{"id":332601,"date":"2026-10-29T15:28:44","date_gmt":"2026-10-29T09:58:44","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=332601"},"modified":"2026-10-29T15:28:44","modified_gmt":"2026-10-29T09:58:44","slug":"jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/","title":{"rendered":"Jio Platforms vs Bharti Airtel vs Vodafone Idea: How the Three Telecom Stocks Compare After the Jio Listing"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>At 3:17 PM IST on 29 Oct 2026, Jio Platforms traded at Rs 1,422.10, Bharti Airtel at Rs 1,965.10 and Vodafone Idea at Rs 12.12, a day after Jio listed at Rs 1,358, a 21.36% premium to its Rs 1,119 issue price.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">The three telecom stocks sit at very different points: Jio Platforms is newly listed at a price to earnings of 43.44, Bharti Airtel pairs the highest ARPU of Rs 264 with falling net debt, and Vodafone Idea is still loss-making with a negative book value. In Q1 FY27, Airtel earned Rs 8,167 crore, Jio earned Rs 7,764 crore and Vodafone Idea lost Rs 3,754 crore. Jio trades about 4% to 6% above the three broker targets set at its listing. This article is educational and does not say which of the telecom stocks to buy.<\/p>\n<\/p><\/div>\n<p>The question behind the headline is which of the telecom stocks to buy, but the data supports a comparison, not a verdict. Below are prices and valuations, the Jio listing, Q1 FY27 results, the ARPU and tariff story, broker views, and the risks for each of the three telecom stocks.<\/p>\n<p>Three flags. I found no Q2 FY27 results for any of the three companies, so Q1 FY27 is the latest quarter I compare. Sources conflict on some figures: Jio&#8217;s quarterly revenue is Rs 45,961 crore in one report and about Rs 40,198 crore in a data provider, and Airtel&#8217;s EBITDA margin is 57.4% in one source and 60.1% in another. I found no broker targets for Airtel or Vodafone Idea after Q1. It is educational and not advice.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Price_and_Valuation_of_the_Three_Telecom_Stocks\" title=\"Price and Valuation of the Three Telecom Stocks\">Price and Valuation of the Three Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Jios_Listing_and_Why_It_Matters_for_Telecom_Stocks\" title=\"Jio&#8217;s Listing and Why It Matters for Telecom Stocks\">Jio&#8217;s Listing and Why It Matters for Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Q1_FY27_Results_Profit_ARPU_and_Debt_in_the_Telecom_Stocks\" title=\"Q1 FY27 Results: Profit, ARPU and Debt in the Telecom Stocks\">Q1 FY27 Results: Profit, ARPU and Debt in the Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#ARPU_and_Tariff_Hike_The_Swing_Factor_for_Telecom_Stocks\" title=\"ARPU and Tariff Hike: The Swing Factor for Telecom Stocks\">ARPU and Tariff Hike: The Swing Factor for Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Broker_Views_on_Jio_and_the_Other_Telecom_Stocks\" title=\"Broker Views on Jio and the Other Telecom Stocks\">Broker Views on Jio and the Other Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Vodafone_Idea_The_Turnaround_Case_Among_Telecom_Stocks\" title=\"Vodafone Idea: The Turnaround Case Among Telecom Stocks\">Vodafone Idea: The Turnaround Case Among Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#What_to_Watch_Next_in_Telecom_Stocks\" title=\"What to Watch Next in Telecom Stocks\">What to Watch Next in Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Risks_for_the_Three_Telecom_Stocks\" title=\"Risks for the Three Telecom Stocks\">Risks for the Three Telecom Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Conclusion_Compare_Telecom_Stocks_on_Risk_and_Time_Horizon\" title=\"Conclusion: Compare Telecom Stocks on Risk and Time Horizon\">Conclusion: Compare Telecom Stocks on Risk and Time Horizon<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Which_of_the_three_telecom_stocks_is_the_best_to_buy\" title=\"Which of the three telecom stocks is the best to buy?\">Which of the three telecom stocks is the best to buy?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#At_what_price_did_Jio_Platforms_list\" title=\"At what price did Jio Platforms list?\">At what price did Jio Platforms list?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Which_telecom_company_has_the_highest_ARPU\" title=\"Which telecom company has the highest ARPU?\">Which telecom company has the highest ARPU?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#What_are_the_broker_targets_for_Jio_Platforms\" title=\"What are the broker targets for Jio Platforms?\">What are the broker targets for Jio Platforms?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Is_Vodafone_Idea_profitable\" title=\"Is Vodafone Idea profitable?\">Is Vodafone Idea profitable?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#How_would_a_tariff_hike_affect_the_three_telecom_stocks\" title=\"How would a tariff hike affect the three telecom stocks?\">How would a tariff hike affect the three telecom stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Is_this_comparison_of_telecom_stocks_a_buy_or_sell_call\" title=\"Is this comparison of telecom stocks a buy or sell call?\">Is this comparison of telecom stocks a buy or sell call?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks-compare-after-the-jio-listing\/#Is_this_article_investment_advice\" title=\"Is this article investment advice?\">Is this article investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Price_and_Valuation_of_the_Three_Telecom_Stocks\"><\/span><strong>Price and Valuation of the Three Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Telecom stocks: item (NSE, 3:17 PM IST)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Jio Platforms<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bharti Airtel<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Vodafone Idea<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Last price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,422.10 (up 0.32%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,965.10 (up 0.87%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 12.12 (up 2.19%)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">52-week range<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,357 to Rs 1,423.90 (since listing)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,726.30 to Rs 2,174.50<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 8.13 to Rs 15.79<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Below 52-week high (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">At the high<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 9.6%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 23.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Above 52-week low (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 5%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 13.8%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 49.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Market capitalisation<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 13.05 lakh crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 12.17 lakh crore<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 1.29 lakh crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price to earnings (previous close)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">43.44<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">33.42 (industry 38.81)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Not meaningful<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Price-to-book<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">3.56<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">6.92<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Negative book value<\/td>\n<\/tr>\n<\/table>\n<p>Jio&#8217;s market capitalisation is now about Rs 0.9 lakh crore above Airtel&#8217;s on the provider&#8217;s figures, which is why reports describe it as overtaking Airtel. Vodafone Idea&#8217;s price to earnings is not useful, because its Q4 FY26 profit of about Rs 51,970 crore came from a one-off AGR relief item, and its book value is below zero.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Compare telecom stocks and screeners on Univest<\/a><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Jios_Listing_and_Why_It_Matters_for_Telecom_Stocks\"><\/span><strong>Jio&#8217;s Listing and Why It Matters for Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Telecom stocks: Jio listing item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Detail<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,119 per share, at the top of a Rs 1,065 to Rs 1,119 band<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Listing price<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,358 on BSE and NSE on 28 Oct 2026, a 21.36% premium<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Issue size<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 30,213 crore, entirely a fresh issue of 27 crore shares<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Subscription<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">22.19 times overall; QIB 70.66 times, non-institutional 14 times, retail 2.27 times<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Value at listing<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 12.50 lakh crore market capitalisation<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Gain from issue price today (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 27%<\/td>\n<\/tr>\n<\/table>\n<p>A listing of this size changes how investors compare the telecom stocks. Jio now has a traded price and a market value, and its premium valuation sets a reference point for Airtel. When the IPO opened for bidding on 21 October, Airtel rose about 2% early and then gave up the gain, while Vodafone Idea fell about 5%.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Q1_FY27_Results_Profit_ARPU_and_Debt_in_the_Telecom_Stocks\"><\/span><strong>Q1 FY27 Results: Profit, ARPU and Debt in the Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Telecom stocks: Q1 FY27 item<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Jio Platforms<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Bharti Airtel<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Vodafone Idea<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net profit or loss<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 7,764 crore, up 9.2%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 8,167 crore, up 37.3%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Loss of Rs 3,754 crore, from Rs 6,608 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Revenue<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 45,961 crore, up 12% (one report)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 58,539 crore, up 18.4%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 11,689 crore, up 6%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">ARPU<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 215.6, up 3.3%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 264, up 5.6% (my calculation)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 195, up 10.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">EBITDA margin<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 53% (data provider)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">57.4% (one source says 60.1%)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 43% (my calculation)<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt picture<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Debt to equity 0.25<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Net debt Rs 81,852 crore, down 34.5%<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Negative book value; cash Rs 6,558 crore<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Customers<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">28.6 million fixed broadband<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">30 million postpaid<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">193.1 million, 130.1 million on 4G or 5G<\/td>\n<\/tr>\n<\/table>\n<p>Airtel&#8217;s profit grew fastest, helped by a higher ARPU and falling debt, with net debt to EBITDA at 1.17 times. Jio&#8217;s profit growth was the slowest of the profitable pair, though its fixed broadband base added about 8.6 million customers in a year. Vodafone Idea&#8217;s loss narrowed and its ARPU rose 10.2%, but it still reports a negative net worth.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track results and corporate actions for telecom stocks.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"ARPU_and_Tariff_Hike_The_Swing_Factor_for_Telecom_Stocks\"><\/span><strong>ARPU and Tariff Hike: The Swing Factor for Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>ARPU, or average revenue per user, is the measure that ties the three telecom stocks together. Airtel&#8217;s Rs 264 is the highest, Jio&#8217;s Rs 215.6 is about Rs 48 lower, and Vodafone Idea&#8217;s Rs 195 is the lowest. Elara Capital assumes a 12% to 15% tariff hike from the second half of FY27, which would lift Jio&#8217;s ARPU from Rs 214 in FY26 to Rs 257 by FY29.<\/p>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Telecom stocks: ARPU illustration (my calculation)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Today&#8217;s ARPU<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">With a 12% rise<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">With a 15% rise<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Jio Platforms<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 215.6<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 241.5<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 247.9<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Bharti Airtel<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 264<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 295.7<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 303.6<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Vodafone Idea<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 195<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 218.4<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About Rs 224.3<\/td>\n<\/tr>\n<\/table>\n<p>This table assumes no customer loss and applies the same percentage to each company, so it is only an illustration. A tariff hike does not reach every customer at once, and a price rise can push users to lower-priced plans or other operators. It shows why analysts watch tariffs, because a change of this kind would flow through to profit more than almost any other factor.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Broker_Views_on_Jio_and_the_Other_Telecom_Stocks\"><\/span><strong>Broker Views on Jio and the Other Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Telecom stocks: broker (at Jio&#8217;s listing)<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Rating and target<\/th>\n<th style=\"text-align:left;padding:8px;border:1px solid #DDDDDD;background:#0A0E1A;color:#FFFFFF;\">Gap to Rs 1,422.10 (my calculation)<\/th>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Elara Capital<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy, Rs 1,367<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 3.9% below today&#8217;s price<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal (base case)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy, Rs 1,350<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 5.1% below today&#8217;s price<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Nomura<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Buy, Rs 1,340<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 5.8% below today&#8217;s price<\/td>\n<\/tr>\n<tr>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Motilal Oswal (bull case)<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">Rs 1,690<\/td>\n<td style=\"padding:8px;border:1px solid #DDDDDD;\">About 18.8% above today&#8217;s price<\/td>\n<\/tr>\n<\/table>\n<p>All three base-case targets were set when the stock listed at Rs 1,358, and today&#8217;s price is already above them. Their reasons differ: Motilal expects Jio&#8217;s wireless revenue share to rise about 100 basis points to 43.3% over FY26 to FY29, Nomura cites a 13.5% growth rate for the period, and Elara values the company at 11.5 times FY29 EV\/EBITDA. I found no recent targets for the other two telecom stocks.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Vodafone_Idea_The_Turnaround_Case_Among_Telecom_Stocks\"><\/span><strong>Vodafone Idea: The Turnaround Case Among Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Vodafone Idea is a different kind of stock from the other two. It secured Rs 6,400 crore of funding in Q1 FY27 and has placed equipment orders of about Rs 9,000 crore against a three-year capex plan of Rs 45,000 crore. Its subscriber base rose to 193.1 million, the first increase since the merger according to one report, and its EBITDA was Rs 5,034 crore.<\/p>\n<p>The risks are larger as well. Capex of that size needs funding, the equity has a negative book value, and the Q4 FY26 profit was a one-off, so the loss in Q1 FY27 is the better guide to current earnings. The share price has also moved far, with a 52-week range from Rs 8.13 to Rs 15.79.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_to_Watch_Next_in_Telecom_Stocks\"><\/span><strong>What to Watch Next in Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Q2 FY27 results.<\/strong> Check ARPU, new subscribers and margins for all three telecom stocks once they report.<\/li>\n<li><strong>Tariff hike timing.<\/strong> A hike would lift ARPU, but the size and date decide how much of it reaches profit.<\/li>\n<li><strong>Airtel&#8217;s debt and capex.<\/strong> Net debt is falling, and the capex guidance of $3 billion to $4 billion a year is the next test.<\/li>\n<li><strong>Jio&#8217;s valuation.<\/strong> At a price to earnings of 43.44 and above the broker targets, watch whether earnings growth supports the price.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Risks_for_the_Three_Telecom_Stocks\"><\/span><strong>Risks for the Three Telecom Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong>Valuation risk in Jio.<\/strong> A newly listed stock above its broker targets can swing sharply in either direction.<\/li>\n<li><strong>Competition and tariffs.<\/strong> Any delay in a tariff hike or a price war would hurt all three telecom stocks.<\/li>\n<li><strong>Debt in Airtel and Vodafone Idea.<\/strong> Airtel carries Rs 81,852 crore of net debt, and Vodafone Idea has a negative net worth.<\/li>\n<li><strong>Capex burden.<\/strong> 5G and fibre spending reduces free cash flow, especially for Vodafone Idea.<\/li>\n<li><strong>Data conflicts.<\/strong> Sources differ on Jio revenue and Airtel margin, so check the company filings.<\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion_Compare_Telecom_Stocks_on_Risk_and_Time_Horizon\"><\/span><strong>Conclusion: Compare Telecom Stocks on Risk and Time Horizon<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The three telecom stocks offer different mixes of scale, valuation and risk, and there is no single answer to which is best. Jio is the newest and priciest, Airtel pairs ARPU leadership with falling debt, and Vodafone Idea is a high-risk turnaround. Read the next quarterly results, watch tariffs, and decide in line with your own risk profile.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_the_three_telecom_stocks_is_the_best_to_buy\"><\/span><strong>Which of the three telecom stocks is the best to buy?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> There is no single answer from the data. Jio is newly listed at a price to earnings of 43.44, Airtel has the highest ARPU and falling net debt, and Vodafone Idea is loss-making with a negative book value. This article is educational and not a recommendation.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"At_what_price_did_Jio_Platforms_list\"><\/span><strong>At what price did Jio Platforms list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Jio listed on 28 October 2026 at Rs 1,358 on both BSE and NSE, a 21.36% premium to the Rs 1,119 issue price. The Rs 30,213 crore fresh issue was subscribed 22.19 times.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_telecom_company_has_the_highest_ARPU\"><\/span><strong>Which telecom company has the highest ARPU?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Bharti Airtel, at Rs 264 in Q1 FY27, against Rs 215.6 for Jio and Rs 195 for Vodafone Idea. Vodafone Idea&#8217;s ARPU rose the fastest, at 10.2% on the year.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_broker_targets_for_Jio_Platforms\"><\/span><strong>What are the broker targets for Jio Platforms?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Elara Capital has Buy with Rs 1,367, Motilal Oswal has Buy with Rs 1,350 and a bull case of Rs 1,690, and Nomura has Buy with Rs 1,340. All three were set at listing, below today&#8217;s Rs 1,422.10.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Vodafone_Idea_profitable\"><\/span><strong>Is Vodafone Idea profitable?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Not on an operating basis. It lost Rs 3,754 crore in Q1 FY27, though the loss narrowed from Rs 6,608 crore. A near Rs 51,970 crore profit in Q4 FY26 came from AGR relief and was a one-off.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_would_a_tariff_hike_affect_the_three_telecom_stocks\"><\/span><strong>How would a tariff hike affect the three telecom stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Higher tariffs would lift ARPU. Elara assumes 12% to 15% from the second half of FY27 for Jio, and my illustration shows how that would change each company&#8217;s ARPU, though customer losses could reduce the benefit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_comparison_of_telecom_stocks_a_buy_or_sell_call\"><\/span><strong>Is this comparison of telecom stocks a buy or sell call?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It compares reported figures and broker views. Telecom stocks can move sharply on tariff and debt news, so check the latest data and consider a SEBI-registered adviser.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_article_investment_advice\"><\/span><strong>Is this article investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which of the three telecom stocks is the best to buy?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"There is no single answer from the data. Jio is newly listed at a price to earnings of 43.44, Airtel has the highest ARPU and falling net debt, and Vodafone Idea is loss-making with a negative book value. This article is educational and not a recommendation.\"}},{\"@type\":\"Question\",\"name\":\"At what price did Jio Platforms list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Jio listed on 28 October 2026 at Rs 1,358 on both BSE and NSE, a 21.36% premium to the Rs 1,119 issue price. The Rs 30,213 crore fresh issue was subscribed 22.19 times.\"}},{\"@type\":\"Question\",\"name\":\"Which telecom company has the highest ARPU?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Bharti Airtel, at Rs 264 in Q1 FY27, against Rs 215.6 for Jio and Rs 195 for Vodafone Idea. 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Please check the figures against company filings and your own risk profile before you act on anything you read here.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Jio Platforms vs Bharti Airtel vs Vodafone Idea compared: price, valuation, ARPU, Q1 FY27 profit, debt, broker targets and the risks for the three telecom stocks after the Jio listing.<\/p>\n","protected":false},"author":29,"featured_media":332600,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[842],"tags":[18244,370,10003,16071,18243,18246,1296,15560,18245,14552],"class_list":["post-332601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-arpu-comparison","tag-bharti-airtel-share-price","tag-jio-listing","tag-jio-platforms-share-price","tag-jio-platforms-vs-bharti-airtel-vs-vodafone-idea","tag-jio-vs-airtel","tag-telecom-stocks","tag-telecom-tariff-hike","tag-top-telecom-stock","tag-vodafone-idea-share-price"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["332600"],"rank_math_title":["Jio vs Airtel vs Vodafone Idea: Telecom Stocks Compared"],"rank_math_description":["Jio Platforms vs Bharti Airtel vs Vodafone Idea compared: price, valuation, ARPU, profit, debt, broker targets and risks for three telecom stocks after the Jio listing."],"rank_math_focus_keyword":["telecom stocks"],"rank_math_robots":["a:2:{i:0;s:7:\"noindex\";i:1;s:8:\"nofollow\";}"]},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/univest.in\/blogs-2\/wp-content\/uploads\/2026\/10\/jio-platforms-vs-bharti-airtel-vs-vodafone-idea-how-the-three-telecom-stocks.webp","_links":{"self":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/332601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/users\/29"}],"replies":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/comments?post=332601"}],"version-history":[{"count":1,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/332601\/revisions"}],"predecessor-version":[{"id":332602,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/posts\/332601\/revisions\/332602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media\/332600"}],"wp:attachment":[{"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/media?parent=332601"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/categories?post=332601"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/univest.in\/blogs-2\/wp-json\/wp\/v2\/tags?post=332601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}