Sector Alpha Week of 2026-09-28
Not SEBI Registered !! Not Investment advice !!
20-quarter listed-company comparison

Telecom Services Stocks in India

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

The 17 Telecom Services companies listed in India are Bharti Airtel Ltd (₹11.1 L Cr, the largest), Vodafone Idea Ltd, Indus Towers Ltd and 14 more. 6 of 17 covered companies beat NIFTY 500 on relative strength. Readings are as of 28 Sep 2026.

Top 10 Telecom Services Stocks in India (Sep 2026) — ranked by 4-Factor score

  1. 1Bharti Airtel Ltd₹11.1 L Cr69.3/100Favorable setup · strongest on PEG and revenue growth
  2. 2Bharti Hexacom Ltd₹74.1K Cr69.2/100Favorable setup · strongest on ROCE and ROCE improvement
  3. 3HFCL Ltd₹32.3K Cr59.0/100Mixed-positive evidence · strongest on relative strength versus sector and revenue growth
  4. 4ADC India Communications Ltd₹1.1K Cr57.3/100Mixed-positive evidence · strongest on ROCE and relative strength versus sector
  5. 5Indus Towers Ltd₹98.8K Cr55.8/100Mixed-positive evidence · strongest on PEG and ROCE
  6. 6Suyog Telematics Ltd₹762 Cr54.5/100Mixed-positive evidence · strongest on profit growth and revenue growth
  7. 7Vodafone Idea Ltd₹1.5 L Cr51.1/100Mixed-positive evidence · strongest on ROCE improvement and relative strength versus sector
  8. 8Sar Televenture Ltd₹460 Cr50.6/100Mixed-positive evidence · strongest on profit growth and own-history P/E
  9. 9Tata Teleservices (Maharashtra) Ltd₹6.7K Cr49.2/100Mixed-negative evidence · strongest on ROCE and margin improvement
  10. 10STL Networks Ltd₹2.5K Cr45.3/100Mixed-negative evidence · strongest on relative strength versus sector and relative strength versus the benchmark

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 25 Sep 2026. Not investment advice.

01 · the index people search for

Nifty Telecom Services Index — Constituents & Performance

The largest 15 of 17 listed Indian Telecom Services companies are named here; all 17 are ranked in the scorecard — the constituent set people search for as the Nifty Telecom Services index. Every figure is equal-weighted across those companies and carries its own as-of date. One large constituent cannot set the reading.

  1. Bharti Airtel Ltd₹11.1 L Cr
  2. Vodafone Idea Ltd₹1.5 L Cr
  3. Indus Towers Ltd₹98.8K Cr
  4. Bharti Hexacom Ltd₹74.1K Cr
  5. Tata Communications Ltd₹47.5K Cr
  6. HFCL Ltd₹32.3K Cr
  7. ITI Ltd₹24.4K Cr
  8. Tejas Networks Ltd₹9.0K Cr
  9. Tata Teleservices (Maharashtra) Ltd₹6.7K Cr
  10. STL Networks Ltd₹2.5K Cr
  11. NELCO Ltd₹2.1K Cr
  12. Mahanagar Telephone Nigam Ltd₹1.5K Cr
  13. GTL Infrastructure Ltd₹1.4K Cr
  14. ADC India Communications Ltd₹1.1K Cr
  15. Suyog Telematics Ltd₹762 Cr

The remaining 2 Telecom Services companies are named and ranked in the scorecard.

02 · the sector itself · before any single company

How has Telecom Services moved against NIFTY 500?

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the most recent two of them this sector is 5% ahead of NIFTY 500. Earnings across its companies fell 18% on average over the last four reported quarters.

TURNING · ahead 1w~Moving with the index3 of 18 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑1w · 8/18 >200d (−1) · 3/18 lead (+0) · EPS 10/18↑

20050020262025202420232022 603289 TRAILING 12-MONTH EPS · 100 AT THE START0100171Jun 22Dec 22Jun 23Dec 23Jun 24Dec 24Jun 25Dec 25Jun 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reporting · thin coverageSep 2022 · trailing 12-month earnings per share at 103, against 100 at the start · no comparable year yet · 6 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 119, against 100 at the start · no comparable year yet · 6 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 78, against 100 at the start · no comparable year yet · 6 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 85, against 100 at the start · down 24.5% on a year ago · 6 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 28.9% on a year ago · 13 reportingDec 2023 · trailing 12-month earnings per share at 105, against 100 at the start · down 16.3% on a year ago · 13 reportingMar 2024 · trailing 12-month earnings per share at 111, against 100 at the start · down 11.0% on a year ago · 13 reportingJun 2024 · trailing 12-month earnings per share at 122, against 100 at the start · up 18.6% on a year ago · 13 reportingSep 2024 · trailing 12-month earnings per share at 140, against 100 at the start · up 46.9% on a year ago · 13 reportingDec 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 46.7% on a year ago · 13 reportingMar 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 18.3% on a year ago · 13 reportingJun 2025 · trailing 12-month earnings per share at 98, against 100 at the start · up 8.4% on a year ago · 13 reportingSep 2025 · trailing 12-month earnings per share at 95, against 100 at the start · down 18.9% on a year ago · 13 reportingDec 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 31.8% on a year ago · 13 reportingMar 2026 · trailing 12-month earnings per share at 134, against 100 at the start · down 22.3% on a year ago · 13 reportingJun 2026 · trailing 12-month earnings per share at 171, against 100 at the start · up 0.3% on a year ago · 13 reportingNot reported yet — earnings trail price by a quarter or two171 · Jun 26No earnings on file this far back — the price series reaches further than the filings do
20050020262025202420232022 603289 TRAILING 12-MONTH EPS · 100 AT THE START0100171Jun 22Jun 23Jun 24Jun 25Jun 26Jun 2022 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 5 reporting · thin coverageSep 2022 · trailing 12-month earnings per share at 103, against 100 at the start · no comparable year yet · 6 reporting · thin coverageDec 2022 · trailing 12-month earnings per share at 119, against 100 at the start · no comparable year yet · 6 reporting · thin coverageMar 2023 · trailing 12-month earnings per share at 78, against 100 at the start · no comparable year yet · 6 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 85, against 100 at the start · down 24.5% on a year ago · 6 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 100, against 100 at the start · down 28.9% on a year ago · 13 reportingDec 2023 · trailing 12-month earnings per share at 105, against 100 at the start · down 16.3% on a year ago · 13 reportingMar 2024 · trailing 12-month earnings per share at 111, against 100 at the start · down 11.0% on a year ago · 13 reportingJun 2024 · trailing 12-month earnings per share at 122, against 100 at the start · up 18.6% on a year ago · 13 reportingSep 2024 · trailing 12-month earnings per share at 140, against 100 at the start · up 46.9% on a year ago · 13 reportingDec 2024 · trailing 12-month earnings per share at 136, against 100 at the start · up 46.7% on a year ago · 13 reportingMar 2025 · trailing 12-month earnings per share at 106, against 100 at the start · up 18.3% on a year ago · 13 reportingJun 2025 · trailing 12-month earnings per share at 98, against 100 at the start · up 8.4% on a year ago · 13 reportingSep 2025 · trailing 12-month earnings per share at 95, against 100 at the start · down 18.9% on a year ago · 13 reportingDec 2025 · trailing 12-month earnings per share at 103, against 100 at the start · down 31.8% on a year ago · 13 reportingMar 2026 · trailing 12-month earnings per share at 134, against 100 at the start · down 22.3% on a year ago · 13 reportingJun 2026 · trailing 12-month earnings per share at 171, against 100 at the start · up 0.3% on a year ago · 13 reportingNot reported yet — earnings trail price by a quarter or two171No earnings on file this far back — the price series reaches further than the filings do
Telecom Services, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 18 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

03 · sector relative strength, before individual stocks

Is Telecom Services outperforming NIFTY 500?

Telecom Services has outperformed NIFTY 500 by 6.9% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 2%. 6 of 17 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. STL Networks Ltd is the strongest against the sector itself at +102.2%. Readings are as of 2026-09-25.

-2.0%Sector vs NIFTY 500 · 13 weeks
+6.9%Sector vs NIFTY 500 · 52 weeks
6/17Stocks leading NIFTY 500
5/17Stocks leading sector

Sector metric: 59.0 as of 2026-09-25 · NARROWING · rising.

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

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

Telecom Services has outperformed NIFTY 500 by 6.9% over 52 weeks and 2% over 13 weeks. 6 of 17 covered companies beat NIFTY on Mansfield relative strength, while 5 of 17 beat the sector itself. Bharti Airtel Ltd leads with revenue of ₹2,20,049 crore, based on 17 of 17 comparable companies through Jun 2026.

Companies
17
complete canonical membership
Combined market value
₹15.7 L Cr
Bharti Airtel Ltd
Revenue growing
12/17
positive TTM year-on-year growth
Beating NIFTY 500
6/17
positive Mansfield relative strength
Comparing 5 of 17
04 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Bharti Airtel Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 93% evidence confidence.
Indus Towers Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.
STL Networks Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.
How this score is built, and what the marks mean

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.

CompanyScorePrice stageGrowth & earnings/35Capital efficiency/25Valuation/20Relative strength/20
1Bharti Airtel LtdBHARTIARTL 69.3/100Favorable setup93% evidence BASING 22.7/35 Revenue 19.6% · PAT -9.4% · OPM change 1 pp 100% evidence 21.5/25 ROCE 17.6% · OPM 57% 100% evidence 15.3/20 P/E 35.7× · PEG 0.65 65% evidence 9.8/20 RS sector -14.5% · RS bench -5.7% · 1Y -9%0 of 12 weeks ahead 100% evidence
Exact sum: 22.7 + 21.5 + 15.3 + 9.8 = 69.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2Bharti Hexacom LtdBHARTIHEXA 69.2/100Favorable setup87% evidence TURNING 25.5/35 Revenue 7.9% · PAT 32.8% · OPM change 2 pp 100% evidence 19.1/25 ROCE 21.4% · OPM 53% 100% evidence 12.6/20 P/E 40.1× · PEG 1.18 65% evidence 12.0/20 RS sector 5.5% · RS bench -6.2% · 1Y -13.6%2 of 11 weeks ahead 70% evidence
Exact sum: 25.5 + 19.1 + 12.6 + 12 = 69.2 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3HFCL LtdHFCL 59.0/100Mixed-positive evidence74% evidence FADING 26.2/35 Revenue 58.6% · PAT 100% · OPM change 18.7 pp 71% evidence 13.2/25 ROCE 10.8% · OPM 22% 76% evidence 6.2/20 P/E 56.5× · PEG — 50% evidence 13.4/20 RS sector 61.9% · RS bench 72% · 1Y 176.5%11 of 12 weeks ahead 100% evidence
Exact sum: 26.2 + 13.2 + 6.2 + 13.4 = 59 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4ADC India Communications LtdKRONECOMM 57.3/100Mixed-positive evidence82% evidence ASLEEP 18.6/35 Revenue 19% · PAT 0.3% · OPM change 4 pp 95% evidence 18.6/25 ROCE 31.4% · OPM 17.1% 76% evidence 6.5/20 P/E 48.8× · PEG — 50% evidence 13.6/20 RS sector 27.2% · RS bench 37.4% · 1Y 29.5%4 of 12 weeks ahead 100% evidence
Exact sum: 18.6 + 18.6 + 6.5 + 13.6 = 57.3 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
5Indus Towers LtdINDUSTOWER 55.8/100Mixed-positive evidence100% evidence ASLEEP 10.7/35 Revenue 6.7% · PAT -26.6% · OPM change -1 pp 100% evidence 20.6/25 ROCE 19.5% · OPM 53% 100% evidence 16.4/20 P/E 13.8× · PEG 0.46 100% evidence 8.1/20 RS sector -15.2% · RS bench -6.3% · 1Y 5%0 of 12 weeks ahead 100% evidence
Exact sum: 10.7 + 20.6 + 16.4 + 8.1 = 55.8 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
6Suyog Telematics LtdSUYOG 54.5/100Mixed-positive evidence80% evidence ASLEEP 21.8/35 Revenue 17.3% · PAT 50% · OPM change -3 pp 95% evidence 17.9/25 ROCE 14.6% · OPM 59% 95% evidence 10.8/20 P/E 12.6× · PEG — 15% evidence 4.0/20 RS sector -15.9% · RS bench -8.1% · 1Y -19.9%3 of 12 weeks ahead 100% evidence
Exact sum: 21.8 + 17.9 + 10.8 + 4 = 54.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7Vodafone Idea LtdIDEA 51.1/100Mixed-positive evidence74% evidence TURNING 19.5/35 Revenue 3.3% · PAT 100% · OPM change 1 pp 74% evidence 5.9/25 ROCE -1.7% · OPM 43% 100% evidence 11.3/20 P/E 4.1× · PEG — 15% evidence 14.4/20 RS sector 14.5% · RS bench 24.8% · 1Y 69.8%6 of 12 weeks ahead 100% evidence
Exact sum: 19.5 + 5.9 + 11.3 + 14.4 = 51.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8Sar Televenture LtdSARTELE 50.6/100Mixed-positive evidence70% evidence BASING 21.4/35 Revenue 100% · PAT 100% · OPM change 1 pp 48% evidence 13.1/25 ROCE 8.8% · OPM 17% 95% evidence 14.5/20 P/E 6.4× · PEG — 50% evidence 1.6/20 RS sector -49.3% · RS bench -43.2% · 1Y -52%0 of 12 weeks ahead 100% evidence
Exact sum: 21.4 + 13.1 + 14.5 + 1.6 = 50.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9Tata Teleservices (Maharashtra) LtdTTML 49.2/100Mixed-negative evidence74% evidence ASLEEP 17.3/35 Revenue -7.2% · PAT 100% · OPM change 3 pp 74% evidence 18.5/25 ROCE 55.6% · OPM 55% 100% evidence 8.7/20 P/E 179.4× · PEG — 15% evidence 4.7/20 RS sector -27.7% · RS bench -20.3% · 1Y -40.3%0 of 12 weeks ahead 100% evidence
Exact sum: 17.3 + 18.5 + 8.7 + 4.7 = 49.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10STL Networks LtdSTLNETWORK 45.3/100Mixed-negative evidence63% evidence TURNING 14.0/35 Revenue -7% · PAT -80% · OPM change 2.5 pp 71% evidence 4.3/25 ROCE 0.5% · OPM 4.7% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 17.0/20 RS sector 102.2% · RS bench 119.9% · 1Y 86.2%4 of 12 weeks ahead 70% evidence
Exact sum: 14 + 4.3 + 10 + 17 = 45.3 · Decision use: Price leads the evidence: RS versus the benchmark is 119.9%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
11Tata Communications LtdTATACOMM 43.0/100Mixed-negative evidence93% evidence ASLEEP 14.4/35 Revenue 8.3% · PAT -44.8% · OPM change 0 pp 100% evidence 14.8/25 ROCE 14.6% · OPM 19% 100% evidence 7.5/20 P/E 45.7× · PEG 2.22 65% evidence 6.3/20 RS sector -10% · RS bench -1.4% · 1Y -1.1%5 of 12 weeks ahead 100% evidence
Exact sum: 14.4 + 14.8 + 7.5 + 6.3 = 43 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12GTL Infrastructure LtdGTLINFRA 37.2/100Mixed-negative evidence66% evidence BASING 13.6/35 Revenue 1.3% · PAT 100% · OPM change 20 pp 71% evidence 5.4/25 ROCE -48.2% · OPM 44% 95% evidence 11.5/20 P/E 1.5× · PEG — 15% evidence 6.7/20 RS sector -14.3% · RS bench -9% · 1Y -28.7%0 of 11 weeks ahead 70% evidence
Exact sum: 13.6 + 5.4 + 11.5 + 6.7 = 37.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13ITI LtdITI 35.8/100Mixed-negative evidence74% evidence ASLEEP 18.0/35 Revenue -41.3% · PAT 100% · OPM change 1.9 pp 74% evidence 4.0/25 ROCE 1.4% · OPM 0.4% 100% evidence 9.0/20 P/E 75.1× · PEG — 15% evidence 4.8/20 RS sector -19.3% · RS bench -11.2% · 1Y -21.1%0 of 12 weeks ahead 100% evidence
Exact sum: 18 + 4 + 9 + 4.8 = 35.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14NELCO LtdNELCO 35.8/100Mixed-negative evidence74% evidence BREAKING OUT 10.0/35 Revenue 2% · PAT -43% · OPM change 0.1 pp 95% evidence 8.8/25 ROCE 7.2% · OPM 10.4% 95% evidence 8.5/20 P/E 353× · PEG — 15% evidence 8.5/20 RS sector -19.8% · RS bench 28.2% · 1Y 7.2%11 of 11 weeks ahead 70% evidence
Exact sum: 10 + 8.8 + 8.5 + 8.5 = 35.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15Tejas Networks LtdTEJASNET 35.1/100Mixed-negative evidence71% evidence ASLEEP 12.2/35 Revenue -80% · PAT -80% · OPM change 42 pp 74% evidence 2.6/25 ROCE -14.6% · OPM -25% 100% evidence 10.0/20 P/E — · PEG — 0% evidence 10.3/20 RS sector -2.7% · RS bench 6% · 1Y -17.5%7 of 12 weeks ahead 100% evidence
Exact sum: 12.2 + 2.6 + 10 + 10.3 = 35.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
16Mahanagar Telephone Nigam LtdMTNL 30.4/100Adverse evidence63% evidence ASLEEP 14.0/35 Revenue 1.4% · PAT 14% · OPM change 31 pp 71% evidence 2.8/25 ROCE -9.3% · OPM -15% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 3.6/20 RS sector -30.6% · RS bench -23.6% · 1Y -47.7%0 of 11 weeks ahead 70% evidence
Exact sum: 14 + 2.8 + 10 + 3.6 = 30.4 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17OnMobile Global LtdONMOBILE 29.1/100Adverse evidence71% evidence ASLEEP 4.3/35 Revenue -10.3% · PAT -80% · OPM change -3.9 pp 95% evidence 5.1/25 ROCE -0.1% · OPM 1.1% 95% evidence 10.0/20 P/E — · PEG — 0% evidence 9.7/20 RS sector -2.5% · RS bench -4.3% · 1Y -15%6 of 11 weeks ahead 70% evidence
Exact sum: 4.3 + 5.1 + 10 + 9.7 = 29.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
Showing 10 of 17 companies
05 · what price has already done

Market action

HFCL Ltd has the strongest one-year price move in Telecom Services at +176.5%. STL Networks Ltd leads on Mansfield relative strength against NIFTY at +119.9%. 6 of 17 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-09-25.

Price and relative strength

Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.

06 · the story behind the numbers

Telecom Services — the story behind the numbers

This is the written read behind the Telecom Services figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 14 Aug 2026. 4 themes are live here. It also states what would change this read.

Telecom has crossed a confirmed turn from peak spending to cash harvesting, with debt paid down, a tariff rise ahead and a Jio listing as an anchor. The cheap look survives the usual trap test: the earnings multiple sits at the 8th percentile of its own ten-year record and rises only to the 15th after normalising margins to mid-cycle. Genuinely cheap-to-fair, not a value trap.

How old this read is: This read comes from our Telecom Services sector deep dive dated 14 Aug 2026 — 45 days old. The numbers above it are newer than the words here.

What is live in this sector right now

Live themeSeverityEvidence on file
The sector number is narrow, carried by Bharti AirtelmediumBharti Airtel carries the aggregate, with a Vodafone Idea loss-narrowing tailwind sitting under the headline profit figure. Sector-level profit growth is not the same as broad profit growth.
A tariff or revenue-per-user cap would stop the margin gainsmediumThe one live risk to the peak-margin read is that the tariff and revenue-per-user governor caps any further margin expansion.
The turn from peak spending to cash harvesting is confirmedlowBalance sheets have paid down debt, a tariff rise is the next catalyst, and a Jio listing gives the group a valuation anchor. Demand is domestic, so it is little exposed to global shocks.
Margins are near a decade high and still risinglowOperating margin sits at the 92nd percentile of its own ten-year record and is still rising — the opposite of the trough-margin trap that normally makes a low multiple look cheap.

What would change this read

If the tariff rise slips and revenue per user stays flat while spending re-accelerates, the cash-harvest story flattens into a dividend play. The print that disproves it: Bharti-Airtel-led aggregate profit going flat with revenue per user stalling as the Vodafone Idea contribution fades.

Sources: our Telecom Services sector deep dive, 14 Aug 2026 · company earnings calls and quarterly results.

07 · compare level, then change

Revenue Scale & Growth Durability

Bharti Airtel Ltd has the highest Revenue among the 17 Telecom Services companies compared here, at ₹2,20,049 crore. Vodafone Idea Ltd is next at ₹45,539 crore. Sar Televenture Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharti Airtel Ltd is the scale leader at ₹2,20,049 crore, 383.2% ahead of Vodafone Idea Ltd. Sar Televenture Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 452.9% from a ₹846 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBharti Airtel Ltd · ₹2,20,049 crore
Gap383.2% versus #2 · Vodafone Idea Ltd
Persistence8/8 recent comparable periods
Coverage17/17 companies · 282 observations

Investor read: Bharti Airtel Ltd is the scale benchmark; Sar Televenture Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Bharti Airtel Ltd's growth falls below Sar Televenture Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Bharti Airtel Ltd BHARTIARTL₹2.2 L Cr
2Vodafone Idea Ltd IDEA₹45.5K Cr
3Indus Towers Ltd INDUSTOWER₹32.9K Cr
4Tata Communications Ltd TATACOMM₹25.4K Cr
5Bharti Hexacom Ltd BHARTIHEXA₹9.6K Cr
Revenue growthfastest growers
1Sar Televenture Ltd SARTELE100%
2HFCL Ltd HFCL59%
3Bharti Airtel Ltd BHARTIARTL20%
4ADC India Communications Ltd KRONECOMM19%
5Suyog Telematics Ltd SUYOG⚠ unverified17%
Revenue · company comparison
17/17 level · 17/17 change

On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.

All-company data · latest reported quarter

In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Bharti Airtel Ltd BHARTIARTL₹58.5K Cr18%Jun 2026
Vodafone Idea Ltd IDEA₹11.7K Cr6.1%Jun 2026
Indus Towers Ltd INDUSTOWER₹8.4K Cr4.6%Jun 2026
Tata Communications Ltd TATACOMM₹6.6K Cr10%Jun 2026
Bharti Hexacom Ltd BHARTIHEXA₹2.5K Cr11%Jun 2026
HFCL Ltd HFCL₹1.9K Cr120%Jun 2026
ITI Ltd ITI₹425 Cr-15%Jun 2026
Tejas Networks Ltd TEJASNET₹402 Cr99%Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified₹327 Cr-2.4%Jun 2026
Tata Teleservices (Maharashtra) Ltd TTML₹302 Cr6.3%Jun 2026
Sar Televenture Ltd SARTELE₹280 Cr35%Mar 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified₹217 Cr26%Jun 2026
STL Networks Ltd STLNETWORK⚠ unverified₹176 Cr-7.4%Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified₹123 Cr-1.6%Jun 2026
NELCO Ltd NELCO⚠ unverified₹80 Cr7.0%Jun 2026
Suyog Telematics Ltd SUYOG⚠ unverified₹71 Cr6.0%Jun 2026
ADC India Communications Ltd KRONECOMM₹63 Cr41%Jun 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

₹28.3K Cr
₹29.9K Cr
₹31.5K Cr
₹32.8K Cr
₹34.5K Cr
₹35.8K Cr
₹36.0K Cr
₹37.4K Cr
₹37.0K Cr
₹37.9K Cr
₹37.6K Cr
₹38.5K Cr
₹41.5K Cr
₹45.1K Cr
₹47.9K Cr
₹49.5K Cr
₹52.1K Cr
₹54.0K Cr
₹55.4K Cr
₹58.5K Cr

Bharti Hexacom Ltd · BHARTIHEXA

₹1.3K Cr
₹1.4K Cr
₹1.5K Cr
₹1.6K Cr
₹1.6K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.7K Cr
₹1.8K Cr
₹1.9K Cr
₹1.9K Cr
₹2.1K Cr
₹2.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.3K Cr
₹2.4K Cr
₹2.4K Cr
₹2.5K Cr

HFCL Ltd · HFCL

—
—
—
—
—
₹1.1K Cr
₹1.4K Cr
₹995 Cr
₹1.1K Cr
₹1.0K Cr
₹1.3K Cr
₹1.2K Cr
₹1.1K Cr
₹1.0K Cr
₹801 Cr
₹871 Cr
₹1.0K Cr
₹1.2K Cr
₹1.8K Cr
₹1.9K Cr

Indus Towers Ltd · INDUSTOWER

₹6.9K Cr
₹6.9K Cr
₹7.1K Cr
₹6.9K Cr
₹8.0K Cr
₹6.8K Cr
₹6.8K Cr
₹7.1K Cr
₹7.1K Cr
₹7.2K Cr
₹7.2K Cr
₹7.4K Cr
₹7.5K Cr
₹7.5K Cr
₹7.7K Cr
₹8.1K Cr
₹8.2K Cr
₹8.1K Cr
₹8.1K Cr
₹8.4K Cr

ITI Ltd · ITI

₹352 Cr
₹137 Cr
₹1.1K Cr
₹166 Cr
₹198 Cr
₹256 Cr
₹775 Cr
₹157 Cr
₹246 Cr
₹259 Cr
₹601 Cr
₹520 Cr
₹1.0K Cr
₹1.0K Cr
₹1.0K Cr
₹498 Cr
₹543 Cr
₹515 Cr
₹628 Cr
₹425 Cr

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

—
—
—
—
—
₹227 Cr
₹219 Cr
₹199 Cr
₹198 Cr
₹192 Cr
₹209 Cr
₹184 Cr
₹267 Cr
₹261 Cr
₹275 Cr
₹172 Cr
₹190 Cr
₹211 Cr
₹371 Cr
₹217 Cr

NELCO Ltd · NELCO⚠ unverified

—
—
—
—
—
₹74 Cr
₹82 Cr
₹79 Cr
₹77 Cr
₹83 Cr
₹82 Cr
₹74 Cr
₹83 Cr
₹81 Cr
₹68 Cr
₹75 Cr
₹74 Cr
₹78 Cr
₹79 Cr
₹80 Cr

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹355 Cr
₹357 Cr
₹288 Cr
₹181 Cr
₹190 Cr
₹231 Cr
₹335 Cr
₹203 Cr
₹176 Cr

Tata Communications Ltd · TATACOMM

₹4.2K Cr
₹4.2K Cr
₹4.3K Cr
₹4.3K Cr
₹4.4K Cr
₹4.5K Cr
₹4.6K Cr
₹4.8K Cr
₹4.9K Cr
₹5.6K Cr
₹5.6K Cr
₹5.6K Cr
₹5.7K Cr
₹5.8K Cr
₹6.0K Cr
₹6.0K Cr
₹6.1K Cr
₹6.2K Cr
₹6.6K Cr
₹6.6K Cr

Tata Teleservices (Maharashtra) Ltd · TTML

₹271 Cr
₹286 Cr
₹266 Cr
₹266 Cr
₹278 Cr
₹282 Cr
₹280 Cr
₹286 Cr
₹287 Cr
₹296 Cr
₹323 Cr
₹324 Cr
₹344 Cr
₹333 Cr
₹308 Cr
₹284 Cr
₹286 Cr
₹294 Cr
₹296 Cr
₹302 Cr

Tejas Networks Ltd · TEJASNET

₹173 Cr
₹107 Cr
₹129 Cr
₹126 Cr
₹220 Cr
₹275 Cr
₹299 Cr
₹188 Cr
₹396 Cr
₹560 Cr
₹1.3K Cr
₹1.6K Cr
₹2.8K Cr
₹2.6K Cr
₹1.9K Cr
₹202 Cr
₹262 Cr
₹307 Cr
₹333 Cr
₹402 Cr

Vodafone Idea Ltd · IDEA

₹9.4K Cr
₹9.7K Cr
₹10.2K Cr
₹10.4K Cr
₹10.6K Cr
₹10.6K Cr
₹10.5K Cr
₹10.7K Cr
₹10.7K Cr
₹10.7K Cr
₹10.6K Cr
₹10.5K Cr
₹10.9K Cr
₹11.1K Cr
₹11.0K Cr
₹11.0K Cr
₹11.2K Cr
₹11.3K Cr
₹11.3K Cr
₹11.7K Cr

Revenue growth · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

—
—
—
22%
22%
20%
14%
14%
7.3%
5.9%
4.4%
2.9%
12%
19%
27%
28%
26%
20%
16%
18%

Bharti Hexacom Ltd · BHARTIHEXA

—
—
—
27%
25%
22%
14%
8.0%
8.0%
7.2%
7.9%
14%
21%
25%
23%
18%
10%
4.8%
5.5%
11%

HFCL Ltd · HFCL

—
—
—
—
—
—
—
—
—
-5.0%
-7.5%
16%
-1.5%
-1.9%
-40%
-25%
-4.7%
20%
128%
120%

Indus Towers Ltd · INDUSTOWER

—
—
—
1.5%
16%
-2.3%
-5.1%
2.6%
-10%
6.4%
6.5%
4.3%
4.7%
4.8%
7.4%
9.1%
9.7%
7.9%
4.8%
4.6%

ITI Ltd · ITI

—
—
—
-28%
-44%
87%
-32%
-5.4%
24%
1.2%
-22%
231%
313%
300%
74%
-4.2%
-47%
-50%
-40%
-15%

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

—
—
—
—
—
—
—
—
—
-15%
-4.6%
-7.5%
35%
36%
32%
-6.5%
-29%
-19%
35%
26%

NELCO Ltd · NELCO⚠ unverified

—
—
—
—
—
—
—
—
—
12%
-0.5%
-6.0%
7.7%
-3.0%
-17%
1.0%
-10.0%
-3.0%
17%
7.0%

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-46%
-35%
16%
12%
-7.4%

Tata Communications Ltd · TATACOMM

—
—
—
5.1%
6.2%
8.2%
7.2%
11%
10.0%
23%
24%
17%
18%
3.8%
6.1%
6.6%
6.5%
6.7%
9.4%
10%

Tata Teleservices (Maharashtra) Ltd · TTML

—
—
—
—
2.6%
-1.4%
5.3%
7.5%
3.2%
5.0%
15%
13%
20%
13%
-4.6%
-12%
-17%
-12%
-3.9%
6.3%

Tejas Networks Ltd · TEJASNET

—
—
—
-13%
27%
157%
132%
49%
80%
104%
344%
731%
610%
372%
44%
-87%
-91%
-88%
-83%
99%

Vodafone Idea Ltd · IDEA

—
—
—
14%
13%
9.3%
2.9%
2.4%
1.0%
0.5%
0.7%
-1.4%
2.0%
4.2%
3.9%
4.9%
2.4%
1.9%
2.9%
6.1%
08 · compare level, then change

Operating Economics & Margin Trend

Suyog Telematics Ltd has the highest OPM among the 17 Telecom Services companies compared here, at 59%. Bharti Airtel Ltd is next at 57%. Tejas Networks Ltd has the highest Margin change at +42 percentage points, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Suyog Telematics Ltd leads opm at 59%; Tejas Networks Ltd leads margin change at +42 percentage points.

LeaderSuyog Telematics Ltd · 59%
Gap3.5% versus #2 · Bharti Airtel Ltd
Persistence4/8 recent comparable periods
Coverage17/17 companies · 319 observations

Investor read: Suyog Telematics Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Suyog Telematics Ltd SUYOG⚠ unverified59%
2Bharti Airtel Ltd BHARTIARTL57%
3Tata Teleservices (Maharashtra) Ltd TTML55%
4Bharti Hexacom Ltd BHARTIHEXA53%
5Indus Towers Ltd INDUSTOWER53%
Margin changefastest expanders
1Tejas Networks Ltd TEJASNET+42.0 pp
2Mahanagar Telephone Nigam Ltd MTNL⚠ unverified+31.0 pp
3GTL Infrastructure Ltd GTLINFRA⚠ unverified+20.0 pp
4HFCL Ltd HFCL+18.7 pp
5ADC India Communications Ltd KRONECOMM+4.0 pp
Operating margin · company comparison
17/17 level · 17/17 change
All-company data · latest reported quarter
CompanyOPMMargin changeReported
Suyog Telematics Ltd SUYOG⚠ unverified59%−3.0 ppJun 2026
Bharti Airtel Ltd BHARTIARTL57%+1.0 ppJun 2026
Tata Teleservices (Maharashtra) Ltd TTML55%+3.0 ppJun 2026
Indus Towers Ltd INDUSTOWER53%−1.0 ppJun 2026
Bharti Hexacom Ltd BHARTIHEXA53%+2.0 ppJun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified44%+20.0 ppJun 2026
Vodafone Idea Ltd IDEA43%+1.0 ppJun 2026
HFCL Ltd HFCL22%+18.7 ppJun 2026
Tata Communications Ltd TATACOMM19%0.0 ppJun 2026
ADC India Communications Ltd KRONECOMM17%+4.0 ppJun 2026
Sar Televenture Ltd SARTELE17%+1.0 ppMar 2026
NELCO Ltd NELCO⚠ unverified10%+0.1 ppJun 2026
STL Networks Ltd STLNETWORK⚠ unverified4.7%+2.5 ppJun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified1.1%−3.9 ppJun 2026
ITI Ltd ITI0.4%+1.9 ppJun 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified-15%+31.0 ppJun 2026
Tejas Networks Ltd TEJASNET-25%+42.0 ppJun 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

49%
49%
51%
50%
51%
51%
52%
52%
53%
52%
52%
51%
53%
54%
56%
56%
57%
57%
57%
57%

Bharti Hexacom Ltd · BHARTIHEXA

33%
32%
36%
41%
40%
43%
44%
49%
48%
46%
47%
46%
48%
51%
51%
51%
52%
53%
52%
53%

HFCL Ltd · HFCL

15%
14%
10%
11%
15%
16%
11%
15%
12%
11%
15%
15%
14%
15%
-4.6%
3.3%
18%
19%
17%
22%

Indus Towers Ltd · INDUSTOWER

53%
53%
57%
33%
35%
17%
51%
49%
48%
50%
57%
61%
65%
92%
57%
54%
56%
55%
55%
53%

ITI Ltd · ITI

-1.9%
-27%
17%
-39%
-25%
-14%
-0.8%
-31%
-22%
-17%
-29%
-2.5%
-0.9%
-1.0%
-2.7%
-1.5%
-0.2%
4.9%
4.3%
0.4%

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

-17%
-9.1%
-65%
-32%
-47%
-57%
-57%
-77%
-67%
-65%
-36%
-60%
-10%
-14%
-6.0%
-46%
-57%
-13%
16%
-15%

NELCO Ltd · NELCO⚠ unverified

19%
20%
17%
18%
19%
20%
21%
18%
18%
20%
18%
17%
13%
15%
9.5%
10%
10%
10.0%
6.9%
10%

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
6.0%
7.0%
7.0%
2.6%
2.2%
2.8%
7.0%
2.5%
4.7%

Tata Communications Ltd · TATACOMM

27%
26%
25%
25%
26%
24%
23%
21%
21%
21%
19%
20%
20%
20%
19%
19%
19%
20%
20%
19%

Tata Teleservices (Maharashtra) Ltd · TTML

43%
42%
44%
44%
44%
46%
47%
44%
44%
47%
44%
42%
40%
45%
50%
52%
49%
60%
55%
55%

Tejas Networks Ltd · TEJASNET

11%
-26%
-70%
-5.8%
9.8%
3.0%
-3.0%
-24%
3.3%
-1.3%
23%
15%
19%
14%
6.0%
-67%
-112%
-44%
-36%
-25%

Vodafone Idea Ltd · IDEA

41%
39%
45%
42%
39%
39%
40%
39%
40%
41%
41%
40%
42%
42%
42%
42%
42%
43%
43%
43%

Margin change · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

+5.8 pp
+4.6 pp
+3.0 pp
+2.1 pp
+2.2 pp
+1.8 pp
+1.1 pp
+1.6 pp
+2.0 pp
+1.0 pp
0.0 pp
−1.0 pp
0.0 pp
+2.0 pp
+4.0 pp
+5.0 pp
+4.0 pp
+3.0 pp
+1.0 pp
+1.0 pp

Bharti Hexacom Ltd · BHARTIHEXA

+10.3 pp
+10.2 pp
+9.6 pp
+8.2 pp
+7.3 pp
+10.7 pp
+8.4 pp
+7.7 pp
+7.7 pp
+3.0 pp
+3.0 pp
−3.0 pp
0.0 pp
+5.0 pp
+4.0 pp
+5.0 pp
+4.0 pp
+2.0 pp
+1.0 pp
+2.0 pp

HFCL Ltd · HFCL

+3.2 pp
+1.2 pp
−2.5 pp
−4.4 pp
+0.2 pp
+2.0 pp
+0.5 pp
+4.0 pp
−3.2 pp
−5.0 pp
+4.0 pp
0.0 pp
+2.0 pp
+4.0 pp
−19.6 pp
−11.7 pp
+4.0 pp
+4.0 pp
+21.6 pp
+18.7 pp

Indus Towers Ltd · INDUSTOWER

+1.3 pp
+3.5 pp
+4.5 pp
−19.0 pp
−17.4 pp
−36.4 pp
−6.1 pp
+16.2 pp
+12.7 pp
+33.0 pp
+6.0 pp
+12.0 pp
+17.0 pp
+42.0 pp
0.0 pp
−7.0 pp
−9.0 pp
−37.0 pp
−2.0 pp
−1.0 pp

ITI Ltd · ITI

+16.0 pp
−29.4 pp
+3.1 pp
−19.3 pp
−22.9 pp
+13.5 pp
−18.1 pp
+7.6 pp
+2.8 pp
−3.0 pp
−28.2 pp
+28.5 pp
+21.1 pp
+16.0 pp
+26.3 pp
+1.0 pp
+0.7 pp
+5.9 pp
+7.0 pp
+1.9 pp

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

−28.8 pp
−10.8 pp
−60.8 pp
−3.1 pp
−30.3 pp
−47.9 pp
+7.6 pp
−45.2 pp
−20.3 pp
−8.0 pp
+21.0 pp
+17.0 pp
+57.0 pp
+51.0 pp
+30.0 pp
+14.0 pp
−47.0 pp
+1.0 pp
+22.0 pp
+31.0 pp

NELCO Ltd · NELCO⚠ unverified

−0.2 pp
+0.2 pp
−3.0 pp
−4.2 pp
+0.1 pp
+0.6 pp
+3.0 pp
+0.5 pp
−0.7 pp
−0.8 pp
−2.5 pp
−1.7 pp
−5.0 pp
−4.5 pp
−8.5 pp
−6.3 pp
−3.1 pp
−5.1 pp
−2.6 pp
+0.1 pp

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−3.8 pp
−4.2 pp
0.0 pp
−0.1 pp
+2.5 pp

Tata Communications Ltd · TATACOMM

+0.4 pp
+1.1 pp
−0.4 pp
+1.0 pp
−1.2 pp
−1.9 pp
−1.5 pp
−4.0 pp
−4.5 pp
−3.0 pp
−4.0 pp
−1.0 pp
−1.0 pp
−1.0 pp
0.0 pp
−1.0 pp
−1.0 pp
0.0 pp
+1.0 pp
0.0 pp

Tata Teleservices (Maharashtra) Ltd · TTML

−3.9 pp
−4.6 pp
−4.1 pp
+0.2 pp
+1.4 pp
+3.7 pp
+2.4 pp
+0.1 pp
+0.0 pp
+1.1 pp
−2.8 pp
−2.0 pp
−4.0 pp
−2.0 pp
+6.0 pp
+10.0 pp
+9.0 pp
+15.0 pp
+5.0 pp
+3.0 pp

Tejas Networks Ltd · TEJASNET

+2.2 pp
−36.5 pp
−84.5 pp
−18.0 pp
−0.8 pp
+29.4 pp
+66.7 pp
−18.2 pp
−6.5 pp
−4.3 pp
+26.0 pp
+39.0 pp
+15.7 pp
+15.3 pp
−17.0 pp
−82.0 pp
−131.0 pp
−58.0 pp
−42.0 pp
+42.0 pp

Vodafone Idea Ltd · IDEA

+2.6 pp
−0.1 pp
−0.5 pp
+1.1 pp
−2.5 pp
−0.3 pp
−5.4 pp
−2.6 pp
+1.4 pp
+2.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
+1.0 pp
+1.0 pp
+2.0 pp
0.0 pp
+1.0 pp
+1.0 pp
+1.0 pp
09 · compare level, then change

Profit Scale & Acceleration

Vodafone Idea Ltd has the highest Net profit among the 17 Telecom Services companies compared here, at ₹37,406 crore. Bharti Airtel Ltd is next at ₹36,413 crore. Sar Televenture Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Vodafone Idea Ltd leads with ₹37,406 crore of TTM profit, 2.7% above Bharti Airtel Ltd. Sar Televenture Ltd shows ≥100% on the scoring scale (515.8% uncapped) growth from a ₹117 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVodafone Idea Ltd · ₹37,406 crore
Gap2.7% versus #2 · Bharti Airtel Ltd
PersistenceNot enough history
Coverage17/17 companies · 282 observations

Investor read: Vodafone Idea Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Vodafone Idea Ltd IDEA₹37.4K Cr
2Bharti Airtel Ltd BHARTIARTL₹36.4K Cr
3Indus Towers Ltd INDUSTOWER₹7.2K Cr
4Bharti Hexacom Ltd BHARTIHEXA₹1.8K Cr
5GTL Infrastructure Ltd GTLINFRA⚠ unverified₹1.1K Cr
Profit growthfastest growers
1Sar Televenture Ltd SARTELE100%
2Suyog Telematics Ltd SUYOG⚠ unverified50%
3Bharti Hexacom Ltd BHARTIHEXA33%
4ADC India Communications Ltd KRONECOMM0.3%
5Bharti Airtel Ltd BHARTIARTL-9.4%
Net profit · company comparison
17/17 level · 9/17 change
All-company data · latest reported quarter
CompanyNet profitProfit growthReported
Bharti Airtel Ltd BHARTIARTL₹10.0K Cr35%Jun 2026
Indus Towers Ltd INDUSTOWER₹1.7K Cr0.5%Jun 2026
Bharti Hexacom Ltd BHARTIHEXA₹482 Cr23%Jun 2026
HFCL Ltd HFCL₹246 Cr40%Jun 2026
Tata Communications Ltd TATACOMM₹130 Cr-32%Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified₹69 Cr—Jun 2026
Sar Televenture Ltd SARTELE₹36 Cr24%Mar 2026
Suyog Telematics Ltd SUYOG⚠ unverified₹14 Cr-18%Jun 2026
ADC India Communications Ltd KRONECOMM₹9 Cr73%Jun 2026
NELCO Ltd NELCO⚠ unverified₹2 Cr30%Jun 2026
STL Networks Ltd STLNETWORK⚠ unverified₹-22 Cr-480%Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified₹-29 Cr-281%Jun 2026
ITI Ltd ITI₹-32 Cr-120%Jun 2026
Tata Teleservices (Maharashtra) Ltd TTML₹-72 Cr—Jun 2026
Tejas Networks Ltd TEJASNET₹-202 Cr-219%Jun 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified₹-842 Cr—Jun 2026
Vodafone Idea Ltd IDEA₹-3.8K Cr—Jun 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 17 companies with a series here. The remaining 5 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

₹2.0K Cr
₹1.7K Cr
₹3.7K Cr
₹2.5K Cr
₹3.0K Cr
₹2.6K Cr
₹4.2K Cr
₹1.5K Cr
₹2.1K Cr
₹2.9K Cr
₹2.1K Cr
₹4.7K Cr
₹4.2K Cr
₹16.1K Cr
₹12.5K Cr
₹7.4K Cr
₹8.7K Cr
₹8.5K Cr
₹9.2K Cr
₹10.0K Cr

Bharti Hexacom Ltd · BHARTIHEXA

₹-56 Cr
₹-71 Cr
₹1.8K Cr
₹96 Cr
₹99 Cr
₹152 Cr
₹202 Cr
₹253 Cr
₹-184 Cr
₹213 Cr
₹223 Cr
₹511 Cr
₹253 Cr
₹261 Cr
₹468 Cr
₹392 Cr
₹421 Cr
₹474 Cr
₹447 Cr
₹482 Cr

HFCL Ltd · HFCL

—
—
—
—
—
₹102 Cr
₹79 Cr
₹76 Cr
₹70 Cr
₹82 Cr
₹109 Cr
₹111 Cr
₹73 Cr
₹73 Cr
₹-83 Cr
₹-29 Cr
₹72 Cr
₹102 Cr
₹184 Cr
₹246 Cr

Indus Towers Ltd · INDUSTOWER

₹1.6K Cr
₹1.6K Cr
₹1.8K Cr
₹477 Cr
₹872 Cr
₹-708 Cr
₹1.4K Cr
₹1.3K Cr
₹1.3K Cr
₹1.5K Cr
₹1.9K Cr
₹1.9K Cr
₹2.2K Cr
₹4.0K Cr
₹1.8K Cr
₹1.7K Cr
₹1.8K Cr
₹1.8K Cr
₹1.8K Cr
₹1.7K Cr

ITI Ltd · ITI

₹-56 Cr
₹-93 Cr
₹355 Cr
₹-100 Cr
₹-101 Cr
₹-88 Cr
₹-72 Cr
₹-103 Cr
₹-126 Cr
₹-101 Cr
₹-239 Cr
₹-91 Cr
₹-70 Cr
₹-49 Cr
₹-4 Cr
₹-64 Cr
₹-54 Cr
₹-25 Cr
₹436 Cr
₹-32 Cr

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

—
—
—
—
—
₹-776 Cr
₹-749 Cr
₹-852 Cr
₹-793 Cr
₹-839 Cr
₹-784 Cr
₹-773 Cr
₹-890 Cr
₹-836 Cr
₹-828 Cr
₹-943 Cr
₹-960 Cr
₹-897 Cr
₹-307 Cr
₹-842 Cr

NELCO Ltd · NELCO⚠ unverified

—
—
—
—
—
₹5 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹6 Cr
₹5 Cr
₹4 Cr
₹5 Cr
₹-4 Cr
₹2 Cr
₹2 Cr
₹-1 Cr
₹1 Cr
₹2 Cr

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
₹1 Cr
₹5 Cr
₹-17 Cr
₹-21 Cr
₹-22 Cr
₹-19 Cr
₹-11 Cr
₹-47 Cr
₹-22 Cr

Tata Communications Ltd · TATACOMM

₹426 Cr
₹393 Cr
₹369 Cr
₹545 Cr
₹534 Cr
₹395 Cr
₹327 Cr
₹382 Cr
₹221 Cr
₹45 Cr
₹322 Cr
₹333 Cr
₹227 Cr
₹236 Cr
₹1.0K Cr
₹190 Cr
₹183 Cr
₹364 Cr
₹259 Cr
₹130 Cr

Tata Teleservices (Maharashtra) Ltd · TTML

₹-314 Cr
₹-302 Cr
₹-281 Cr
₹-295 Cr
₹-293 Cr
₹-280 Cr
₹-277 Cr
₹-301 Cr
₹-310 Cr
₹-308 Cr
₹-309 Cr
₹-323 Cr
₹-330 Cr
₹-315 Cr
₹-306 Cr
₹-325 Cr
₹-321 Cr
₹-150 Cr
₹581 Cr
₹-72 Cr

Tejas Networks Ltd · TEJASNET

₹4 Cr
₹-24 Cr
₹-50 Cr
₹-7 Cr
₹1 Cr
₹-15 Cr
₹-11 Cr
₹-26 Cr
₹-13 Cr
₹-45 Cr
₹147 Cr
₹77 Cr
₹275 Cr
₹166 Cr
₹-72 Cr
₹-194 Cr
₹-307 Cr
₹-197 Cr
₹-211 Cr
₹-202 Cr

Vodafone Idea Ltd · IDEA

₹-7.1K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-7.3K Cr
₹-7.6K Cr
₹-8.0K Cr
₹-6.4K Cr
₹-7.8K Cr
₹-8.7K Cr
₹-7.0K Cr
₹-7.7K Cr
₹-6.4K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-7.2K Cr
₹-6.6K Cr
₹-5.5K Cr
₹-5.3K Cr
₹52.0K Cr
₹-3.8K Cr

Profit growth · reported quarter history

Showing the 12 largest of 13 companies with a series here. The remaining 1 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

ADC India Communications Ltd · KRONECOMM

—
—
—
—
—
—
—
—
—
67%
—
—
17%
-8.6%
-57%
-29%
-51%
5.2%
19%
73%

Bharti Airtel Ltd · BHARTIARTL

—
—
—
162%
49%
58%
14%
-38%
-30%
10%
-51%
210%
98%
461%
503%
57%
108%
-47%
-26%
35%

Bharti Hexacom Ltd · BHARTIHEXA

—
—
—
—
—
—
-89%
164%
-286%
40%
10%
102%
—
23%
110%
-23%
66%
82%
-4.5%
23%

HFCL Ltd · HFCL

—
—
—
—
—
—
—
—
—
-20%
38%
46%
4.3%
-11%
-176%
-126%
-1.4%
40%
—
—

Indus Towers Ltd · INDUSTOWER

—
—
—
-66%
-44%
-145%
-24%
183%
49%
—
32%
43%
72%
160%
-4.0%
-9.8%
-17%
-56%
0.8%
0.5%

ITI Ltd · ITI

—
—
—
—
—
—
-120%
—
—
—
—
—
—
—
—
—
—
—
—
—

NELCO Ltd · NELCO⚠ unverified

—
—
—
—
—
—
—
—
—
23%
7.8%
-20%
-28%
-20%
-167%
-61%
-60%
-124%
—
30%

OnMobile Global Ltd · ONMOBILE⚠ unverified

—
—
—
—
—
—
—
—
—
-149%
—
-250%
-233%
—
—
—
—
—
—
-281%

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2,300%
-480%
—
—
—

Suyog Telematics Ltd · SUYOG⚠ unverified

—
—
—
—
—
—
—
—
—
90%
23%
42%
25%
-11%
-188%
0.0%
-15%
-12%
—
-18%

Tata Communications Ltd · TATACOMM

—
—
—
84%
25%
0.5%
-11%
-30%
-59%
-89%
-1.5%
-13%
2.7%
424%
223%
-43%
-19%
54%
-75%
-32%

Tejas Networks Ltd · TEJASNET

—
—
—
-188%
-75%
—
—
—
-1,400%
—
—
—
—
—
-149%
-352%
-212%
-219%
—
—
10 · compare level, then change

Return On Capital Employed

Tata Teleservices (Maharashtra) Ltd has the highest ROCE among the 17 Telecom Services companies compared here, at 55.6%. ADC India Communications Ltd is next at 31.4%. Vodafone Idea Ltd has the highest ROCE change at +41.3 percentage points, so level and change sit with different companies. 17 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Tata Teleservices (Maharashtra) Ltd leads ROCE at 55.6%, 24.2 percentage points above ADC India Communications Ltd. Vodafone Idea Ltd has the strongest latest improvement at +41.3 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.

LeaderTata Teleservices (Maharashtra) Ltd · 55.6%
Gap77.1% versus #2 · ADC India Communications Ltd
Persistence4/8 recent comparable periods
Coverage17/17 companies · 202 observations

Investor read: Tata Teleservices (Maharashtra) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Tata Teleservices (Maharashtra) Ltd TTML56%
2ADC India Communications Ltd KRONECOMM31%
3Bharti Hexacom Ltd BHARTIHEXA21%
4Indus Towers Ltd INDUSTOWER20%
5Bharti Airtel Ltd BHARTIARTL18%
ROCE changefastest improvers
1Vodafone Idea Ltd IDEA+41.3 pp
2ITI Ltd ITI+6.2 pp
3Bharti Hexacom Ltd BHARTIHEXA+3.3 pp
4Bharti Airtel Ltd BHARTIARTL+3.0 pp
5HFCL Ltd HFCL+3.0 pp
Return on capital · company comparison
17/17 level · 17/17 change

Withheld from this chart: HFCL Ltd (HFCL) — its two data sources disagree by up to 9.8% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter
CompanyROCEROCE changeReported
Vodafone Idea Ltd IDEA40%+41.3 ppJun 2026
Bharti Hexacom Ltd BHARTIHEXA22%+3.3 ppJun 2026
Bharti Airtel Ltd BHARTIARTL19%+3.0 ppJun 2026
Indus Towers Ltd INDUSTOWER17%−8.8 ppJun 2026
Tata Communications Ltd TATACOMM14%+0.2 ppJun 2026
Suyog Telematics Ltd SUYOG⚠ unverified12%+1.0 ppJun 2026
NELCO Ltd NELCO⚠ unverified7.5%−8.1 ppJun 2026
STL Networks Ltd STLNETWORK⚠ unverified2.2%−4.3 ppJun 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified2.0%−18.2 ppJun 2026
ITI Ltd ITI-0.6%+6.2 ppJun 2026
Tata Teleservices (Maharashtra) Ltd TTML-2.9%+1.8 ppJun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified-8.7%−5.7 ppJun 2026
Tejas Networks Ltd TEJASNET-30%−51.1 ppJun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified-48%−46.1 ppJun 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

7.9%
8.6%
9.9%
10%
9.8%
11%
11%
12%
12%
13%
13%
13%
13%
13%
14%
16%
17%
18%
18%
19%

Bharti Hexacom Ltd · BHARTIHEXA

—
—
4.4%
—
—
—
11%
—
16%
16%
16%
14%
14%
16%
18%
20%
22%
22%
22%
—

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

9.6%
—
2.8%
—
4.5%
—
-0.3%
—
—
—
-3.0%
—
-1.9%
—
-2.1%
—
-2.7%
—
-48%
—

Indus Towers Ltd · INDUSTOWER

—
—
25%
24%
21%
14%
12%
15%
15%
19%
20%
21%
23%
28%
27%
26%
24%
18%
17%
17%

ITI Ltd · ITI

5.7%
—
1.9%
—
0.1%
—
-6.9%
—
-7.5%
-5.8%
-17%
-13%
-15%
-9.3%
-6.8%
1.7%
-7.0%
2.7%
-0.6%
—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

-892%
—
52%
—
15%
—
91%
—
5,852%
-969%
-63%
-79%
44%
-71%
20%
-51%
16%
-64%
2.0%
—

NELCO Ltd · NELCO⚠ unverified

25%
—
19%
—
20%
—
24%
—
25%
28%
26%
26%
22%
22%
15%
16%
9.0%
6.8%
6.3%
7.5%

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
6.5%
5.3%
3.2%
2.9%
2.2%
—

Tata Communications Ltd · TATACOMM

17%
—
18%
—
18%
—
19%
—
15%
16%
17%
16%
10%
16%
14%
23%
16%
22%
14%
—

Tata Teleservices (Maharashtra) Ltd · TTML

-3.1%
—
-3.9%
—
-6.4%
—
-3.9%
—
-3.3%
—
-6.1%
—
-8.6%
—
-4.7%
—
-4.2%
—
-2.9%
—

Tejas Networks Ltd · TEJASNET

1.0%
-1.5%
-8.0%
-6.9%
-6.7%
-5.7%
-3.3%
-4.8%
-5.4%
-4.4%
2.7%
12%
21%
33%
21%
14%
-8.7%
-21%
-30%
—

Vodafone Idea Ltd · IDEA

-5.5%
—
-5.7%
-4.7%
-4.0%
—
-4.2%
—
-4.4%
-4.2%
-4.3%
-3.5%
-3.3%
-2.5%
-2.8%
-1.8%
-2.8%
-1.2%
-2.2%
40%

ROCE change · reported quarter history

Showing the 12 largest of 14 companies with a series here. The remaining 2 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

—
—
—
—
+1.9 pp
+1.9 pp
+0.9 pp
+1.2 pp
+2.6 pp
+2.0 pp
+2.0 pp
+1.1 pp
+0.4 pp
0.0 pp
+1.5 pp
+2.8 pp
+4.5 pp
+5.5 pp
+3.5 pp
+3.0 pp

Bharti Hexacom Ltd · BHARTIHEXA

—
—
—
—
—
—
+6.6 pp
—
—
—
+4.9 pp
—
−1.5 pp
−0.2 pp
+2.3 pp
+5.5 pp
+7.4 pp
+5.7 pp
+3.3 pp
—

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

—
—
—
—
−5.1 pp
—
−3.1 pp
—
—
—
−2.7 pp
—
—
—
+0.9 pp
—
−0.8 pp
—
−46.1 pp
—

Indus Towers Ltd · INDUSTOWER

—
—
—
—
—
—
−12.5 pp
−9.1 pp
−6.0 pp
+5.6 pp
+7.3 pp
+5.9 pp
+8.4 pp
+8.6 pp
+7.6 pp
+5.0 pp
+0.3 pp
−9.8 pp
−9.7 pp
−8.8 pp

ITI Ltd · ITI

—
—
—
—
−5.6 pp
—
−8.8 pp
—
−7.6 pp
—
−10.3 pp
—
−7.3 pp
−3.5 pp
+10.4 pp
+14.2 pp
+7.8 pp
+12.0 pp
+6.2 pp
—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

—
—
—
—
+907.5 pp
—
+38.9 pp
—
+5,836.6 pp
—
−154.5 pp
—
−5,807.7 pp
+898.1 pp
+83.4 pp
+28.6 pp
−28.6 pp
+7.0 pp
−18.2 pp
—

NELCO Ltd · NELCO⚠ unverified

—
—
—
—
−5.2 pp
—
+5.0 pp
—
+4.3 pp
—
+2.4 pp
—
−2.4 pp
−6.0 pp
−11.3 pp
−10.7 pp
−13.1 pp
−15.4 pp
−8.5 pp
−8.1 pp

STL Networks Ltd · STLNETWORK⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
−4.3 pp
—

Tata Communications Ltd · TATACOMM

—
—
—
—
+1.5 pp
—
+1.1 pp
—
−3.1 pp
—
−2.5 pp
—
−4.5 pp
−0.3 pp
−2.9 pp
+6.6 pp
+5.2 pp
+6.4 pp
+0.2 pp
—

Tata Teleservices (Maharashtra) Ltd · TTML

—
—
—
—
−3.3 pp
—
0.0 pp
—
+3.1 pp
—
−2.2 pp
—
−5.3 pp
—
+1.4 pp
—
+4.4 pp
—
+1.8 pp
—

Tejas Networks Ltd · TEJASNET

—
—
—
—
−7.7 pp
−4.2 pp
+4.7 pp
+2.1 pp
+1.3 pp
+1.3 pp
+6.0 pp
+16.5 pp
+26.3 pp
+37.1 pp
+18.7 pp
+2.6 pp
−29.6 pp
−53.2 pp
−51.1 pp
—

Vodafone Idea Ltd · IDEA

—
—
—
—
+1.5 pp
—
+1.5 pp
—
−0.4 pp
—
−0.1 pp
—
+1.1 pp
+1.7 pp
+1.5 pp
+1.7 pp
+0.5 pp
+1.3 pp
+0.6 pp
+41.3 pp
11 · compare level, then change

Valuation Against Growth & Quality

Indus Towers Ltd has the lowest PEG among the 17 Telecom Services companies compared here, at 0.46×. Bharti Airtel Ltd is next at 0.65×. GTL Infrastructure Ltd has the lowest P/E at 1.48×, so level and change sit with different companies. 4 of 17 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Indus Towers Ltd has the lowest comparable PEG at 0.46×, 29.2% below Bharti Airtel Ltd. Only 4 of 17 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderIndus Towers Ltd · 0.46×
Gap29.2% versus #2 · Bharti Airtel Ltd
Persistence0/8 recent comparable periods
Coverage4/17 companies · 26 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.
PEGlowest PEG
1Indus Towers Ltd INDUSTOWER0.5
2Bharti Airtel Ltd BHARTIARTL0.7
3Bharti Hexacom Ltd BHARTIHEXA1.2
4Tata Communications Ltd TATACOMM2.2
P/Elowest P/E
1GTL Infrastructure Ltd GTLINFRA⚠ unverified1.5
2Vodafone Idea Ltd IDEA4.1
3Sar Televenture Ltd SARTELE6.4
4Suyog Telematics Ltd SUYOG⚠ unverified12.6
5Indus Towers Ltd INDUSTOWER13.8
Valuation · company comparison
4/17 level · 13/17 change
All-company data · latest reported quarter
CompanyPEGP/EReported
Tata Communications Ltd TATACOMM2.253.8Jun 2026
Bharti Hexacom Ltd BHARTIHEXA1.242.0Jun 2026
Bharti Airtel Ltd BHARTIARTL0.737.4Jun 2026
Indus Towers Ltd INDUSTOWER0.514.5Jun 2026
Vodafone Idea Ltd IDEA—2.7Jun 2026
HFCL Ltd HFCL—104.9Jun 2026
ITI Ltd ITI—78.4Jun 2026
Tejas Networks Ltd TEJASNET—57.4Jun 2026
Tata Teleservices (Maharashtra) Ltd TTML—-28.4Jun 2026
NELCO Ltd NELCO⚠ unverified—163.2Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified—1.6Jun 2026
ADC India Communications Ltd KRONECOMM—59.9Jun 2026
Suyog Telematics Ltd SUYOG⚠ unverified—14.5Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified—33.7Jun 2026
Sar Televenture Ltd SARTELE—16.0Mar 2026
Full 20-quarter history · every available company

PEG · reported quarter history

Bharti Airtel Ltd · BHARTIARTL

10.0
—
—
—
—
—
—
—
—
—
—
1.5
14.0
2.2
—
—
—
—
0.7
—

Bharti Hexacom Ltd · BHARTIHEXA

—
—
—
—
—
—
—
—
—
—
—
—
—
3.5
—
—
—
—
—
1.2

Indus Towers Ltd · INDUSTOWER

2.8
0.5
0.2
0.2
0.8
—
—
—
—
—
—
—
—
—
—
—
0.2
0.5
—
—

Tata Communications Ltd · TATACOMM

—
1.1
0.6
1.1
0.7
0.6
0.7
1.5
—
—
—
—
—
—
1.7
1.5
2.6
0.9
2.2
—

P/E · reported quarter history

Showing the 12 largest of 15 companies with a series here. The remaining 3 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

ADC India Communications Ltd · KRONECOMM

26.6
29.3
18.9
17.7
19.4
21.1
22.4
39.5
57.7
40.1
31.5
46.4
33.3
25.9
22.4
25.0
36.8
36.3
30.1
59.9

Bharti Airtel Ltd · BHARTIARTL

392.3
145.2
162.7
109.5
95.3
74.8
58.7
57.2
46.4
53.1
59.8
65.5
82.1
63.9
49.3
42.4
37.0
37.3
34.3
37.4

Bharti Hexacom Ltd · BHARTIHEXA

—
—
—
—
—
—
—
—
—
—
—
137.4
141.2
77.8
69.7
75.6
58.3
57.0
42.7
42.0

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-2.3
1.6
—

HFCL Ltd · HFCL

29.6
30.1
27.8
23.5
35.0
36.1
28.5
29.8
33.4
38.2
44.1
48.8
58.1
43.1
30.9
70.7
66.3
—
—
104.9

Indus Towers Ltd · INDUSTOWER

17.7
12.6
9.3
9.1
9.8
10.8
14.1
19.2
16.2
14.9
14.1
16.8
16.0
11.7
8.9
11.0
9.4
11.8
15.8
14.5

ITI Ltd · ITI

472.0
452.9
448.5
82.8
90.1
148.0
117.1
138.2
—
—
—
—
—
—
—
—
—
—
78.4
—

NELCO Ltd · NELCO⚠ unverified

90.7
102.5
92.6
87.3
119.4
92.9
68.5
83.5
85.8
82.1
68.2
74.4
105.9
139.0
104.2
241.7
204.0
176.6
127.7
163.2

Tata Communications Ltd · TATACOMM

30.7
31.6
23.8
17.8
19.0
20.4
19.9
26.2
35.1
38.2
60.1
49.1
66.0
52.2
38.3
35.9
34.5
38.0
29.9
53.8

Tata Teleservices (Maharashtra) Ltd · TTML

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
-28.4
—

Tejas Networks Ltd · TEJASNET

74.2
73.2
147.7
189.3
-129.0
—
—
—
—
—
177.9
348.2
124.5
45.2
19.7
28.4
56.3
57.4
—
—

Vodafone Idea Ltd · IDEA

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
2.7
—
12 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Telecom Services comparison names 6 specific ways its own evidence can mislead, all listed below. All 17 companies here report on comparable dates, so no rank carries a stale marker. 6 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 6 companies draw at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; they are marked unverified wherever those figures appear.
  • 1 company is missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
13 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 17 Telecom Services companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-09-25. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-09-25 · weekly price and relative-strength history
Derived metricsGrowth, changes and PEG are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing8 cross-checked · 8 unverified · 1 withheld, of 17 graded companies.
How a second data feed is admitted, and what happens when it disagrees

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from.

14 · questions investors ask, short speakable answers

Telecom Services company comparison FAQs

These 24 answers restate the Telecom Services comparison above in question form. Every one is computed from the same 17 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-09-25. Nothing here is estimated, and none of it is a recommendation.

Is the Telecom Services sector outperforming NIFTY 500?

Telecom Services has outperformed NIFTY 500 by 6.9% over 52 weeks and 2% over 13 weeks. 6 of 17 covered companies beat NIFTY on Mansfield relative strength, while 5 of 17 beat the sector itself.

Which Telecom Services company is largest by revenue?

Bharti Airtel Ltd leads with revenue of ₹2,20,049 crore, based on 17 of 17 comparable companies through Jun 2026.

Which Telecom Services company is growing fastest?

Sar Televenture Ltd has the fastest current revenue growth at 100%, across 17 of 17 comparable companies.

Which Telecom Services company has the strongest 4-Factor Sector Score?

Bharti Airtel Ltd ranks first at 69.3/100 with 93% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Telecom Services company has the lowest comparable PEG?

Indus Towers Ltd has the lowest comparable PEG at 0.46, among 4 of 17 companies whose earnings and growth are steady enough for the ratio to mean anything.

How much history does this Telecom Services comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

Is there a Nifty Telecom Services index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Telecom Services, this page builds its own equal-weight basket of 17 listed Telecom Services companies — one company, one vote, regardless of market value — so no single large company dominates the reading. Figures are as of Jun 2026.

Which are the best Telecom Services stocks in India?

Ranked by this page's four-factor score, Bharti Airtel Ltd places first among 17 listed Telecom Services companies, followed by Bharti Hexacom 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 17 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 ₹2,20,049 crore, ahead of Vodafone Idea Ltd at ₹45,539 crore. That covers 17 of 17 companies with comparable reporting through Jun 2026.

Which Telecom Services company has the best profit margins?

Suyog Telematics Ltd has the highest operating margin at 59%, from 17 of 17 comparable companies. Tejas Networks Ltd shows the biggest improvement (+42 percentage points — see the chart above for the starting level). 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 ₹37,406 crore of trailing-twelve-month net profit, from 17 of 17 comparable companies. Sar Televenture Ltd has the fastest profit growth at the ≥100% scoring cap, 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?

Tata Teleservices (Maharashtra) Ltd leads on return on capital employed at 55.6%, across 17 of 17 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 PEG — where a LOWER number is cheaper — Indus Towers Ltd screens cheapest at 0.46×. Only 4 of 17 companies have earnings and growth steady enough for the ratio to mean anything, 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.

Is the Telecom Services sector beating the market?

Telecom Services has outperformed NIFTY 500 by 6.9% over the last 52 weeks and 2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 17 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

Which Telecom Services stock has the strongest price momentum?

STL Networks 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?

Bharti Airtel Ltd scores 69.3 out of 100 with 93% evidence confidence, from 22.7 points on growth and earnings, 21.5 on capital efficiency, 15.3 on valuation and 9.8 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 17 listed companies over up to 20 reported quarters of fundamentals, 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 17 Telecom Services companies on this page carry ₹15,72,158 crore of combined market value. Bharti Airtel Ltd is the largest at ₹11,14,378 crore, about 71% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-09-28.

What is the Telecom Services sector's P/E ratio?

The median price-to-earnings ratio across the 17 Telecom Services companies on this page is 40.1×, measured on the 13 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 2026-09-28.

How is the Telecom Services sector performing?

6 of the 17 covered Telecom Services companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 6.9% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-09-28.

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.

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Not SEBI Registered !! Not Investment advice !!

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