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Informist, Friday, Jan. 30, 2026

MUMBAI – Stocks of telecommunication companies are expected to be mixed in the near term. Ongoing quarterly earnings are still seen as a trigger for the companies as tariff hikes are not expected in the near term. Vodafone Idea will likely be in a stable position if it is able to achieve debt funding for its capital expenditure plans, according to analysts. Tariff hikes are likely only after the listing of Jio Plaforms Ltd. expected later this year.

Balaji Subramanian, senior analyst at IIFL Capital Services Ltd., expects earnings of Bharti Airtel to be steady for the quarter, with a revenue growth of 2-3% due to the absence of tariff hikes. Jio Platforms Ltd.'s listing, which is expected to take place in the first half of 2026, could even take longer considering the complex nature of the process to get listed, according to the analyst. This makes Jio's listing important, especially for Bharti Airtel as tariff hikes are seen as a major trigger for the company. Bharti Airtel's consolidated revenue is expected to rise over 3% on quarter to INR 539.34 billion and its net profit is estimated to rise nearly 8% on quarter to INR 73.08 billion, according to an average of estimates from six brokerage firms. 

Vodafone Idea managed to narrow its consolidated net loss to INR 52.86 billion from INR 55.24 billion reported in the previous quarter. This was achieved through a one-time income on account of provision written back on remeasurement of settlement assets. The company in its post-earnings conference call said it has lined up capital expenditure plans of INR 450 billion over the next three years. Of this, INR 250 billion will be funded through debt from banks and INR 100 billion through a non-funded facility. The company aims to focus on sustained subscriber addition and deliver a double-digit revenue growth along with achieving a threefold rise in its cash earnings before interest, tax, depreciation, and amortisation over the next three years. Vodafone Idea's triggers are reliefs on its adjusted gross revenue it receives from the government and its ability to secure debt funding for its plans for capital expenditure, according to the analyst.

The company believes the worst is behind it after the relief was granted by the government on the company's adjusted gross revenues. The company's adjusted gross revenue liability is frozen as of Dec. 31 at INR 876.95 billion, which it has to pay over 10 years. The reassessment of its dues has already begun and is "in full swing", Chief Executive Officer Abhijit Kishore said. The company has to pay spectrum dues worth INR 490 billion over the next three years, which it is confident of squaring up through its bank funding. The company said it is not in discourse with the government over the spectrum dues or any kind of relief on this.

Shares of Bharti Airtel are expected to find support at INR 1,850 and sees a strong resistance at INR 2,150. If it breaks out of the resistance, the stock is likely to sustain above the level, according to Rishabh Srivastava, technical analyst at Lakshmi Shree Investment and Securities Pvt. Ltd. For Vodafone Idea, the analyst expects the stock to find support at INR 9.50 and resistance at INR 13, which it will be able to sustain if it manages to break out. The BSE Telecommunication index is expected to find support at INR 2,700.     

TOP HEADLINES

* RailTel Corp gets INR 942.4-mln-order from Modern Coach Factory
* Bharti Airtel with Adobe Express to offer free access to premium subscription
* Analyst Concall: Vodafone Idea to invest INR 450 bln in next 3 yrs, says CEO
* Earnings Review: One-time income helps Vodafone Idea narrow net loss in Q3

Following are the resistance and support levels for key telecom stocks for next week as per calculations based on their prices on the National Stock Exchange:

End

Reported by Akshat Saksena

Edited by Tanima Banerjee

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