Telcos could ring in record ₹3.12 lakh crore billion in revenues this fiscal

Telecom sector revenues are expected to hit a new high of $35 billion (₹3.12 lakh crore) this fiscal year as Bharti Airtel and Reliance Jio consolidate their positions and the industry absorbs last year’s tariff hikes with minimal subscriber churn. This follows a decade-long contraction after Jio’s entry, when industry revenues plunged to just $15 billion in FY19 amid intense price wars and mass consolidation.

With another round of tariff hikes expected, industry revenues are projected to climb further to $39 billion in FY27, Jefferies estimates, signalling the strongest growth cycle in over a decade. “We expect sector revenues to rise at 14% CAGR to US$45bn over FY26-28E, with market share broadly stable,” the brokerage firm said.