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TRAI Data Shows Strong Subscriber Gains For Airtel, RJio In October; Vodafone Idea Slips — ICICI Securities

TRAI Data Shows Strong Subscriber Gains For Airtel, RJio In October; Vodafone Idea Slips — ICICI Securities
BSNL and MTNL combined lost 0.6 million active subscribers, reducing their active base to 55 million in October 2025. (Photo: Priscilla Du Preez /Source: Unsplash)
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Bharti Airtel Ltd.
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The TRAI has released its subscriber data for October 2025, highlighting contrasting trends among India's top telecom operators. The industry's active subscriber base grew by 5.7 million month-on-month to reach 1,094 million, marking a 0.5% MoM and 2.6% YoY increase.

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ICICI Securities Report

The Telecom Regulatory Authority of India has released its data on subscribers for October 2025. Industry-wide active subs base rose 5.7 million month-on-month.

Bharti Airtel Ltd.'s active subs rose 2.7 million (accelerated), Vodafone Idea's dipped 0.4 million and Reliance Jio's active subs increased 3.9 million (stable) in Oct'25.

BSNL's active subs was down 0.6 million.

The pace of industry wide mobile broadband (excluding -fixed wireless access) subs net add (+2.9 million) decelerated.

Bharti Airtel's MBB net add was 1.8 million, and subs market share stood at 32.3%, up 4 basis point MoM on active basis; RJio's subs stood at 51.2%, up 18bp.

Vodafone Idea saw a dip of 0.5 million subs and its market share stood at 13.7% (13bp MoM dip).

RJio's FWA subs were 10.2 million, up 7%, but include UBR-FWA.

RJio has a dominant 80.3% market share in FWA; Bharti's net add was 0.2 million at 2.5 million subs.

Click on the attachment to read the full report:

ICICI Securities TRAI - Telecom_Subscribers_Watch_Nov25.pdf
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