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The rollout of 4G service at tariffs much lower than the competition is helping the public sector telco finally emerge as a credible alternative.

FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
Bharti Airtel’s ambitious plan for Airtel Money is a result of excess cash. The NBFC’s success will depend on how the parent battles the formidable rivals and India’s data privacy regulations.
Telecom and retail, which account for half the conglomerate’s revenue and most of its valuation, aren’t accelerating fast enough to justify their price tags.