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

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..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.Muthoot Finance, Repco, CARE Among Yes Securities' Top Picks In SFBs, NBFCs, HFCs, Ratings; Q2 Results Preview.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

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

Telecom Q2 result preview: ICICI Securities recommends 'Hold' rating for Bharti Hexacom, 'Reduce' For Indus Towers - Check full list

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP