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There is no universal “best” stock among Jio Platforms, Bharti Airtel and Vodafone Idea. On the comparable FY2025-26 figures supplied, Jio combines the largest disclosed customer base, highest ARPU and lowest net leverage; Airtel offers substantial scale and the largest spectrum position in the cited comparison; Vi is a financially stressed turnaround whose result depends on funding, network investment and subscriber stabilization. Make the investment decision only after aligning reporting perimeters, refreshing Vi’s latest filing and checking valuation against realistic cash-flow scenarios.
The decision in one page
- Jio Platforms/Reliance Jio: the strongest disclosed operating and balance-sheet profile in the FY2025-26 KPI table. It reports 524.4 million customers, ₹214.0 ARPU and 0.36x net leverage.
- Bharti Airtel: a large, diversified operator with 488.2 million customers in the same comparator, ₹206.2 ARPU, 50.05% EBITDA margin and 0.88x net leverage. Its cited spectrum holding is the largest of the three.
- Vodafone Idea (Vi): the speculative case. The cited presentation shows 197.7 million subscribers and 1,812.8 MHz of spectrum, but the supplied figures do not state a matching ARPU, revenue, EBITDA or net-leverage set. Those must come from Vi’s newest results before you calculate value.
A good operator can still be an expensive stock. Compare business quality first, then test whether the price already discounts years of ARPU growth, subscriber gains and margin expansion.
Comparable scorecard: keep the periods and perimeters attached
The first table uses the FY2025-26 Jio prospectus KPI table and its Airtel comparator. Vi figures are shown only where the cited Vi presentation supplies a comparable number. Do not treat an unstated Vi value as zero.
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| Metric | Jio Platforms / Reliance Jio | Bharti Airtel | Vodafone Idea (Vi) |
|---|---|---|---|
| Period and scope | FY2025-26 KPI table; Jio Platforms perimeter | FY2025-26 comparator; Airtel perimeter | Different Vi presentation comparator; refresh latest filing |
| Customers/subscribers | 524.4 million | 488.2 million | 197.7 million in the cited Vi presentation |
| ARPU | ₹214.0 | ₹206.2 | Not stated on the same basis; use the latest Vi filing |
| Revenue from operations | ₹1,468,853 million | ₹1,282,184 million | Not stated in the supplied comparable figures |
| EBITDA | ₹762,554 million | Not stated as an absolute amount | Not stated in the supplied comparable figures |
| EBITDA margin | 51.91% | 50.05% | Refresh latest Vi results |
| Profit after tax | ₹300,491 million | Not stated in the supplied comparator | Not stated in the supplied comparable figures |
| Net leverage | 0.36x | 0.88x | Funding and leverage require the latest Vi filing |
| Spectrum in the cited Vi comparison set | 1,920.8 MHz | 2,338.4 MHz | 1,812.8 MHz |
“Customers,” “subscribers,” revenue and leverage are not automatically interchangeable. A parent company may include digital businesses, while a telecom filing may report a mobile-service perimeter or a consolidated group. Use the definition in each filing when building a spreadsheet.
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Why published subscriber numbers can conflict
The Vi presentation’s comparison table lists 498.1 million Jio subscribers, 362.8 million Airtel subscribers and 197.7 million Vi subscribers, alongside the spectrum figures above. Those counts do not match the FY2025-26 comparator table’s 524.4 million Jio customers and 488.2 million Airtel customers. The difference can arise from reporting date, active-versus-total definitions, India-mobile versus group scope or a presentation-specific methodology.
Do not average the sets or use whichever number makes a valuation look cheaper. Record, for every data point:
- the exact quarter or financial year;
- whether the figure is India mobile, consolidated group or a parent-company metric;
- the definition of an active customer or subscriber;
- whether additions are gross, net or organic; and
- the currency, unit and annualisation method.
If two figures still cannot be reconciled, keep both with their source labels and exclude the pair from a direct ratio.
India’s telecom backdrop: a growing but capital-intensive market
TRAI’s annual report for the period 1 April 2025 to 31 March 2026 records 1,092.79 million internet subscribers at end-March 2026. Wireless ARPU was ₹180.73 per month for FY2025-26. Wireless data usage reached 2,85,376 petabytes, producing ₹2,39,874 crore of wireless-data revenue. Adjusted gross revenue for the sector was ₹3,34,659 crore.
“The Report provides a broad perspective of the Telecom Services in India and presents the key parameters and growth trends of the Telecom Services as well as Cable TV, DTH & Radio Broadcasting services for the period covering 1st April 2025 to 31st March 2026.”
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Press Information Bureau summary of TRAI’s annual report, 2026
These figures show why scale and data monetisation matter, but they do not guarantee shareholder returns. Operators must keep spending on radio equipment, fibre, backhaul and spectrum while managing debt and licence obligations. A tariff increase can lift ARPU and cash flow, yet also raise churn or slow additions. Your model should test both effects.
Jio: what the disclosed numbers say
Scale, monetisation and profitability
In the FY2025-26 KPI table, Jio reports 524.4 million customers and ₹214.0 ARPU. Revenue from operations is ₹1,468,853 million, EBITDA is ₹762,554 million, EBITDA margin is 51.91% and profit after tax is ₹300,491 million. Net leverage is 0.36x. Taken together, the figures describe a large operator generating substantial operating profit with relatively low disclosed net leverage.
How to interpret the Jio Platforms perimeter
Jio Platforms is a digital-platform parent rather than a pure-play mobile subsidiary. Before applying an EV/EBITDA or price-to-earnings multiple, identify which businesses are included in revenue, EBITDA, debt, cash and minority interests. If you compare Jio’s parent metrics with Airtel’s India mobile numbers or Vi’s telecom-only numbers, the resulting multiple is not like-for-like.
Questions an investor should still test
- How much of reported growth comes from tariff changes versus additional users or higher data use?
- Does cash generation after spectrum payments and capital expenditure support the reported low leverage?
- Are digital-platform investments earning returns comparable with the mobile business?
- How sensitive is profit if subscriber additions slow while network and content costs continue?
Airtel: scale, spectrum and a higher leverage base
Operating position
The cited FY2025-26 comparator gives Airtel 488.2 million customers, ₹206.2 ARPU, ₹1,282,184 million revenue from operations, a 50.05% EBITDA margin and 0.88x net leverage. The margin is close to Jio’s reported level, while leverage is higher on the supplied basis.
Spectrum advantage, with a definition warning
Airtel’s 2,338.4 MHz is the largest holding in the Vi presentation’s defined comparison set; Jio has 1,920.8 MHz and Vi 1,812.8 MHz. Spectrum quantity alone does not measure network quality or economic value. Check band composition, renewal dates, obligations, geographic licences, refarming requirements and the amount of unused capacity. A spectrum-per-subscriber ratio is meaningful only when every company uses the same spectrum definition and subscriber denominator.
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What to investigate beyond the headline KPIs
- Whether ARPU gains are sustained after promotional periods expire.
- How much consolidated revenue and EBITDA comes from non-mobile businesses.
- Debt maturities, lease liabilities, spectrum instalments and interest coverage.
- Capital expenditure required to maintain coverage and add 5G capacity.
Vodafone Idea: a turnaround that needs a funding test
Starting position
Vi’s cited presentation lists 197.7 million subscribers and 1,812.8 MHz in its comparison table. The supplied material does not provide a matching FY2025-26 ARPU, revenue, EBITDA, profit or net-leverage figure. Use Vi’s latest quarterly and annual filings for those fields immediately before making an investment decision.
Why the equity case is different
Vi must stabilise subscribers, improve network experience and fund radio, fibre and spectrum investment while meeting debt and spectrum obligations. A successful turnaround could create operating leverage: a larger base and higher ARPU would spread fixed network costs. Failure can produce the opposite outcome—customer losses reduce revenue just as investment and financing needs rise.
The minimum Vi stress case
- Start with the latest reported cash, gross debt, net debt, spectrum liabilities and maturity schedule.
- Model subscriber changes separately from ARPU changes; do not assume a price increase automatically produces higher cash flow.
- Include at least one scenario in which additions remain weak and churn increases after a tariff move.
- Allow for equity dilution or refinancing if operating cash flow cannot fund network investment and scheduled payments.
- Calculate the share value only after funding needs are reflected in the diluted share count.
How to compare operating performance correctly
1. Subscribers and additions
Use beginning subscribers, gross additions, churn and ending subscribers. Net additions should reconcile mathematically: ending subscribers minus beginning subscribers equals gross additions minus disconnections, subject to the company’s stated definition. A large base with persistent net losses may be weaker than a smaller base that is consistently adding profitable users.
2. ARPU quality
ARPU is an average, not a price list. Break its movement into tariff increases, customer mix, data usage, handset or plan migration and one-time effects. Compare ARPU with churn: a higher figure accompanied by materially worse churn may destroy long-term value.
3. Revenue and EBITDA
Reconcile reported revenue to the same perimeter, then examine EBITDA margin and incremental margin. A company can post margin expansion because of accounting mix or temporary cost controls rather than durable network economics. Record whether EBITDA excludes leases, exceptional items or other costs.
4. Cash generation
Operating EBITDA is not free cash flow. Deduct cash taxes, interest, working-capital movements, spectrum payments and capital expenditure. Track free cash flow after spectrum and lease payments when comparing the ability to reduce debt.
Spectrum, capex and balance-sheet checks
Build a liability schedule rather than relying on a single net-debt number. Include bank debt, bonds, lease liabilities where relevant, deferred spectrum payments, licence fees, interest, refinancing dates and contingent obligations. Compare interest expense with EBITDA and operating cash flow under a conservative scenario.
For network investment, separate maintenance capex from expansion capex. Ask whether reported 5G or fibre spending is sufficient for the company’s traffic growth and coverage targets. Spectrum holdings should be paired with band quality, renewal timing and utilisation; raw MHz is not a proxy for customer experience.
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Vi deserves an explicit funding and dilution case. For Jio and Airtel, low or moderate leverage does not remove risk: aggressive capex, acquisitions or spectrum purchases can change the balance sheet quickly.
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Valuation: keep price separate from business quality
Use more than one multiple
- EV/EBITDA: useful for comparing operating assets, but sensitive to lease treatment, spectrum liabilities and parent-company businesses.
- Price/earnings: reflects financing and tax structures, yet can be distorted by exceptional items or losses at a turnaround company.
- Free-cash-flow yield: tests cash available after network and spectrum investment; define free cash flow consistently.
- EV per subscriber: a screening metric only. It ignores ARPU, churn, spectrum quality, debt and profitability.
Build operating scenarios first
For each company, create bear, base and bull cases for subscriber growth, ARPU, EBITDA margin, capex, interest and dilution. Then apply a valuation multiple that is justified by the scenario rather than by a peer’s headline multiple. A high-quality operator can be a poor investment if the entry price assumes uninterrupted growth.
Perimeter adjustments matter
Adjust enterprise value for cash, debt, leases, minority interests and investments outside the mobile operation. Jio Platforms’ parent scope, Airtel’s diversified group structure and Vi’s telecom focus make an unadjusted peer multiple unreliable.
Eight-step comparison checklist before buying
- Freeze the date: use the newest quarterly filings available on the day you invest. ARPU, subscribers, tariffs, leverage and spectrum liabilities can change quickly.
- Copy definitions: record each company’s subscriber, ARPU, EBITDA, debt and cash definitions beside the number.
- Normalize the perimeter: separate India mobile, consolidated group and parent-company metrics.
- Reconcile the customer bridge: check beginning base, additions, churn and ending base.
- Measure monetisation: compare ARPU trends with churn, data use and tariff timing.
- Model cash: subtract interest, taxes, maintenance and growth capex, spectrum payments and lease costs from operating cash flow.
- Stress funding: extend maturities, raise interest rates, delay tariff increases and include dilution where refinancing is uncertain.
- Compare valuation: calculate EV/EBITDA, P/E and free-cash-flow yield under bear, base and bull assumptions, then set a margin of safety.
Risk matrix for the three cases
| Risk | What to test | Warning signal |
|---|---|---|
| Tariff and ARPU | Scenario-test price increases against churn and net additions | ARPU rises while the customer base contracts faster than expected |
| Capex and spectrum | Compare traffic growth, spectrum bands, renewal payments and cash capex | Investment needs rise faster than operating cash flow |
| Leverage | Review net debt, maturities, interest coverage and spectrum liabilities | Refinancing depends on optimistic operating assumptions |
| Perimeter | Recast revenue, EBITDA and enterprise value to a common scope | A multiple changes materially after removing non-mobile businesses |
| Turnaround execution | For Vi, test subscriber stabilisation, network funding and dilution | Subscribers continue falling while funding is unresolved |
| Valuation | Use realistic ARPU, subscriber and margin paths | The current price requires the bull case to be true |
Which profile fits which investor?
Quality and lower disclosed leverage
Jio is the natural starting point for an investor prioritising scale, reported profitability and the lowest disclosed net leverage in the comparable table. The trade-off is that parent-company scope and market expectations must be reflected in the valuation.
Scale with spectrum depth
Airtel suits an investor who values a large customer base and the strongest cited spectrum position but accepts higher disclosed leverage than Jio and the complexity of a diversified group.
High-risk turnaround exposure
Vi is appropriate only for an investor able to tolerate funding uncertainty, possible dilution and prolonged execution risk. The investment thesis should be written as a financing-and-operational recovery plan, not simply as a low-price or low-subscriber valuation argument.
How often to refresh the analysis
Update the model after every quarterly result and whenever a tariff, spectrum auction, refinancing, equity raise or major network plan changes. At each refresh, replace stale subscriber, ARPU, leverage and capex figures rather than carrying them forward. TRAI’s annual data provides sector context, while company filings determine the investable numbers for each issuer.
Keep a dated worksheet with the source document, page or table, reporting perimeter, units and calculation formula. That audit trail prevents a 2025 presentation number from being mixed accidentally with a FY2025-26 KPI or a newer quarter.
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Use Jio as the operating-quality benchmark, Airtel as the scale-and-spectrum comparator and Vi as a separately underwritten turnaround. The decisive work is not choosing the largest subscriber count; it is aligning definitions, testing tariff and churn sensitivity, funding network investment, and paying a valuation that leaves room for execution mistakes. If the latest filings invalidate the historical comparison, rebuild the table before placing an order.
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