India Telecom: 1QFY27 earnings preview: Subs add driven quarter with soft ARPU trends

Research evidence excerpt

India Telecom: 1QFY27 earnings preview: Subs add driven quarter with soft ARPU trends

J P M O R G A N Asia Pacific Equity Research

13 July 2026

India Telecom

1QFY27 earnings preview: Subs add driven quarter

with soft ARPU trends

We expect 1QFY27 to see continued improvement in net subscriber adds, while Head of APAC Telecoms and India

ARPU growth should be ~1%, which is lower than usual seasonality due to softer TMT Research

International roaming and lower premiumisation thanks to rising entry-level Ankur Rudra, CFA AC

smartphone pricing. We believe the focus will remain on commentary on potential (65) 6801-3237

tariff hikes in CY26 and capex for FY27 for BHARTI, IDEA and INDUSTOW. ankur.rudra@jpmorgan.com

Commentary from IDEA on updates on fundraising is also crucial for both IDEA J.P. Morgan Securities Singapore Private Limited

and INDUSTOW. We remain constructive on the sector; our order of preference Bhavik Mehta, CFA

is BHARTIHE (OW) > BHARTI (OW) > INDUSTOW (N) > IDEA (UW). (91-22) 6157-3871

bhavik.mehta@jpmchase.com

• 1QFY27 preview. We expect Bharti to report ~3% QQ India wireless revenue J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

growth, with a 1% increase in subs and 1% increase in ARPU. We expect Registration: INH000001873, (91-22) 6157-3000.

BHARTIHE to report 3% QQ revenue growth. We expect IDEA to report ~1% Harshit Sharma

QQ revenue growth, led by 1% ARPU growth and subs remaining flat. We (91-22) 6157-5879

harshit.sharma@jpmchase.com

expect Indus Towers to report ~2% QQ growth in revenue, led by tower adds. J.P. Morgan India Private Limited, J.P. Morgan

• BHARTI (OW). We will watch for commentary on potential tariff hikes in Tower,Registration:Santacruz(E),INH000001873,Mumbai (91-22)- 400098,6157-3000.SEBI