Reliance Jio, Bharti Airtel, and Vodafone Idea (Vi) have released their quarterly reports for Q3 FY26. This was an important quarter for every telco. It was the last one of calendar year 2025. In 2026, telcos would want to go more aggressive on pricing. The average revenue per user (ARPU) is an important metric for the telcos, and especially with the quarter having two months with 31 days, the overall revenues become even more important. All the private telcos have posted their performance reports. Let's check who had the best ARPU.
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Airtel vs Jio vs Vi Q3 FY26: ARPU
At the end of Q3 FY26, Airtel reported an ARPU of Rs 259, the leading figure in the industry. Compared to this, Reliance Jio and Vodafone Idea posted an ARPU of Rs 213.7 and Rs 186. Vodafone Idea and Jio are still trying to catch up to Airtel when it comes to ARPU. However, in net profits, Jio was ahead with a net income of Rs 7,629 crore while Airtel's net income during the same quarter Rs 6,631 crore. Vodafone Idea, like always, posted a net loss of Rs 5,286 crore.
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The loss for Vi has narrowed quite significantly. With a tariff hike in the near horizon, we expect the telcos to boost their ARPU significantly. The analysts are more hopeful of a tariff hike in the near future owing to Reliance Jio's IPO (Initial Public Offering). Jio is the largest telecom operator in the country, and one of the largest globally. The telco will go for IPO soon (expected in the first quarter of FY27) and is expected to raise more than Rs 50,000 crores from the market. The IPO could be mix of primary and secondary shares and could see the early investors capitalising on some of the gains.
