Jio's new subscriber additions augur well for tariff hikes: Jefferies

New Delhi [India], July 30 (ANI): Reliance Jio has continued to drive the industry with new subscriber additions, adding 2.7 times more customers than its nearest competitor Airtel in June 2025, maintaining the highest market share at 41 per cent, latest data from the Telecom Regulatory Authority of India (TRAI) showed.
During the month, Reliance Jio added 1.91 million wireless subscribers, whereas Bharti Airtel added 763,482 wireless subscribers. BSNL, MTNL, and Vodafone lost wireless subscribers during the month.
Jio has continued to lead with industry leading VLR share increasing by 134 basis points year-on-year and 7x higher year-on-year subscriber additions than nearest competitor Airtel.
Jefferies noted Reliance Jio's continued outperformance versus Bharti Airtel on active subscriber additions augurs well for the sector's overall tariff outlook. "Jio's 130bps active subscriber market share gain over the past 12 months augurs well for tariff hikes."
Jio also continued to lead in wireline market (including FWA) with 3x higher additions than nearest competitor in June 2025 - increasing market share by 700 basis points year-on-year, driven by AirFiber, where Jio added 3x FWA higher additions than nearest competitor in June 2025.
"Subscriber adds continue to be concentrated in a few markets. Jio's 130bps active subscriber market share gain over the past 12 months augurs well for tariff hikes," investment banking firm Jefferies said in a report.
According to Jefferies, June was the fourth straight month of Reliance Jio's outperformance over Bharti Airtel.
Analysing the TRAI data, Jefferies noted that Bharti Airtel gained subscribers in Metros and A Circles and lost subscribers in B and C Circles. Bharti's subscriber addition was concentrated in circles such as Gujarat, Maharasthra, Mumbai and West Bengal, where its market share is lower vis-a-vis its overall market share.
On the other hand, it saw subscriber declines in Bihar, Kerala, Rajasthan and UP (E).
Reliance Jio gained subscribers in Metros, A and B Circles and lost subscribers in C-circles. Jio's subscriber addition was concentrated in Gujarat, Mumbai UP (W) and West Bengal, while it recorded losses in Assam, MP, Rajasthan, and Orissa, Jefferies said. (ANI)