As per the latest data released by the Telecom Regulatory Authority of India (TRAI) on Friday, the number of wireline subscribers in the country rose from 37.41 million in April 2025 to 38.66 million in May 2025. This reflects a net increase of 1.25 million users, marking a monthly growth rate of 3.34 percent. Among the PSU access service providers, BSNL, MTNL, and APSFL together held a 26.18 percent share of the wireline market as of May.
India’s total wireless subscriber base—including both mobile and 5G Fixed Wireless Access (FWA) users—grew modestly from 116.64 crores in April to 116.84 crores in May 2025. That’s a month-on-month growth rate of 0.17 percent.
Focusing on mobile users alone, the subscriber count increased from 115.8 crores in April to 116.1 crores in May 2025, registering a marginal monthly growth of 0.18 percent.
Overall, the telecom industry added around 21 lakh new mobile users in May, which is a 7.7 percent increase over the previous month. Most of this growth was driven by Reliance Jio and Bharti Airtel, who were responsible for nearly all the new additions.
Following are the four telecom stocks in focus after TRAI releases Telecom Subscription Data for May 2025:
Reliance Industries Limited
With a market cap of Rs. 20.28 lakh crores, the stock moved down by nearly 1.3 percent on BSE to hit an intraday low at Rs. 1,496.4 on Monday. According to the latest TRAI report, RIL’s telecom arm Reliance Jio continued to lead the Indian telecom market, adding 27 lakh new subscribers in May, an increase of 0.57 percent from April. The company’s widespread rural coverage, attractive bundled offerings, and rapid 5G rollout are seen as key factors driving its growth. Jio’s total mobile user base touched 47.51 crore in May 2025, up from 47.24 crore in April. With this gain, its market share climbed to 40.92 percent.
Bharti Airtel Limited
With a market cap of Rs. 11.4 lakh crores, the stock moved down by nearly 1.4 percent on BSE to hit an intraday low at Rs. 2,000.4 on Monday. TRAI’s data shows Airtel added 2.75 lakh new users in May, marking a modest 0.07 percent growth month-over-month. By the end of May, Airtel’s subscriber count had increased to 39.02 crore from 38.99 crore in April, expanding its market share up to 33.61 percent.
Vodafone Idea Limited
With a market cap of Rs. 80,390.5 crores, the stock moved up by nearly 2 percent on BSE to hit an intraday high at Rs. 7.51 on Monday. The subscriber story paints a different picture for Vodafone Idea (Vi). As per the TRAI data, Vi lost 2.74 lakh users in May, a 0.1 percent decline compared to April, continuing its downward trend in user base. The company has been struggling with persistent funding challenges and operational bottlenecks, making it difficult to overcome the loss of market share. The total mobile users for Vodafone Idea dropped from 20.47 crore in April to 20.44 crore in May. Its market share stood at 17.61 percent as of May 2025.
Mahanagar Telephone Nigam Limited
With a market cap of Rs. 3,274.7 crores, the stock moved up by nearly 2 percent on BSE to hit an intraday high at Rs. 52.93 on Monday. TRAI data reveals MTNL recorded the steepest fall among telecom players, losing over 4.7 lakh subscribers in May, nearly six times the decline it experienced in the previous month. This sharp drop highlights the company’s ongoing structural weaknesses and its inability to compete in the modern telecom market. Its total wireless (mobile) subscriber base crashed by 4.7 lakhs, from 9.3 lakh in April to just 4.59 lakh in May, bringing its market share down to just 0.04 percent.
Written by Shivani Singh
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