Jio Leads in Active Users, Boosts Tariff Outlook: Jefferies

Reliance Jio continues to demonstrate strong performance in active subscriber additions, a trend that bodes well for the overall tariff outlook in India's telecom sector, according to a recent report by Jefferies.

- TBG NETWORK

Over the past 12 months, Jio has consistently outpaced its competitors, increasing its active subscriber market share by 150 basis points (bps), reaching 53%. This significant growth has largely been driven by a 200 bps gain in market share across B-Circlesregional telecom zones that include smaller towns and rural areas.

The Jefferies report emphasized that Jio's continued lead over Bharti Airtel in terms of active subscriber additions indicates positive momentum for the industry, particularly with regard to potential tariff hikes. A larger base of active users not only improves financial stability but also supports pricing power, which is essential for a sector that has been battling high costs and shrinking margins.

In May 2025, the telecom sector saw a significant rebound in subscriber additions, following a temporary dip in April.