Whalesbook
Bridging India's 5G Coverage Gap
Four years after its launch, India's 5G story is marked by sharp contrasts. Telecom networks have achieved impressive scale, with over 500,000 base stations reaching nearly all districts. However, user experience remains divided. Major cities often enjoy strong, steady signals, while large rural and semi-urban areas suffer from inconsistent or absent connectivity. This means millions experience 5G speeds based more on their proximity to a tower than network claims. This gap between network deployment and consistent, usable signal quality is a major challenge for the sector.
Operator Strategies Shape 5G Reach
The approaches taken by major telecom players highlight this coverage difference. Reliance Jio leads, with an estimated 250 million 5G users—over half its base—on its nationwide standalone (SA) 5G network. Bharti Airtel matches Jio's urban expansion pace, though it uses a non-standalone (NSA) architecture and hasn't released specific 5G user numbers. Its Average Revenue Per User (ARPU) led the industry at ₹256 in September 2025, showing strong service monetization. Vodafone Idea (Vi) is a later entrant, with services in only a few dozen cities and plans to expand to just over 100 by May 2026. Vi's ARPU was ₹167 in September 2025. By February 2026, Jio had over 493 million wireless subscribers, followed by Airtel with about 472 million, while Vi had under 200 million.
Why 5G Speed Varies: Tech Rules and Limits
Part of the coverage difference lies in how service is measured and reported. The Telecom Regulatory Authority of India (TRAI) requires coverage maps, but these use loose technical standards that don't always translate to reliable, usable signal strength in real-world conditions, especially indoors or while moving. New rules on EMF exposure haven't fully solved the reach problem. Telecom networks use multiple spectrum bands, but their combined emissions are capped under worst-case scenario rules, limiting the potential of higher-frequency 5G bands. Network designs have often focused on capacity in busy areas rather than extending range. Adding to these issues are device limitations; phones operate under strict power limits, creating a bottleneck for uploads even when towers transmit strongly.
Challenges for Vodafone Idea and Industry Tech
Vodafone Idea's situation remains difficult. Despite plans to extend its 5G service to 133 cities by May 2026, its rollout is demand-driven and lags competitors. With a negative P/E ratio, the company operates at a loss. Its high debt and declining subscriber base, losing nearly 1 million users in Q2FY26, show its struggle to compete with better-funded rivals like Reliance Jio and Bharti Airtel. While Bharti Airtel benefits from its strong ARPU and subscriber numbers, its reliance on NSA architecture might limit future capabilities compared to Jio's SA 5G network, potentially impacting long-term tech advantage. The industry-wide limit on handset power caps creates a bottleneck, affecting upload speeds across all operators and limiting the full benefit of 5G deployments, regardless of tower infrastructure.
Telecom's Growth Path
The Indian telecom sector expects continued ARPU growth, with projections reaching over ₹200 by FY25 and approximately ₹220 by the end of FY26. This growth is driven by 5G monetization, increasing data use, and anticipated tariff adjustments. While 5G capital spending has peaked, the industry's debt levels remain high but are expected to decrease. The market is consolidating, benefiting larger players like Reliance Jio and Bharti Airtel, who are likely to gain more subscribers. Bharti Airtel is projected to keep its industry-leading ARPU, while Jio's growth will be boosted by 5G Fixed Wireless Access (FWA) expansion. The government's continued support for digital infrastructure signals a favorable environment for future growth.