Airtel Earns Nearly Twice as Much Revenue Per GB as Jio: New Street Research
Bharti Airtel generates nearly twice as much revenue per GB of data traffic as Reliance Jio, according to New Street Research. The report highlights Airtel's premium customer strategy, higher ARPU and focus on monetisation, even as Jio leads in network speed and overall reported traffic volumes.
New Street Research estimates Airtel's combined mobile and home broadband ARPU at Rs 275, compared with Jio's Rs 216, showing Airtel's focus on higher-value customers.
Airtel had about 30 million postpaid subscribers and 302 million smartphone customers as of June 2026. Smartphone users made up around 80% of its mobile subscriber base.
Jio's investments in standalone 5G infrastructure and 700 MHz and 3.5 GHz spectrum helped achieve average download speeds of around 107 Mbps. This compares with Airtel's 58 Mbps, according to Opensignal measurements cited in the report.
Highlights
New Street Research estimates Airtel's combined mobile and home broadband ARPU at Rs 275, compared with Jio's Rs 216, showing Airtel's focus on higher-value customers.
Airtel had about 30 million postpaid subscribers and 302 million smartphone customers as of June 2026. Smartphone users made up around 80% of its mobile subscriber base.
Jio's investments in standalone 5G infrastructure and 700 MHz and 3.5 GHz spectrum helped achieve average download speeds of around 107 Mbps. This compares with Airtel's 58 Mbps, according to Opensignal measurements cited in the report.
Bharti Airtel generates nearly twice as much revenue per GB of reported data traffic as Reliance Jio, according to an analysis by New Street Research. The findings highlight Airtel’s focus on premium customers, pricing discipline and monetisation, compared with Jio’s emphasis on network scale and higher data consumption.
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Key Highlights
Airtel generates nearly twice the revenue per GB: New Street Research estimates Airtel's revenue per GB at Rs 9.6, while Reliance Jio's is Rs 4.9.
While Airtel leads in revenue per GB, Jio leads in traffic and download speeds, with a record of around 69 billion GB of quarterly traffic and average download speeds of 107 Mbps.
Airtel delivers stronger capital efficiency, where each Rs 100 of capital expenditure generated Rs 35 in additional annual EBITDA for Airtel, compared with Rs 21 for Jio.
In its October 26, 2026 report titled Bharti Airtel vs Jio: Performance and Strategy Compared, the research firm estimated Airtel’s revenue per GB at Rs 9.6, compared with Rs 4.9 for Reliance Jio.
However, the comparison uses different operating perimeters. Airtel’s calculation covers mobile services, while Jio’s includes home broadband and fixed wireless access (FWA). Revenue also includes voice and SMS services, so the figures don’t reflect mobile data prices alone.
According to New Street Research, Airtel generates more revenue per GB because of its premium customer positioning, higher average revenue per user (ARPU), and pricing strategy.
The report noted that the difference in monetisation has persisted despite declining data prices over the years.
Airtel has focused on extracting greater value from its existing subscriber base, rather than competing primarily on traffic volumes. This strategy has enabled the operator to maintain a higher revenue yield relative to its reported network traffic.
The research firm also highlighted Airtel’s role in industry tariff adjustments.
Airtel moved first during the November 2021 tariff increases, with Jio following within a week. During the July 2024 tariff revisions, Jio announced its increases first, followed by Airtel the next day.
Airtel’s Premium Customer Base Supports Higher ARPU
Airtel’s premiumisation strategy is reflected in its customer mix and revenue performance.
According to the report, Airtel had approximately 30 million postpaid subscribers and 302 million smartphone customers as of June 2026, with smartphone users accounting for around 80 percent of its mobile subscriber base.
New Street Research calculated Airtel’s combined mobile and home broadband ARPU at Rs 275, compared with Jio’s reported ARPU of Rs 216.
This represents a 27 percent premium over Jio, up from about 6 percent in the April-June 2019 quarter.
For context, Airtel’s separately reported mobile ARPU stood at Rs 264 in the April-June 2026 quarter. The higher Rs 275 figure is the research firm’s combined mobile and home broadband calculation.
The widening gap reflects Airtel’s strategy of targeting higher-value customers, including postpaid and smartphone subscribers, while maintaining a focus on revenue growth.
While Airtel has an advantage in calculated revenue per GB, Reliance Jio continues to lead in overall reported network traffic and average download speeds.
According to the report, Jio carried approximately 69 billion GB of quarterly traffic, including FWA and home broadband usage, compared with 31 billion GB of mobile traffic reported for Airtel.
These figures are not directly comparable because Airtel does not disclose home broadband traffic in the same way.
The research firm also cited Opensignal’s February 2026 measurements, which showed Jio recording average download speeds of approximately 107 Mbps, compared with Airtel’s 58 Mbps.
New Street Research attributed Jio’s network performance partly to its investments in standalone 5G infrastructure, including spectrum in the 700 MHz and 3.5 GHz bands.
The report characterized Jio’s approach as prioritizing network scale and performance, while Airtel has placed greater emphasis on capital efficiency and cash generation.
Airtel Generates Higher Returns on Capital Expenditure
Beyond revenue monetisation, New Street Research highlighted Airtel’s stronger capital efficiency.
Between FY23 and FY26, every Rs 100 of capital expenditure generated about Rs 35 in additional annual EBITDA for Airtel’s mobile, home, and business operations, compared with Rs 21 for Jio, according to the research firm’s calculations.
This represents approximately 70 percent more incremental EBITDA per rupee of capital expenditure for Airtel over the measured period.
The report also found that Airtel recorded an operating free cash flow margin of approximately 36 percent in FY26, compared with 29 percent for Jio under the research firm’s comparison methodology.
Airtel’s lower capital intensity, cost controls and focus on monetisation have contributed to its stronger cash generation.
The findings highlight two distinct approaches adopted by India’s largest private telecom operators.
Jio continues to invest in network infrastructure, coverage, and data capacity, while Airtel focuses on premium customers, capital discipline, and higher revenue from its network.
New Street Research suggested that improved monetisation of data traffic represents a significant opportunity for Jio, which could influence future pricing decisions across the industry.
For Airtel, the analysis demonstrates the financial benefits of its premiumization strategy and focus on generating stronger returns from network investments.
Overall, New Street Research preferred Bharti Airtel over Reliance Jio, citing stronger execution, capital allocation, and cash generation, despite Jio’s advantage in network speeds and traffic volumes.
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FAQs
How much revenue does Airtel generate per GB compared with Jio?
According to New Street Research's October 26, 2026 report, Bharti Airtel generates approximately RS 9.6 per GB of reported data traffic, compared with Rs 4.9 per GB for Reliance Jio. However, the comparison uses different operating perimeters and includes revenue from voice and SMS services.
Does Jio carry more data traffic than Airtel?
Yes. New Street Research estimated Jio carried about 69 billion GB of quarterly traffic, including home broadband and fixed wireless access (FWA), compared with Airtel's 31 billion GB of mobile traffic. However, the figures cover different operating perimeters and are not directly comparable.
Why does Airtel generate more revenue per GB than Jio?
Airtel's higher revenue per GB reflects its focus on premium customers, pricing discipline, and monetisation. Its customer mix includes postpaid and smartphone users who contribute to higher average revenue per user (ARPU).
What is the ARPU of Airtel and Jio in 2026?
New Street Research calculated Airtel's combined mobile and home broadband ARPU at Rs 275, compared with Jio's Rs 216. Airtel's mobile ARPU was Rs 264 in the April–June 2026 quarter.
What is the difference between Airtel's and Jio's telecom strategies?
Airtel focuses on premium customers, higher ARPU, pricing discipline, and capital efficiency. Jio emphasises network scale, data consumption, infrastructure, and network performance.
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