The battle for supremacy in India’s telecom sector has intensified once again. In the latest round, Reliance Jio has edged past Bharti Airtel to reclaim a stronger position in terms of revenue market share (RMS). After allowing Airtel to lead for two consecutive quarters, Jio has now pulled ahead, signaling a renewed push in this ongoing corporate rivalry.
According to data from the Telecom Regulatory Authority of India (TRAI) for Q4 of FY2025, Jio increased its RMS to 42.2%, marking a gain of 40 basis points from the previous quarter. In contrast, Airtel’s RMS dropped to 39.2%, while Vodafone Idea (VI) fell further to just 13.4%. But what does RMS mean? Revenue Market Share, or RMS, is derived from Adjusted Gross Revenue (AGR), reflecting how much a telecom company earns and its corresponding share in the market.
Jio's growth in RMS can be largely attributed to the tariff hikes implemented back in July 2024. These price adjustments started reflecting positively in Jio's earnings during this quarter. The company saw AGR growth across all regions — Metros as well as A, B, and C category telecom circles. In Q4 FY2025, Jio posted AGR of ₹39,800 crore, which translates to a quarterly growth of 3.1%.
Meanwhile, Airtel, which had gained significant ground in previous quarters, saw performance slip in a few regions. Vodafone Idea continues to struggle, with its AGR declining by 2.9% to ₹9,500 crore. A shrinking customer base is making it increasingly difficult for VI to maintain competitiveness and revenue growth.
Breaking it down regionally, Jio’s AGR growth in metro circles stood at 6.9%. In category A, B, and C circles, it reported 2.6%, 3.2%, and 3.1% growth respectively. Airtel, on the other hand, showed a mixed performance. While it posted strong 20% AGR growth in metro circles and a marginal 0.2% rise in C circles, it registered declines in A and B circles — down by 1.9% and 0.4%, respectively.
If we expand the view to a full-year comparison, Airtel actually emerges with stronger momentum. It added 159 basis points to its RMS across FY2024, compared to Jio’s gain of only 26 basis points. This shows that despite Jio’s strong comeback in Q4, Airtel maintained consistent growth over a longer period.
The key question now is whether Jio can retain this regained dominance or if Airtel will bounce back to the top. And what about Vodafone Idea? With its financial struggles and declining customer base, the road ahead appears increasingly challenging.
Disclaimer:
This article is based on publicly available data and industry reports, primarily from TRAI's Q4 FY2025 telecom performance metrics. It is intended for informational purposes only and should not be considered as financial or investment advice. Readers are encouraged to conduct their own research and consult with professionals before making any business or investment decisions.
