | Dec 2023 ₹29.2K Cr | Mar 2024 ₹30.1K Cr | Jun 2024 ₹30.1K Cr | Sep 2024 ₹31.2K Cr | Dec 2024 ₹31.2K Cr | Mar 2025 ₹32.4K Cr | Jun 2025 ₹32.4K Cr | Sep 2025 ₹34.1K Cr | Dec 2025 ₹34.1K Cr | Mar 2026 ₹35.4K Cr | Jun 2026 —
- GTLINFRA: Sep 2021 ₹5.1K Cr | Dec 2021 ₹5.1K Cr | Mar 2022 ₹4.9K Cr | Jun 2022 ₹4.9K Cr | Sep 2022 ₹4.7K Cr | Dec 2022 — | Mar 2023 ₹4.3K Cr | Jun 2023 ₹4.5K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.9K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.8K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.7K Cr | Sep 2025 ₹3.4K Cr | Dec 2025 ₹3.4K Cr | Mar 2026 ₹5.9K Cr | Jun 2026 —
- SUYOG: Sep 2021 ₹103 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹118 Cr | Jun 2022 ₹118 Cr | Sep 2022 ₹158 Cr | Dec 2022 ₹158 Cr | Mar 2023 ₹158 Cr | Jun 2023 ₹158 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹150 Cr | Jun 2024 ₹150 Cr | Sep 2024 ₹165 Cr | Dec 2024 ₹165 Cr | Mar 2025 ₹213 Cr | Jun 2025 ₹213 Cr | Sep 2025 ₹271 Cr | Dec 2025 ₹271 Cr | Mar 2026 ₹371 Cr | Jun 2026 —
- KRONECOMM: Sep 2021 — | Dec 2021 — | Mar 2022 ₹0 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹0 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 — | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr | Jun 2026 —
- ONMOBILE: Sep 2021 ₹7 Cr | Dec 2021 ₹7 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹7 Cr | Sep 2022 ₹6 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹13 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹17 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹29 Cr | Mar 2025 ₹44 Cr | Jun 2025 ₹44 Cr | Sep 2025 ₹80 Cr | Dec 2025 ₹80 Cr | Mar 2026 ₹77 Cr | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹178 Cr | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹8 Cr | Jun 2025 — | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 ₹2 Cr | Jun 2026 —

### 20-quarter Net debt history
- BHARTIARTL: Sep 2021 ₹1.6 L Cr | Dec 2021 ₹1.5 L Cr | Mar 2022 ₹1.6 L Cr | Jun 2022 ₹1.6 L Cr | Sep 2022 ₹2.0 L Cr | Dec 2022 ₹2.0 L Cr | Mar 2023 ₹2.1 L Cr | Jun 2023 ₹2.0 L Cr | Sep 2023 ₹2.0 L Cr | Dec 2023 ₹2.0 L Cr | Mar 2024 ₹2.0 L Cr | Jun 2024 ₹2.0 L Cr | Sep 2024 ₹2.1 L Cr | Dec 2024 ₹1.9 L Cr | Mar 2025 ₹2.0 L Cr | Jun 2025 ₹1.8 L Cr | Sep 2025 ₹1.8 L Cr | Dec 2025 ₹1.7 L Cr | Mar 2026 ₹1.6 L Cr | Jun 2026 —
- IDEA: Sep 2021 ₹2.1 L Cr | Dec 2021 ₹2.1 L Cr | Mar 2022 ₹2.1 L Cr | Jun 2022 ₹2.3 L Cr | Sep 2022 ₹2.5 L Cr | Dec 2022 — | Mar 2023 ₹2.4 L Cr | Jun 2023 ₹2.4 L Cr | Sep 2023 ₹2.4 L Cr | Dec 2023 ₹2.4 L Cr | Mar 2024 ₹2.4 L Cr | Jun 2024 ₹2.3 L Cr | Sep 2024 ₹2.4 L Cr | Dec 2024 ₹2.4 L Cr | Mar 2025 ₹2.3 L Cr | Jun 2025 ₹2.3 L Cr | Sep 2025 ₹2.3 L Cr | Dec 2025 ₹2.3 L Cr | Mar 2026 ₹1.9 L Cr | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 ₹17.1K Cr | Jun 2022 ₹19.3K Cr | Sep 2022 ₹20.0K Cr | Dec 2022 ₹19.5K Cr | Mar 2023 ₹18.9K Cr | Jun 2023 ₹19.0K Cr | Sep 2023 ₹20.4K Cr | Dec 2023 ₹19.8K Cr | Mar 2024 ₹20.5K Cr | Jun 2024 ₹19.2K Cr | Sep 2024 ₹21.1K Cr | Dec 2024 ₹18.9K Cr | Mar 2025 ₹17.8K Cr | Jun 2025 ₹16.5K Cr | Sep 2025 ₹16.5K Cr | Dec 2025 ₹16.4K Cr | Mar 2026 ₹15.3K Cr | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 ₹8.9K Cr | Jun 2022 ₹8.9K Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹8.1K Cr | Jun 2023 ₹8.1K Cr | Sep 2023 ₹7.8K Cr | Dec 2023 ₹7.5K Cr | Mar 2024 ₹7.8K Cr | Jun 2024 ₹7.5K Cr | Sep 2024 ₹8.4K Cr | Dec 2024 ₹7.9K Cr | Mar 2025 ₹7.3K Cr | Jun 2025 ₹6.3K Cr | Sep 2025 ₹6.3K Cr | Dec 2025 ₹5.6K Cr | Mar 2026 ₹5.5K Cr | Jun 2026 —
- TATACOMM: Sep 2021 ₹9.1K Cr | Dec 2021 ₹9.1K Cr | Mar 2022 ₹8.0K Cr | Jun 2022 ₹8.0K Cr | Sep 2022 ₹7.5K Cr | Dec 2022 ₹7.5K Cr | Mar 2023 ₹6.8K Cr | Jun 2023 ₹6.8K Cr | Sep 2023 ₹8.1K Cr | Dec 2023 ₹8.1K Cr | Mar 2024 ₹10.3K Cr | Jun 2024 ₹10.3K Cr | Sep 2024 ₹11.6K Cr | Dec 2024 ₹11.6K Cr | Mar 2025 ₹10.9K Cr | Jun 2025 ₹10.9K Cr | Sep 2025 ₹12.9K Cr | Dec 2025 ₹12.9K Cr | Mar 2026 ₹11.3K Cr | Jun 2026 —
- ITI: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.3K Cr | Sep 2022 ₹1.6K Cr | Dec 2022 ₹1.6K Cr | Mar 2023 ₹1.8K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹1.8K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹964 Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹1.3K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹414 Cr | Jun 2026 —
- TEJASNET: Sep 2021 ₹-1.2K Cr | Dec 2021 ₹-1.2K Cr | Mar 2022 ₹-1.1K Cr | Jun 2022 ₹-1.7K Cr | Sep 2022 ₹-994 Cr | Dec 2022 ₹-1.2K Cr | Mar 2023 ₹-1.3K Cr | Jun 2023 ₹-936 Cr | Sep 2023 ₹-930 Cr | Dec 2023 ₹-930 Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹2.3K Cr | Dec 2024 ₹2.3K Cr | Mar 2025 ₹2.6K Cr | Jun 2025 ₹2.6K Cr | Sep 2025 ₹3.9K Cr | Dec 2025 ₹3.9K Cr | Mar 2026 ₹3.7K Cr | Jun 2026 —
- TTML: Sep 2021 ₹19.6K Cr | Dec 2021 ₹19.6K Cr | Mar 2022 ₹19.7K Cr | Jun 2022 ₹19.7K Cr | Sep 2022 ₹19.3K Cr | Dec 2022 ₹19.3K Cr | Mar 2023 ₹19.8K Cr | Jun 2023 ₹19.8K Cr | Sep 2023 ₹19.8K Cr | Dec 2023 ₹19.8K Cr | Mar 2024 ₹20.0K Cr | Jun 2024 ₹20.0K Cr | Sep 2024 ₹19.8K Cr | Dec 2024 ₹19.8K Cr | Mar 2025 ₹20.3K Cr | Jun 2025 ₹20.3K Cr | Sep 2025 ₹20.4K Cr | Dec 2025 ₹20.4K Cr | Mar 2026 ₹20.8K Cr | Jun 2026 ₹20.8K Cr
- OPTIEMUS: Sep 2021 ₹4 Cr | Dec 2021 ₹4 Cr | Mar 2022 ₹15 Cr | Jun 2022 ₹11 Cr | Sep 2022 ₹88 Cr | Dec 2022 ₹88 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹100 Cr | Sep 2023 ₹97 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹135 Cr | Jun 2024 ₹134 Cr | Sep 2024 ₹183 Cr | Dec 2024 ₹183 Cr | Mar 2025 ₹53 Cr | Jun 2025 ₹52 Cr | Sep 2025 ₹148 Cr | Dec 2025 ₹148 Cr | Mar 2026 ₹331 Cr | Jun 2026 —
- NELCO: Sep 2021 ₹62 Cr | Dec 2021 ₹62 Cr | Mar 2022 ₹65 Cr | Jun 2022 ₹65 Cr | Sep 2022 ₹66 Cr | Dec 2022 ₹66 Cr | Mar 2023 ₹47 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹50 Cr | Dec 2023 ₹50 Cr | Mar 2024 ₹35 Cr | Jun 2024 ₹35 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹39 Cr | Jun 2025 ₹39 Cr | Sep 2025 ₹42 Cr | Dec 2025 ₹42 Cr | Mar 2026 ₹54 Cr | Jun 2026 ₹54 Cr
- MTNL: Sep 2021 ₹26.1K Cr | Dec 2021 ₹26.1K Cr | Mar 2022 ₹26.7K Cr | Jun 2022 ₹26.7K Cr | Sep 2022 ₹27.6K Cr | Dec 2022 ₹27.6K Cr | Mar 2023 ₹28.2K Cr | Jun 2023 ₹28.0K Cr | Sep 2023 ₹29.0K Cr | Dec 2023 ₹29.0K Cr | Mar 2024 ₹30.0K Cr | Jun 2024 ₹30.0K Cr | Sep 2024 ₹31.1K Cr | Dec 2024 ₹31.1K Cr | Mar 2025 ₹32.2K Cr | Jun 2025 ₹32.2K Cr | Sep 2025 ₹34.0K Cr | Dec 2025 ₹34.0K Cr | Mar 2026 ₹34.7K Cr | Jun 2026 —
- GTLINFRA: Sep 2021 ₹4.5K Cr | Dec 2021 ₹4.5K Cr | Mar 2022 ₹4.3K Cr | Jun 2022 ₹4.3K Cr | Sep 2022 ₹4.2K Cr | Dec 2022 — | Mar 2023 ₹3.7K Cr | Jun 2023 ₹3.9K Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3.4K Cr | Jun 2024 ₹3.4K Cr | Sep 2024 ₹3.2K Cr | Dec 2024 ₹3.2K Cr | Mar 2025 ₹2.9K Cr | Jun 2025 ₹2.9K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹5.8K Cr | Jun 2026 —
- SUYOG: Sep 2021 ₹98 Cr | Dec 2021 ₹98 Cr | Mar 2022 ₹115 Cr | Jun 2022 ₹115 Cr | Sep 2022 ₹138 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹123 Cr | Jun 2023 ₹156 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹146 Cr | Jun 2024 ₹146 Cr | Sep 2024 ₹150 Cr | Dec 2024 ₹150 Cr | Mar 2025 ₹176 Cr | Jun 2025 ₹176 Cr | Sep 2025 ₹264 Cr | Dec 2025 ₹264 Cr | Mar 2026 ₹353 Cr | Jun 2026 —
- ONMOBILE: Sep 2021 ₹-171 Cr | Dec 2021 ₹-171 Cr | Mar 2022 ₹-92 Cr | Jun 2022 ₹-128 Cr | Sep 2022 ₹-107 Cr | Dec 2022 ₹-107 Cr | Mar 2023 ₹-68 Cr | Jun 2023 ₹-73 Cr | Sep 2023 ₹-73 Cr | Dec 2023 ₹-73 Cr | Mar 2024 ₹-45 Cr | Jun 2024 ₹-47 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-12 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹-55 Cr | Dec 2025 ₹-55 Cr | Mar 2026 ₹-55 Cr | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Valiant Communications Ltd · 39.7% | 26.4% versus #2 · ADC India Communications Ltd | Not enough history | 18/18 companies · 210 observations

Definition: 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.

### ROCE — highest
1. Valiant Communications Ltd (526775): 40%
2. ADC India Communications Ltd (KRONECOMM): 31%
3. Bharti Hexacom Ltd (BHARTIHEXA): 21%
4. Indus Towers Ltd (INDUSTOWER): 20%
5. Bharti Airtel Ltd (BHARTIARTL): 18%

### ROCE change — fastest improvers
1. Valiant Communications Ltd (526775): +19.0 pp
2. ITI Ltd (ITI): +6.2 pp
3. Bharti Airtel Ltd (BHARTIARTL): +3.5 pp
4. Bharti Hexacom Ltd (BHARTIHEXA): +3.3 pp
5. HFCL Ltd (HFCL): +3.0 pp

### 20-quarter ROCE history
- BHARTIARTL: Sep 2021 7.9% | Dec 2021 8.6% | Mar 2022 9.9% | Jun 2022 10% | Sep 2022 9.8% | Dec 2022 11% | Mar 2023 11% | Jun 2023 12% | Sep 2023 12% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 14% | Jun 2025 16% | Sep 2025 17% | Dec 2025 18% | Mar 2026 18% | Jun 2026 —
- IDEA: Sep 2021 -5.5% | Dec 2021 — | Mar 2022 -5.7% | Jun 2022 -4.7% | Sep 2022 -4.0% | Dec 2022 — | Mar 2023 -4.2% | Jun 2023 — | Sep 2023 -4.4% | Dec 2023 -4.2% | Mar 2024 -4.3% | Jun 2024 -3.5% | Sep 2024 -3.3% | Dec 2024 -2.5% | Mar 2025 -2.8% | Jun 2025 -1.8% | Sep 2025 -2.8% | Dec 2025 -1.2% | Mar 2026 -2.1% | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 25% | Jun 2022 24% | Sep 2022 21% | Dec 2022 14% | Mar 2023 12% | Jun 2023 15% | Sep 2023 15% | Dec 2023 19% | Mar 2024 20% | Jun 2024 21% | Sep 2024 23% | Dec 2024 28% | Mar 2025 28% | Jun 2025 26% | Sep 2025 24% | Dec 2025 19% | Mar 2026 17% | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 4.4% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 11% | Jun 2023 — | Sep 2023 16% | Dec 2023 16% | Mar 2024 16% | Jun 2024 14% | Sep 2024 14% | Dec 2024 16% | Mar 2025 18% | Jun 2025 20% | Sep 2025 22% | Dec 2025 22% | Mar 2026 22% | Jun 2026 —
- TATACOMM: Sep 2021 17% | Dec 2021 — | Mar 2022 18% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 15% | Dec 2023 16% | Mar 2024 17% | Jun 2024 16% | Sep 2024 10% | Dec 2024 16% | Mar 2025 14% | Jun 2025 23% | Sep 2025 16% | Dec 2025 22% | Mar 2026 14% | Jun 2026 —
- ITI: Sep 2021 5.7% | Dec 2021 — | Mar 2022 1.9% | Jun 2022 — | Sep 2022 0.1% | Dec 2022 — | Mar 2023 -6.9% | Jun 2023 — | Sep 2023 -7.5% | Dec 2023 -5.8% | Mar 2024 -17% | Jun 2024 -13% | Sep 2024 -15% | Dec 2024 -9.3% | Mar 2025 -6.8% | Jun 2025 1.7% | Sep 2025 -7.0% | Dec 2025 2.7% | Mar 2026 -0.6% | Jun 2026 —
- TEJASNET: Sep 2021 1.0% | Dec 2021 -1.5% | Mar 2022 -8.0% | Jun 2022 -6.9% | Sep 2022 -6.7% | Dec 2022 -5.7% | Mar 2023 -3.3% | Jun 2023 -4.8% | Sep 2023 -5.4% | Dec 2023 -4.4% | Mar 2024 2.7% | Jun 2024 12% | Sep 2024 21% | Dec 2024 33% | Mar 2025 21% | Jun 2025 14% | Sep 2025 -8.7% | Dec 2025 -21% | Mar 2026 -30% | Jun 2026 —
- TTML: Sep 2021 -3.1% | Dec 2021 — | Mar 2022 -3.9% | Jun 2022 — | Sep 2022 -6.4% | Dec 2022 — | Mar 2023 -3.9% | Jun 2023 — | Sep 2023 -3.3% | Dec 2023 — | Mar 2024 -6.1% | Jun 2024 — | Sep 2024 -8.6% | Dec 2024 — | Mar 2025 -4.7% | Jun 2025 — | Sep 2025 -4.2% | Dec 2025 — | Mar 2026 -2.9% | Jun 2026 —
- OPTIEMUS: Sep 2021 1.0% | Dec 2021 — | Mar 2022 -7.0% | Jun 2022 — | Sep 2022 -5.1% | Dec 2022 — | Mar 2023 3.3% | Jun 2023 16% | Sep 2023 6.7% | Dec 2023 17% | Mar 2024 13% | Jun 2024 20% | Sep 2024 14% | Dec 2024 22% | Mar 2025 11% | Jun 2025 16% | Sep 2025 12% | Dec 2025 14% | Mar 2026 6.7% | Jun 2026 —
- NELCO: Sep 2021 25% | Dec 2021 — | Mar 2022 19% | Jun 2022 — | Sep 2022 20% | Dec 2022 — | Mar 2023 24% | Jun 2023 — | Sep 2023 25% | Dec 2023 28% | Mar 2024 26% | Jun 2024 26% | Sep 2024 22% | Dec 2024 22% | Mar 2025 15% | Jun 2025 16% | Sep 2025 9.0% | Dec 2025 6.8% | Mar 2026 6.3% | Jun 2026 7.5%
- MTNL: Sep 2021 -892% | Dec 2021 — | Mar 2022 52% | Jun 2022 — | Sep 2022 15% | Dec 2022 — | Mar 2023 91% | Jun 2023 — | Sep 2023 5,852% | Dec 2023 -969% | Mar 2024 -63% | Jun 2024 -79% | Sep 2024 44% | Dec 2024 -71% | Mar 2025 20% | Jun 2025 -51% | Sep 2025 16% | Dec 2025 -64% | Mar 2026 2.0% | Jun 2026 —
- GTLINFRA: Sep 2021 9.6% | Dec 2021 — | Mar 2022 2.8% | Jun 2022 — | Sep 2022 4.5% | Dec 2022 — | Mar 2023 -0.3% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -3.0% | Jun 2024 — | Sep 2024 -1.9% | Dec 2024 — | Mar 2025 -2.1% | Jun 2025 — | Sep 2025 -2.7% | Dec 2025 — | Mar 2026 -48% | Jun 2026 —
- SUYOG: Sep 2021 22% | Dec 2021 — | Mar 2022 22% | Jun 2022 — | Sep 2022 19% | Dec 2022 — | Mar 2023 18% | Jun 2023 — | Sep 2023 21% | Dec 2023 23% | Mar 2024 21% | Jun 2024 24% | Sep 2024 18% | Dec 2024 21% | Mar 2025 11% | Jun 2025 16% | Sep 2025 11% | Dec 2025 13% | Mar 2026 12% | Jun 2026 —
- ONMOBILE: Sep 2021 6.8% | Dec 2021 — | Mar 2022 5.2% | Jun 2022 — | Sep 2022 3.0% | Dec 2022 — | Mar 2023 0.3% | Jun 2023 — | Sep 2023 1.9% | Dec 2023 3.2% | Mar 2024 2.6% | Jun 2024 0.9% | Sep 2024 -2.0% | Dec 2024 -2.9% | Mar 2025 -3.0% | Jun 2025 0.9% | Sep 2025 -0.7% | Dec 2025 4.9% | Mar 2026 -8.7% | Jun 2026 —

### 20-quarter ROCE change history
- BHARTIARTL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.9 pp | Dec 2022 +1.9 pp | Mar 2023 +0.9 pp | Jun 2023 +1.2 pp | Sep 2023 +2.6 pp | Dec 2023 +2.0 pp | Mar 2024 +2.0 pp | Jun 2024 +1.1 pp | Sep 2024 +0.4 pp | Dec 2024 0.0 pp | Mar 2025 +1.5 pp | Jun 2025 +2.8 pp | Sep 2025 +4.5 pp | Dec 2025 +5.5 pp | Mar 2026 +3.5 pp | Jun 2026 —
- IDEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 — | Mar 2023 +1.5 pp | Jun 2023 — | Sep 2023 −0.4 pp | Dec 2023 — | Mar 2024 −0.1 pp | Jun 2024 — | Sep 2024 +1.1 pp | Dec 2024 +1.7 pp | Mar 2025 +1.5 pp | Jun 2025 +1.7 pp | Sep 2025 +0.5 pp | Dec 2025 +1.3 pp | Mar 2026 +0.7 pp | Jun 2026 —
- INDUSTOWER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −12.5 pp | Jun 2023 −9.1 pp | Sep 2023 −6.0 pp | Dec 2023 +5.6 pp | Mar 2024 +7.3 pp | Jun 2024 +5.9 pp | Sep 2024 +8.4 pp | Dec 2024 +8.6 pp | Mar 2025 +8.1 pp | Jun 2025 +5.6 pp | Sep 2025 +0.8 pp | Dec 2025 −9.3 pp | Mar 2026 −10.2 pp | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +6.6 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 +4.9 pp | Jun 2024 — | Sep 2024 −1.5 pp | Dec 2024 −0.2 pp | Mar 2025 +2.3 pp | Jun 2025 +5.5 pp | Sep 2025 +7.4 pp | Dec 2025 +5.7 pp | Mar 2026 +3.3 pp | Jun 2026 —
- TATACOMM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.5 pp | Dec 2022 — | Mar 2023 +1.1 pp | Jun 2023 — | Sep 2023 −3.1 pp | Dec 2023 — | Mar 2024 −2.5 pp | Jun 2024 — | Sep 2024 −4.5 pp | Dec 2024 −0.3 pp | Mar 2025 −2.9 pp | Jun 2025 +6.6 pp | Sep 2025 +5.2 pp | Dec 2025 +6.4 pp | Mar 2026 +0.2 pp | Jun 2026 —
- ITI: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.6 pp | Dec 2022 — | Mar 2023 −8.8 pp | Jun 2023 — | Sep 2023 −7.6 pp | Dec 2023 — | Mar 2024 −10.3 pp | Jun 2024 — | Sep 2024 −7.3 pp | Dec 2024 −3.5 pp | Mar 2025 +10.4 pp | Jun 2025 +14.2 pp | Sep 2025 +7.8 pp | Dec 2025 +12.0 pp | Mar 2026 +6.2 pp | Jun 2026 —
- TEJASNET: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −7.7 pp | Dec 2022 −4.2 pp | Mar 2023 +4.7 pp | Jun 2023 +2.1 pp | Sep 2023 +1.3 pp | Dec 2023 +1.3 pp | Mar 2024 +6.0 pp | Jun 2024 +16.5 pp | Sep 2024 +26.3 pp | Dec 2024 +37.1 pp | Mar 2025 +18.7 pp | Jun 2025 +2.6 pp | Sep 2025 −29.6 pp | Dec 2025 −53.2 pp | Mar 2026 −51.1 pp | Jun 2026 —
- TTML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.3 pp | Dec 2022 — | Mar 2023 0.0 pp | Jun 2023 — | Sep 2023 +3.1 pp | Dec 2023 — | Mar 2024 −2.2 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 — | Mar 2025 +1.4 pp | Jun 2025 — | Sep 2025 +4.4 pp | Dec 2025 — | Mar 2026 +1.8 pp | Jun 2026 —
- OPTIEMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −6.1 pp | Dec 2022 — | Mar 2023 +10.3 pp | Jun 2023 — | Sep 2023 +11.8 pp | Dec 2023 — | Mar 2024 +9.2 pp | Jun 2024 +3.3 pp | Sep 2024 +6.9 pp | Dec 2024 +5.6 pp | Mar 2025 −1.2 pp | Jun 2025 −3.2 pp | Sep 2025 −2.1 pp | Dec 2025 −8.0 pp | Mar 2026 −4.6 pp | Jun 2026 —
- NELCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.2 pp | Dec 2022 — | Mar 2023 +5.0 pp | Jun 2023 — | Sep 2023 +4.3 pp | Dec 2023 — | Mar 2024 +2.4 pp | Jun 2024 — | Sep 2024 −2.4 pp | Dec 2024 −6.0 pp | Mar 2025 −11.3 pp | Jun 2025 −10.7 pp | Sep 2025 −13.1 pp | Dec 2025 −15.4 pp | Mar 2026 −8.5 pp | Jun 2026 −8.1 pp
- MTNL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +907.5 pp | Dec 2022 — | Mar 2023 +38.9 pp | Jun 2023 — | Sep 2023 +5,836.6 pp | Dec 2023 — | Mar 2024 −154.5 pp | Jun 2024 — | Sep 2024 −5,807.7 pp | Dec 2024 +898.1 pp | Mar 2025 +83.4 pp | Jun 2025 +28.6 pp | Sep 2025 −28.6 pp | Dec 2025 +7.0 pp | Mar 2026 −18.2 pp | Jun 2026 —
- GTLINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −5.1 pp | Dec 2022 — | Mar 2023 −3.1 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −2.7 pp | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +0.9 pp | Jun 2025 — | Sep 2025 −0.8 pp | Dec 2025 — | Mar 2026 −46.1 pp | Jun 2026 —
- SUYOG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 — | Mar 2023 −4.2 pp | Jun 2023 — | Sep 2023 +1.5 pp | Dec 2023 — | Mar 2024 +3.0 pp | Jun 2024 — | Sep 2024 −2.7 pp | Dec 2024 −1.9 pp | Mar 2025 −9.2 pp | Jun 2025 −8.0 pp | Sep 2025 −7.5 pp | Dec 2025 −8.2 pp | Mar 2026 +1.0 pp | Jun 2026 —
- ONMOBILE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.8 pp | Dec 2022 — | Mar 2023 −4.9 pp | Jun 2023 — | Sep 2023 −1.1 pp | Dec 2023 — | Mar 2024 +2.3 pp | Jun 2024 — | Sep 2024 −3.9 pp | Dec 2024 −6.1 pp | Mar 2025 −5.6 pp | Jun 2025 0.0 pp | Sep 2025 +1.3 pp | Dec 2025 +7.8 pp | Mar 2026 −5.7 pp | Jun 2026 —

## Valuation Against Growth & Quality

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.

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.

Evidence: Indus Towers Ltd · 0.46× | 29.2% versus #2 · Bharti Airtel Ltd | 0/8 recent comparable periods | 5/18 companies · 31 observations

Definition: 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 PEG — lowest PEG
1. Indus Towers Ltd (INDUSTOWER): 0.5
2. Bharti Airtel Ltd (BHARTIARTL): 0.7
3. Tata Communications Ltd (TATACOMM): 2.2
4. Bharti Hexacom Ltd (BHARTIHEXA): 3.5
5. Optiemus Infracom Ltd (OPTIEMUS): 9.1

### P/E — lowest P/E
1. GTL Infrastructure Ltd (GTLINFRA): 2.0
2. Vodafone Idea Ltd (IDEA): 4.1
3. Sar Televenture Ltd (SARTELE): 8.2
4. Indus Towers Ltd (INDUSTOWER): 14.6
5. Suyog Telematics Ltd (SUYOG): 15.8

### 20-quarter Guarded PEG history
- BHARTIARTL: Sep 2021 10.0 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 14.0 | Dec 2024 2.2 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 0.7 | Jun 2026 —
- INDUSTOWER: Sep 2021 2.8 | Dec 2021 0.5 | Mar 2022 0.2 | Jun 2022 0.2 | Sep 2022 0.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 0.2 | Dec 2025 0.5 | Mar 2026 — | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.5 | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- TATACOMM: Sep 2021 — | Dec 2021 1.1 | Mar 2022 0.6 | Jun 2022 1.1 | Sep 2022 0.7 | Dec 2022 0.6 | Mar 2023 0.7 | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 1.7 | Jun 2025 1.5 | Sep 2025 2.6 | Dec 2025 0.9 | Mar 2026 2.2 | Jun 2026 —
- OPTIEMUS: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 1.5 | Sep 2024 4.3 | Dec 2024 1.7 | Mar 2025 1.9 | Jun 2025 8.0 | Sep 2025 9.1 | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- 526775: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 149.6 | Jun 2023 68.5 | Sep 2023 71.4 | Dec 2023 59.1 | Mar 2024 57.4 | Jun 2024 74.6 | Sep 2024 60.3 | Dec 2024 43.4 | Mar 2025 37.7 | Jun 2025 59.3 | Sep 2025 66.8 | Dec 2025 69.2 | Mar 2026 53.9 | Jun 2026 —
- BHARTIARTL: Sep 2021 392.3 | Dec 2021 145.2 | Mar 2022 162.7 | Jun 2022 109.5 | Sep 2022 95.3 | Dec 2022 74.8 | Mar 2023 58.7 | Jun 2023 57.2 | Sep 2023 46.4 | Dec 2023 53.1 | Mar 2024 59.8 | Jun 2024 65.5 | Sep 2024 82.1 | Dec 2024 63.9 | Mar 2025 49.3 | Jun 2025 42.4 | Sep 2025 37.0 | Dec 2025 37.3 | Mar 2026 34.3 | Jun 2026 —
- IDEA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 2.7 | Jun 2026 —
- INDUSTOWER: Sep 2021 17.7 | Dec 2021 12.6 | Mar 2022 9.3 | Jun 2022 9.1 | Sep 2022 9.8 | Dec 2022 10.8 | Mar 2023 14.1 | Jun 2023 19.2 | Sep 2023 16.2 | Dec 2023 14.9 | Mar 2024 14.1 | Jun 2024 16.8 | Sep 2024 16.0 | Dec 2024 11.7 | Mar 2025 8.9 | Jun 2025 11.0 | Sep 2025 9.4 | Dec 2025 11.8 | Mar 2026 15.8 | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 137.4 | Sep 2024 141.2 | Dec 2024 77.8 | Mar 2025 69.7 | Jun 2025 75.6 | Sep 2025 58.3 | Dec 2025 57.0 | Mar 2026 42.7 | Jun 2026 —
- TATACOMM: Sep 2021 30.7 | Dec 2021 31.6 | Mar 2022 23.8 | Jun 2022 17.8 | Sep 2022 19.0 | Dec 2022 20.4 | Mar 2023 19.9 | Jun 2023 26.2 | Sep 2023 35.1 | Dec 2023 38.2 | Mar 2024 60.1 | Jun 2024 49.1 | Sep 2024 66.0 | Dec 2024 52.2 | Mar 2025 38.3 | Jun 2025 35.9 | Sep 2025 34.5 | Dec 2025 38.0 | Mar 2026 29.9 | Jun 2026 53.8
- HFCL: Sep 2021 29.6 | Dec 2021 30.1 | Mar 2022 27.8 | Jun 2022 23.5 | Sep 2022 35.0 | Dec 2022 36.1 | Mar 2023 28.5 | Jun 2023 29.8 | Sep 2023 33.4 | Dec 2023 38.2 | Mar 2024 44.1 | Jun 2024 48.8 | Sep 2024 58.1 | Dec 2024 43.1 | Mar 2025 30.9 | Jun 2025 70.7 | Sep 2025 66.3 | Dec 2025 — | Mar 2026 — | Jun 2026 105.4
- ITI: Sep 2021 472.0 | Dec 2021 452.9 | Mar 2022 448.5 | Jun 2022 82.8 | Sep 2022 90.1 | Dec 2022 148.0 | Mar 2023 117.1 | Jun 2023 138.2 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 78.4 | Jun 2026 —
- TEJASNET: Sep 2021 74.2 | Dec 2021 73.2 | Mar 2022 147.7 | Jun 2022 189.3 | Sep 2022 -129.0 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 177.9 | Jun 2024 348.2 | Sep 2024 124.5 | Dec 2024 45.2 | Mar 2025 19.7 | Jun 2025 28.4 | Sep 2025 56.3 | Dec 2025 57.4 | Mar 2026 — | Jun 2026 —
- TTML: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -28.4 | Jun 2026 —
- OPTIEMUS: Sep 2021 27.3 | Dec 2021 25.3 | Mar 2022 26.9 | Jun 2022 24.3 | Sep 2022 283.0 | Dec 2022 211.8 | Mar 2023 64.3 | Jun 2023 43.2 | Sep 2023 54.3 | Dec 2023 59.9 | Mar 2024 43.3 | Jun 2024 48.0 | Sep 2024 122.8 | Dec 2024 88.8 | Mar 2025 56.9 | Jun 2025 87.4 | Sep 2025 86.7 | Dec 2025 62.9 | Mar 2026 41.5 | Jun 2026 —
- NELCO: Sep 2021 90.7 | Dec 2021 102.5 | Mar 2022 92.6 | Jun 2022 87.3 | Sep 2022 119.4 | Dec 2022 92.9 | Mar 2023 68.5 | Jun 2023 83.5 | Sep 2023 85.8 | Dec 2023 82.1 | Mar 2024 68.2 | Jun 2024 74.4 | Sep 2024 105.9 | Dec 2024 139.0 | Mar 2025 104.2 | Jun 2025 241.7 | Sep 2025 204.0 | Dec 2025 176.6 | Mar 2026 127.7 | Jun 2026 163.2
- GTLINFRA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -2.3 | Mar 2026 1.6 | Jun 2026 —
- SUYOG: Sep 2021 14.3 | Dec 2021 12.7 | Mar 2022 10.3 | Jun 2022 9.2 | Sep 2022 9.2 | Dec 2022 8.6 | Mar 2023 7.8 | Jun 2023 9.0 | Sep 2023 13.8 | Dec 2023 17.4 | Mar 2024 19.4 | Jun 2024 16.6 | Sep 2024 23.9 | Dec 2024 27.2 | Mar 2025 — | Jun 2025 24.4 | Sep 2025 21.1 | Dec 2025 17.7 | Mar 2026 19.6 | Jun 2026 —
- KRONECOMM: Sep 2021 26.6 | Dec 2021 29.3 | Mar 2022 18.9 | Jun 2022 17.7 | Sep 2022 19.4 | Dec 2022 21.1 | Mar 2023 22.4 | Jun 2023 39.5 | Sep 2023 57.7 | Dec 2023 40.1 | Mar 2024 31.5 | Jun 2024 46.4 | Sep 2024 33.3 | Dec 2024 25.9 | Mar 2025 22.4 | Jun 2025 25.0 | Sep 2025 36.8 | Dec 2025 36.3 | Mar 2026 30.1 | Jun 2026 —
- ONMOBILE: Sep 2021 28.5 | Dec 2021 28.7 | Mar 2022 35.1 | Jun 2022 44.9 | Sep 2022 58.2 | Dec 2022 52.4 | Mar 2023 47.6 | Jun 2023 68.6 | Sep 2023 65.0 | Dec 2023 44.6 | Mar 2024 33.7 | Jun 2024 49.8 | Sep 2024 61.6 | Dec 2024 — | Mar 2025 — | Jun 2025 -66.2 | Sep 2025 82.2 | Dec 2025 53.2 | Mar 2026 27.2 | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 21.4 | Mar 2024 28.7 | Jun 2024 — | Sep 2024 64.9 | Dec 2024 31.8 | Mar 2025 34.3 | Jun 2025 — | Sep 2025 18.8 | Dec 2025 — | Mar 2026 16.0 | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: OnMobile Global Ltd leads ev/ebitda at 6.4×; Sar Televenture Ltd leads p/bv at 0.61×.

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.

Evidence: OnMobile Global Ltd · 6.4× | 9.9% versus #2 · Suyog Telematics Ltd | 0/8 recent comparable periods | 17/18 companies · 304 observations

Definition: 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/EBITDA — lowest EV/EBITDA
1. OnMobile Global Ltd (ONMOBILE): 6.4
2. Suyog Telematics Ltd (SUYOG): 7.1
3. Indus Towers Ltd (INDUSTOWER): 7.2
4. GTL Infrastructure Ltd (GTLINFRA): 10.9
5. Bharti Airtel Ltd (BHARTIARTL): 11.1

### P/BV — lowest P/BV
1. Sar Televenture Ltd (SARTELE): 0.6
2. OnMobile Global Ltd (ONMOBILE): 1.0
3. Suyog Telematics Ltd (SUYOG): 2.0
4. Indus Towers Ltd (INDUSTOWER): 2.6
5. Tejas Networks Ltd (TEJASNET): 3.0

### 20-quarter EV/EBITDA history
- 526775: Sep 2021 16.7 | Dec 2021 13.1 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 30.9 | Jun 2023 24.6 | Sep 2023 33.0 | Dec 2023 30.6 | Mar 2024 32.2 | Jun 2024 44.0 | Sep 2024 36.2 | Dec 2024 25.6 | Mar 2025 20.5 | Jun 2025 35.4 | Sep 2025 41.4 | Dec 2025 43.7 | Mar 2026 35.6 | Jun 2026 —
- BHARTIARTL: Sep 2021 9.6 | Dec 2021 9.1 | Mar 2022 10.3 | Jun 2022 9.0 | Sep 2022 10.2 | Dec 2022 9.7 | Mar 2023 8.2 | Jun 2023 9.6 | Sep 2023 9.5 | Dec 2023 9.9 | Mar 2024 11.0 | Jun 2024 12.6 | Sep 2024 14.3 | Dec 2024 13.1 | Mar 2025 13.2 | Jun 2025 13.8 | Sep 2025 12.2 | Dec 2025 12.3 | Mar 2026 11.1 | Jun 2026 —
- IDEA: Sep 2021 13.8 | Dec 2021 15.2 | Mar 2022 14.7 | Jun 2022 14.1 | Sep 2022 16.4 | Dec 2022 15.9 | Mar 2023 13.6 | Jun 2023 16.0 | Sep 2023 17.4 | Dec 2023 18.7 | Mar 2024 17.8 | Jun 2024 20.8 | Sep 2024 18.1 | Dec 2024 16.0 | Mar 2025 15.3 | Jun 2025 16.9 | Sep 2025 15.9 | Dec 2025 18.6 | Mar 2026 16.8 | Jun 2026 —
- INDUSTOWER: Sep 2021 10.1 | Dec 2021 6.6 | Mar 2022 5.1 | Jun 2022 5.2 | Sep 2022 5.2 | Dec 2022 5.4 | Mar 2023 5.4 | Jun 2023 6.3 | Sep 2023 6.3 | Dec 2023 6.3 | Mar 2024 6.9 | Jun 2024 8.1 | Sep 2024 7.8 | Dec 2024 6.2 | Mar 2025 5.3 | Jun 2025 6.1 | Sep 2025 5.3 | Dec 2025 6.3 | Mar 2026 7.2 | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 18.0 | Sep 2024 23.0 | Dec 2024 21.6 | Mar 2025 20.0 | Jun 2025 24.2 | Sep 2025 19.5 | Dec 2025 20.0 | Mar 2026 16.4 | Jun 2026 —
- TATACOMM: Sep 2021 11.8 | Dec 2021 12.0 | Mar 2022 9.9 | Jun 2022 7.6 | Sep 2022 8.4 | Dec 2022 9.1 | Mar 2023 9.0 | Jun 2023 11.3 | Sep 2023 13.7 | Dec 2023 13.2 | Mar 2024 14.5 | Jun 2024 14.1 | Sep 2024 15.8 | Dec 2024 13.2 | Mar 2025 12.3 | Jun 2025 12.7 | Sep 2025 12.3 | Dec 2025 13.6 | Mar 2026 11.3 | Jun 2026 13.4
- HFCL: Sep 2021 14.1 | Dec 2021 15.4 | Mar 2022 14.1 | Jun 2022 12.1 | Sep 2022 16.6 | Dec 2022 16.8 | Mar 2023 13.3 | Jun 2023 13.8 | Sep 2023 16.7 | Dec 2023 18.5 | Mar 2024 21.3 | Jun 2024 24.8 | Sep 2024 31.7 | Dec 2024 23.4 | Mar 2025 16.5 | Jun 2025 26.0 | Sep 2025 31.3 | Dec 2025 26.9 | Mar 2026 25.8 | Jun 2026 41.3
- ITI: Sep 2021 51.8 | Dec 2021 51.5 | Mar 2022 56.6 | Jun 2022 30.0 | Sep 2022 32.8 | Dec 2022 36.7 | Mar 2023 31.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 731.0 | Sep 2025 645.0 | Dec 2025 577.1 | Mar 2026 394.8 | Jun 2026 —
- TEJASNET: Sep 2021 48.5 | Dec 2021 42.5 | Mar 2022 57.7 | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 122.5 | Sep 2023 248.9 | Dec 2023 315.3 | Mar 2024 311.9 | Jun 2024 77.9 | Sep 2024 37.1 | Dec 2024 21.4 | Mar 2025 10.8 | Jun 2025 12.1 | Sep 2025 14.4 | Dec 2025 120.7 | Mar 2026 — | Jun 2026 —
- TTML: Sep 2021 56.9 | Dec 2021 132.9 | Mar 2022 117.6 | Jun 2022 97.7 | Sep 2022 88.7 | Dec 2022 81.2 | Mar 2023 63.8 | Jun 2023 70.0 | Sep 2023 80.4 | Dec 2023 76.2 | Mar 2024 69.0 | Jun 2024 69.9 | Sep 2024 71.0 | Dec 2024 66.5 | Mar 2025 58.3 | Jun 2025 61.4 | Sep 2025 57.2 | Dec 2025 52.1 | Mar 2026 44.6 | Jun 2026 47.6
- OPTIEMUS: Sep 2021 23.7 | Dec 2021 22.2 | Mar 2022 23.6 | Jun 2022 162.1 | Sep 2022 95.5 | Dec 2022 75.5 | Mar 2023 32.1 | Jun 2023 25.3 | Sep 2023 32.6 | Dec 2023 34.9 | Mar 2024 26.2 | Jun 2024 27.8 | Sep 2024 66.3 | Dec 2024 47.4 | Mar 2025 27.9 | Jun 2025 44.4 | Sep 2025 44.6 | Dec 2025 34.1 | Mar 2026 22.2 | Jun 2026 —
- NELCO: Sep 2021 28.3 | Dec 2021 33.4 | Mar 2022 30.5 | Jun 2022 26.5 | Sep 2022 35.9 | Dec 2022 28.3 | Mar 2023 20.8 | Jun 2023 26.5 | Sep 2023 29.0 | Dec 2023 29.7 | Mar 2024 25.4 | Jun 2024 28.5 | Sep 2024 40.4 | Dec 2024 51.1 | Mar 2025 38.8 | Jun 2025 49.0 | Sep 2025 41.5 | Dec 2025 36.1 | Mar 2026 26.3 | Jun 2026 59.9
- MTNL: Sep 2021 54.1 | Dec 2021 79.0 | Mar 2022 84.2 | Jun 2022 85.0 | Sep 2022 82.3 | Dec 2022 94.5 | Mar 2023 125.0 | Jun 2023 165.6 | Sep 2023 525.4 | Dec 2023 427.0 | Mar 2024 335.3 | Jun 2024 346.2 | Sep 2024 153.2 | Dec 2024 163.9 | Mar 2025 145.3 | Jun 2025 164.9 | Sep 2025 466.6 | Dec 2025 — | Mar 2026 — | Jun 2026 —
- GTLINFRA: Sep 2021 23.2 | Dec 2021 26.7 | Mar 2022 31.0 | Jun 2022 17.8 | Sep 2022 20.3 | Dec 2022 28.3 | Mar 2023 26.8 | Jun 2023 97.8 | Sep 2023 27.0 | Dec 2023 17.8 | Mar 2024 11.1 | Jun 2024 19.1 | Sep 2024 20.9 | Dec 2024 21.0 | Mar 2025 17.2 | Jun 2025 19.5 | Sep 2025 15.8 | Dec 2025 11.9 | Mar 2026 10.9 | Jun 2026 —
- SUYOG: Sep 2021 7.8 | Dec 2021 7.3 | Mar 2022 6.7 | Jun 2022 6.0 | Sep 2022 6.0 | Dec 2022 5.9 | Mar 2023 6.0 | Jun 2023 6.8 | Sep 2023 10.2 | Dec 2023 13.2 | Mar 2024 13.1 | Jun 2024 11.6 | Sep 2024 15.1 | Dec 2024 16.5 | Mar 2025 11.3 | Jun 2025 9.8 | Sep 2025 8.4 | Dec 2025 7.4 | Mar 2026 7.1 | Jun 2026 —
- KRONECOMM: Sep 2021 14.5 | Dec 2021 17.1 | Mar 2022 10.3 | Jun 2022 10.5 | Sep 2022 11.3 | Dec 2022 12.9 | Mar 2023 14.3 | Jun 2023 25.4 | Sep 2023 37.9 | Dec 2023 27.3 | Mar 2024 21.5 | Jun 2024 33.4 | Sep 2024 23.5 | Dec 2024 17.9 | Mar 2025 15.3 | Jun 2025 17.2 | Sep 2025 25.3 | Dec 2025 24.9 | Mar 2026 20.7 | Jun 2026 —
- ONMOBILE: Sep 2021 15.4 | Dec 2021 14.8 | Mar 2022 18.2 | Jun 2022 21.8 | Sep 2022 26.5 | Dec 2022 23.1 | Mar 2023 16.8 | Jun 2023 31.0 | Sep 2023 35.0 | Dec 2023 25.3 | Mar 2024 15.2 | Jun 2024 16.3 | Sep 2024 31.7 | Dec 2024 58.0 | Mar 2025 23.8 | Jun 2025 33.1 | Sep 2025 16.4 | Dec 2025 9.3 | Mar 2026 6.4 | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 73.6 | Mar 2024 98.2 | Jun 2024 — | Sep 2024 81.0 | Dec 2024 40.6 | Mar 2025 43.8 | Jun 2025 — | Sep 2025 14.0 | Dec 2025 — | Mar 2026 12.6 | Jun 2026 —

### 20-quarter P/BV history
- 526775: Sep 2021 2.1 | Dec 2021 1.1 | Mar 2022 1.4 | Jun 2022 2.1 | Sep 2022 4.0 | Dec 2022 3.7 | Mar 2023 3.2 | Jun 2023 3.7 | Sep 2023 6.2 | Dec 2023 6.6 | Mar 2024 7.5 | Jun 2024 13.6 | Sep 2024 10.0 | Dec 2024 7.4 | Mar 2025 5.1 | Jun 2025 11.0 | Sep 2025 12.2 | Dec 2025 13.2 | Mar 2026 15.2 | Jun 2026 —
- BHARTIARTL: Sep 2021 7.2 | Dec 2021 6.7 | Mar 2022 6.9 | Jun 2022 6.7 | Sep 2022 6.5 | Dec 2022 6.2 | Mar 2023 6.6 | Jun 2023 6.4 | Sep 2023 6.7 | Dec 2023 7.5 | Mar 2024 8.9 | Jun 2024 10.4 | Sep 2024 12.0 | Dec 2024 10.5 | Mar 2025 11.3 | Jun 2025 14.0 | Sep 2025 9.6 | Dec 2025 10.2 | Mar 2026 8.9 | Jun 2026 —
- IDEA: Sep 2021 -0.9 | Dec 2021 -0.8 | Mar 2022 -0.6 | Jun 2022 -0.7 | Sep 2022 -0.4 | Dec 2022 -0.3 | Mar 2023 -0.4 | Jun 2023 -0.5 | Sep 2023 -0.8 | Dec 2023 -0.9 | Mar 2024 -0.7 | Jun 2024 -1.2 | Sep 2024 -0.5 | Dec 2024 -0.6 | Mar 2025 -0.5 | Jun 2025 -0.5 | Sep 2025 -0.8 | Dec 2025 -1.6 | Mar 2026 -1.2 | Jun 2026 —
- INDUSTOWER: Sep 2021 5.4 | Dec 2021 3.6 | Mar 2022 2.9 | Jun 2022 3.7 | Sep 2022 2.6 | Dec 2022 2.5 | Mar 2023 1.7 | Jun 2023 2.0 | Sep 2023 2.5 | Dec 2023 2.3 | Mar 2024 3.3 | Jun 2024 4.8 | Sep 2024 3.9 | Dec 2024 3.1 | Mar 2025 3.1 | Jun 2025 4.1 | Sep 2025 2.8 | Dec 2025 3.1 | Mar 2026 3.1 | Jun 2026 —
- BHARTIHEXA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 10.8 | Sep 2024 13.9 | Dec 2024 14.0 | Mar 2025 14.1 | Jun 2025 16.5 | Sep 2025 14.1 | Dec 2025 14.6 | Mar 2026 12.0 | Jun 2026 —
- TATACOMM: Sep 2021 354.4 | Dec 2021 176.2 | Mar 2022 140.4 | Jun 2022 28.3 | Sep 2022 36.1 | Dec 2022 40.0 | Mar 2023 38.3 | Jun 2023 29.9 | Sep 2023 36.3 | Dec 2023 34.7 | Mar 2024 39.4 | Jun 2024 29.6 | Sep 2024 33.9 | Dec 2024 27.5 | Mar 2025 25.3 | Jun 2025 15.8 | Sep 2025 15.2 | Dec 2025 17.8 | Mar 2026 14.0 | Jun 2026 16.5
- HFCL: Sep 2021 4.8 | Dec 2021 4.9 | Mar 2022 4.8 | Jun 2022 3.8 | Sep 2022 3.5 | Dec 2022 3.5 | Mar 2023 3.0 | Jun 2023 3.2 | Sep 2023 3.4 | Dec 2023 3.4 | Mar 2024 3.7 | Jun 2024 5.0 | Sep 2024 5.5 | Dec 2024 3.9 | Mar 2025 2.7 | Jun 2025 3.2 | Sep 2025 2.5 | Dec 2025 2.1 | Mar 2026 2.6 | Jun 2026 6.7
- ITI: Sep 2021 4.7 | Dec 2021 4.7 | Mar 2022 4.0 | Jun 2022 4.0 | Sep 2022 4.0 | Dec 2022 4.0 | Mar 2023 3.2 | Jun 2023 3.8 | Sep 2023 8.0 | Dec 2023 13.8 | Mar 2024 11.5 | Jun 2024 12.3 | Sep 2024 10.5 | Dec 2024 19.4 | Mar 2025 14.8 | Jun 2025 17.3 | Sep 2025 16.3 | Dec 2025 20.1 | Mar 2026 16.1 | Jun 2026 —
- TEJASNET: Sep 2021 3.6 | Dec 2021 2.4 | Mar 2022 2.2 | Jun 2022 3.6 | Sep 2022 3.9 | Dec 2022 3.3 | Mar 2023 3.4 | Jun 2023 4.1 | Sep 2023 5.0 | Dec 2023 4.9 | Mar 2024 3.7 | Jun 2024 7.7 | Sep 2024 6.6 | Dec 2024 5.5 | Mar 2025 3.6 | Jun 2025 3.3 | Sep 2025 2.7 | Dec 2025 2.4 | Mar 2026 2.2 | Jun 2026 —
- TTML: Sep 2021 -0.4 | Dec 2021 -2.2 | Mar 2022 -1.7 | Jun 2022 -1.3 | Sep 2022 -1.1 | Dec 2022 -1.0 | Mar 2023 -0.6 | Jun 2023 -0.7 | Sep 2023 -1.0 | Dec 2023 -0.9 | Mar 2024 -0.8 | Jun 2024 -0.8 | Sep 2024 -0.9 | Dec 2024 -0.8 | Mar 2025 -0.6 | Jun 2025 -0.7 | Sep 2025 -0.5 | Dec 2025 -0.5 | Mar 2026 -0.3 | Jun 2026 -0.4
- OPTIEMUS: Sep 2021 8.7 | Dec 2021 8.2 | Mar 2022 8.2 | Jun 2022 7.7 | Sep 2022 6.0 | Dec 2022 7.5 | Mar 2023 5.3 | Jun 2023 5.5 | Sep 2023 6.6 | Dec 2023 6.9 | Mar 2024 5.6 | Jun 2024 7.1 | Sep 2024 17.1 | Dec 2024 13.3 | Mar 2025 8.2 | Jun 2025 12.9 | Sep 2025 8.6 | Dec 2025 6.1 | Mar 2026 3.9 | Jun 2026 —
- NELCO: Sep 2021 17.8 | Dec 2021 20.5 | Mar 2022 20.2 | Jun 2022 15.7 | Sep 2022 20.9 | Dec 2022 17.3 | Mar 2023 13.3 | Jun 2023 15.9 | Sep 2023 17.1 | Dec 2023 16.3 | Mar 2024 14.3 | Jun 2024 14.2 | Sep 2024 19.3 | Dec 2024 22.9 | Mar 2025 16.2 | Jun 2025 18.1 | Sep 2025 15.3 | Dec 2025 13.2 | Mar 2026 9.5 | Jun 2026 15.3
- MTNL: Sep 2021 -0.1 | Dec 2021 -0.1 | Mar 2022 -0.1 | Jun 2022 -0.1 | Sep 2022 -0.1 | Dec 2022 -0.1 | Mar 2023 -0.1 | Jun 2023 -0.1 | Sep 2023 -0.1 | Dec 2023 -0.1 | Mar 2024 -0.1 | Jun 2024 -0.1 | Sep 2024 -0.1 | Dec 2024 -0.1 | Mar 2025 -0.1 | Jun 2025 -0.1 | Sep 2025 -0.1 | Dec 2025 -0.1 | Mar 2026 -0.1 | Jun 2026 —
- GTLINFRA: Sep 2021 -1.8 | Dec 2021 -1.5 | Mar 2022 -1.1 | Jun 2022 -1.3 | Sep 2022 -0.5 | Dec 2022 -0.5 | Mar 2023 -0.3 | Jun 2023 -0.4 | Sep 2023 -0.3 | Dec 2023 -0.4 | Mar 2024 -0.4 | Jun 2024 -0.9 | Sep 2024 -0.6 | Dec 2024 -0.5 | Mar 2025 -0.3 | Jun 2025 -0.5 | Sep 2025 -0.3 | Dec 2025 -0.2 | Mar 2026 -0.2 | Jun 2026 —
- SUYOG: Sep 2021 2.7 | Dec 2021 2.7 | Mar 2022 2.3 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.6 | Mar 2023 1.5 | Jun 2023 1.8 | Sep 2023 — | Dec 2023 — | Mar 2024 4.1 | Jun 2024 3.8 | Sep 2024 4.8 | Dec 2024 5.4 | Mar 2025 2.2 | Jun 2025 2.5 | Sep 2025 2.2 | Dec 2025 1.5 | Mar 2026 1.6 | Jun 2026 —
- KRONECOMM: Sep 2021 3.4 | Dec 2021 4.4 | Mar 2022 3.1 | Jun 2022 3.5 | Sep 2022 3.5 | Dec 2022 4.3 | Mar 2023 5.3 | Jun 2023 6.4 | Sep 2023 6.4 | Dec 2023 7.2 | Mar 2024 7.1 | Jun 2024 18.5 | Sep 2024 13.0 | Dec 2024 10.3 | Mar 2025 8.8 | Jun 2025 8.6 | Sep 2025 11.8 | Dec 2025 8.5 | Mar 2026 7.2 | Jun 2026 —
- ONMOBILE: Sep 2021 1.9 | Dec 2021 1.7 | Mar 2022 1.9 | Jun 2022 2.0 | Sep 2022 1.9 | Dec 2022 1.5 | Mar 2023 1.0 | Jun 2023 1.2 | Sep 2023 1.7 | Dec 2023 1.7 | Mar 2024 1.0 | Jun 2024 1.2 | Sep 2024 1.4 | Dec 2024 1.1 | Mar 2025 0.8 | Jun 2025 0.9 | Sep 2025 1.2 | Dec 2025 0.9 | Mar 2026 0.7 | Jun 2026 —
- SARTELE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 14.2 | Dec 2024 1.8 | Mar 2025 1.9 | Jun 2025 — | Sep 2025 1.0 | Dec 2025 — | Mar 2026 0.8 | Jun 2026 —

## 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.

### Strongest one-year price performers
1. HFCL Ltd (HFCL): 161%
2. ADC India Communications Ltd (KRONECOMM): 103%
3. Vodafone Idea Ltd (IDEA): 78%
4. Valiant Communications Ltd (526775): 67%
5. OnMobile Global Ltd (ONMOBILE): 14%

### Strongest relative strength versus NIFTY 500
1. HFCL Ltd (HFCL): 116%
2. ADC India Communications Ltd (KRONECOMM): 43%
3. Vodafone Idea Ltd (IDEA): 31%
4. Optiemus Infracom Ltd (OPTIEMUS): 17%
5. Suyog Telematics Ltd (SUYOG): 15%

## What can make this comparison misleading?
- 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.

## Every company
- Bharti Airtel Ltd (BHARTIARTL) — market value ₹11.8 L Cr; latest fundamentals Mar 2026
- Vodafone Idea Ltd (IDEA) — market value ₹1.4 L Cr; latest fundamentals Mar 2026
- Indus Towers Ltd (INDUSTOWER) — market value ₹1.0 L Cr; latest fundamentals Mar 2026
- Bharti Hexacom Ltd (BHARTIHEXA) — market value ₹80.4K Cr; latest fundamentals Mar 2026
- Tata Communications Ltd (TATACOMM) — market value ₹50.6K Cr; latest fundamentals Jun 2026
- HFCL Ltd (HFCL) — market value ₹30.1K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- ITI Ltd (ITI) — market value ₹26.5K Cr; latest fundamentals Mar 2026
- Tejas Networks Ltd (TEJASNET) — market value ₹8.8K Cr; latest fundamentals Mar 2026
- Tata Teleservices (Maharashtra) Ltd (TTML) — market value ₹7.7K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Optiemus Infracom Ltd (OPTIEMUS) — market value ₹5.4K Cr; latest fundamentals Mar 2026
- NELCO Ltd (NELCO) — market value ₹2.1K Cr; latest fundamentals Jun 2026; includes UNVERIFIED second-feed figures
- Mahanagar Telephone Nigam Ltd (MTNL) — market value ₹1.7K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- GTL Infrastructure Ltd (GTLINFRA) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Valiant Communications Ltd (526775) — market value ₹1.1K Cr; latest fundamentals Mar 2026
- Suyog Telematics Ltd (SUYOG) — market value ₹996 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- ADC India Communications Ltd (KRONECOMM) — market value ₹977 Cr; latest fundamentals Mar 2026
- OnMobile Global Ltd (ONMOBILE) — market value ₹646 Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures
- Sar Televenture Ltd (SARTELE) — market value ₹587 Cr; latest fundamentals Mar 2026

## Source standing of each company

Cross-checked: 8. Unverified: 9. Withheld: 1. Graded companies: 18.

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.

- WITHHELD | HFCL | HFCL Ltd | diff_gt_2pct | disagreement up to 9.75% over 14 comparable periods

- UNVERIFIED | TTML | Tata Teleservices (Maharashtra) Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | NELCO | NELCO Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | MTNL | Mahanagar Telephone Nigam Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | GTLINFRA | GTL Infrastructure Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | SUYOG | Suyog Telematics Ltd | too little overlapping reported history to cross-check the second feed
- UNVERIFIED | ONMOBILE | OnMobile Global Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-24.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### 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.

Narrative sector analysis: https://www.sectoralpha.in/sectors/telecom-services