Bharti Airtel Vs Jio – The 2026 outlook: Why JM Financial sees one telecom giant surging ahead

Jio and Bharti Airtel sit at the centre of India’s telecom duopoly, but JM Financial’s latest assessment shows the strength heading into 2026 will not be evenly split. JM Financial believes that the visibility for a 15% tariff hike has increased sharply, with Jio’s plan to pursue an IPO in the first half of 2026 likely to push operators to raise prices.

The brokerage noted that keeping the “three-plus-one” market viable will require higher tariffs, since current prices do not show the cost of building and maintaining dense 5G networks. According to them, “tariff correction is no longer optional.”