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Communications

How Communications sector is valued, where its profits sit and how widely its strength is spread across 15 listed companies.

15 companies · ₹29.86L cr combined market cap · prices to 9 Nov

Sector performanceall companies, weighted by market cap
3M+2.7%
1Y−2.3%
3Y p.a.+24.9%
Vol.18.7%
Max fall-29%
Valuation and qualitymedian company, change vs a year ago
Median P/E42.0x+14.5x
Aggregate P/E27.4x−52.8x
Median ROE12.5%−5.3 pp
Median ROCE12.0%+2.5 pp
Median D/E0.3x0.0x

Where Communications sits in the rotation

Twelve months of earnings momentum against price strength relative to the market.

Nov 2026Price ahead of earningsEarnings −4Price vs market +8.8 pp
StrengthPrice aheadEarnings aheadWeaknessEarnings momentum (0 = market median) →Relative price strength vs market, 6M (pp) →Communications · Dec 2025 · Near centre · F 52 · RS +3.1 ppCommunications · Jan 2026 · Near centre · F 52 · RS +3.7 ppCommunications · Feb 2026 · Near centre · F 52 · RS +0.1 ppCommunications · Mar 2026 · Confirmed strength · F 59 · RS +4.2 ppCommunications · Apr 2026 · Earnings ahead of price · F 54 · RS −4.5 ppCommunications · May 2026 · Earnings ahead of price · F 54 · RS −7.1 ppCommunications · Jun 2026 · Confirmed weakness · F 44 · RS −9.2 ppCommunications · Jul 2026 · Confirmed weakness · F 44 · RS −4.2 ppCommunications · Aug 2026 · Confirmed weakness · F 44 · RS −7.6 ppCommunications · Sep 2026 · Confirmed weakness · F 46 · RS −9.7 ppCommunications · Oct 2026 · Price ahead of earnings · F 46 · RS +8.5 ppCommunications · Nov 2026 · Price ahead of earnings · F 46 · RS +8.8 ppDec 2025Nov 2026StrengthPrice aheadEarnings aheadWeaknessEarnings momentum (0 = market median) →Price vs market (pp) →Communications · Dec 2025 · Near centre · F 52 · RS +3.1 ppCommunications · Jan 2026 · Near centre · F 52 · RS +3.7 ppCommunications · Feb 2026 · Near centre · F 52 · RS +0.1 ppCommunications · Mar 2026 · Confirmed strength · F 59 · RS +4.2 ppCommunications · Apr 2026 · Earnings ahead of price · F 54 · RS −4.5 ppCommunications · May 2026 · Earnings ahead of price · F 54 · RS −7.1 ppCommunications · Jun 2026 · Confirmed weakness · F 44 · RS −9.2 ppCommunications · Jul 2026 · Confirmed weakness · F 44 · RS −4.2 ppCommunications · Aug 2026 · Confirmed weakness · F 44 · RS −7.6 ppCommunications · Sep 2026 · Confirmed weakness · F 46 · RS −9.7 ppCommunications · Oct 2026 · Price ahead of earnings · F 46 · RS +8.5 ppCommunications · Nov 2026 · Price ahead of earnings · F 46 · RS +8.8 ppDec 2025Nov 2026
Dec 2025Nov 2026

Quadrant changes

  1. Mar 2026 moved into Confirmed strength
  2. Apr 2026 moved into Earnings ahead of price
  3. Jun 2026 moved into Confirmed weakness
  4. Oct 2026 moved into Price ahead of earnings

The four quadrants

  • Confirmed strength: earnings improving, share price beating the market
  • Price ahead of earnings: share price beating the market, earnings not improving
  • Earnings ahead of price: earnings improving, share price lagging the market
  • Confirmed weakness: earnings not improving, share price lagging the market

Earnings is the sector’s median fundamental score minus 50; price is the sector index’s 6-month return minus the market’s. Each dot is a month-end.

All sectors on the rotation map

Communications price index

Sector indexMarket-cap-weighted index of today's Communications companies, rebased to 100 on Jan '19.

496.1 index level · −3.8% over 12 months

450500Nov 4Jan 16Apr 1Jun 17Aug 27Nov 9 450500Nov 4May 12Nov 9

496.1 index level · +85.2% over 3 years

300400500Nov '23Jun '24Jan '25Sep '25Apr '26Nov '26 300400500Nov '23May '25Nov '26

496.1 index level · +388.9% since Jan '19

200400Jan '19Jul '20Feb '22Sep '23Apr '25Nov '26 200400Jan '19Dec '22Nov '26

ApnaFunda's market-cap-weighted index of today's Communications companies.

What drove the return

Not shown for 1 year: too few companies with data at both ends.

Not shown for 3 years: too few companies with data at both ends.

Not shown for 5 years: too few companies with data at both ends.

Valuation history

42.0xmedian P/E, Nov 202686th percentile since Feb 2019
Against its own history86th percentile
CheapestMedian 26.5xDearest

Usual range 17.9x to 51.7x since Feb 2019.

The sector today42.0x median
Middle half14.1x to 45.4x
Range since Feb 201911.4x to 67.6x
Aggregate P/E27.4x
7.9x146.7x285.5x424.2xJan '19Aug '20Mar '22Oct '23May '25Nov '267.9x146.7x285.5x424.2xJan '19Sep '21May '24Nov '26
Median P/EMiddle half of companies (25th to 75th percentile)Aggregate P/E
3.2xmedian P/B, Nov 202670th percentile since Jan 2019
Against its own history70th percentile
CheapestMedian 2.6xDearest

Usual range 0.8x to 4.9x since Jan 2019.

The sector today3.2x median
Middle half0.9x to 7.7x
Range since Jan 20190.4x to 6.9x
Aggregate P/B6.3x

The chart loads when you open this tab.

Median P/BMiddle half of companies (25th to 75th percentile)Aggregate P/B
2.5xmedian P/S, Nov 202686th percentile since Jan 2019
Against its own history86th percentile
CheapestMedian 1.9xDearest

Usual range 0.6x to 2.6x since Jan 2019.

The sector today2.5x median
Middle half0.8x to 3.5x
Range since Jan 20190.3x to 3.4x

The chart loads when you open this tab.

Median P/SMiddle half of companies (25th to 75th percentile)

Percentiles describe where today's median sits in the sector's own history.

How to read this

Each month, the line is the median multiple of the sector's companies with a positive multiple, and the band covers the middle half of them (25th to 75th percentile). At least 5 companies are needed for a month to be shown.

The aggregate divides the sector's total market cap by its total net profit (or book value), so it is weighted towards the largest companies. Constituents are today's listed companies, so companies that have since delisted are missing (survivorship bias).

All terms explained in the glossary →

Where the profits are

91%of sector profit from the top 3 earners, Nov 2026Down from 96% in Dec 2023
  • BHARTIARTL's share fell 41.2 pts since Dec 2023, the largest change.
  • Loss-making companies lost the equivalent of 3.8% of the profit pool and are left out of the shares.
0% 25% 50% 75% 100% Mar '19Sep '21Mar '24Nov '26
VODAFONE IDEA LIMITED 33%BHARTI AIRTEL LTD 32%JIO PLATFORMS LTD 26%INDUS TOWERS LIMITED 6%BHARTI HEXACOM LIMITED 2%TATA COMMUNICATIONS LIMITED 1%ROUTE MOBILE LTD 0%Others 0%
0% 25% 50% 75% 100% Mar '19Sep '21Mar '24Nov '26
Wireless Telecommunications 95%Specialty Telecommunications 5%Major Telecommunications 0%
How to read this

Each band is a company's share of the sum of positive net profit (TTM, reported with a 60-day lag), sampled quarterly. The seven largest earners today keep their own band throughout; the rest are grouped as Others.

All terms explained in the glossary →

Expectations and momentum

Share of market earnings growth−0.5 pts
This sector
−0.5
Whole market
+56.4

Of the +56.4 pts growth in the market's combined reported earnings, 12 months to Nov '26. See Market Pulse

#5of 19 sectors on the Momentum rank, October 2026Best: #1 in January 2020
#19#13#7#1 Jan '20Jun '21Nov '22Apr '24Sep '25Oct '26
Jan '20: #1 of 19 sectors
Jul '20: #18 of 19 sectors
Jan '21: #3 of 19 sectors
Jul '21: #17 of 19 sectors
Jan '22: #1 of 19 sectors
Jul '22: #16 of 19 sectors
Jan '23: #18 of 19 sectors
Jul '23: #14 of 19 sectors
Jan '24: #14 of 19 sectors
Jul '24: #8 of 19 sectors
Jan '25: #4 of 19 sectors
Jul '25: #4 of 19 sectors
Jan '26: #2 of 19 sectors
Jul '26: #12 of 19 sectors
Oct '26: #5 of 19 sectors
#19#13#7#1 Jan '20Apr '22Jul '24Oct '26
Jan '20: #1 of 19 sectors
Jul '20: #18 of 19 sectors
Jan '21: #3 of 19 sectors
Jul '21: #17 of 19 sectors
Jan '22: #1 of 19 sectors
Jul '22: #16 of 19 sectors
Jan '23: #18 of 19 sectors
Jul '23: #14 of 19 sectors
Jan '24: #14 of 19 sectors
Jul '24: #8 of 19 sectors
Jan '25: #4 of 19 sectors
Jul '25: #4 of 19 sectors
Jan '26: #2 of 19 sectors
Jul '26: #12 of 19 sectors
Oct '26: #5 of 19 sectors

Higher on the chart is a better rank.
Sectors are ranked each month on price, earnings and FII/DII buying together.

How widespread is the strength?

The share of Communications companies doing well on each measure.
Above 50% means most companies are.

Above 200-day average
36%
share price above its 200-day average
11 of 15 companies with data · 9 Nov 2026
50%
Oct 2019Nov 2026
Improving ROCE
30%
ROCE up vs 12 months ago
10 of 15 companies with data · 30% worse
50%
Jan 2020Nov 2026
Rising FII holding
18%
FII holding up in the latest quarter
11 of 15 companies with data · 27% falling
50%
Mar 2024Nov 2026

Each chart runs from 0% (bottom) to 100% (top), monthly.
Hover or tap for a month's value.

How to read this

Companies below ₹500 cr market cap are left out. A ROCE or ROE change within ±1 pt, or an FII holding change within ±0.25 pt, counts as unchanged. Shareholding is reported quarterly, so the FII chart moves in steps and starts later, when shareholding history begins.

All terms explained in the glossary →

Broad or narrow?

-3%sector index, 12 monthsFlat year
  • The index moved less than 5%, with no clear direction.
Rose over 12 months7%Share of companies with a positive 12-month return.
Beat the sector index21%Share of companies whose return was above the index's.
Spread of returns27 ptsGap between the 25th and 75th percentile return; 10th percentile of its history.

Based on 14 companies' 12-month price returns, weighted by market cap 12 months ago.

How to read this

A year with an index move under 5% is called flat. Narrow means the top 3 contributors made up at least 60% of the move, or fewer than 35% of companies beat the index in a rising year. Broad means most companies moved with the index.

All terms explained in the glossary →

Leaders and laggards

The highest- and lowest-ranked of 12 Communications companies above ₹500 cr on each lens, as of 9 Nov 2026.

Highest-ranked

  1. 1BHARTI AIRTEL LTDFII+DII +1.3 pts (12m)
  2. 2BHARTI HEXACOM LIMITED3M price +9.8%
  3. 3VODAFONE IDEA LIMITEDFII+DII +2.1 pts (12m)
  4. 4TATA COMMUNICATIONS LIMITEDFII+DII +1.6 pts (12m)
  5. 5MAHANAGAR TELEPHONE NIGAM LTDOp. margin +31.0 pts (12m)

Lowest-ranked

  1. 1ROUTE MOBILE LTDOp. margin 0.0 pts (12m)
  2. 2GTPL HATHWAY LIMITED3M price -4.7%
  3. 3ONMOBILE GLOBAL LIMITEDROCE +2.0 pts (12m)
  4. 4INDUS TOWERS LIMITED3M price +4.2%
  5. 5RAILTEL CORPORATION OF IND LTDFII+DII +0.5 pts (12m)

Highest-ranked

  1. 1BHARTI HEXACOM LIMITED3M price +9.8%
  2. 2BHARTI AIRTEL LTD3M price +6.6%
  3. 3INDUS TOWERS LIMITED3M price +4.2%
  4. 4TATA TELESERVICES MAHARASHTRA3M price +0.8%
  5. 5VODAFONE IDEA LIMITED3M price -1.9%

Lowest-ranked

  1. 1ONMOBILE GLOBAL LIMITED3M price -22.4%
  2. 2ROUTE MOBILE LTD3M price -15.9%
  3. 3RAILTEL CORPORATION OF IND LTD3M price -14.5%
  4. 4GTPL HATHWAY LIMITED3M price -4.7%
  5. 5TATA COMMUNICATIONS LIMITED3M price -2.2%

Highest-ranked

  1. 1BHARTI HEXACOM LIMITEDROCE +4.0 pts (12m)
  2. 2MAHANAGAR TELEPHONE NIGAM LTDOp. margin +31.0 pts (12m)
  3. 3VODAFONE IDEA LIMITEDOp. margin +1.0 pts (12m)
  4. 4BHARTI AIRTEL LTDROCE +5.0 pts (12m)
  5. 5TATA TELESERVICES MAHARASHTRAROCE 0.0 pts (12m)

Lowest-ranked

  1. 1INDUS TOWERS LIMITEDOp. margin -1.0 pts (12m)
  2. 2GTPL HATHWAY LIMITEDOp. margin -1.5 pts (12m)
  3. 3ROUTE MOBILE LTDOp. margin 0.0 pts (12m)
  4. 4TATA COMMUNICATIONS LIMITEDROCE 0.0 pts (12m)
  5. 5RAILTEL CORPORATION OF IND LTDOp. margin 0.0 pts (12m)

Highest-ranked

  1. 1VODAFONE IDEA LIMITEDFII+DII +2.1 pts (12m)
  2. 2TATA COMMUNICATIONS LIMITEDFII+DII +1.6 pts (12m)
  3. 3BHARTI AIRTEL LTDFII+DII +1.3 pts (12m)
  4. 4RAILTEL CORPORATION OF IND LTDFII+DII +0.5 pts (12m)
  5. 5BHARTI HEXACOM LIMITEDFII+DII +0.1 pts (12m)

Lowest-ranked

  1. 1ROUTE MOBILE LTDFII+DII -5.6 pts (12m)
  2. 2GTPL HATHWAY LIMITEDFII+DII -1.2 pts (12m)
  3. 3INDUS TOWERS LIMITEDFII+DII -1.0 pts (12m)
  4. 4TATA TELESERVICES MAHARASHTRAFII+DII -0.2 pts (12m)
  5. 5ONMOBILE GLOBAL LIMITEDFII+DII -0.2 pts (12m)

Rankings combine price (3-month change), earnings (12-month change in EPS growth, ROCE and operating margin) and FII/DII buying (12-month change in holding).

Who has been buying and selling?

  • Between Dec 2024 and Sep 2026, Promoters cut their holding from 54.2% to 49.4%, the largest change among the groups.

Holdings, Sep 2026

How each group changed

GroupDec 2024Sep 2026Change
Promoters54.2%49.4%-4.8 pts
FIIs21.5%21.6%0.0 pts
DIIs17.2%19.4%+2.2 pts
Public and others7.0%9.7%+2.6 pts

Market-cap-weighted holding of Communications companies over the last 8 quarters.
Public and others is what the three groups leave.
See the Sep 2026 sector flows

How concentrated is it?

3equal-sized companies, in effectHighly concentrated

The sector's market value is split across 15 companies, but unevenly: as evenly as 3 equal-sized companies would split it.

Largest company44%JPL's share of sector market value.
Top 392%Share of sector market value.
Top 598%Share of sector market value.
Top 3 earners91%Share of the sector's positive net profit.

Equal-sized equivalent, quarterly

0123 Feb '19Nov '20Aug '22May '24Feb '26Nov '26
Feb '19: like 2 equal-sized companies
Feb '20: like 1 equal-sized companies
Feb '21: like 2 equal-sized companies
Feb '22: like 2 equal-sized companies
Feb '23: like 1 equal-sized companies
Feb '24: like 2 equal-sized companies
Feb '25: like 2 equal-sized companies
Feb '26: like 2 equal-sized companies
Nov '26: like 3 equal-sized companies
0123 Feb '19Nov '21Aug '24Nov '26
Feb '19: like 2 equal-sized companies
Feb '20: like 1 equal-sized companies
Feb '21: like 2 equal-sized companies
Feb '22: like 2 equal-sized companies
Feb '23: like 1 equal-sized companies
Feb '24: like 2 equal-sized companies
Feb '25: like 2 equal-sized companies
Feb '26: like 2 equal-sized companies
Nov '26: like 3 equal-sized companies

Higher means market value is spread across more companies; lower means a few companies dominate.

How to read this

This is the effective number of companies: 1 divided by the sum of squared market-cap weights. A sector of 7 equal-sized companies scores 7. One giant among many small companies scores close to 1. Under 5 reads as highly concentrated, 5 to 15 as moderately concentrated, and over 15 as broad.

All terms explained in the glossary →

Industries within Communications

Each industry's slice of the sector's market value and of its profit.
A profit bar longer than the market-cap bar means the industry earns more than it is valued for.

Market cap92%
Profit91%
Median P/E
42.0x
Median ROCE
12.0%
12m return
—
Above 200-DMA
—
Market cap5%
Profit3%
Median P/E
41.3x
Median ROCE
16.0%
12m return
-8.8%
Above 200-DMA
40%
Market cap4%
Profit6%
Median P/E
—
Median ROCE
1.5%
12m return
-3.8%
Above 200-DMA
0%

Select an industry to filter the company list.
Industries with fewer than 3 companies are grouped as "Other industries". Both bars share one scale.

How to read this

12m return is the market-cap-weighted 12-month price return of the industry's constituents, with weights from 12 months ago. Mcap and profit shares are each industry's part of the sector total.

All terms explained in the glossary →

Companies

Show all 15 companiesHide the list
CompanyIndustryMcapWeight12m returnP/EP/BROCEOPMD/EFII Δ 1yPromoter52w range
JIO PLATFORMS LTDWireless Telecommunications₹13.01L cr43.6%—42.0xQ33.9xQ312.0%Q3—0.3xQ3———
BHARTI AIRTEL LTDWireless Telecommunications₹12.93L cr43.3%-1%Q442.6xQ38.7xQ418.0%Q457.0%Q41.3xQ4-0.2Q350.1%77%
VODAFONE IDEA LIMITEDWireless Telecommunications₹1.38L cr4.6%+27%Q43.7xQ1—-2.0%Q143.0%Q4—+0.2Q425.6%59%
INDUS TOWERS LIMITEDSpecialty Telecommunications₹1.01L cr3.4%-1%Q414.1xQ22.5xQ219.0%Q453.0%Q40.5xQ3-4.3Q151.3%26%
BHARTI HEXACOM LIMITEDMajor Telecommunications₹82780 cr2.8%-6%Q345.4xQ411.6xQ421.0%Q453.0%Q40.9xQ4-0.8Q270.0%52%
TATA COMMUNICATIONS LIMITEDMajor Telecommunications₹48487 cr1.6%-6%Q451.2xQ414.1xQ415.0%Q319.0%Q33.5xQ4-3.4Q158.9%48%
RAILTEL CORPORATION OF IND LTDMajor Telecommunications₹7998 cr0.3%-27%Q237.2xQ24.6xQ3—19.0%Q30.0xQ1+0.3Q472.8%17%
TATA TELESERVICES MAHARASHTRASpecialty Telecommunications₹7693 cr0.3%-24%Q3——-13.0%Q126.0%Q3—-0.3Q374.4%32%
ROUTE MOBILE LTDMajor Telecommunications₹2834 cr0.1%-32%Q211.4xQ11.0xQ217.0%Q39.0%Q20.0xQ1-1.2Q274.8%12%
MAHANAGAR TELEPHONE NIGAM LTDMajor Telecommunications₹1701 cr0.1%-30%Q2——-9.0%Q1-15.0%Q1—-0.1Q456.3%27%
GTPL HATHWAY LIMITEDSpecialty Telecommunications₹610 cr0.0%-44%Q181.0xQ40.5xQ13.0%Q210.3%Q20.4xQ3-1.2Q275.0%10%
ONMOBILE GLOBAL LIMITEDSpecialty Telecommunications₹564 cr0.0%-8%Q3—0.9xQ10.0%Q21.1%Q10.1xQ2-0.2Q347.9%29%
DISH TV INDIA LIMITEDSpecialty Telecommunications₹383 cr0.0%-52%Q1———-41.0%Q1—-2.4Q14.2%8%
KORE DIGITAL LIMITEDSpecialty Telecommunications₹32 cr0.0%-85%Q1——38.0%Q4—0.0xQ10.0Q463.9%3%
UNIINFO TELECOM SERVICES LTDSpecialty Telecommunications₹12 cr0.0%-34%Q1—0.4xQ1-0.8%Q25.4%Q20.2xQ2—50.9%24%

Sorted by market cap.

Click a column heading to re-sortTap a column heading to re-sort

What do the dots mean?

Dots show a company's quartile within this sector (Q1 = lowest value in the sector, Q4 = highest) for the metrics that have one; hover for the percentile. This is a relative position within this sector only, not a quality score. A hollow dot means loss-making.

Lenders show ROE in place of ROCE and n/a for operating margin and debt/equity. Companies without their own page are listed unlinked. 12m return is the 12-month price change.

All terms explained in the glossary →

Methodology and data notes

Methodology

Methodology and data notes

Communications sector page

This page describes historical and current data for companies ApnaFunda classifies in Communications. Percentiles, rankings, breadth and return breakdowns are descriptive statistics computed from reported financials (used 60 days after each period ends) and daily prices since Jan 2019. They are not forecasts or ratings. Sector figures include only currently listed companies (survivorship bias) and use ApnaFunda's own synthetic, non-investable sector index.

Medians, quartile bands and percentiles use companies with a positive multiple; at least 5 companies are needed for any sector statistic. Breadth excludes companies under ₹500 cr market cap. The return breakdown uses the identity market value = P/E × net profit over the companies present at both ends. Leaders and laggards are ranked on price (3-month change), fundamentals (12-month change in EPS growth, ROCE and operating margin) and flow (12-month FII+DII holding change). Chip colours only indicate which end of the sector range is higher or lower; they are not a quality score.

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