Sector analysis · India

Telecommunication sector earnings growth, Q3 FY26

The 20 largest Telecommunication companies by market cap at the end of Q3 FY26 (31 Dec 2025), compared with Q2 FY26.

The top 20 at Q3 FY26

Q3 FY26 vs Q2 FY26: combined net profit ₹282 cr (+5%), median EPS −2% (13 of 20 up), market-cap-weighted price +13%. 20 of 20 reported.

Quarter

Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27

Compared with

YoY QoQ

Weight is each company's share of the 20 companies' combined market cap. Contribution is the change in its owners' profit divided by their combined base profit, in percentage points, so the column adds up to the sector's earnings growth. EPS cannot be added across companies, which is why contributions use profit.

#	Company	Weight	EPS ₹, base → now	EPS growth	Contribution	Price
1	Bharti Airtel LimitedBHARTIARTL	72.1%	11.14 → 10.88	−2%	−0.8 pp	+12%
2	Vodafone Idea LimitedIDEA	7.0%	−0.51 → −0.49	loss, smaller	+1.2 pp	+32%
3	Indus Towers LimitedINDUSTOWER	6.6%	6.97 → 6.73	−3%	−0.3 pp	+22%
4	Bharti Hexacom LimitedBHARTIHEXA	5.5%	8.42 → 9.47	+12%	+0.3 pp	+10%
5	Tata CommTATACOMM	3.1%	6.42 → 12.82	+100%	+0.9 pp	+13%
6	ITI LimitedITI	1.8%	−0.56 → −0.26	loss, smaller	+0.1 pp	+3%
7	Railtel Corporation Of India LimitedRAILTEL	0.7%	2.37 → 1.94	−18%	−0.1 pp	0%
8	HFCL LimitedHFCL	0.6%	0.47 → 0.64	+36%	+0.2 pp	−7%
9	Tata Teleservices (Maharashtra) LimitedTTML	0.6%	−1.64 → −0.77	loss, smaller	+0.9 pp	−10%
10	Tejas Networks LimitedTEJASNET	0.5%	−17.36 → −11.07	loss, smaller	+0.6 pp	−23%
11	Sterlite Technologies LimitedSTLTECH	0.3%	0.08 → −0.35	to loss one-off	−0.1 pp	−9%
12	Optiemus Infracom LimitedOPTIEMUS	0.3%	1.90 → 1.38	−27%	0.0 pp	−19%
13	Route Mobile LimitedROUTE	0.3%	−3.37 → 15.51	turned profitable	+0.6 pp	−11%
14	Pace Digitek LimitedPACEDIGITK	0.2%	2.97 → 3.65	+23%	+0.1 pp	—
15	M T N LMTNL	0.1%	−15.24 → −14.24	loss, smaller	+0.3 pp	−16%
16	GTL Infrastructure LimitedGTLINFRA	0.1%	−0.15 → 0.02	turned profitable	+1.1 pp	−23%
17	STL Networks LimitedSTLNETWORK	0.1%	−0.40 → −0.22	loss, smaller one-off	0.0 pp	−25%
18	Suyog Telematics LimitedSUYOG	0.0%	14.82 → 12.41	−16%	0.0 pp	−23%
19	Birla CableBIRLACABLE	0.0%	0.23 → 1.34	+483%	0.0 pp	−14%
20	Reliance Communications LimitedRCOM	0.0%	−9.77 → −10.01	loss, bigger	−0.3 pp	−19%
	Sector earnings growth	100%			+4.6 pp

Who joined and who left

1 joined and 1 left the top 20 since Q2 FY26, as market caps moved.

Joined the top 20 since Q2 FY26 1

now #14 Pace Digitek Limited PACEDIGITK

Left the top 20 since Q2 FY26 1

was #20 UMIYA BUILDCON LIMITED UMIYA-MRO

EPS growth by company, Q2 FY24 to Q1 FY27

Each company's EPS growth quarter on quarter, every quarter it was in the top 20.

≤ −40%−20%0+20%≥ +40% Blue is growth, red is decline, grey is about zero; the colour stops deepening at ±40%.

turned profitableto loss crossed zero, so there is no growth rate to print
loss, smallerloss, bigger a loss in both quarters
sources disagree our two sources disagree, so the figure is left out of the sector totals
outside not in the sector's top 20 that quarter

EPS growth of each company in the sector's top 20, by quarter
Company	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	Q1 FY27
BHARTIARTL	−17%	+81%	−16%	+99%	−14%	+312%	−25%	−46%	+14%	−2%	+10%	+11%
IDEA	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, smaller	loss, smaller	turned profitable	sources disagree
INDUSTOWER	−4%	+19%	+20%	+4%	+18%	+80%	−56%	−2%	+6%	−3%	+1%	−3%
BHARTIHEXA	outside	outside	outside	+130%	−50%	+3%	+80%	−16%	+8%	+12%	−6%	+8%
TATACOMM	−42%	−80%	+618%	+4%	−32%	+4%	+341%	−82%	−4%	+100%	−28%	−49%
ITI	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	to loss
RAILTEL	+81%	−8%	+25%	−37%	+49%	−10%	+74%	−42%	+15%	−18%	+128%	−54%
HFCL	0%	+18%	+31%	+1%	−34%	0%	to loss	loss, smaller	turned profitable	+36%	+83%	+27%
TTML	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	to loss
TEJASNET	loss, smaller	loss, bigger	turned profitable	−47%	+255%	−41%	to loss	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller
STLTECH	−37%	to loss	loss, bigger	loss, smaller	loss, smaller	loss, bigger	loss, bigger	turned profitable	−60%	to loss	turned profitable	+234%
OPTIEMUS	−42%	+232%	+34%	−50%	+13%	+9%	+46%	−35%	+15%	−27%	+83%	−6%
ROUTE	−4%	+19%	−17%	−11%	+29%	−19%	−31%	−6%	to loss	turned profitable	+12%	−43%
PACEDIGITK	outside	outside	outside	outside	outside	outside	outside	outside	outside	+23%	+26%	−38%
MTNL	loss, smaller	loss, bigger	loss, smaller	loss, smaller	loss, bigger	loss, smaller	loss, smaller	loss, bigger	loss, bigger	loss, smaller	loss, smaller	loss, bigger
GTLINFRA	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	+4,550%	−95%
STLNETWORK	outside	outside	outside	outside	outside	outside	outside	outside	loss, smaller	loss, smaller	loss, bigger	loss, smaller
SUYOG	outside	outside	outside	outside	+20%	−15%	to loss	turned profitable	−2%	−16%	−3%	−1%
BIRLACABLE	−56%	−29%	−61%	−98%	+6,600%	−22%	−8%	−6%	−49%	+483%	+169%	+184%
RCOM	outside	outside	outside	outside	loss, bigger	outside	outside	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller