Reliance Jio strengthens market leadership in Q3FY26 with strong revenue growth: Report

Jio's Adjusted Gross Revenue (AGR), including National Long Distance (NLD), rose 3.9 per cent quarter-on-quarter and 11.2 per cent year-on-year to Rs 321 billion in Q3FY26.

Its AGR market share increased to 43 per cent, up 41 basis points sequentially and 114 basis points year-on-year, ICICI Securities report said.

Bharti Airtel reported AGR of Rs 299 billion with a 39.9 per cent market share, while Vodafone Idea posted Rs 99 billion and a 13.3 per cent share.

"VIL's AGR market share declined to 13.3%, down 28bp QoQ, primarily due to a decline in all the metro circles," the report read.

Jio's incremental year-on-year AGR of Rs 32.4 billion exceeded Bharti's Rs 24.8 billion, underscoring its stronger revenue momentum.

The combined AGR of the top three private operators grew 2.9 per cent quarter-on-quarter and 8.9 per cent year-on-year to Rs 720 billion in Q3FY26, aided by subscriber growth and premiumisation.

On an annualised basis, industry AGR reached nearly Rs 3 trillion.

Jio's metro performance stood out, with AGR rising 18 per cent sequentially. Delhi and Kolkata saw increases of 22.9 per cent and 24 per cent, respectively, while Mumbai grew 6.7 per cent,

The company gained market share in 16 telecom circles during the quarter. "RJio has gained AGR market share in 16 circles QoQ, with declines noted only in Tamil Nadu (16bp QoQ), Kerala (31bp), Haryana (182bp), Madhya Pradesh (31bp), Bihar (35bp) and Odisha (26bp)."

With sustained growth across metros and circles, Jio continues to widen its lead in India's competitive telecom market.

According to a separate report by CLSA, Reliance Jio strengthened its dominance in India's telecom market in Q3FY26, gaining 47 basis points sequentially to command a 42.5 per cent revenue market share. The telecom company posted the highest growth among peers, with revenue rising 4 per cent quarter-on-quarter and 11 per cent year-on-year. (ANI)