Jio and Airtel added users—Vi lost them. What does this mean for your portfolio?"

📈 Subscriber Growth – Q2 FY2026 - Reliance Jio: Added 70 lakh subscribers; strong 5G and premium plan traction. - Bharti Airtel: Added 72 lakh subscribers; rural expansion and mobile broadband growth. - Vodafone Idea: Lost 5 lakh subscribers; gained 10 lakh mobile broadband users. 💰 ARPU Trends (Average Revenue Per User) - Jio: ₹211 (↑1.1% QoQ) - Airtel: ₹254 (↑1.6% QoQ) - Vi: ₹167 (↑1.2% QoQ) 📊 Stock Market Impact - Jio (via RIL): Positive outlook; ARPU CAGR of 13% expected over 3–5 years. - Airtel: Strong Buy rating; target price ₹2,240. - Vodafone Idea: Upgraded to Add; target ₹9.50. - Indus Towers: Downgraded due to tenancy pricing pressure. 🔍 Investor Watchouts - ARPU growth is critical—₹1 increase adds ₹850–₹950 crore to EBITDA. - 5G monetization via OTT bundles and high-data plans is accelerating. - Capex intensity declining post-5G rollout, improving free cash flow. - Rural internet penetration to reach 82% by FY26, boosting long-term demand.