# Jio vs Airtel: Subscribers, ARPU, Profit and Valuation > Jio vs Airtel with RHP, Airtel and TRAI data: subscribers, market share, ARPU (INR 215.6 vs INR 264), churn, FY26 profit, returns and IPO valuation. - **Published**: 2026-10-18 - **Modified**: 2026-10-19 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/jio-vs-airtel --- This is a numbers-first comparison of **Jio vs Airtel**, using Jio Platforms' RHP, Bharti Airtel's own results and TRAI data. It is part of the [Jio IPO DRHP and RHP breakdown](/articles/ipo/jio-ipo) and our [IPO guides](/ipo). For a global scale check against Tesla and SpaceX, see [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex). > **Educational content, not investment advice.** This page explains the issue using the company's own offer documents and exchange filings. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. IPO investments can lose money, including on listing day. Read the [red herring prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) before you bid, and speak to a SEBI-registered adviser if you need personal advice. ## The short version Jio is bigger by subscribers and data traffic. Airtel earns more per user, more profit in absolute terms and a much higher return on equity. At the top of the price band, the Jio IPO is priced at a lower price-to-earnings multiple than Airtel's market price, as at 13 October 2026. Two caveats run through the whole comparison: - **Different scopes.** Jio Platforms is mostly an India business. Bharti Airtel's consolidated numbers include Africa and other businesses. Where possible we use Airtel's India figures. - **Different definitions.** Net debt, ARPU and churn are not always calculated the same way. The RHP notes that Airtel's net leverage includes deferred payment liabilities, while Jio's reported figure does not.
Jio vs Airtel: mobile subscribers 508.4 vs 491.6 million (TRAI, Aug 2026); ARPU INR 215.6 vs INR 264; churn 1.61% vs 2.59%; FY26 profit INR 30,049 vs INR 33,823 crore; return on net worth 9.42% vs 20.32%; P/E 33.31x vs 40.71x.
## Market share (TRAI, end of August 2026) | Metric | Jio | Airtel | Vodafone Idea | BSNL | |---|---|---|---|---| | Mobile subscribers, including M2M (million) | 508.43 | 491.60 | 199.57 | 93.67 | | Mobile market share | 39.31% | 38.01% | 15.43% | 7.24% | | Broadband subscribers (million) | 538.03 | 386.39 | Not compared | Not compared | | Wired broadband (million) | 14.81 | 11.44 | Not compared | Not compared | | 5G fixed wireless access (million) | 9.42 | 4.03 | Not compared | Not compared | | Share of M2M connections | 19.29% | 61.25% (86.06 million) | 16.06% | 3.40% | Source: TRAI telecom subscription data press release for August 2026. Total mobile subscribers: 1,293.43 million. Airtel's lead in M2M (machine-to-machine) connections, such as SIMs in cars and meters, narrows the gap in the headline mobile number. Excluding M2M, Jio has about 481 million connections and Airtel about 406 million (our calculation from TRAI's market shares of 140.50 million M2M connections). ## Operating metrics (Q1 FY27, quarter to 30 June 2026) | Metric | Jio Platforms | Bharti Airtel (India) | |---|---|---| | Customers | 533.3 million | 491.9 million (India); 680.9 million consolidated | | Mobile ARPU (INR per month) | 215.6 | 264 | | Monthly churn | 1.61% | 2.59% (mobile) | | Data per customer per month | 43.7 GB | 34.4 GB | | Data traffic in the quarter | 69.4 billion GB | 31.1 billion GB (India mobile) | | 5G customers | 284.9 million | Not separately disclosed | | Home broadband | 28.6 million (JioFiber + AirFiber) | 14.7 million homes | | Postpaid | Not compared | 30.0 million | Sources: Jio Platforms RHP; Bharti Airtel Q1 FY27 quarterly results and highlights. Customer definitions differ. **What this tells you.** Airtel makes about INR 48 more per user per month (our calculation, INR 264 less INR 215.6). Jio's users consume more data and churn less. Jio's ARPU has been rising: INR 181.7 in FY24, INR 206.2 in FY25, INR 214.0 in FY26. ## Financials (FY26, year to 31 March 2026, INR crore) | Metric | Jio Platforms (consolidated) | Bharti Airtel (consolidated) | Bharti Airtel (India, excluding passive infrastructure) | |---|---|---|---| | Revenue | 1,46,885 | 2,10,973 | 1,40,373 | | EBITDA | 76,255 | 1,21,268 | 82,193 | | EBITDA margin | 51.9% (our calculation) | 57.48% | 58.55% | | Profit after tax | 30,049 | 33,823 | Not compared | | Return on net worth | 9.42% | 20.32% | Not compared | | Return on capital employed | 10.76% | 19.0% | Not compared | | Diluted EPS (INR ) | 33.59 | 44.37 | Not compared | | Net leverage | 0.36x (excludes deferred payment liabilities) | 1.36x (includes them) | Not compared | Sources: Jio Platforms RHP (restated consolidated financial information and peer comparison); Bharti Airtel results. Jio's margin is our calculation from RHP figures. Jio's India revenue is now close to Airtel's India business. The bigger gap is in returns: Jio has a much larger equity base after years of investment and capital raised from Meta, Google and private equity, so its return on equity is lower. ### The deferred-payment point Jio's reported net leverage of 0.36x for FY26 does not include INR 1,04,514 crore of deferred payment liabilities, mostly for spectrum, or INR 13,888 crore of lease liabilities. Airtel's 1.36x includes deferred payments. **Do not compare the two leverage ratios directly.** Read the hub's [financials section](/articles/ipo/jio-ipo) for details. ## Valuation (as per the RHP, prices as at 13 October 2026) | | P/E (diluted EPS, FY26) | |---|---| | Jio Platforms at INR 1,065 (floor) | 31.71x | | Jio Platforms at INR 1,119 (cap) | 33.31x | | Bharti Airtel | 40.71x | | Vodafone Idea | 3.99x | | Peer average (RHP) | 22.35x | The peer average is pulled down by Vodafone Idea's unusual figure. Against Airtel alone, Jio is priced at a discount. That discount reflects, at least in part, Jio's lower ARPU and lower returns. Whether it is enough is a judgement call; see [should you invest in the Jio IPO](/articles/ipo/should-you-invest-in-jio-ipo).
P/E on FY26 diluted EPS: Bharti Airtel 40.71x; Jio 33.31x at INR 1,119 and 31.71x at INR 1,065; peer average 22.35x; Vodafone Idea 3.99x. Source: RHP and price band advertisement.
## Where each is stronger | Jio | Airtel | |---|---| | Largest subscriber base and data traffic | Higher ARPU; 30.0 million postpaid customers | | Lower churn | Higher returns on equity and capital | | 284.9 million 5G customers; more 5G fixed wireless users (TRAI) | Diversified, with Africa and enterprise businesses | | Prepaid distribution through Reliance Retail (77.08% of FY26 revenue) | Long listed track record | Jio Platforms has never paid a dividend, according to the RHP. ## What could change the picture - **Tariff increases.** Both companies' ARPU depends on tariff moves, which tend to happen across the industry. - **Satellite broadband.** The RHP lists satellite internet competition as a risk. - **Vodafone Idea's health.** A weaker third player could push users to Jio and Airtel; a stronger one increases competition. More in [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors). ## Related Jio IPO guides - [Jio IPO: DRHP and RHP breakdown](/articles/ipo/jio-ipo) - [Jio IPO GMP tracker](/articles/ipo/jio-ipo-gmp) - [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors) - [Should you invest in the Jio IPO?](/articles/ipo/should-you-invest-in-jio-ipo) - [Jio vs Tesla vs SpaceX](/articles/ipo/jio-vs-tesla-vs-spacex) - [Jio Financial vs Jio Platforms](/articles/ipo/jio-financial-vs-jio-platforms) ## Sources Primary sources first. All links accessed 18 October 2026. - [SEBI, Jio Platforms Limited: Red Herring Prospectus dated 14 October 2026 (filing page, posted 15 October 2026)](https://www.sebi.gov.in/filings/public-issues/oct-2026/jio-platforms-limited-rhp_105274.html), and the [full RHP PDF](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) - [TRAI, Press Release No. 125/2026, telecom subscription data as on 31 August 2026](https://www.trai.gov.in/sites/default/files/2026-09/PR_No125of2026.pdf) - [Bharti Airtel, Q1 FY27 media release, 4 August 2026](https://assets.airtel.in/static-assets/cms/investor/docs/quarterly_results/2026-27/Q1/Press-Release.pdf) - [Reliance Industries, disclosure to BSE and NSE on filing of the RHP, 14 October 2026](https://www.bseindia.com/xml-data/corpfiling/AttachHis/9f9c9b25-75e8-45ba-83a4-e230e7657f54.pdf) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)