Reliance Jio led the industry in active subscriber gains in May 2025 by adding 5.5 million users, as per TRAI.
The telecom industry in India added a total of 7.3 million active users, the highest in the last 29 months, with A-Circles and B-Circles leading the subscriber additions.
Vodafone Idea continued to lose subscribers for the 18th consecutive month, while Jio's active subscriber market share grew by 1.5% over the last twelve months.
Jefferies noted that Jio's performance in adding active subscribers compared to Bharti Airtel is positive for the sector's tariff outlook; Vi's capex increase did not impact short-term subscriber additions.