Telecom

Sterlite Technologies (STL) reported Q2FY26 numbers in-line with revenue at INR10.3bn (+1.5% QoQ/-3.7% YoY) versus our estimate of INR10.4bn. EBITDA margin came in at 12.5% (-50bp QoQ/+160bp YoY), below our estimate of

Bharti Airtel posted better-than-expected Q2FY26 performance with revenue coming in at INR528.7bn (+5.8% QoQ), supported by ARPU improvement to INR256 (+2.2% QoQ) and 1.4mn QoQ net subscriber addition. EBITDA margin

Route Mobile reported a decent set of Q2FY26 numbers. Revenue at INR11.2bn (+6.5% QoQ/+0.5% YoY) beat our estimate of INR10.7bn. Adjusted EBITDA margin of 12.1% to beat our estimate of 11.5% and so did adjusted PAT at

TCOM posted modest Q2FY26 results with revenue at INR61.0bn (+2.3% QoQ/+6.5% YoY), in line with our estimates. Data revenue rose +7.1% YoY driven by Digital growth of +14.5% YoY. Consolidated EBITDA margin was 19.2%

Vodafone Idea (VIL) reported muted yet in-line Q1FY26 results with revenue at INR110.2bn (+0.1% QoQ). The decrease in subscriber base (-0.5mn QoQ) offset ARPU growth of 0.6% QoQ to INR165. EBITDA margin contracted 47bp

Bharti Airtel reported another quarter of consistently improving financials with Q1FY26 revenue at INR499.7bn (+3.3% QoQ) driven by ARPU of INR250 (+2.1% QoQ) and 1.2mn QoQ subscriber addition. EBITDA margin remained

Sterlite Technologies (STL) reported better-than-expected Q1FY26 numbers with revenue coming in at INR10.2bn (-3.1% QoQ/+16.9% YoY), in line with our estimate of INR10.3bn. EBITDA margins came in at 13.0% (+110bp

TCOM reported soft Q1FY26 results with revenue at INR59.6bn (-0.5% QoQ/+6.6% YoY)—broadly in line with estimate. Data revenue grew +9.3% YoY driven by Digital, up +17.1% YoY. Consolidated EBITDA margin came in at 19.1%

Route Mobile reported a muted set of numbers for Q1FY26 with revenue decreasing -10.6% QoQ/-4.8% YoY to INR10.5bn, in line with our estimate of INR10.8bn. Adjusted EBITDA margin at 11.3% beat our estimate of 10.2%,

TCOM hosted its annual investor day. Management highlighted various initiatives and opportunities they see in monetising TCOM’s digital fabric. It now aspires to realise its earlier ambition of revenue growth, margin

Vodafone Idea (VIL) reported in-line numbers for Q4FY25. Revenue declined -0.9% QoQ led by muted ARPU growth due to fewer working days in the quarter. ARPU grew +0.6% QoQ to INR164 while subscriber base continued to

Sterlite Technologies (STL) reported a decent set of Q4FY25 numbers with revenue coming in at INR10.5bn (+5.3% QoQ/+24.8% YoY). EBITDA margins were 11.9% (+120bp QoQ/+820bp YoY). Adjusted PAT came in at INR50mn against a

Bharti Airtel reported decent Q4FY25 results, with ARPU staying flat QoQ at INR245 and healthy subscriber addition (+5.0mn QoQ). Revenue grew 6.1% QoQ to INR483.6bn. EBITDA margin improved 188bp QoQ to 56.9%. Capex rose

Route Mobile reported in-line Q4FY25 numbers with revenue at INR11.8bn (-0.7% QoQ/+15.5% YoY), a touch lower than our estimate of INR12bn. Adjusted EBITDA margin of 10.4% is in line with our 10.1% estimate. Adjusted PAT

TCOM posted decent Q4 results with revenue at INR59.9bn (+3.3% QoQ/+6.1% YoY) in line with estimates. Data revenue grew +9.5% YoY with Digital up +17.2% YoY. Consolidated EBITDA margin was 18.7% (-164bp QoQ), missing our

Vodafone Idea (VIL) reported Q3FY25 numbers along expected lines. Revenue was up 1.7% QoQ to INR111.2bn, driven by residual impact of tariff hikes. ARPU grew 4.5% QoQ to INR163 while subscriber base continued to fall

Bharti Airtel reported solid numbers for Q3FY25 with ARPU rising 5.2% QoQ to INR245, along with decent subscriber addition (+4.9mn QoQ). Revenue grew 9.3% QoQ to INR455.9bn, boosted by Indus Tower financials’

We interacted with TCOM CEO Mr A. S. Lakshminarayanan to understand the business dynamics amidst the fast-evolving communications tech space, and his take on the FY27 aspiration. Key takeaways: i) Comm-tech space is

Route Mobile reported Q3FY25 along expected lines with revenue at INR11.8bn (+6.3% QoQ/+15.6% YoY), in line with our estimate of INR11.8bn. Gross margin came in at 21.1%, again in-line. Adjusted EBITDA margin at 11.3%

TCOM reported modest Q3FY25 numbers with revenue at INR58.0bn (+1.2% QoQ/+3.8% YoY) in line with our estimate of INR59.4bn. Data revenue grew +1.4% QoQ (+6.2% YoY) as Digital grew +4.1% QoQ (+10.2% YoY). Consolidated