Telecom Stocks Outlook
Seen stable in near term in absence of key triggers
This story was originally published at 21:12 IST on 13 February 2026
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MUMBAI – Stocks of telecom companies are expected to remain stable in the near term, given the absence of a catalyst for a sharp movement, an analyst with a large domestic brokerage house said. While tariff hikes have been delayed, the trend of premiumisation is expected to continue, the analyst added.
The sector is generating strong cash flows and investors will watch out where companies choose to allocate the funds. The analyst expects Bharti Airtel and Reliance Jio Infocomm to benefit most from premiumisation, particularly from the movement to fifth generation network from fourth generation. In the December quarter, Bharti Airtel generated a consolidated free cash flow of INR 159.18 billion, slightly more than INR 152.38 billion in the September quarter.
On Vodafone Idea's turnaround plan at a capital expenditure of INR 450 billion over three years, the analyst said it is a difficult task. Investors are waiting for some promising results first, particularly an uptick in subscriber numbers.
The analyst sees Reliance Jio's upcoming entry in the listed space as a good move for the sector. He said it will make other players in the sector more responsible towards shareholders.
In December, Bharti Airtel took the top spot as it net added 5.43 million mobile users, much higher than 1.22 million users added the previous month, according to data from the Telecom Regulatory Authority of India. Bharti Airtel had 463.38 million mobile users at the end of December. Reliance Jio net added 2.96 million users in December, higher than 1.39 million mobile users added in November. Jio's overall subscribers rose to 489.05 million users as of Dec. 31.
Meanwhile, Vodafone Idea saw a fall in subscribers in December. The player lost 940,731 mobile subscribers on a net basis in December, bringing down its overall subscriber tally to 198.77 million. The company had net lost 1.01 million users in November.
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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:
| Company | Price | Week-on-week change in % | Resistance | Support |
| Bharti Airtel | 2,004.70 | (-)1.70 | 2039.20 | 1974.80 |
| Mahanagar Telephone Nigam | 31.42 | 0.80 | 32.50 | 30.70 |
| Reliance Industries | 1419.60 | (-)2.20 | 1463.30 | 1394.50 |
| Tata Communications | 1656.90 | 6.70 | 1713.60 | 1613.00 |
| Tata Teleservices Maharashtra | 43.54 | (-)0.50 | 45.00 | 42.60 |
| Vodafone Idea | 11.30 | 1.60 | 11.60 | 11.10 |
| Index | Levels | |||
| Nifty 50 | 25471.10 | (-)0.90 | 25701.30 | 25329.20 |
| S&P BSE Sensex | 82626.76 | (-)1.10 | 83292.20 | 82201.90 |
End
Reported by Shakshi Jain
Edited by Ashish Shirke
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