“TRAI May ’25 Telecom Roundup: Jio & Airtel Surge, Vi & BSNL Falter”

• Total subs grew to 120.7 Cr (tele-density 85.4%), with broadband users surging to 97.5 Cr. • JIO added 27 L net mobile subs (now 47.5 Cr; 40.9% share), Airtel +2.75 L (39 Cr; 33.6%). • Vodafone Idea lost 2.74 L, BSNL ‑1.35 L; Vi/BSNL share slipped to 17.6% and 7.8%. • Broadband: Jio leads at 50.7% (49.4 Cr users), Airtel 31.0%; Vi 12.7%, BSNL 3.5%. • Fixed-wireless (5G FWA): Airtel grew to 15.4 L, Jio dipped to 58.5 L. • Rising subs and ARPU strengthen Jio/Airtel equity stories; Vi/BSNL face valuation headwinds and may need tie-ups or niche pivots. • With PM-WANI, 6G labs and upcoming auctions on the horizon, competition and capex demands will only intensify.