Jio Maintains Leadership in Revenue Market Share in Q3 FY26

Reliance Jio, India’s largest telecom operator, has maintained its leadership in the revenue market share (RMS) in Q3 FY26. Jio’s adjusted gross revenue (AGR), including National Long Distance (NLD), went up by 3.9% QoQ and 11.2% YoY to Rs 321 billion in Q3 FY26, according to an ICICI Securities report. The telco’s AGR market share stood at 43% at the end of the quarter, and this was up 41 basis points sequentially and 114 basis points YoY.

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During the same quarter, Vodafone Idea’s AGR was Rs 99 billion and Airtel’s AGR was Rs 299 billion. Airtel’s AGR market share stood at 39.9% and Vodafone Idea’s stood at 13.3% share. What’s interesting here is that even though Bharti Airtel’s Average Revenue Per User (ARPU) is significantly higher than Jio’s, the latter has a higher RMS and also consistently reports better financials too. This showcases the potential of business to operate in scale, especially in countries such as India, where the population stands at 1.45 billion.

Vodafone Idea’s AGR market share has only declined here by 28 basis points QoQ to 13.3%, and according to ICICI Securities said that this happened primarily due to a decline in business for the telco in all the metro circles. On the other hand, Reliance Jio performed really well in the metro circles. The company actually gained market share in over 16 licensed service areas (LSAs) across the country.