Reliance Jio strengthens market leadership in Q3FY26 with strong revenue growth: Report
Reliance Jio strengthened its leadership in India’s telecom sector in the third quarter of FY26, posting robust revenue growth and expanding market share amid steady industry momentum, according to an ICICI Securities report.
Jio’s Adjusted Gross Revenue (AGR), including National Long Distance (NLD), rose 3.9% quarter-on-quarter and 11.2% year-on-year to ₹321 billion in Q3FY26.
Its AGR market share increased to 43%, up 41 basis points sequentially and 114 basis points year-on-year, ICICI Securities report said.
Bharti Airtel reported AGR of ₹299 billion with a 39.9% market share, while Vodafone Idea posted ₹99 billion and a 13.3% share.
“VIL’s AGR market share declined to 13.3%, down 28bp QoQ, primarily due to a decline in all the metro circles,” the report read.
Jio’s incremental year-on-year AGR of ₹32.4 billion exceeded Bharti’s ₹24.8 billion, underscoring its stronger revenue momentum.
The combined AGR of the top three private operators grew 2.9% quarter-on-quarter and 8.9% year-on-year to ₹720 billion in Q3FY26, aided by subscriber growth and premiumisation.
On an annualised basis, industry AGR reached nearly ₹3 trillion.
Jio’s metro performance stood out, with AGR rising 18% sequentially. Delhi and Kolkata saw increases of 22.9% and 24%, respectively, while Mumbai grew 6.7%,
The company gained market share in 16 telecom circles during the quarter. “RJio has gained AGR market share in 16 circles QoQ, with declines noted only in Tamil Nadu (16bp QoQ), Kerala (31bp), Haryana (182bp), Madhya Pradesh (31bp), Bihar (35bp) and Odisha (26bp).”
With sustained growth across metros and circles, Jio continues to widen its lead in India’s competitive telecom market.
According to a separate report by CLSA, Reliance Jio strengthened its dominance in India’s telecom market in Q3FY26, gaining 47 basis points sequentially to command a 42.5% revenue market share. The telecom company posted the highest growth among peers, with revenue rising 4% quarter-on-quarter and 11% year-on-year.
