Telecom Stocks and Companies in India

The largest Telecom stocks in India by market value are Bharti Airtel (₹12.9 lakh crore), Vodafone Idea (₹1.36 lakh crore) and Indus Towers (₹1.02 lakh crore), at prices of 4 Nov 2026.

• Bharti Airtel: ₹2,067.60 | market value ₹12.9 lakh crore | P/E 41.3
• Vodafone Idea: ₹12.55 | market value ₹1.36 lakh crore | P/E 3.8
• Indus Towers: ₹387 | market value ₹1.02 lakh crore | P/E 14.3
• Bharti Hexacom: ₹1,718.80 | market value ₹85,940 crore | P/E 46.5
• Tata Communications: ₹1,754.60 | market value ₹50,021 crore | P/E 41.3
• HFCL: ₹228.16 | market value ₹34,922 crore | P/E 40.2
• ITI: ₹254.75 | market value ₹24,536 crore | P/E 89.2
• Tejas Networks: ₹425.75 | market value ₹7,584 crore
• TTML: ₹35.13 | market value ₹6,867 crore | P/E 187.1
• NELCO: ₹706.90 | market value ₹1,613 crore | P/E 265.5

The other 6 Telecom companies are in the full list below.

Share price | market value | P/E, biggest first. Prices, market values and ratios at the official close of 4 Nov 2026; the score list below uses the weekly figures.

Ranked by the 4-Factor Sector Score (growth & earnings 35, capital efficiency 25, valuation 20, relative strength 20). Prices as of 30 Oct 2026.

The largest 15 of 16 listed Indian Telecom Services companies are named here; all 16 are ranked in the scorecard. This is the set of companies people mean when they search for a Nifty Telecom Services index; NSE publishes its own indices only for the largest sectors, so this equal-weighted set stands in for one.

1. Bharti Airtel Ltd₹12.3 lakh cr
2. Vodafone Idea Ltd₹1.3 lakh cr
3. Indus Towers Ltd₹99,800 cr
4. Bharti Hexacom Ltd₹81,800 cr
5. Tata Communications Ltd₹47,800 cr
6. HFCL Ltd₹35,400 cr
7. ITI Ltd₹20,800 cr
8. Tejas Networks Ltd₹7,180 cr
9. Tata Teleservices (Maharashtra) Ltd₹6,710 cr
10. NELCO Ltd₹1,540 cr
11. Mahanagar Telephone Nigam Ltd₹1,400 cr
12. GTL Infrastructure Ltd₹1,270 cr
13. ADC India Communications Ltd₹1,010 cr
14. Suyog Telematics Ltd₹516 cr
15. OnMobile Global Ltd₹504 cr

The remaining 1 Telecom Services company are named and ranked in the scorecard.

16 Telecom companies in the Telecom Services industry group have a page on Sector Alpha, by market value as of 30 October 2026, and all 16 are listed below, largest first. The largest is Bharti Airtel (₹12.3 lakh crore) and the smallest with a market value is Sar Televenture.

Download all 16 Telecom companies (CSV)

The line below covers up to 5.2 years and opens on the 5Y view; the buttons cut it shorter. Over the last two years (104 weeks) this sector is 5% behind NIFTY 500. Earnings across its companies fell 23% on average over the last four reported quarters.

5 of 16 companies pass the momentum test (5+ points ahead of the Nifty 500 over 3 months, within 20% of the 52-week high). 1 is 20% or more behind over a year while earnings grew 20% or more.

Not ahead of NIFTY 500 on the three-month view this week; 5 of the 16 companies in the industry index above their 200-day average (no change from four weeks earlier); 5 of those 16 pass the momentum test (4 more than four weeks earlier); earnings rising at 8 of the 16 that report earnings.

Not ahead of NIFTY 500 yet, but 4 more stocks joined in four weeks, 1 → 5 of 16. Earnings mixed, 8 of 16 members have higher trailing twelve-month earnings than a year ago.

Both lines start at 200 in the same week, so the gap between them tells the story: the sector line is an equal-weighted index of its 16 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member set to 100 at the start and the sector taking the middle value, so a price line pulling away from flat bars means the market is paying more for the same earnings. A bar turns grey when that figure is lower than the quarter before. The rules are fixed and the same 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 or tap any point to read both values and the gap.

Telecom Services has done worse than the NIFTY 500 by 1.7% over the last 52 weeks. Over 13 weeks the gap is a shortfall of 7%. HFCL Ltd is the strongest against the sector itself at +78%. Readings are as of 30 October 2026.

Relative-strength score for the industry: 8.9 as of 30 October 2026 (narrowing, rising).

Telecom Services has done worse than the NIFTY 500 by 1.7% over 52 weeks and by 7% over 13 weeks. 4 of 16 companies we track are beating the NIFTY on relative strength (how a share price has done against the index over recent months) (1 has no relative-strength reading yet), and 5 of the 10 with a long enough price history are ahead of the industry itself.

A score that ranks each company against the others in its industry. The four parts shown always add up to the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or old evidence affects only its own part, never as a hidden adjustment.

Bharti Airtel Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 88.6% evidence confidence.

Indus Towers Ltd scores well on valuation against its peers or its own history, but its earnings have not yet improved enough to back that up.

Ranked last: too little evidence (2 companies)

Under 60% of the evidence behind these scores is available, so they rank after every company above, whatever the score.

HFCL Ltd has the strongest one-year price move in Telecom Services at +214.7%. It also leads on relative strength against the NIFTY, at +70.2%. 6 of 16 companies we track are ahead of the index on that measure (1 has no relative-strength reading yet). Every line covers 313 weekly closes through 30 October 2026.

Price and relative strength

Price · same starting point: 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.

RS vs NIFTY 500: How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.

RS vs sector: The same measure taken against Telecom Services itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.

Biggest one-year moves

Strongest against NIFTY 500

Strongest against the sector itself

An established recovery is consolidating before a possible second breakout, with uneven participation and uncertain repeatability of aggregate profit. In the week of 5 October 2026, 47.1% of 17 Telecom Services companies were beating the Nifty 500, against 55.6% on 25 May 2026.

From our industry review of 10 October 2026.

Customers moving to higher-value plans, new digital services and network orders support the industry, but the gains are uneven. Airtel and Hexacom are repairing home broadband economics, while Vodafone Idea and its suppliers still depend on funding and delivery.

From our industry review of 10 October 2026.

3 of 12 Telecom Services companies held a results call for July to September 2026. OnMobile Global guided: E&C revenue growth 2-5% as annual goal for core stability.

From the results calls for July to September 2026.

Big funds, foreign and Indian, raised their stake by 0.5 points over the last two quarters. Founders and promoters kept theirs about the same.

• Spending on new plants and equipment was ₹78,909 crore in the last 12 months, 16% less than a year before.
• Projects still being built shrank 1% in a year.

Big funds = foreign and Indian institutions, change in their share of ownership across 18 Telecom Services companies, in percentage points.

Ownership and spending as of 10 October 2026.

1 chain of cause and effect links Telecom Services to other industries right now. AI demand rewards owned customers and strains equipment delivery. For Telecom Services: Cloud connectivity and interconnect products widen demand, although profitable delivery remains uneven.

From our cross-industry review of 10 October 2026.

The next things that show whether the Telecom Services story is on course. First: Next results: customer spending and fibre-led home broadband recovery at Airtel and Hexacom.

• Vodafone Idea bank funding closure and delivery against its site-rollout plan.
• Indus energy-margin recovery and customer-funded tenancy growth.
• Formal award of the pending BSNL expansion order and commencement of supplier billing.
• Tata Communications' next results and promised Company Day: evidence of digital profitability.
• A possible December 2026 tariff increase; this is a research forecast, not confirmed company guidance.

From our industry review of 10 October 2026.

This is the written read behind the Telecom Services figures above: what is actually happening in the industry, 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.

How old this read is: This read comes from our Telecom Services sector deep dive dated 14 Aug 2026, 83 days old. The numbers above it are newer than the words here.

What is live in this sector right now

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.

Bharti Airtel Ltd has the highest Revenue among the 16 Telecom Services companies compared here, at ₹2,20,049 crore. Vodafone Idea Ltd is next at ₹45,539 crore. HFCL Ltd has the highest Revenue growth at the 100% top of the scoring scale, so level and change sit with different companies. Its Revenue series carries 19 reported observations across the 20-quarter window.

What the numbers say: Bharti Airtel Ltd is the largest at ₹2,20,049 crore, 383.2% ahead of Vodafone Idea Ltd. HFCL Ltd's growth is capped at 100% on the scoring scale; the full change over the last 12 months is 101% from a ₹7,492 crore base, with 16 reported quarters out of the last 20. Fast growth from a smaller base is not yet the same as proven size.

What this means: Bharti Airtel Ltd is the size to compare against; HFCL Ltd is the one growing fastest. The faster grower has to keep that growth and turn it into margin and returns before it counts as more than a fast start.

This conclusion weakens if: Bharti Airtel Ltd's growth falls below HFCL 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.

Revenue · company comparison

Revenue · largest

Revenue growth · fastest growers

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.

Revenue shows both size and speed. A large company can absorb shocks and pay for wide distribution; faster growth can mean market-share gains, new capacity or stronger demand. The best sign is usually growth that lasts without hurting margins and returns.

Suyog Telematics Ltd has the highest OPM among the 16 Telecom Services companies compared here, at 60%. Bharti Airtel Ltd is next at 57%. Tejas Networks Ltd has the highest Margin change at +86 percentage points, so level and change sit with different companies. 16 of 16 companies report a comparable reading, the latest through Jun 2026.

What the numbers say: Suyog Telematics Ltd leads opm at 60%; Tejas Networks Ltd leads margin change at +86 percentage points.

What this means: Suyog Telematics Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Operating margin · company comparison

OPM · highest

Margin change · fastest expanders

All-company data · latest reported quarter

Vodafone Idea Ltd has the highest Net profit among the 16 Telecom Services companies compared here, at ₹37,406 crore. Bharti Airtel Ltd is next at ₹36,413 crore. HFCL 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 earns the most, ₹37,406 crore of profit over the last 12 months, 2.7% above Bharti Airtel Ltd. HFCL Ltd shows at least 100% on the scoring scale (2706.1% in full) growth from a profit base of ₹926 crore. A fast rate from a small base matters less than a large profit that keeps coming.

What this means: Vodafone Idea Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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 profit · company comparison

Net profit · largest

Profit growth · fastest growers

All-company data · latest reported quarter

Tata Teleservices (Maharashtra) Ltd has the highest ROCE among the 16 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. 16 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Tata Teleservices (Maharashtra) Ltd leads ROCE at 55.6%, 24.2 percentage points above ADC India Communications Ltd. A high return reported once may be one good year; a high return reported year after year shows a lasting business.

What this means: Tata Teleservices (Maharashtra) Ltd sets the level to compare against; the company improving fastest needs another report to confirm the change.

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.

Return on capital · company comparison

Withheld from this chart: HFCL Ltd (HFCL): its two data sources disagree by up to 9.8% on reported income across 15 comparable periods, so its derived ratios are withheld; Mahanagar Telephone Nigam Ltd (MTNL): its two data sources disagree by up to 30% on reported income across 15 comparable periods, so its derived ratios are withheld; Suyog Telematics Ltd (SUYOG): its two data sources disagree by up to 17% on reported income across 15 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.

ROCE · highest

ROCE change · fastest improvers

All-company data · latest reported quarter

Indus Towers Ltd has the lowest PEG among the 16 Telecom Services companies compared here, at 0.46×. Bharti Airtel Ltd is next at 0.69×. GTL Infrastructure Ltd has the lowest P/E at 1.31×, so level and change sit with different companies. 4 of 16 companies report a comparable reading, the latest through Sep 2026.

What the numbers say: Indus Towers Ltd has the lowest comparable PEG at 0.46×, 33.3% below Bharti Airtel Ltd. That would need today's multiple, the company's own history and steady growth to agree.

What this means: A low valuation is a reason to look closer at the business, not a conclusion on its own.

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 worked out the same way every time, as the P/E on the last 12 months of reported earnings divided by that growth rate, never on expected earnings. 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.

Valuation · company comparison

Withheld from this chart: Mahanagar Telephone Nigam Ltd (MTNL): its two data sources disagree by up to 30% on reported income across 15 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.

PEG · lowest PEG

P/E · lowest P/E

All-company data · latest reported quarter

Telecom Services companies show up on 7 of our India lists. The most are on the small & mid cap stocks list (5 companies).

This Telecom Services comparison names 6 specific ways its own evidence can mislead, all listed below. 1 of the 16 companies reports on an older date than the sector's freshest reporters, so its rank is marked stale. 3 have second-source figures left out because the two sources disagree.

Keep these limits visible

• A high growth rate can come from a very small starting figure. The page keeps level and change separate for that reason.
• A high ROCE can be temporary, or look high because the capital base is small. It is best read beside margin, cash flow and how much is spent back on the business.
• The 4-Factor Sector Score ranks published data only. Management quality, upcoming events and risks are not part of it.
• An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
• 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
• 3 companies are missing from the second-source figures on purpose: the two sources disagree, so nothing from the second is drawn. Those rows have less evidence; that does not make the business weaker.

This comparison is built from the reported filings of 16 Telecom Services companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Sep 2026 and market data through 30 October 2026.

3 of 16 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: HFCL Ltd (HFCL): its two data sources disagree by up to 9.8% on reported income across 15 comparable periods, so its derived ratios are withheld; Mahanagar Telephone Nigam Ltd (MTNL): its two data sources disagree by up to 30% on reported income across 15 comparable periods, so its derived ratios are withheld; Suyog Telematics Ltd (SUYOG): its two data sources disagree by up to 17% on reported income across 15 comparable periods, so its derived ratios are withheld.

These 24 answers restate the Telecom Services comparison above in question form. Every one is computed from the same 16 companies and the same reported filings as the rankings and charts, current through Sep 2026. Price and relative-strength answers run through 30 October 2026. Nothing here is estimated, and none of it is a recommendation.