Jio vs Airtel vs Vodafone Idea: With the Jio IPO inching closer to its market debut, investor interest remains elevated as it is widely expected to be one of the biggest and most anticipated public offerings of 2026. According to the latest draft papers, the IPO will comprise a fresh issue of up to 27 crore equity shares with a face value of Rs 10 each, while the final issue price will be determined through the book-building process.
As Jio prepares to enter the public markets, investors will also be keen to assess how the telecom giant stacks up against its listed rivals: Bharti Airtel and Vodafone Idea. A comparison of the three companies across key financial and operational metrics will offer valuable insight into Jio’s competitive position and growth prospects ahead of its highly anticipated listing.
| METRIC | JIO | AIRTEL | VODAFONE IDEA |
| Subscribers (FY26) | 524.4 Mn customers | 666 Mn customers (15 countries) | 192.8 Mn customers |
| India Mobile Subs | 524.4 Mn | 482 Mn (India only) | 192.8 Mn |
| Net Adds (FY26) | 36.2 Mn added in FY26 | 75.5 Mn added in FY26 | -5.4 Mn (net loss) |
| ARPU – FY26 Exit Qtr | Rs214 per user/month | Rs257 per user/month | Rs190 per user/month |
| ARPU – FY25 Exit Qtr | Rs206 per user/month | Rs245 per user/month | Rs164 per user/month |
| ARPU Growth YoY | 3.8% vs FY25 | 4.9% vs FY25 | 15.9% vs FY25 |
| Data / User / Month | 42.3 GB per user | 31.4 GB per user | 19.7 GB per user (4G/5G) |
| Total Data Traffic | 241.4 Bn GB (FY26) | 101.3 Bn GB (FY26) | N/A |
| Monthly Churn | 1.67% | 2.43% | ~4.0% |
| 4G/5G Subscribers | N/A disclosed | 385 Mn 4G/5G users | 128.9 Mn 4G/5G users |
- Subscribers: Airtel leads in overall subscribers due to its international presence, while Jio remains India’s largest telecom operator by domestic users.
- India Mobile Subscribers: Jio has the largest mobile subscriber base in India, highlighting its strong domestic market leadership.
- Net Adds (FY26): Airtel added the most customers during FY26, while Vodafone Idea continued to lose subscribers.
- ARPU – FY26 Exit Quarter: Airtel commands the highest revenue per user, reflecting a stronger premium customer mix. ARPU stands for Average Revenue Per User (or Average Revenue Per Unit).
- ARPU Growth YoY: Vodafone Idea posted the fastest ARPU growth, albeit from a significantly lower base.
- Data Usage per User/Month: Jio customers consume the most mobile data, underlining its data-centric network strategy.
- Total Data Traffic (FY26): Jio carried more than twice Airtel’s annual data traffic, reflecting its larger and more data-intensive user base.
- Monthly Churn: Jio has the lowest churn rate, indicating stronger customer retention, while Vodafone Idea faces the highest attrition.
- 4G/5G Subscribers: Airtel leads among disclosed 4G/5G users, while Jio has not separately reported this metric.
On the financial side, Jio would be entering the IPO market with one of the strongest financial profiles in India’s telecom sector.
| METRIC | JIO | AIRTEL | VODAFONE IDEA |
| Revenue FY26 | Rs 1,46,885 Cr | Rs 2,10,973 Cr | Rs 44,873 Cr |
| Revenue Growth YoY | 14.6% YoY | 22.0% YoY | 3.1% YoY |
| EBITDA FY26 | Rs 76,255 Cr | Rs 1,19,675 Cr | 18,912 Cr |
| EBITDA Margin FY26 | 51.9% margin | 56.73% margin | 42.2% margin |
| EBITDA Growth YoY | 18.8% YoY | 28% YoY growth | 4.3% YoY growth |
| PAT FY26 | Rs 30,049 Cr | Rs 26695 | (Rs 24,059)** |
| PAT Margin FY26 | 20.50% | 12.65% | N/A |
Net Debt to EBITDA
Jio also has an exceptionally healthy balance sheet, with net debt-to-EBITDA of just 0.36x versus Airtel’s 1.36x, providing greater financial flexibility.
Vodafone Idea continues to lag, remaining loss-making, highly leveraged and posting modest revenue growth, despite reporting positive EBITDA and continued network investments.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
