Summary:
Bharti Airtel added 0.2 million consumer mobile subscribers in September 2026, compared with Jio's 1.9 million, according to TRAI data. Despite slower additions, Airtel reported Q2FY27 revenue growth of 16.7% and higher ARPU, highlighting stronger customer monetisation.
Bharti Airtel (NSE: BHARTIARTL) saw a sharp slowdown in consumer mobile subscriber additions in September 2026, while Reliance Industries (NSE: RELIANCE) continued to gain new users through its telecom arm Jio. The latest numbers from the Telecom Regulatory Authority of India (TRAI) show a widening gap between the two operators in terms of consumer subscriber additions, although both have reported growth in their overall wireless customer bases.
Airtel Gets Only 0.2 Mn Subscribers As Jio Tops
According to TRAI data for September 2026, Reliance Jio has added around 1.9 mn mobile subscribers, excluding machine-to-machine (M2M) connections. Airtel had added only 0.2 mn. Vodafone Idea (NSE: IDEA) lost about 0.3 mn customers on the same basis.
The numbers indicate that Jio grabbed a significant share of new consumer connections during the month.
However, the picture changes when we add M2M connections. Jio added 2.71 mn wireless mobile subscribers and Airtel added 2.69 mn, with a thin margin between the two companies.
Airtel had 494.29 mn subscribers at September-end, while Jio’s wireless mobile subscriber base was about 511.14 mn.
The difference is important. M2M connections are in devices like smart meters, connected vehicles and industrial equipment. These connections can boost reported subscriber numbers, although not with the same revenue as regular mobile customers.
Concerns about active subscriber numbers
Active subscriber data during September also favored Jio.
Jio added around 1.3 mn active subscribers while Airtel saw a decline of around 0.2 mn, as measured through the Visitor Location Register (VLR). Vodafone Idea also lost around 0.3 mn active subscribers.
But the net growth in the core active subscriber base across the industry was just 0.6 mn in the month.
Airtel’s lower additions come as it changes its prepaid offerings including withdrawal of some lower priced recharge plans. Such changes can affect customer retention and addition of new subscribers, more so in the price-sensitive prepaid market in India.
But a slowdown in subscriber growth does not necessarily mean lower revenues. All customers still generate the same value.
Airtel Q2FY27 revenue up 16.7% YoY
Airtel posted higher revenue and profit for the September quarter, even as consumer subscriber additions slowed.
The company’s consolidated revenue for Q2FY27 was up 16.7% YoY at ₹60,878 crore. EBITDA was up 17.8% at ₹35,240 crore.
India revenue grew 9.4% y-o-y to ₹42,308 crore. Customers spent more, with average revenue per user (ARPU) rising to ₹271 from ₹256 in Q2FY26.
Airtel added 1.2 million postpaid customers during the quarter to take its postpaid subscriber base to 31.2 million.
Smartphone data customers up 18.8 mn YoY, reflecting ongoing migration to higher-value mobile services.
These figures indicate that despite recent slowdown in consumer subscriber additions, Airtel’s revenue growth is being propelled by higher customer spending.
Why Airtel Stock Price Is in Focus
Airtel’s stock was trading around ₹2,099.90 on the NSE at around 12:00 PM IST on 11 November 2026, up about 1.34% from the previous close of ₹2,072.10.
Therefore, the stock was higher despite weaker September consumer subscriber data.
The big question for Airtel is whether it can continue to offset slower growth in its overall consumer base with higher ARPU and growth in premium customers.
The sector is also seeing competitive pressure with Jio leading in adding customers. With India’s telecom market consolidating around a few large operators, subscriber retention, network quality and pricing continue to be key factors.
Airtel’s financials continue to be healthy at the moment but data for September indicates that the battle for mobile customers is far from over.
