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.

01 · the index people search for

Nifty Telecom Services Index — Constituents & Performance

The Telecom Services companies below are the listed Indian Telecom Services universe this page tracks — the same constituent set people search for as the Nifty Telecom Services index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

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% behind NIFTY 500. Earnings across its companies fell 21% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 17 weeks running.

LEADER · ahead 17w~Moving with the index9 of 19 companies ahead of NIFTY 500 by 5% or more over three months1 is 20% or more behind over a year while earnings grew 20% or more

RS ↑17w · 10/19 >200d (−2) · 9/19 lead (−5) · EPS 11/18↑

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 19 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 9.4% over the last 52 weeks. Over 13 weeks the gap is a lead of 13%. 11 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 +76.3%. Readings are as of 2026-07-19.

+13.0%Sector vs NIFTY 500 · 13 weeks

+9.4%Sector vs NIFTY 500 · 52 weeks

11/18Stocks leading NIFTY 500

6/18Stocks leading sector

Sector metric: 40.1 as of 2026-07-19 · BROADENING · falling.

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

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

Bottom line

Telecom Services has outperformed NIFTY 500 by 9.4% over 52 weeks and 13% over 13 weeks. 11 of 18 covered companies beat NIFTY on Mansfield relative strength, while 6 of 18 beat the sector itself. Bharti Airtel Ltd leads with revenue of ₹2,10,973 crore, based on 18 of 18 comparable companies through Mar 2026.

Companies

complete canonical membership

Combined market value

₹16.9 L Cr

Bharti Airtel Ltd

Revenue growing

13/18

positive TTM year-on-year growth

Beating NIFTY 500

11/18

positive Mansfield relative strength

Comparing 5 of 18

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 82.6% evidence confidence.

Indus Towers Ltd looks inexpensive relative to peers or its own history, but its earnings trajectory has not yet earned the valuation signal.

ADC India Communications Ltd has stronger price confirmation than earnings confirmation; that is a research prompt, not permission to chase.

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.

Company	Score	Price stage	Growth & earnings/35	Capital efficiency/25	Valuation/20	Relative strength/20
1Bharti Airtel LtdBHARTIARTL	71.9/100Favorable setup83% evidence	TURNING	23.0/35 Revenue 22% · PAT -9.8% · OPM change 1 pp 88% evidence	21.5/25 ROCE 17.6% · OPM 57% 100% evidence	14.2/20 P/E 46.2× · PEG 0.65 65% evidence	13.2/20 RS sector 11.6% · RS bench 0.1% · 1Y 1.8%0 of 10 weeks ahead 70% evidence
Exact sum: 23 + 21.5 + 14.2 + 13.2 = 71.9 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
2Suyog Telematics LtdSUYOG	68.1/100Favorable setup68% evidence	BREAKING OUT	23.5/35 Revenue 15% · PAT 57.5% · OPM change 59 pp 62% evidence	17.7/25 ROCE 14.6% · OPM 75% 95% evidence	10.6/20 P/E 16.1× · PEG — 15% evidence	16.3/20 RS sector 7% · RS bench 15.9% · 1Y 0.8%9 of 12 weeks ahead 100% evidence
Exact sum: 23.5 + 17.7 + 10.6 + 16.3 = 68.1 · Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3Valiant Communications Ltd526775	67.9/100Favorable setup71% evidence	FADING	29.9/35 Revenue 66.9% · PAT 100% · OPM change 3.6 pp 83% evidence	20.3/25 ROCE 39.7% · OPM 38.2% 76% evidence	10.4/20 P/E 45.8× · PEG — 15% evidence	7.3/20 RS sector -3.9% · RS bench 4.3% · 1Y 56.5%8 of 12 weeks ahead 100% evidence
Exact sum: 29.9 + 20.3 + 10.4 + 7.3 = 67.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4HFCL LtdHFCL	65.1/100Favorable setup74% evidence	LEADER	25.8/35 Revenue 58.6% · PAT 100% · OPM change 18.7 pp 71% evidence	13.1/25 ROCE 10.9% · OPM 22% 76% evidence	6.2/20 P/E 51.8× · PEG — 50% evidence	20.0/20 RS sector 76.3% · RS bench 86.7% · 1Y 155.4%12 of 12 weeks ahead 100% evidence
Exact sum: 25.8 + 13.1 + 6.2 + 20 = 65.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5Bharti Hexacom LtdBHARTIHEXA	60.5/100Mixed-positive evidence83% evidence	TURNING	22.3/35 Revenue 9.4% · PAT 16.1% · OPM change 1 pp 88% evidence	21.2/25 ROCE 21.4% · OPM 52% 100% evidence	6.0/20 P/E 47.3× · PEG 3.46 65% evidence	11.0/20 RS sector 3.1% · RS bench -3.9% · 1Y -9.6%0 of 10 weeks ahead 70% evidence
Exact sum: 22.3 + 21.2 + 6 + 11 = 60.5 · Decision use: Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
6ADC India Communications LtdKRONECOMM	51.4/100Mixed-positive evidence78% evidence	LEADER	12.0/35 Revenue 6.9% · PAT -22.6% · OPM change 0.8 pp 83% evidence	16.9/25 ROCE 31.4% · OPM 7.3% 76% evidence	6.2/20 P/E 52.2× · PEG — 50% evidence	16.3/20 RS sector 18.4% · RS bench 27.1% · 1Y 78.2%12 of 12 weeks ahead 100% evidence
Exact sum: 12 + 16.9 + 6.2 + 16.3 = 51.4 · Decision use: Price leads the evidence: RS versus the benchmark is 27.1%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
7Indus Towers LtdINDUSTOWER	51.1/100Mixed-positive evidence100% evidence	ASLEEP	9.5/35 Revenue 6.7% · PAT -26.6% · OPM change -1 pp 100% evidence	20.6/25 ROCE 19.5% · OPM 53% 100% evidence	16.6/20 P/E 14.4× · PEG 0.46 100% evidence	4.4/20 RS sector -12.6% · RS bench -4.6% · 1Y -0.6%0 of 12 weeks ahead 100% evidence
Exact sum: 9.5 + 20.6 + 16.6 + 4.4 = 51.1 · Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
8Vodafone Idea LtdIDEA	49.9/100Mixed-negative evidence71% evidence	LEADER	15.9/35 Revenue 3% · PAT 100% · OPM change 1 pp 65% evidence	8.1/25 ROCE -1.6% · OPM 43% 100% evidence	11.3/20 P/E 4× · PEG — 15% evidence	14.6/20 RS sector 11.6% · RS bench 20.7% · 1Y 80.7%12 of 12 weeks ahead 100% evidence
Exact sum: 15.9 + 8.1 + 11.3 + 14.6 = 49.9 · Decision use: Price leads the evidence: RS versus the benchmark is 20.7%, but earnings trajectory is weak. Wait for revenue and profit confirmation.
9Sar Televenture LtdSARTELE	49.9/100Mixed-negative evidence70% evidence	ASLEEP	21.2/35 Revenue 100% · PAT 100% · OPM change 1 pp 48% evidence	12.6/25 ROCE 8.8% · OPM 17% 95% evidence	14.6/20 P/E 8.4× · PEG — 50% evidence	1.5/20 RS sector -39.9% · RS bench -33.9% · 1Y -44.9%0 of 12 weeks ahead 100% evidence
Exact sum: 21.2 + 12.6 + 14.6 + 1.5 = 49.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
10Tata Communications LtdTATACOMM	46.1/100Mixed-negative evidence87% evidence	TURNING	12.9/35 Revenue 8.3% · PAT -44.8% · OPM change 0 pp 100% evidence	14.4/25 ROCE 14.6% · OPM 19% 100% evidence	8.4/20 P/E 48.1× · PEG 2.22 65% evidence	10.4/20 RS sector -1.7% · RS bench 0.9% · 1Y 1.6%10 of 11 weeks ahead 70% evidence
Exact sum: 12.9 + 14.4 + 8.4 + 10.4 = 46.1 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
11Tata Teleservices (Maharashtra) LtdTTML	40.6/100Mixed-negative evidence66% evidence	ASLEEP	20.7/35 Revenue 11.4% · PAT -80% · OPM change 3.1 pp 71% evidence	6.8/25 ROCE -12.7% · OPM 54.7% 95% evidence	8.7/20 P/E 207.8× · PEG — 15% evidence	4.4/20 RS sector -28.2% · RS bench -16.8% · 1Y -35.1%4 of 10 weeks ahead 70% evidence
Exact sum: 20.7 + 6.8 + 8.7 + 4.4 = 40.6 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
12ITI LtdITI	36.8/100Mixed-negative evidence71% evidence	ASLEEP	19.4/35 Revenue -39.6% · PAT 100% · OPM change 7 pp 65% evidence	5.4/25 ROCE 1.4% · OPM 4.3% 100% evidence	8.9/20 P/E 92.8× · PEG — 15% evidence	3.1/20 RS sector -15.6% · RS bench -8.1% · 1Y -8.8%7 of 12 weeks ahead 100% evidence
Exact sum: 19.4 + 5.4 + 8.9 + 3.1 = 36.8 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
13Tejas Networks LtdTEJASNET	34.9/100Adverse evidence71% evidence	BREAKING OUT	11.8/35 Revenue -80% · PAT -80% · OPM change 42 pp 74% evidence	1.9/25 ROCE -14.6% · OPM -25% 100% evidence	10.0/20 P/E — · PEG — 0% evidence	11.2/20 RS sector -5.4% · RS bench 2.2% · 1Y -14.7%12 of 12 weeks ahead 100% evidence
Exact sum: 11.8 + 1.9 + 10 + 11.2 = 34.9 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
14NELCO LtdNELCO	34.0/100Adverse evidence74% evidence	TURNING	8.5/35 Revenue 2% · PAT -43% · OPM change 0.1 pp 95% evidence	7.8/25 ROCE 7.2% · OPM 10.4% 95% evidence	8.5/20 P/E 388× · PEG — 15% evidence	9.2/20 RS sector -21.7% · RS bench 31.2% · 1Y 18.8%10 of 10 weeks ahead 70% evidence
Exact sum: 8.5 + 7.8 + 8.5 + 9.2 = 34 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
15OnMobile Global LtdONMOBILE	33.6/100Thin evidence · provisional59% evidence	TURNING	9.4/35 Revenue -9.8% · PAT 72.5% · OPM change -33.5 pp 62% evidence	4.2/25 ROCE -0.1% · OPM -33% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	10.0/20 RS sector -4.7% · RS bench 10.1% · 1Y 22.1%5 of 10 weeks ahead 70% evidence
Exact sum: 9.4 + 4.2 + 10 + 10 = 33.6 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
16GTL Infrastructure LtdGTLINFRA	33.5/100Adverse evidence62% evidence	ASLEEP	11.9/35 Revenue 2.2% · PAT 100% · OPM change 1 pp 62% evidence	4.6/25 ROCE -48.2% · OPM 15% 95% evidence	11.5/20 P/E 2.1× · PEG — 15% evidence	5.5/20 RS sector -16.3% · RS bench -7.5% · 1Y -23.1%7 of 10 weeks ahead 70% evidence
Exact sum: 11.9 + 4.6 + 11.5 + 5.5 = 33.5 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
17Mahanagar Telephone Nigam LtdMTNL	33.5/100Thin evidence · provisional59% evidence	ASLEEP	13.5/35 Revenue -5.7% · PAT 6.6% · OPM change 22 pp 62% evidence	6.5/25 ROCE -2.3% · OPM 16% 95% evidence	10.0/20 P/E — · PEG — 0% evidence	3.5/20 RS sector -32.3% · RS bench -22.7% · 1Y -43.2%4 of 10 weeks ahead 70% evidence
Exact sum: 13.5 + 6.5 + 10 + 3.5 = 33.5 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
18Optiemus Infracom LtdOPTIEMUS	32.2/100Adverse evidence83% evidence	TURNING	11.1/35 Revenue -6.5% · PAT 4.8% · OPM change -3.5 pp 88% evidence	8.9/25 ROCE 10.9% · OPM 1.5% 100% evidence	4.1/20 P/E 86.2× · PEG 9.11 65% evidence	8.1/20 RS sector -30.5% · RS bench 26.6% · 1Y 11.3%7 of 10 weeks ahead 70% evidence
Exact sum: 11.1 + 8.9 + 4.1 + 8.1 = 32.2 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

Showing 10 of 18 companies

05 · what price has already done

Market action

HFCL Ltd has the strongest one-year price move in Telecom Services at +155.4%. It also leads on Mansfield relative strength against NIFTY at +86.7%. 11 of 18 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-31.

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 · compare level, then change

Revenue Scale & Growth Durability

Bharti Airtel Ltd has the highest Revenue among the 18 Telecom Services companies compared here, at ₹2,10,973 crore. Vodafone Idea Ltd is next at ₹44,872 crore. Sar Televenture Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Bharti Airtel Ltd is the scale leader at ₹2,10,973 crore, 370.2% ahead of Vodafone Idea Ltd. Sar Televenture Ltd's growth is stored at the ≥100% scoring cap; the uncapped TTM change is 452.9% from a ₹846 crore base, with 8 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderBharti Airtel Ltd · ₹2,10,973 crore

Gap370.2% versus #2 · Vodafone Idea Ltd

Persistence8/8 recent comparable periods

Coverage18/18 companies · 297 observations

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

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

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

Revenuelargest

1Bharti Airtel Ltd BHARTIARTL₹2.1 L Cr

2Vodafone Idea Ltd IDEA₹44.9K Cr

3Indus Towers Ltd INDUSTOWER₹32.9K Cr

4Tata Communications Ltd TATACOMM₹25.4K Cr

5Bharti Hexacom Ltd BHARTIHEXA₹9.4K Cr

Revenue growthfastest growers

1Sar Televenture Ltd SARTELE100%

2Valiant Communications Ltd 52677567%

3HFCL Ltd HFCL59%

4Bharti Airtel Ltd BHARTIARTL22%

5Suyog Telematics Ltd SUYOG⚠ unverified15%

Revenue · company comparison

18/18 level · 18/18 change

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.

Company	Revenue	Revenue growth	Reported
Bharti Airtel Ltd BHARTIARTL	₹55.4K Cr	16%	Mar 2026
Vodafone Idea Ltd IDEA	₹11.3K Cr	2.9%	Mar 2026
Indus Towers Ltd INDUSTOWER	₹8.4K Cr	4.6%	Jun 2026
Tata Communications Ltd TATACOMM	₹6.6K Cr	10%	Jun 2026
Bharti Hexacom Ltd BHARTIHEXA	₹2.4K Cr	5.5%	Mar 2026
HFCL Ltd HFCL	₹1.9K Cr	120%	Jun 2026
ITI Ltd ITI	₹628 Cr	-40%	Mar 2026
Optiemus Infracom Ltd OPTIEMUS	₹485 Cr	8.0%	Mar 2026
Tejas Networks Ltd TEJASNET	₹402 Cr	99%	Jun 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified	₹371 Cr	35%	Mar 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified	₹330 Cr	-2.1%	Mar 2026
Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified	₹304 Cr	7.0%	Jun 2026
Sar Televenture Ltd SARTELE	₹280 Cr	35%	Mar 2026
OnMobile Global Ltd ONMOBILE⚠ unverified	₹128 Cr	-18%	Mar 2026
NELCO Ltd NELCO⚠ unverified	₹80 Cr	7.0%	Jun 2026
ADC India Communications Ltd KRONECOMM	₹61 Cr	34%	Mar 2026
Suyog Telematics Ltd SUYOG⚠ unverified	₹56 Cr	12%	Mar 2026
Valiant Communications Ltd 526775	₹24 Cr	50%	Mar 2026

Full 20-quarter history · every available company

Revenue · reported quarter history

Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

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—

Bharti Hexacom Ltd · 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—

HFCL Ltd · 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

Indus Towers Ltd · 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₹8.4K Cr

ITI Ltd · 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—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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—

NELCO Ltd · NELCO⚠ unverified

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

Optiemus Infracom Ltd · 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—

Tata Communications Ltd · 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

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

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

Tejas Networks Ltd · 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₹402 Cr

Vodafone Idea Ltd · 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—

Revenue growth · reported quarter history

Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202222%

Sep 202222%

Dec 202220%

Mar 202314%

Jun 202314%

Sep 20237.3%

Dec 20235.9%

Mar 20244.4%

Jun 20242.9%

Sep 202412%

Dec 202419%

Mar 202527%

Jun 202528%

Sep 202526%

Dec 202520%

Mar 202616%

Jun 2026—

Bharti Hexacom Ltd · BHARTIHEXA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202227%

Sep 202225%

Dec 202222%

Mar 202314%

Jun 20238.0%

Sep 20238.0%

Dec 20237.2%

Mar 20247.9%

Jun 202414%

Sep 202421%

Dec 202425%

Mar 202523%

Jun 202518%

Sep 202510%

Dec 20254.8%

Mar 20265.5%

Jun 2026—

HFCL Ltd · 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 202416%

Sep 2024-1.5%

Dec 2024-1.9%

Mar 2025-40%

Jun 2025-25%

Sep 2025-4.7%

Dec 202520%

Mar 2026128%

Jun 2026120%

Indus Towers Ltd · INDUSTOWER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20221.5%

Sep 202216%

Dec 2022-2.3%

Mar 2023-5.1%

Jun 20232.6%

Sep 2023-10%

Dec 20236.4%

Mar 20246.5%

Jun 20244.3%

Sep 20244.7%

Dec 20244.8%

Mar 20257.4%

Jun 20259.1%

Sep 20259.7%

Dec 20257.9%

Mar 20264.8%

Jun 20264.6%

ITI Ltd · ITI

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-28%

Sep 2022-44%

Dec 202287%

Mar 2023-32%

Jun 2023-5.4%

Sep 202324%

Dec 20231.2%

Mar 2024-22%

Jun 2024231%

Sep 2024313%

Dec 2024300%

Mar 202574%

Jun 2025-4.2%

Sep 2025-47%

Dec 2025-50%

Mar 2026-40%

Jun 2026—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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 202435%

Dec 202436%

Mar 202532%

Jun 2025-14%

Sep 2025-29%

Dec 2025-19%

Mar 202635%

Jun 2026—

NELCO Ltd · NELCO⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202312%

Mar 2024-0.5%

Jun 2024-6.0%

Sep 20247.7%

Dec 2024-3.0%

Mar 2025-17%

Jun 20251.0%

Sep 2025-10.0%

Dec 2025-3.0%

Mar 202617%

Jun 20267.0%

Optiemus Infracom Ltd · OPTIEMUS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022329%

Sep 2022214%

Dec 2022146%

Mar 202374%

Jun 202337%

Sep 2023-9.0%

Dec 202347%

Mar 202444%

Jun 202475%

Sep 202474%

Dec 2024-2.1%

Mar 2025-8.4%

Jun 2025-12%

Sep 2025-12%

Dec 2025-8.9%

Mar 20268.0%

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 20225.1%

Sep 20226.2%

Dec 20228.2%

Mar 20237.2%

Jun 202311%

Sep 202310.0%

Dec 202323%

Mar 202424%

Jun 202417%

Sep 202418%

Dec 20243.8%

Mar 20256.1%

Jun 20256.6%

Sep 20256.5%

Dec 20256.7%

Mar 20269.4%

Jun 202610%

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 20222.6%

Dec 2022-1.4%

Mar 20235.3%

Jun 20237.5%

Sep 20233.2%

Dec 20235.0%

Mar 202415%

Jun 202413%

Sep 202420%

Dec 202413%

Mar 2025-4.6%

Jun 2025-12%

Sep 2025-17%

Dec 2025-12%

Mar 2026-3.9%

Jun 20267.0%

Tejas Networks Ltd · TEJASNET

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-13%

Sep 202227%

Dec 2022157%

Mar 2023132%

Jun 202349%

Sep 202380%

Dec 2023104%

Mar 2024344%

Jun 2024731%

Sep 2024610%

Dec 2024372%

Mar 202544%

Jun 2025-87%

Sep 2025-91%

Dec 2025-88%

Mar 2026-83%

Jun 202699%

Vodafone Idea Ltd · IDEA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202214%

Sep 202213%

Dec 20229.3%

Mar 20232.9%

Jun 20232.4%

Sep 20231.0%

Dec 20230.5%

Mar 20240.7%

Jun 2024-1.4%

Sep 20242.0%

Dec 20244.2%

Mar 20253.9%

Jun 20254.9%

Sep 20252.4%

Dec 20251.9%

Mar 20262.9%

Jun 2026—

07 · compare level, then change

Operating Economics & Margin Trend

Suyog Telematics Ltd has the highest OPM among the 18 Telecom Services companies compared here, at 75%. Bharti Airtel Ltd is next at 57%. The same company also holds the highest Margin change, at +59 percentage points. 18 of 18 companies report a comparable reading, the latest through Mar 2026.

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

LeaderSuyog Telematics Ltd · 75%

Gap31.6% versus #2 · Bharti Airtel Ltd

Persistence6/8 recent comparable periods

Coverage18/18 companies · 339 observations

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

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

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

OPMhighest

1Suyog Telematics Ltd SUYOG⚠ unverified75%

2Bharti Airtel Ltd BHARTIARTL57%

3Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified55%

4Indus Towers Ltd INDUSTOWER53%

5Bharti Hexacom Ltd BHARTIHEXA52%

Margin changefastest expanders

1Suyog Telematics Ltd SUYOG⚠ unverified+59.0 pp

2Tejas Networks Ltd TEJASNET+42.0 pp

3Mahanagar Telephone Nigam Ltd MTNL⚠ unverified+22.0 pp

4HFCL Ltd HFCL+18.7 pp

5ITI Ltd ITI+7.0 pp

Operating margin · company comparison

18/18 level · 18/18 change

All-company data · latest reported quarter

Company	OPM	Margin change	Reported
Suyog Telematics Ltd SUYOG⚠ unverified	75%	+59.0 pp	Mar 2026
Bharti Airtel Ltd BHARTIARTL	57%	+1.0 pp	Mar 2026
Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified	55%	+3.1 pp	Jun 2026
Indus Towers Ltd INDUSTOWER	53%	−1.0 pp	Jun 2026
Bharti Hexacom Ltd BHARTIHEXA	52%	+1.0 pp	Mar 2026
Vodafone Idea Ltd IDEA	43%	+1.0 pp	Mar 2026
Valiant Communications Ltd 526775	38%	+3.6 pp	Mar 2026
HFCL Ltd HFCL	22%	+18.7 pp	Jun 2026
Tata Communications Ltd TATACOMM	19%	0.0 pp	Jun 2026
Sar Televenture Ltd SARTELE	17%	+1.0 pp	Mar 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified	16%	+22.0 pp	Mar 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified	15%	+1.0 pp	Mar 2026
NELCO Ltd NELCO⚠ unverified	10%	+0.1 pp	Jun 2026
ADC India Communications Ltd KRONECOMM	7.3%	+0.8 pp	Mar 2026
ITI Ltd ITI	4.3%	+7.0 pp	Mar 2026
Optiemus Infracom Ltd OPTIEMUS	1.5%	−3.5 pp	Mar 2026
Tejas Networks Ltd TEJASNET	-25%	+42.0 pp	Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified	-33%	−33.5 pp	Mar 2026

Full 20-quarter history · every available company

OPM · reported quarter history

Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

Sep 202149%

Dec 202149%

Mar 202251%

Jun 202250%

Sep 202251%

Dec 202251%

Mar 202352%

Jun 202352%

Sep 202353%

Dec 202352%

Mar 202452%

Jun 202451%

Sep 202453%

Dec 202454%

Mar 202556%

Jun 202556%

Sep 202557%

Dec 202557%

Mar 202657%

Jun 2026—

Bharti Hexacom Ltd · BHARTIHEXA

Sep 202133%

Dec 202132%

Mar 202236%

Jun 202241%

Sep 202240%

Dec 202243%

Mar 202344%

Jun 202349%

Sep 202348%

Dec 202346%

Mar 202447%

Jun 202446%

Sep 202448%

Dec 202451%

Mar 202551%

Jun 202551%

Sep 202552%

Dec 202553%

Mar 202652%

Jun 2026—

HFCL Ltd · HFCL

Sep 202115%

Dec 202114%

Mar 202210%

Jun 202211%

Sep 202215%

Dec 202216%

Mar 202311%

Jun 202315%

Sep 202312%

Dec 202311%

Mar 202415%

Jun 202415%

Sep 202414%

Dec 202415%

Mar 2025-4.6%

Jun 20253.3%

Sep 202518%

Dec 202519%

Mar 202617%

Jun 202622%

Indus Towers Ltd · INDUSTOWER

Sep 202153%

Dec 202153%

Mar 202257%

Jun 202233%

Sep 202235%

Dec 202217%

Mar 202351%

Jun 202349%

Sep 202348%

Dec 202350%

Mar 202457%

Jun 202461%

Sep 202465%

Dec 202492%

Mar 202557%

Jun 202554%

Sep 202556%

Dec 202555%

Mar 202655%

Jun 202653%

ITI Ltd · ITI

Sep 2021-1.9%

Dec 2021-27%

Mar 202217%

Jun 2022-39%

Sep 2022-25%

Dec 2022-14%

Mar 2023-0.8%

Jun 2023-31%

Sep 2023-22%

Dec 2023-17%

Mar 2024-29%

Jun 2024-2.5%

Sep 2024-0.9%

Dec 2024-1.0%

Mar 2025-2.7%

Jun 2025-1.5%

Sep 2025-0.2%

Dec 20254.9%

Mar 20264.3%

Jun 2026—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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 202616%

Jun 2026—

NELCO Ltd · NELCO⚠ unverified

Sep 202119%

Dec 202120%

Mar 202217%

Jun 202218%

Sep 202219%

Dec 202220%

Mar 202321%

Jun 202318%

Sep 202318%

Dec 202320%

Mar 202418%

Jun 202417%

Sep 202413%

Dec 202415%

Mar 20259.5%

Jun 202510%

Sep 202510%

Dec 202510.0%

Mar 20266.9%

Jun 202610%

Optiemus Infracom Ltd · OPTIEMUS

Sep 20210.5%

Dec 2021-2.3%

Mar 2022-8.7%

Jun 2022-0.2%

Sep 20223.0%

Dec 20225.0%

Mar 2023-1.5%

Jun 20234.8%

Sep 20234.6%

Dec 20234.6%

Mar 20246.0%

Jun 20244.6%

Sep 20246.0%

Dec 20247.0%

Mar 20255.0%

Jun 20256.0%

Sep 20258.0%

Dec 20257.0%

Mar 20261.5%

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 202127%

Dec 202126%

Mar 202225%

Jun 202225%

Sep 202226%

Dec 202224%

Mar 202323%

Jun 202321%

Sep 202321%

Dec 202321%

Mar 202419%

Jun 202420%

Sep 202420%

Dec 202420%

Mar 202519%

Jun 202519%

Sep 202519%

Dec 202520%

Mar 202620%

Jun 202619%

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

Sep 202143%

Dec 202142%

Mar 202244%

Jun 202244%

Sep 202244%

Dec 202246%

Mar 202347%

Jun 202344%

Sep 202344%

Dec 202347%

Mar 202444%

Jun 202442%

Sep 202440%

Dec 202445%

Mar 202550%

Jun 202552%

Sep 202549%

Dec 202560%

Mar 202655%

Jun 202655%

Tejas Networks Ltd · TEJASNET

Sep 202111%

Dec 2021-26%

Mar 2022-70%

Jun 2022-5.8%

Sep 20229.8%

Dec 20223.0%

Mar 2023-3.0%

Jun 2023-24%

Sep 20233.3%

Dec 2023-1.3%

Mar 202423%

Jun 202415%

Sep 202419%

Dec 202414%

Mar 20256.0%

Jun 2025-67%

Sep 2025-112%

Dec 2025-44%

Mar 2026-36%

Jun 2026-25%

Vodafone Idea Ltd · IDEA

Sep 202141%

Dec 202139%

Mar 202245%

Jun 202242%

Sep 202239%

Dec 202239%

Mar 202340%

Jun 202339%

Sep 202340%

Dec 202341%

Mar 202441%

Jun 202440%

Sep 202442%

Dec 202442%

Mar 202542%

Jun 202542%

Sep 202542%

Dec 202543%

Mar 202643%

Jun 2026—

Margin change · reported quarter history

Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

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 20240.0 pp

Jun 2024−1.0 pp

Sep 20240.0 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—

Bharti Hexacom Ltd · 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 20240.0 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—

HFCL Ltd · 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 20240.0 pp

Sep 2024+2.0 pp

Dec 2024+4.0 pp

Mar 2025−19.6 pp

Jun 2025−11.7 pp

Sep 2025+4.0 pp

Dec 2025+4.0 pp

Mar 2026+21.6 pp

Jun 2026+18.7 pp

Indus Towers Ltd · 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 20250.0 pp

Jun 2025−7.0 pp

Sep 2025−9.0 pp

Dec 2025−37.0 pp

Mar 2026−2.0 pp

Jun 2026−1.0 pp

ITI Ltd · 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 2023−18.1 pp

Jun 2023+7.6 pp

Sep 2023+2.8 pp

Dec 2023−3.0 pp

Mar 2024−28.2 pp

Jun 2024+28.5 pp

Sep 2024+21.1 pp

Dec 2024+16.0 pp

Mar 2025+26.3 pp

Jun 2025+1.0 pp

Sep 2025+0.7 pp

Dec 2025+5.9 pp

Mar 2026+7.0 pp

Jun 2026—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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—

NELCO Ltd · NELCO⚠ unverified

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

Optiemus Infracom Ltd · 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+7.2 pp

Jun 2023+5.0 pp

Sep 2023+1.6 pp

Dec 2023−0.4 pp

Mar 2024+7.5 pp

Jun 2024−0.2 pp

Sep 2024+1.4 pp

Dec 2024+2.4 pp

Mar 2025−1.0 pp

Jun 2025+1.4 pp

Sep 2025+2.0 pp

Dec 20250.0 pp

Mar 2026−3.5 pp

Jun 2026—

Tata Communications Ltd · 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 20250.0 pp

Jun 2025−1.0 pp

Sep 2025−1.0 pp

Dec 20250.0 pp

Mar 2026+1.0 pp

Jun 20260.0 pp

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

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

Tejas Networks Ltd · 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 2023−6.5 pp

Dec 2023−4.3 pp

Mar 2024+26.0 pp

Jun 2024+39.0 pp

Sep 2024+15.7 pp

Dec 2024+15.3 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+42.0 pp

Vodafone Idea Ltd · 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 20250.0 pp

Dec 2025+1.0 pp

Mar 2026+1.0 pp

Jun 2026—

08 · compare level, then change

Profit Scale & Acceleration

Vodafone Idea Ltd has the highest Net profit among the 18 Telecom Services companies compared here, at ₹34,552 crore. Bharti Airtel Ltd is next at ₹33,823 crore. Valiant Communications Ltd has the highest Profit growth at the 100% top of the scoring scale, so level and change sit with different companies.

What the numbers say: Vodafone Idea Ltd leads with ₹34,552 crore of TTM profit, 2.2% above Bharti Airtel Ltd. Valiant Communications Ltd shows ≥100% on the scoring scale (151.5% uncapped) growth from a ₹24 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderVodafone Idea Ltd · ₹34,552 crore

Gap2.2% versus #2 · Bharti Airtel Ltd

PersistenceNot enough history

Coverage18/18 companies · 297 observations

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

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

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

Net profitlargest

1Vodafone Idea Ltd IDEA₹34.6K Cr

2Bharti Airtel Ltd BHARTIARTL₹33.8K Cr

3Indus Towers Ltd INDUSTOWER₹7.2K Cr

4Bharti Hexacom Ltd BHARTIHEXA₹1.7K Cr

5Tata Communications Ltd TATACOMM₹936 Cr

Profit growthfastest growers

1Valiant Communications Ltd 526775100%

2Sar Televenture Ltd SARTELE100%

3Bharti Hexacom Ltd BHARTIHEXA16%

4Optiemus Infracom Ltd OPTIEMUS4.8%

5Bharti Airtel Ltd BHARTIARTL-9.8%

Net profit · company comparison

18/18 level · 9/18 change

All-company data · latest reported quarter

Company	Net profit	Profit growth	Reported
Vodafone Idea Ltd IDEA	₹52.0K Cr	—	Mar 2026
Bharti Airtel Ltd BHARTIARTL	₹9.2K Cr	-26%	Mar 2026
Indus Towers Ltd INDUSTOWER	₹1.7K Cr	0.5%	Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified	₹1.2K Cr	—	Mar 2026
Bharti Hexacom Ltd BHARTIHEXA	₹447 Cr	-4.5%	Mar 2026
ITI Ltd ITI	₹436 Cr	-120%	Mar 2026
HFCL Ltd HFCL	₹246 Cr	40%	Jun 2026
Tata Communications Ltd TATACOMM	₹130 Cr	-32%	Jun 2026
Sar Televenture Ltd SARTELE	₹36 Cr	24%	Mar 2026
Optiemus Infracom Ltd OPTIEMUS	₹22 Cr	0.0%	Mar 2026
Suyog Telematics Ltd SUYOG⚠ unverified	₹14 Cr	-12%	Mar 2026
Valiant Communications Ltd 526775	₹8 Cr	93%	Mar 2026
ADC India Communications Ltd KRONECOMM	₹4 Cr	19%	Mar 2026
NELCO Ltd NELCO⚠ unverified	₹2 Cr	30%	Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified	₹-37 Cr	-233%	Mar 2026
Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified	₹-72 Cr	—	Jun 2026
Tejas Networks Ltd TEJASNET	₹-202 Cr	-219%	Jun 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified	₹-307 Cr	—	Mar 2026

Full 20-quarter history · every available company

Net profit · reported quarter history

Showing the 12 largest of 18 companies with a series here. The remaining 6 are complete in the plain-text rendition and the trace payload — nothing is dropped from the data, only from this grid.

Bharti Airtel Ltd · BHARTIARTL

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—

Bharti Hexacom Ltd · 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—

HFCL Ltd · 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

Indus Towers Ltd · 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₹1.7K Cr

ITI Ltd · 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—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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—

NELCO Ltd · NELCO⚠ unverified

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

Optiemus Infracom Ltd · 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—

Tata Communications Ltd · 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

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

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

Tejas Networks Ltd · 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₹-202 Cr

Vodafone Idea Ltd · 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—

Profit growth · reported quarter history

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

ADC India Communications Ltd · KRONECOMM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202367%

Mar 2024—

Jun 2024—

Sep 202417%

Dec 2024-8.6%

Mar 2025-57%

Jun 2025-29%

Sep 2025-51%

Dec 20255.2%

Mar 202619%

Jun 2026—

Bharti Airtel Ltd · BHARTIARTL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022162%

Sep 202249%

Dec 202258%

Mar 202314%

Jun 2023-38%

Sep 2023-30%

Dec 202310%

Mar 2024-51%

Jun 2024210%

Sep 202498%

Dec 2024461%

Mar 2025503%

Jun 202557%

Sep 2025108%

Dec 2025-47%

Mar 2026-26%

Jun 2026—

Bharti Hexacom Ltd · BHARTIHEXA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023-89%

Jun 2023164%

Sep 2023-286%

Dec 202340%

Mar 202410%

Jun 2024102%

Sep 2024—

Dec 202423%

Mar 2025110%

Jun 2025-23%

Sep 202566%

Dec 202582%

Mar 2026-4.5%

Jun 2026—

HFCL Ltd · HFCL

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023-20%

Mar 202438%

Jun 202446%

Sep 20244.3%

Dec 2024-11%

Mar 2025-176%

Jun 2025-126%

Sep 2025-1.4%

Dec 202540%

Mar 2026—

Jun 2026—

Indus Towers Ltd · INDUSTOWER

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022-66%

Sep 2022-44%

Dec 2022-145%

Mar 2023-24%

Jun 2023183%

Sep 202349%

Dec 2023—

Mar 202432%

Jun 202443%

Sep 202472%

Dec 2024160%

Mar 2025-4.0%

Jun 2025-9.8%

Sep 2025-17%

Dec 2025-56%

Mar 20260.8%

Jun 20260.5%

ITI Ltd · 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—

NELCO Ltd · NELCO⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202323%

Mar 20247.8%

Jun 2024-20%

Sep 2024-28%

Dec 2024-20%

Mar 2025-167%

Jun 2025-61%

Sep 2025-60%

Dec 2025-124%

Mar 2026—

Jun 202630%

Optiemus Infracom Ltd · OPTIEMUS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022150%

Sep 2022250%

Dec 2022—

Mar 2023467%

Jun 202380%

Sep 2023-29%

Dec 202338%

Mar 202441%

Jun 202433%

Sep 2024180%

Dec 2024-17%

Mar 2025-8.3%

Jun 202525%

Sep 202521%

Dec 2025-20%

Mar 20260.0%

Jun 2026—

Suyog Telematics Ltd · SUYOG⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202390%

Mar 202423%

Jun 202442%

Sep 202425%

Dec 2024-11%

Mar 2025-188%

Jun 20250.0%

Sep 2025-15%

Dec 2025-12%

Mar 2026—

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 2021—

Dec 2021—

Mar 2022—

Jun 202284%

Sep 202225%

Dec 20220.5%

Mar 2023-11%

Jun 2023-30%

Sep 2023-59%

Dec 2023-89%

Mar 2024-1.5%

Jun 2024-13%

Sep 20242.7%

Dec 2024424%

Mar 2025223%

Jun 2025-43%

Sep 2025-19%

Dec 202554%

Mar 2026-75%

Jun 2026-32%

Tejas Networks Ltd · 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—

Valiant Communications Ltd · 526775

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 202386%

Mar 2024183%

Jun 2024251%

Sep 202496%

Dec 2024-138%

Mar 202569%

Jun 202551%

Sep 202588%

Dec 2025—

Mar 202693%

Jun 2026—

09 · compare level, then change

Return On Capital Employed

Valiant Communications Ltd has the highest ROCE among the 18 Telecom Services companies compared here, at 39.7%. ADC India Communications Ltd is next at 31.4%. The same company also holds the highest ROCE change, at +19 percentage points. 18 of 18 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Valiant Communications Ltd leads ROCE at 39.7%, 8.3 percentage points above ADC India Communications Ltd. Valiant Communications Ltd has the strongest latest improvement at +19 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderValiant Communications Ltd · 39.7%

Gap26.4% versus #2 · ADC India Communications Ltd

PersistenceNot enough history

Coverage18/18 companies · 211 observations

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

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

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

ROCEhighest

1Valiant Communications Ltd 52677540%

2ADC India Communications Ltd KRONECOMM31%

3Bharti Hexacom Ltd BHARTIHEXA21%

4Indus Towers Ltd INDUSTOWER20%

5Bharti Airtel Ltd BHARTIARTL18%

ROCE changefastest improvers

1Valiant Communications Ltd 526775+19.0 pp

2ITI Ltd ITI+6.2 pp

3Bharti Airtel Ltd BHARTIARTL+3.5 pp

4Bharti Hexacom Ltd BHARTIHEXA+3.3 pp

5HFCL Ltd HFCL+3.0 pp

Return on capital · company comparison

18/18 level · 18/18 change

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

Company	ROCE	ROCE change	Reported
Bharti Hexacom Ltd BHARTIHEXA	22%	+3.3 pp	Mar 2026
Bharti Airtel Ltd BHARTIARTL	18%	+3.5 pp	Mar 2026
Indus Towers Ltd INDUSTOWER	17%	−8.8 pp	Jun 2026
Tata Communications Ltd TATACOMM	14%	+0.2 pp	Jun 2026
Suyog Telematics Ltd SUYOG⚠ unverified	12%	+1.0 pp	Mar 2026
NELCO Ltd NELCO⚠ unverified	7.5%	−8.1 pp	Jun 2026
Optiemus Infracom Ltd OPTIEMUS	6.7%	−4.6 pp	Mar 2026
Mahanagar Telephone Nigam Ltd MTNL⚠ unverified	2.0%	−18.2 pp	Mar 2026
ITI Ltd ITI	-0.6%	+6.2 pp	Mar 2026
Vodafone Idea Ltd IDEA	-2.1%	+0.7 pp	Mar 2026
Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified	-2.9%	+1.8 pp	Jun 2026
OnMobile Global Ltd ONMOBILE⚠ unverified	-8.7%	−5.7 pp	Mar 2026
Tejas Networks Ltd TEJASNET	-30%	−51.1 pp	Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified	-48%	−46.1 pp	Mar 2026

Full 20-quarter history · every available company

ROCE · reported quarter history

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

Bharti Airtel Ltd · BHARTIARTL

Sep 20217.9%

Dec 20218.6%

Mar 20229.9%

Jun 202210%

Sep 20229.8%

Dec 202211%

Mar 202311%

Jun 202312%

Sep 202312%

Dec 202313%

Mar 202413%

Jun 202413%

Sep 202413%

Dec 202413%

Mar 202514%

Jun 202516%

Sep 202517%

Dec 202518%

Mar 202618%

Jun 2026—

Bharti Hexacom Ltd · BHARTIHEXA

Sep 2021—

Dec 2021—

Mar 20224.4%

Jun 2022—

Sep 2022—

Dec 2022—

Mar 202311%

Jun 2023—

Sep 202316%

Dec 202316%

Mar 202416%

Jun 202414%

Sep 202414%

Dec 202416%

Mar 202518%

Jun 202520%

Sep 202522%

Dec 202522%

Mar 202622%

Jun 2026—

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

Sep 20219.6%

Dec 2021—

Mar 20222.8%

Jun 2022—

Sep 20224.5%

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—

Indus Towers Ltd · INDUSTOWER

Sep 2021—

Dec 2021—

Mar 202225%

Jun 202224%

Sep 202221%

Dec 202214%

Mar 202312%

Jun 202315%

Sep 202315%

Dec 202319%

Mar 202420%

Jun 202421%

Sep 202423%

Dec 202428%

Mar 202527%

Jun 202526%

Sep 202524%

Dec 202518%

Mar 202617%

Jun 202617%

ITI Ltd · ITI

Sep 20215.7%

Dec 2021—

Mar 20221.9%

Jun 2022—

Sep 20220.1%

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 20251.7%

Sep 2025-7.0%

Dec 20252.7%

Mar 2026-0.6%

Jun 2026—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

Sep 2021-892%

Dec 2021—

Mar 202252%

Jun 2022—

Sep 202215%

Dec 2022—

Mar 202391%

Jun 2023—

Sep 20235,852%

Dec 2023-969%

Mar 2024-63%

Jun 2024-79%

Sep 202444%

Dec 2024-71%

Mar 202520%

Jun 2025-51%

Sep 202516%

Dec 2025-64%

Mar 20262.0%

Jun 2026—

NELCO Ltd · NELCO⚠ unverified

Sep 202125%

Dec 2021—

Mar 202219%

Jun 2022—

Sep 202220%

Dec 2022—

Mar 202324%

Jun 2023—

Sep 202325%

Dec 202328%

Mar 202426%

Jun 202426%

Sep 202422%

Dec 202422%

Mar 202515%

Jun 202516%

Sep 20259.0%

Dec 20256.8%

Mar 20266.3%

Jun 20267.5%

Optiemus Infracom Ltd · OPTIEMUS

Sep 20211.0%

Dec 2021—

Mar 2022-7.0%

Jun 2022—

Sep 2022-5.1%

Dec 2022—

Mar 20233.3%

Jun 202316%

Sep 20236.7%

Dec 202317%

Mar 202413%

Jun 202420%

Sep 202414%

Dec 202422%

Mar 202511%

Jun 202516%

Sep 202512%

Dec 202514%

Mar 20266.7%

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 202117%

Dec 2021—

Mar 202218%

Jun 2022—

Sep 202218%

Dec 2022—

Mar 202319%

Jun 2023—

Sep 202315%

Dec 202316%

Mar 202417%

Jun 202416%

Sep 202410%

Dec 202416%

Mar 202514%

Jun 202523%

Sep 202516%

Dec 202522%

Mar 202614%

Jun 2026—

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

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—

Tejas Networks Ltd · TEJASNET

Sep 20211.0%

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 20242.7%

Jun 202412%

Sep 202421%

Dec 202433%

Mar 202521%

Jun 202514%

Sep 2025-8.7%

Dec 2025-21%

Mar 2026-30%

Jun 2026—

Vodafone Idea Ltd · 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—

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

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 20240.0 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—

Bharti Hexacom Ltd · 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—

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

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—

Indus Towers Ltd · 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+7.6 pp

Jun 2025+5.0 pp

Sep 2025+0.3 pp

Dec 2025−9.8 pp

Mar 2026−9.7 pp

Jun 2026−8.8 pp

ITI Ltd · 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—

Mahanagar Telephone Nigam Ltd · MTNL⚠ unverified

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—

NELCO Ltd · NELCO⚠ unverified

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

Optiemus Infracom Ltd · 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—

Tata Communications Ltd · 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—

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022−3.3 pp

Dec 2022—

Mar 20230.0 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—

Tejas Networks Ltd · 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—

Vodafone Idea Ltd · 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—

10 · compare level, then change

Valuation Against Growth & Quality

Indus Towers Ltd has the lowest PEG among the 18 Telecom Services companies compared here, at 0.46×. Bharti Airtel Ltd is next at 0.65×. GTL Infrastructure Ltd has the lowest P/E at 2.13×, so level and change sit with different companies. 5 of 18 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 5 of 18 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

Coverage5/18 companies · 31 observations

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

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

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data 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

3Tata Communications Ltd TATACOMM2.2

4Bharti Hexacom Ltd BHARTIHEXA3.5

5Optiemus Infracom Ltd OPTIEMUS9.1

P/Elowest P/E

1GTL Infrastructure Ltd GTLINFRA⚠ unverified2.1

2Vodafone Idea Ltd IDEA4.0

3Sar Televenture Ltd SARTELE8.5

4Indus Towers Ltd INDUSTOWER14.4

5Suyog Telematics Ltd SUYOG⚠ unverified16.1

Valuation · company comparison

5/18 level · 15/18 change

All-company data · latest reported quarter

Company	PEG	P/E	Reported
Optiemus Infracom Ltd OPTIEMUS	9.1	41.5	Mar 2026
Bharti Hexacom Ltd BHARTIHEXA	3.5	42.7	Mar 2026
Tata Communications Ltd TATACOMM	2.2	53.8	Jun 2026
Bharti Airtel Ltd BHARTIARTL	0.7	34.3	Mar 2026
Indus Towers Ltd INDUSTOWER	0.5	14.5	Jun 2026
Valiant Communications Ltd 526775	—	53.9	Mar 2026
Vodafone Idea Ltd IDEA	—	2.7	Mar 2026
HFCL Ltd HFCL	—	105.4	Jun 2026
ITI Ltd ITI	—	78.4	Mar 2026
Tejas Networks Ltd TEJASNET	—	57.4	Jun 2026
Tata Teleservices (Maharashtra) Ltd TTML⚠ unverified	—	-28.4	Jun 2026
NELCO Ltd NELCO⚠ unverified	—	163.2	Jun 2026
GTL Infrastructure Ltd GTLINFRA⚠ unverified	—	1.6	Mar 2026
Suyog Telematics Ltd SUYOG⚠ unverified	—	19.6	Mar 2026
ADC India Communications Ltd KRONECOMM	—	30.1	Mar 2026
OnMobile Global Ltd ONMOBILE⚠ unverified	—	27.2	Mar 2026
Sar Televenture Ltd SARTELE	—	16.0	Mar 2026

Full 20-quarter history · every available company

PEG · reported quarter history

Bharti Airtel Ltd · BHARTIARTL

Sep 202110.0

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20241.5

Sep 202414.0

Dec 20242.2

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 20260.7

Jun 2026—

Bharti Hexacom Ltd · 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 20243.5

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 2026—

Jun 2026—

Indus Towers Ltd · INDUSTOWER

Sep 20212.8

Dec 20210.5

Mar 20220.2

Jun 20220.2

Sep 20220.8

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 20250.2

Dec 20250.5

Mar 2026—

Jun 2026—

Optiemus Infracom Ltd · OPTIEMUS

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 20241.5

Sep 20244.3

Dec 20241.7

Mar 20251.9

Jun 20258.0

Sep 20259.1

Dec 2025—

Mar 2026—

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 2021—

Dec 20211.1

Mar 20220.6

Jun 20221.1

Sep 20220.7

Dec 20220.6

Mar 20230.7

Jun 20231.5

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 20251.7

Jun 20251.5

Sep 20252.6

Dec 20250.9

Mar 20262.2

Jun 2026—

P/E · reported quarter history

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

Bharti Airtel Ltd · BHARTIARTL

Sep 2021392.3

Dec 2021145.2

Mar 2022162.7

Jun 2022109.5

Sep 202295.3

Dec 202274.8

Mar 202358.7

Jun 202357.2

Sep 202346.4

Dec 202353.1

Mar 202459.8

Jun 202465.5

Sep 202482.1

Dec 202463.9

Mar 202549.3

Jun 202542.4

Sep 202537.0

Dec 202537.3

Mar 202634.3

Jun 2026—

Bharti Hexacom Ltd · BHARTIHEXA

Sep 2021—

Dec 2021—

Mar 2022—

Jun 2022—

Sep 2022—

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024137.4

Sep 2024141.2

Dec 202477.8

Mar 202569.7

Jun 202575.6

Sep 202558.3

Dec 202557.0

Mar 202642.7

Jun 2026—

GTL Infrastructure Ltd · GTLINFRA⚠ unverified

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 20261.6

Jun 2026—

HFCL Ltd · HFCL

Sep 202129.6

Dec 202130.1

Mar 202227.8

Jun 202223.5

Sep 202235.0

Dec 202236.1

Mar 202328.5

Jun 202329.8

Sep 202333.4

Dec 202338.2

Mar 202444.1

Jun 202448.8

Sep 202458.1

Dec 202443.1

Mar 202530.9

Jun 202570.7

Sep 202566.3

Dec 2025—

Mar 2026—

Jun 2026105.4

Indus Towers Ltd · INDUSTOWER

Sep 202117.7

Dec 202112.6

Mar 20229.3

Jun 20229.1

Sep 20229.8

Dec 202210.8

Mar 202314.1

Jun 202319.2

Sep 202316.2

Dec 202314.9

Mar 202414.1

Jun 202416.8

Sep 202416.0

Dec 202411.7

Mar 20258.9

Jun 202511.0

Sep 20259.4

Dec 202511.8

Mar 202615.8

Jun 202614.5

ITI Ltd · ITI

Sep 2021472.0

Dec 2021452.9

Mar 2022448.5

Jun 202282.8

Sep 202290.1

Dec 2022148.0

Mar 2023117.1

Jun 2023138.2

Sep 2023—

Dec 2023—

Mar 2024—

Jun 2024—

Sep 2024—

Dec 2024—

Mar 2025—

Jun 2025—

Sep 2025—

Dec 2025—

Mar 202678.4

Jun 2026—

NELCO Ltd · NELCO⚠ unverified

Sep 202190.7

Dec 2021102.5

Mar 202292.6

Jun 202287.3

Sep 2022119.4

Dec 202292.9

Mar 202368.5

Jun 202383.5

Sep 202385.8

Dec 202382.1

Mar 202468.2

Jun 202474.4

Sep 2024105.9

Dec 2024139.0

Mar 2025104.2

Jun 2025241.7

Sep 2025204.0

Dec 2025176.6

Mar 2026127.7

Jun 2026163.2

Optiemus Infracom Ltd · OPTIEMUS

Sep 202127.3

Dec 202125.3

Mar 202226.9

Jun 202224.3

Sep 2022283.0

Dec 2022211.8

Mar 202364.3

Jun 202343.2

Sep 202354.3

Dec 202359.9

Mar 202443.3

Jun 202448.0

Sep 2024122.8

Dec 202488.8

Mar 202556.9

Jun 202587.4

Sep 202586.7

Dec 202562.9

Mar 202641.5

Jun 2026—

Tata Communications Ltd · TATACOMM

Sep 202130.7

Dec 202131.6

Mar 202223.8

Jun 202217.8

Sep 202219.0

Dec 202220.4

Mar 202319.9

Jun 202326.2

Sep 202335.1

Dec 202338.2

Mar 202460.1

Jun 202449.1

Sep 202466.0

Dec 202452.2

Mar 202538.3

Jun 202535.9

Sep 202534.5

Dec 202538.0

Mar 202629.9

Jun 202653.8

Tata Teleservices (Maharashtra) Ltd · TTML⚠ unverified

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—

Tejas Networks Ltd · TEJASNET

Sep 202174.2

Dec 202173.2

Mar 2022147.7

Jun 2022189.3

Sep 2022-129.0

Dec 2022—

Mar 2023—

Jun 2023—

Sep 2023—

Dec 2023—

Mar 2024177.9

Jun 2024348.2

Sep 2024124.5

Dec 202445.2

Mar 202519.7

Jun 202528.4

Sep 202556.3

Dec 202557.4

Mar 2026—

Jun 2026—

Vodafone Idea Ltd · 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 20262.7

Jun 2026—

11 · before the conclusion, check the blind spots

What can make this comparison misleading?

This Telecom Services comparison names 6 specific ways its own evidence can mislead, all listed below. All 18 companies here report on comparable dates, so no rank carries a stale marker. 6 draw at least one figure from a second feed with too little overlap to cross-check. 1 has second-feed figures withheld because the two sources disagree.

Keep these limits visible

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

12 · evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 18 Telecom Services companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-31. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company

Market dataThrough 2026-07-31 · 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 · 9 unverified · 1 withheld, of 18 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.

13 · 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 18 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-31. 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 9.4% over 52 weeks and 13% over 13 weeks. 11 of 18 covered companies beat NIFTY on Mansfield relative strength, while 6 of 18 beat the sector itself.

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?

Bharti Airtel Ltd ranks first at 71.9/100 with 82.6% 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 5 of 18 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.

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, Bharti Airtel Ltd places first among 18 listed Telecom Services companies, followed by Suyog Telematics 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 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 PEG — where a LOWER number is cheaper — Indus Towers Ltd screens cheapest at 0.46×. Only 5 of 18 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 9.4% over the last 52 weeks and 13% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 11 of 18 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?

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?

Bharti Airtel Ltd scores 71.9 out of 100 with 82.6% evidence confidence, from 23 points on growth and earnings, 21.5 on capital efficiency, 14.2 on valuation and 13.2 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, 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 ₹16,94,054 crore of combined market value. Bharti Airtel Ltd is the largest at ₹12,30,536 crore, about 73% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-05.

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 2026-08-05.

How is the Telecom Services sector performing?

11 of the 18 covered Telecom Services companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 9.4% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-05.

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.