The strengthening of Reliance Jio’s subscriber quality metrics in June 2025, marked by the addition of 2.4 million active users and an improvement in its visitor location register (VLR) ratio to 97.4%, is a positive indicator for future tariff hikes, analysts said.They also noted that the shifting market share dynamics in the fixed wireless access (FWA) segment could signal intensifying competition between Bharti Airtel and Jio.“Jio’s continued outperformance versus Airtel on active subscriber additions augurs well for the sector’s overall tariff outlook,” analysts from Jefferies said.
Telecom Industry
The overall telecom industry added 2.6 million active subscribers in June, following a strong 7.4 million addition in May. Growth continued to be driven primarily by Jio and Airtel, while Vodafone Idea and BSNL saw further subscriber losses—though at a slower rate than previous months.
Airtel added 1.2 million active subscribers and 2 million mobile broadband users during June. The company also grew its home broadband base by 0.35 million users and maintained a high VLR ratio of 99.2%. While Airtel’s growth remains consistent, it continues to trail Jio across both mobile and broadband categories.Vodafone Idea lost 0.2 million active subscribers, marking the 19th consecutive month of decline, though the pace of loss has moderated compared to earlier months.
Analysts highlighted that the subscriber mix reflects growing urban demand, with A-circles and metro regions accounting for most of the additions. In contrast, B- and C-circles recorded subscriber attrition, pointing to regional disparities in network performance and customer retention. If sustained, this trend could lead to higher churn-related costs in underperforming markets.
Reliance JIO
Jio’s market share in active subscribers rose to 42.9%, while Airtel held steady at 35.8% and Vodafone Idea slipped to 15.9%. “Jio’s market share rose for the fourth straight month after three months of decline,” Morgan Stanley analysts said.In the home broadband and FWA segment, Jio sustained its momentum, adding 0.67 million subscribers, including 0.25 million in FWA. Airtel added 0.2 million FWA users in the same period. However, Jio’s FWA market share declined slightly to 77.8% from 79.2% in May, while Airtel’s share increased to 22.2%.
While the sector appears to be recovering from last year’s tariff-driven churn, analysts cautioned that the growing quality gap between Jio and Vodafone Idea may hasten market consolidation—especially as digital services and broadband become more central to the overall subscriber base.