Bharti Airtel revenue CAGR hit 14.7% since FY22, ahead of Jio

TL;DR: New Street Research said on October 27, 2026, that Bharti Airtel’s connectivity services revenue grew at a 14.7% CAGR since FY22, ahead of Reliance Jio Infocomm’s 13.7%.

New Street Research said on October 27, 2026, that Bharti Airtel’s connectivity services revenue has grown at a 14.7% compound annual growth rate since FY22, compared with 13.7% for Reliance Jio Infocomm over the same period. The brokerage compared Airtel’s mobile, home and business divisions with Jio’s connectivity business.

The report said both operators gained revenue share from Vodafone Idea. Vodafone Idea’s share of the three operators’ revenue fell from 19% to 14%, while Airtel gained 3.5 percentage points to reach 45% and Jio gained 1.9 percentage points to reach 41%.

New Street Research attributed Airtel’s faster revenue growth to higher average revenue per user. Including home broadband on both sides, Airtel’s ARPU was ₹275 in Q1FY27, compared with ₹216 for Jio and ₹177 for Vodafone Idea.

The brokerage also said Airtel earns ₹9.6 in revenue for every GB it carries, compared with ₹4.9 for Jio. The report was published ahead of Jio Platforms Limited’s October 28 market debut after its ₹30,188 crore IPO, which was subscribed 22.19 times overall, including 70.55 times in the QIB segment, 14 times in the NII segment, and 2.72 times in the retail segment.