Bharti Airtel and Reliance Jio continue to dominate India’s telecom market, making it a true duopoly. With both companies reporting their Q3FY26 (December quarter) results, investors and market watchers are comparing performance across key metrics such as revenue, EBITDA, profit, subscriber base, and ARPU.
While Airtel led on revenue and margins, Jio remained ahead on customer base and net profit growth. Here is a detailed comparison of Airtel vs Jio Q3FY26 results.
Airtel delivered a strong quarter in terms of operating performance, while Jio continued to show steady profitability growth.
Airtel reported higher India revenue mainly because it earns more per customer through stronger ARPU.
EBITDA and margin trends show how efficiently a telecom company converts revenue into operating profit.
Airtel’s higher margin highlights stronger operational efficiency and better pricing power.
In Q3FY26, Jio delivered stronger net profit performance compared to Airtel.
Airtel’s profit decline was largely due to a high base in Q3FY25, when it recorded an exceptional gain linked to Indus Towers. A one-time provision for employee gratuity benefits also affected profitability.
Reliance Jio continues to lead in terms of scale.
Jio’s larger subscriber base gives it a wider reach, especially across value and mass-market segments.
ARPU (Average Revenue Per User) is one of the most important telecom profitability indicators.
Airtel’s ARPU advantage remains a key reason why it generated higher revenue despite having fewer customers than Jio.
Bharti Airtel also benefits from international diversification. The company’s overall revenue from operations stood at ₹53,982 crore, up 19.6% YoY, supported by strong performance in both India and Africa.
Airtel operates across 15 countries, offering mobile voice, data, and mobile money services, giving it an additional growth engine outside India.
Airtel share price reacted positively after the Q3FY26 earnings announcement, rising around 1.9% intraday to ₹2,031.40 on NSE. Meanwhile, Reliance Jio is not yet listed, but market expectations remain high for a possible IPO in 2026.
Read more: Indian Airlines: 377 Aircraft Flagged For Repetitive Technical Defects Since Jan 2025.
Both telecom giants delivered a strong Q3FY26, but their strengths differed:
Overall, Airtel looked stronger on operating efficiency and monetisation, while Jio remained stronger on scale and bottom-line growth. The next phase of competition will likely depend on ARPU expansion, premium upgrades, and future tariff hikes.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. Investments in the securities market are subject to market risks. Read all the related documents carefully before investing.
Published on: Feb 6, 2026, 3:07 PM IST
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