Telecom industry to clock 9.8% AGR CAGR through FY30, says ICICI Securities – Tariff hike, data usage, other factors at play

India’s telecom sector is poised to deliver steady growth, with industry AGR (including National Long Distance or NLD) expected to rise at a 9.8 per cent CAGR over FY25–30, according to a report by ICICI Securities. The growth will be driven by sustained pricing power, a likely 20 per cent tariff hike in FY27, strong data and voice consumption, and a robust uptick in fixed broadband revenues.

ICICI Securities has introduced a fixed broadband growth model, projecting a strong 15.4 per cent revenue CAGR during the same period. This, it added, will be led by Reliance Jio and Bharti Airtel.