According to data released by the Telecom Regulatory Authority of India (TRAI) on Wednesday, the total number of wireless subscribers—comprising both mobile and 5G Fixed Wireless Access (FWA) users—increased from 116.03 crores at the end of February 2025 to 116.37 crores by the end of March 2025, reflecting a monthly growth rate of 0.28 percent.
Total Wireless subscriptions in urban areas decreased from 63.4 crores in February 2025 to 63.2 crores in March 2025, and the subscriptions in rural areas also increased from 52.6 crores to 53 crores during the same period.
The monthly growth rate of urban and rural wireless subscriptions was -0.26 percent and 0.92 percent, respectively. On the wireline front, public sector undertakings (PSUs)—BSNL, MTNL, and APSFL—together held a 27.87 percent share of the wireline market as of March 31, 2025.
Following are the three telecom stocks in focus after TRAI releases Telecom Subscription Data for March 2025:
Reliance Industries Limited
With a market cap of Rs. 19.18 lakh crores, the stock moved up by nearly 1 percent on BSE to hit an intraday high at Rs. 1,419.2 on Thursday. As per the TRAI’s report, RIL’s telecom arm Reliance Jio continued to lead the Indian telecom market, adding 21.74 lakh new wireless users in March 2025, up from an addition of 17.65 lakh users in February. This took Jio’s total subscriber base to 46.97 crores.
Bharti Airtel Limited
With a market cap of Rs. 10.7 lakh crores, the stock moved down by nearly 1 percent on BSE to hit an intraday low at Rs. 1,884 on Thursday. As per the TRAI data, Bharti Airtel added 12.5 lakh users in March 2025, although this was slightly lower than the 15.93 lakh users added in February. The mobile base of Bharti Airtel increased to 38.98 crores in March 2025.
Vodafone Idea Limited
With a market cap of Rs. 75,840 crores, the stock moved up by nearly 2 percent on BSE to hit an intraday high at Rs. 7.05 on Thursday. As per the TRAI data, Vodafone Idea lost 5.41 lakh subscribers from its network in March 2025, compared to the loss of 20,720 users in February, bringing its total subscriber base down to 20.53 crore.
Written by Shivani Singh
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