Turnaround: ARPU leader, deleveraging
| Peer | Status | P/E | ROE | Mkt cap | Why we do not hold it (approved text) | Links |
|---|---|---|---|---|---|---|
| Bharti Airtel | Held | 39.22 | 17.91% | 11.34 L Cr | Turnaround: ARPU leader, deleveraging | |
| Reliance Jio (via Reliance Industries) | Not held | n/a | n/a | n/a | Jio is only accessible through RIL's conglomerate (O2C, retail) with a lower ARPU (Rs 215.6 vs Rs 264) and higher data usage; Airtel is a pure-play with higher ARPU, 60% India margin and ~1.3% dividend yield. | Screener · Tijori |
| Vodafone Idea | Not held | n/a | n/a | n/a | Vi has Rs 1.93 lakh cr borrowings, negative reserves (Rs -1.44 lakh cr), quarterly loss of Rs 3,754 cr in Q1FY27, ARPU Rs 177 and Government of India as 49.02% holder; FY26 'profit' of Rs 34,552 cr was AGR-relief other income - survival, not compounding. | Screener · Tijori |
| Indus Towers | Not held | n/a | n/a | n/a | Indus (P/E 13.9x, 3.7% yield) is cheaper but is a rental annuity with tenancy/Vi-receivable risk and no pricing power; Airtel already consolidates Indus and captures the tariff/ARPU upside Indus does not. | Screener · Tijori |
Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).
Reliance Industries gives Jio only as one-third of a conglomerate with refining and retail cycles we do not want to own for this thesis; a Jio Platforms listing would be the way to revisit. Vodafone Idea is an equity option on government forbearance, not a business. Indus Towers (held in the AIFs as Value) is a tenancy annuity whose growth is now capped by consolidation.
All sectors we avoid or underweight →Bharti Airtel (4.0%, Turnaround) is one of the three largest positions in the book (4.0%, level with SBI): ARPU leadership, the best-quality subscriber base, Africa growing 20%+ in constant currency, Indus Towers consolidated, net debt/EBITDA under 2x and heading lower, and a tariff hike ahead.
| Broadband - Market Share | 34.94 % | as of Jun 26 |
| Mobile Subscribers - Market Share | 37.96 % | as of Jun 26 |