Toh hua yun ki February 2026 mein, Bharti Airtel ne sabse tagda subscriber addition dikhaya, lagbhag 4.86 million naye users jod liye. Lekin iske bawajood, Reliance Jio apna pehla number maintain karne mein kamyab raha, ab unke total 493.11 million subscribers ho gaye hain. Airtel 472.65 million ke saath second position par hai. TRAI ka data bata raha hai ki operator ki health mein bhi bada fark hai: Vodafone Idea ne sirf 21,927 users add kiye, jabki BSNL ne 100,000 se zyada users kho diye.
Overall telecom market mein bhi 6.97 million wireless subscribers badhe, total 1.273 billion tak pahunch gaye. Broadband segment bhi full form mein hai, 1.059 billion subscribers par, aur home internet ke liye FWA (Fixed Wireless Access) ka demand badh raha hai.
Ab ek interesting baat suno - user engagement mein bhi difference hai. Airtel ka active user rate hai 99.42%, matlab almost sabhi users network use kar rahe hain. Jio bhi peeche nahi, 98.35% active users ke saath. Lekin Vi ka active user ratio sirf 85.24% hai, aur BSNL toh 57.34% par hai. Yeh stats dikhate hain ki kaunsa network reliable hai aur kahan customers zyada happy hain.
Subscriber numbers toh ek story hain, but financial health ek alag hi kahani bolti hai. Airtel, jiska market cap lagbhag ₹10.86 lakh crore hai aur P/E ratio 30-38 ke beech hai, woh financialy ekdum solid hai. Unka ARPU bhi Q2FY26 mein ₹256 ke aas paas raha. Reliance Industries (Jio ki parent company) toh aur bhi badi hai, market cap ₹18.52 lakh crore aur P/E ratio 21-24. Jio ka profit bhi 26% year-on-year badha hai, aur unka ARPU Q3FY25 mein ₹203.3 tha.
Ab baat karte hain Vodafone Idea (Vi) ki. Bhai, unki halat kharab hai. Market cap ₹92,000-₹1.20 lakh crore ke beech hai, lekin debt hai INR 1,873 billion March 2025 tak. AGR dues ka relief mila hai, par debt repayment INR 200 billion se zyada har saal 2026 ke baad karna hai. Unka book value negative hai, ROE sirf 3.89% hai, aur ARPU bhi competitors se kaafi kam, Q2FY26 mein ₹167. Analysts bol rahe hain ki FY29 tak ARPU ₹340 tak pahunchna chahiye survival ke liye. Stock ka P/E ratio bhi negative hai, losses dikha raha hai.
Vi ke liye sabse badi problem unka huge debt aur uske karan network mein kam investment hai. Airtel aur Jio toh 5G par khoob paisa laga rahe hain, but Vi pichhad raha hai. Isse aur customers chhod kar ja sakte hain. Naye funds milna bhi mushkil lag raha hai, aur FY26 ke baad cash ki kami serious ho sakti hai agar koi financial help na mile.
Aage kya hoga? Telecom sector mein ARPU badhne ki poori ummeed hai, analysts bol rahe hain FY26-27 tak ₹210-₹230 tak ja sakta hai. FWA bhi ek bada growth area hoga. 5G mein investment toh karna padega sabko, but Airtel aur Reliance (Jio) ke liye outlook 'Buy' rating ke saath positive hai. Vi ka future uncertain hai, kai analysts 'Sell' bol rahe hain due to financial issues. Toh bhai, market leaders aage badhenge, but Vi ko survival ki ladai ladni padegi.