Telecom - Infrastructure industry
10 companies · ₹1.5 L cr · 4 with AI deep dives · Q1FY27 report
VIL funding gap tests rollout ambition as ARPU premiumisation and fiber demand surge define Q1FY27
- Revenue YoY
- +12.1%
- EBITDA margin
- 46.1%
- +150bps YoY
- Price, 1 year
- +3.2%
- 50% of names up
- P/E vs own 5y
- -1.3%
- 14.0x now
Exhibit 1The quarter in numbers
constant panel of 5 companies above ₹500 cr- Jun 26
- 11,463 cr
- Mar 26
- 11,321 cr
- QoQ
- +1.3%
- Jun 25
- 10,225 cr
- YoY
- +12.1%
- Peak
- 11,463 cr
- vs peak
- 0.0%
- Jun 26
- 46.1%
- Mar 26
- 44.1%
- QoQ
- +200bps
- Jun 25
- 44.6%
- YoY
- +150bps
- Peak
- 73.1%
- vs peak
- -2700bps
Breadth: 67% of 6 companies grew revenue year on year (was 60% a quarter earlier) and 67% expanded margin (was 60%).
Exhibit 2What it costs
12.7x - 14.64x across the panel todayThe median name trades at 14.0x, -1.3% against this industry's own 5-year median of 14.2x, and -71.5% against its own peak of 48.9x.
Exhibit 3Structure
₹1.5 L crIndus Towers Ltd is 67.7% of this industry by market cap. The top 5 are 98% and the top 10 are 100%.
Exhibit 4Screen
P/E below the sub-industry median of 13.96x, 5y ROCE above its median of 13.77%, and at least 2 growth triggers stated on the latest earnings call.
Which names clear this screen is premium
The screen runs on stated growth triggers from the latest earnings calls - the same guidance data the stock screener reserves for premium. Premium names every company in this industry that is cheap against its own median and has the triggers behind it.
See plans →Exhibit 5Coverage (10 of 10)
Every company here with a deep dive, topped up by market cap. The rest of the industry is in the appendix.
Exhibit 6What managements said
from Telecom - Services earnings calls · as of 2026-06-30Airtel, Hexacom, and Vodafone Idea all reported sequential and year-on-year ARPU expansion, driven by a common set of levers: 2G-to-4G upgrades, tariff-tier migrations, and rising…
- IDEA (Q1FY27): “Our Customer ARPU grew from Rs. 177 in Q1FY26 to Rs. 195 in Q1FY27, a growth of 10.2%…”
Exhibit 7Outlook
The outlook and what resolves next quarter
Where these managements said things are heading, and the dated, checkable events that would change it. Free with an account - 3 full reports a quarter.
Create a free account →