Buy Tata Communications, Hold Airtel Says ICICI Securities In Telecom Pack; Q2 Result Preview— Check Full List

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ICICI Securities Report

Telecom operators will likely show a steady Q2 FY26 with subscriber growth – which was volatile post the Jul’25 tariff hike – normalising. We expect subs to grow 0.9% QoQ, primarily gaining due to strong net add for RJio in Q2 FY26E, at 7 million (incl. FWA).

Subs add for Bharti Airtel should be at 3 million QoQ, while Vodafone Idea’s subs may dip slightly. We expect Bharti Airtel’s 4G/5G subs net adds to increase, at 6mn, and Vodafone Idea’s 4G subs to rise 1 million.

Bharti Airtel’s average revenue per user will likely grow 1.6% QoQ, largely driven by one additional day, and premiumisation aiding mobile services revenue growth of 2.2% QoQ.

Vodafone Idea’s revenue is likely to grow 1% QoQ while RJio is expected to outperform with growth of 2.8% QoQ. Bharti India’s Ebitda to grow at 1.8% QoQ.

Tata Communications’ data business’ revenue to grow at 3.4% QoQ, while Ebitda margin to rise 11 bps QoQ. Consolidated Ebitda to rise 2.7% QoQ.

Indus Towers’ tenancy adds (+5,000) may decline a tad due to fewer additions from Bharti Airtel, while Vodafone Idea’s rollout of 4G network may decelerate; its Ebitda growth may decline 2.3% YoY on nil provision reversal in Q2 FY26E.

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