SMC Global Securities Limited

Jio wins on scale. Airtel wins on monetisation. Vi is still fighting for survival. Jio leads in market share, subscribers and revenue, while Airtel generates the highest ARPU, EBITDA margin and profit. Vi retains a meaningful customer base, but continued losses highlight the widening gap between subscriber scale and financial strength. India’s telecom market is increasingly becoming a two-player battle—but Jio and Airtel are winning it in very different ways. #TelecomSector #RelianceJio #BhartiAirtel #VodafoneIdea #EquityResearch #TelecomSector #RelianceJio #BhartiAirtel #VodafoneIdea #EquityResearch

India’s economy expanded by a stronger-than-expected 7.8% in Q1 2026, continuing its run as one of the world’s fastest-growing major economies. A strong headline print—but for investors, the real question is whether this growth translates into higher consumption, private capex and sustained corporate earnings. #IndiaGDP #IndianEconomy #EconomicGrowth #Investing #StockMarket #IndiaGDP #IndianEconomy #EconomicGrowth #Investing #StockMarket

India’s forex reserves have climbed from $475 billion in 2020 to over $729 billion in 2026—an increase of more than 50%. A stronger reserve buffer improves India’s ability to manage currency volatility, fund imports and withstand global financial shocks. In an uncertain world, this is not just money in the bank—it is economic protection. #ForexReserves #IndianEconomy #RBI #Macroeconomics #IndiaGrowth #ForexReserves #IndianEconomy #RBI #Macroeconomics #IndiaGrowth