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 Q3 FY25.

The top 20 at Q3 FY26

Q3 FY26 vs Q3 FY25: combined net profit ₹282 cr (−30%), median EPS −13% (10 of 19 up), market-cap-weighted price +24%. 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%	24.28 → 10.88	−55%	−27.0 pp	+33%
2	Vodafone Idea LimitedIDEA	7.0%	−0.95 → −0.49	loss, smaller	+4.4 pp	+35%
3	Indus Towers LimitedINDUSTOWER	6.6%	15.17 → 6.73	−56%	−7.4 pp	+23%
4	Bharti Hexacom LimitedBHARTIHEXA	5.5%	5.22 → 9.47	+81%	+0.7 pp	+25%
5	Tata CommTATACOMM	3.1%	8.28 → 12.82	+55%	+0.4 pp	+7%
6	ITI LimitedITI	1.8%	−0.51 → −0.26	loss, smaller	+0.1 pp	−20%
7	Railtel Corporation Of India LimitedRAILTEL	0.7%	2.03 → 1.94	−4%	0.0 pp	−8%
8	HFCL LimitedHFCL	0.6%	0.51 → 0.64	+25%	+0.1 pp	−40%
9	Tata Teleservices (Maharashtra) LimitedTTML	0.6%	−1.61 → −0.77	loss, smaller	+0.5 pp	−34%
10	Tejas Networks LimitedTEJASNET	0.5%	9.43 → −11.07	to loss	−1.2 pp	−62%
11	Sterlite Technologies LimitedSTLTECH	0.3%	−0.49 → −0.35	loss, smaller one-off	0.0 pp	−10%
12	Optiemus Infracom LimitedOPTIEMUS	0.3%	1.75 → 1.38	−21%	0.0 pp	−28%
13	Route Mobile LimitedROUTE	0.3%	13.09 → 15.51	+18%	+0.1 pp	−50%
14	Pace Digitek LimitedPACEDIGITK	0.2%	— → 3.65	sources disagree	—	—
15	M T N LMTNL	0.1%	−13.27 → −14.24	loss, bigger	−0.2 pp	−29%
16	GTL Infrastructure LimitedGTLINFRA	0.1%	−0.16 → 0.02	turned profitable	+0.8 pp	−44%
17	STL Networks LimitedSTLNETWORK	0.1%	0.16 → −0.22	to loss one-off	−0.1 pp	—
18	Suyog Telematics LimitedSUYOG	0.0%	16.11 → 12.41	−23%	0.0 pp	−67%
19	Birla CableBIRLACABLE	0.0%	0.52 → 1.34	+158%	0.0 pp	−36%
20	Reliance Communications LimitedRCOM	0.0%	−8.60 → −10.01	loss, bigger	−1.3 pp	—
	Sector earnings growth	100%			−30.1 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 year on year, 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
— no data
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	−38%	+52%	−32%	+153%	+163%	+498%	+427%	+43%	+89%	−55%	−34%	+37%
IDEA	sources disagree	sources disagree	sources disagree	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	turned profitable	sources disagree
INDUSTOWER	+49%	turned profitable	+33%	+43%	+76%	+165%	−2%	−8%	−17%	−56%	+1%	+1%
BHARTIHEXA	outside	outside	outside	+102%	turned profitable	+23%	+111%	−23%	+66%	+81%	−5%	+23%
TATACOMM	−59%	−89%	−1%	−13%	+3%	+427%	+224%	−43%	−19%	+55%	−75%	−29%
ITI	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	loss, smaller	turned profitable	loss, smaller
RAILTEL	+23%	+98%	+3%	+30%	+7%	+5%	+46%	+36%	+5%	−4%	+25%	0%
HFCL	−17%	−17%	+46%	+57%	+4%	−12%	to loss	to loss	−8%	+25%	turned profitable	turned profitable
TTML	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, smaller	turned profitable	loss, smaller
TEJASNET	sources disagree	sources disagree	sources disagree	turned profitable	turned profitable	turned profitable	to loss	to loss	to loss	to loss	loss, bigger	loss, bigger
STLTECH	−23%	to loss	to loss	to loss	to loss	loss, smaller	loss, smaller	turned profitable	turned profitable	loss, smaller	turned profitable	+1,920%
OPTIEMUS	−24%	+43%	+39%	+29%	+154%	−16%	−9%	+17%	+19%	−21%	−1%	+45%
ROUTE	+20%	+28%	−14%	−15%	+13%	−22%	−36%	−32%	to loss	+18%	+93%	+18%
PACEDIGITK	outside	outside	outside	outside	outside	outside	outside	outside	outside	sources disagree	+43%	−6%
MTNL	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, bigger	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller	loss, smaller
GTLINFRA	loss, smaller	loss, smaller	loss, smaller	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller	turned profitable	turned profitable	turned profitable
STLNETWORK	outside	outside	outside	outside	outside	outside	outside	outside	to loss	to loss	—	loss, smaller
SUYOG	outside	outside	outside	outside	+23%	−10%	to loss	−4%	−22%	−23%	turned profitable	−22%
BIRLACABLE	−42%	−55%	−89%	−100%	−62%	−58%	−2%	+4,400%	−66%	+158%	+650%	+2,173%
RCOM	outside	outside	outside	outside	loss, bigger	outside	outside	loss, bigger	loss, bigger	loss, bigger	loss, bigger	loss, smaller