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Reports Archive
Date Heading Pages Author Download
Feb-17 Mega merger in offing! Negative for BHIN 10 Emkay Research
Jan-17 Idea-Vodafone merger: Competition to stay elevated 10 Edelweiss Securities
Jan-17 Idea's 3G/4G subscribers decline 7 ICICI Securities
Jan-17 RJio's free offer impact transitory, at least on data, but painful! 7 ICICI Securities
Dec-16 JIO's game can no longer be around capacity 10 IIFL
Dec-16 RJio sturdy as Battle Royale gets exciting 8 Motilal Oswal
Dec-16 Jio extends freebies... 7 ICICI Direct
Nov-16 Q2FY17 market share: Bharti Airtel marching ahead of peers 5 IDFC Securities
Nov-16 Regulations set for an overhaul 6 Motilal Oswal
Nov-16 RJio channel check – Pushing the pedal harder 8 Motilal Oswal
Oct-16 Strategically well placed decision by telcos 14 ICICI Direct
Oct-16 Lukewarm response to biggest Indian spectrum auction sale with INR 657.9b bid value 18 Motilal Oswal
Oct-16 Spectrum Auction Day 2 report: Lackluster response 6 IDFC Securities
Oct-16 An INR368b spectrum hole to be filled 14 Motilal Oswal
Sep-16 Auctions 2016: Idea Cellular and Vodafone in focus 8 IDFC Securities
Sep-16 RJIO aggression disrupts voice estimates 37 ICICI Securities
Sep-16 RJio tariffs a mixed bag – aggressive pricing, but higher commitment 4 ICICI Securities
Sep-16 Spectrum prices to fall; consolidation imminent 10 IIFL
Sep-16 Jio grabbing the pie- A pricing destruction or a bait 13 Emkay Research
Sep-16 Q1 Review: Data slow; Bharti pushing for market share 10 Religare Research
Sep-16 Not for the faint-hearted 6 Motilal Oswal
Sep-16 Q1 Review: Data slow; Bharti pushing for market share 10 Religare Research
Aug-16 Revenue market share trend; Incumbents continue to gain 17 Emkay Research
Aug-16 Tepid smartphone sales to prick data bubble? 8 Edelweiss Securities
Aug-16 Spectrum auction guidelines 9 ICICI Securities
Aug-16 Abundant spectrum but limited takers 14 Motilal Oswal
Jul-16 Nothing as before in upcoming auction. 55 ICICI Securities
Jul-16 Q1 Preview: Focus on data performance 8 Religare Research
Jun-16 Market Share TRACKER - Strong AGR market share prints for Bharti Airtel and Idea 12 ICICI Securities
Jun-16 Telecom Sector - Q4FY16 Results Review 9 India Nivesh
Jun-16 India Telecom - Q4 Review: Margins improve but data slows down 7 Religare Research
May-16 Reliance Jio: Battle ready 11 Edelweiss Securities
Apr-16 R-Jio – USD20bn and counting... 5 Nomura
Apr-16 Seasonal tailwinds aided by benign pricing environment 8 IDFC Securities
Apr-16 Q4: Operators steady, TCOM to report better quarter 8 Religare Research
Mar-16 Not much love for Indian telcos still... 29 Nomura
Feb-16 Where do telcos bottom out? A P/B analysis 21 Religare Research
Feb-16 Active sharing - addressing 4 key questions 5 Nomura
Jan-16 Outflows outnumbering inflows for ages... 8 ICICI Direct
Jan-16 TRAI recommendations on spectrum pricing 6 Edelweiss Securities
Jan-16 Q3 Preview: Seasonally better, focus on growth 8 Religare Research
Dec-15 RCOM-Aircel merger talks positive for sector 6 Religare Research
Dec-15 A survey of 700MHz – Pricing will finally fall 10 IIFL
Nov-15 An MNC route to investing into Indian telcos? 24 Credit Suisse
Nov-15 Q2 Review: Voice revenue still stuttering 7 Religare Research
Nov-15 USD3bn becomes USD300mn 6 Nomura
Oct-15 TRAI mandates compensation for dropped calls 5 Nomura
Oct-15 TRAI's call drop salvo to singe telcos 5 Edelweiss Research
Oct-15 Call drop issue...likely to linger on for a while 4 IDFC
Oct-15 Data growth offset by seasonal weakness in voice business 8 IDFC
Sep-15 High data aspirations, but networks need lot more work 21 Nomura
Aug-15 Market share gains continue for Bharti and Idea 17 IIFL
Aug-15 Currency to play spoil sport before Jio's launch 5 Emkay Research
Jul-15 Earnings and price disconnect again... 10 Nomura
Jul-15 Q1 Preview: Data to remain strong, voice soft 7 Religare Research
Jul-15 India Telecom Sector Survey 6 Credit Suisse
Jun-15 R-Jio – vision & updates 6 Nomura
Jun-15 Q4FY15 market share: Industry grows 10% 6 IDFC
Jun-15 RJIO: Big bang debut slated for December 2015 3 Edelweiss
Jun-15 The threat of VoIP – not what it seems 16 IIFL
Jun-15 India Telecom Sector Survey 27 Credit Suisse
May-15 Prefer infrastructure providers over service providers 121 Emkay Research
Apr-15 Focus on operating performance now; Healthy Q4FY15 expected 8 IDFC
Apr-15 4Q preview: RPM to be impacted by cut in IUC; strong data demand 7 Goldman Sachs
Apr-15 Q4 Preview: Data will continue to drive growth 7 Religare
Apr-15 Auctions over; focus now on execution 10 IIFL
Apr-15 Incumbents renew all circles; R-Jio focus remains on FD LTE 13 IDFC
Apr-15 Costly clarity 7 Nomura
Mar-15 Huge payouts, telcos win back spectrum 10 ICICI direct.com
Mar-15 Following auctions… good hope, tough reality 7 Nomura
Mar-15 Idea retains renewal circles; overall pricing to rise 7 Religare
Mar-15 Auction done; Payouts for incumbents surprise negatively 14 Emkay Research
Mar-15 It ain't over yet 7 Nomura
Mar-15 All eyes on auctions 12 IIFL
Feb-15 Termination rate cut: Marginally negative for incumbents 4 IDFC
Feb-15 GSM incumbents continue to gain market share 6 IDFC
Jan-15 NIA details and implications; 2100 MHz still in limbo 7 IDFC
Jan-15 More auction drama ahead 5 Nomura
Jan-15 India Telecom - 3Q: Healthy Trends; Low Valuation 13 Citi
Oct-14 India Telecom - Q2 Preview: Soft quarter impacted by seasonality 5 Religare Research
Oct-14 4G under incubation; near term favourable 24 Edelweiss Securities
Aug-14 Idea continues to gain share; Vodafone takes a breather 5 IDFC
Jul-14 Spectrum sharing - Welcome sign... 6 ICICIdirect.com
Jul-14 TRAI recommendations on spectrum sharing 3 IDFC
Jul-14 Healthy quarter led by RPM recovery 7 IDFC
Jul-14 Steady quarter; expect no major surprises 10 Motilal Oswal
Jun-14 TELECOM - May: Robust subscriber addition continues 5 Edelweiss Research
Apr-14 TDSAT quashes DoT penalty; permits 3G roaming 2 Edelweiss Research
Apr-14 Indian Telecom Wireless Industry - On a Revival Path 5 Care Research
Apr-14 Telecom - Healthy volume growth; steady voice pricing 7 IDFC
Mar-14 Telecom - Attractive valuations 9 IIFL
Mar-14 Indian telecom M&A – what could happen? 12 Nomura
Feb-14 Takeaways from meeting with TRAI Chairman 3 IDFC
Feb-14 Telecom - Action, Reaction and now Wait (R-Jio's launch) 6 Emaky Research
Feb-14 2G spectrum auction nets '61,162cr 6 Angel Broking
Feb-14 Spectrum auctions: No major threat; Incumbents make good use of supply 7 IDFC
Feb-14 Telecom - Competitive intensity – Status check (Part 2) 6 IDFC
Feb-14 Telecom - Selective demand in 1800MHz; 900MHz stabilizing 5 IDFC
Feb-14 Competition in 900MHz on expected lines; 1800MHz muted 4 IDFC
Jan-14 What to expect from the upcoming 900MHz and 1800 MHz auctions 11 Goldman Sachs
Jan-14 Telecom - Fear regarding Jio's entry may be misplaced 4 ICICIdirect.com
Jan-14 Indian Telecoms - Idea upgrade to OW; less risk on 19 HSBC
Jan-14 Telecommunications Sector Update 3 Nirmal Bang
Dec-13 DoT Invites Applications For 2G Spectrum Auction 3 Nirmal Bang
Dec-13 Bharti-RIL deal: Beginning of a new era? 1 Credit Suisse
Dec-13 M&A - will it bring rationality? First Look 4 Nomura
Nov-13 Telecommunications Sector Update 2 Nirmal Bang
Nov-13 Vodafone India 2Q result - in sync with others 8 NOMURA
Oct-13 Government/industry expect an early spectrum auction 8 Motilal Oswal
Oct-13 Telecom - Expect traffic decline in 2Q: Seasonality or Elasticity? 12 Motilal Oswal
Oct-13 Telecom - Seasonally weak quarter 6 ICICI Securities
Sep-13 Telecom Sector - Pro-industry recos, Maintain positive stance 7 Emkay Research
Sep-13 Finally, sector friendly stance by Trai… 8 ICICIdirect.com
Sep-13 TRAI's 2G Spectrum Price Recommendations 3 Nirmal Bang
Sep-13 TRAI recommendations - need auction for action 7 Nomura
Aug-13 Telecom - TRAI Q1 data update 8 IIFL
Aug-13 Telecom Sector Update 18 Motilal Oswal
Aug-13 DoT Releases Unified Licence Guidelines 2 Nirmal Bang
Jul-13 India Telecoms - Expect a strong quarter 10 Anand Rathi
Jul-13 Q1 Preview: Healthy quarter; outlook on tariff the key 3 Religare Research
Jun-13 India Telecom - Consolidation calling 70 Motilal Oswal
Jun-13 GSM additions continue to moderate. Remain cautious 2 Religare Research
Jun-13 TRAI revises ceiling tariffs for national roaming 2 Edelweiss
May-13 Minutes Helped 4Q13; Now Rev/Minute to Win It 13 Citi
May-13 Tele-Tracker - May 4 ICICIdirect.com
Apr-13 Small change can make a big difference 24 Nomura
Apr-13 India Wireless Update 11 Citi
Apr-13 Q4FY2013 Telecom earnings preview 3 Sharekhan
Apr-13 Indian Telecoms - Quick Note 7 Nomura
Mar-13 INDIA TELECOMS IMPROVING - Top 3 continue to gain 14 BNP Paribas
Mar-13 Telecommunications : Spectrum auction- Nothing to Extrapolate 3 Emkay Research
Mar-13 Reviewing capex differences 24 Nomura Equity Research
Feb-13 India Wireless - Alert: No Application for Upcoming Auctions Should Help Lower Hit from License Renewals 9 Citi
Feb-13 Vodafone India 3Q: not dissimilar to others 9 Nomura
Feb-13 India Wireless: India Telecom Tour Takeaways - Pick-up (is) Our Call 15 Citi
Jan-13 Testing our beliefs - Too high, too quick? 18 Nomura Equity Research
Jan-13 India Connect : The Tariff Hike Edition - Channel Checks and Media Reports 11 Citi
Jan-13 Tariff hikes to have positive impact on telcos 2 BRICS
Jan-13 India Wireless - Frontline Reporter: Advantage Incumbents 27 Citi
Jan-13 Telecom - Earnings preview for quarter ended Dec 12 3 BRICS
Jan-13 Telecom - Consolidation, pricing improvement inevitable; increased focus on profitability 16 Motilal Oswal
Jan-13 India Telecoms - Following rising industry discipline, we expect decent results 7 Anand Rathi
Dec-12 Government lowers reserve price by 30%; raise Idea/Bharti TP 8 Goldman Sachs
Dec-12 India Connect 11 Citi
Dec-12 Telecom : Key takeaways from industry conference 6 Motilal Oswal
Dec-12 TRAI Q2 data update 10 IIFL
Nov-12 TRAI 2Q data: Bharti/RCOM gain market share; Vod/Idea lag a bit 6 Goldman Sachs
Nov-12 India Telecoms Sector 39 Credit Suisse
Nov-12 Tele-Tracker - November 5 ICICI Securities
Nov-12 Subscriber Base Sees Marginal Growth 3 BRICS
Nov-12 Subscriber watch - October 2012 4 ICICI Securities
Nov-12 Alert: Auction Expectedly Muted; Government Back to the Drawing Board? 10 Citi
Nov-12 2G auction fails; Spectrum price could be lowered 3 BRICS
Nov-12 Muted participation, outcome +ve for incumbents 4 Emkay
Nov-12 Spectrum auction - A damp squib 2 Edelweiss
Nov-12 900MHz refarming: An aimless exercise 9 IIFL
Nov-12 India Telecom - Spectrum re-farming - another nightmare? 7 Nomura
Nov-12 Indian Telecoms - The cash call 8 HSBC
Nov-12 Spectrum refarming Isoquant - 900 vs 1800 Mhz 2 Edelweiss Securities
Oct-12 2G auction: Muted participation anticipated 3 Edelweiss Research
Oct-12 Subscriber base falls again 5 ICICI direct.com
Oct-12 Alert: Excess Spectrum Charge Decided – Moderate Hit on Value 10 Citi
Oct-12 Excess spectrum charges to be prospective 4 BRICS
Oct-12 MTS call takeaways - “miserable landscape” 6 Nomura
Oct-12 Telecom - Q2FY13 Results Preview 5 Centrum
Oct-12 Telecom - Excess spectrum options 4 IIFL
Oct-12 Telecom - Earnings preview for quarter ended 30th September 2012 3 BRICS
Oct-12 India Telecoms - In mute mode 14 Anand Rathi
Sep-12 Operational revival for industry in sight 6 IIFL
Sep-12 India Wireless - Myths and Realities (Part 5): TRAI Data Continues to Surprise 19 Citi
Sep-12 Subscriber Addition Turns Negative 3 BRICS
Sep-12 Regulatory uncertainty persists; but industry consolidation would help the top operators 17 FINQUEST
Sep-12 Telecommunications : No respite 17 Emkay Research
Sep-12 Competitive/regulatory headwinds persist; Industry taking corrective measures 14 Motilal Oswal
Aug-12 Q1FY2013 Telecom earnings review 2 Sharekhan
Jul-12 Indian Telecoms - Better pricing environment to emerge 44 HSBC
Jul-12 TELE TALK TIME Indian telecom monthly 18 Motilal Oswal
Jul-12 Telecom - 1QFY13 Result Preview 3 Nirmal Bang
Jul-12 Telecom - Volume growth to continue 7 ICICI Securities
Jul-12 Asia Pacific: Telecom Services 34 Goldman Sachs
Jun-12 GSM subscriber addition run rate remains modest 8 Angel Broking
Jun-12 Tele Talk Time : Indian Telecom Monthly 26 Motilal Oswal
Jun-12 Airtime Series: Refarming impact on telcos; call with industry expert 7 Goldman Sachs
Jun-12 TRAI revenue data – Is 900MHz an influence? 8 IIFL
Jun-12 Indian Telecoms Update 10 HSBC
Jun-12 Q4FY2012 Telecom earnings review 2 Sharekhan
May-12 Indian Telecom Sector : GSM Operators 11 FINQUEST Securities
May-12 COAI presentation to Government 12 Motilal Oswal
May-12 Tele Talk Time : Indian Telecom Monthly 20 Motilal Oswal
May-12 India Connect : Advantage TRAI, Telcos Lobby Back! 10 Citi
Apr-12 TRAI’s reserve price recommendations throw telcos into a spin 3 Anand Rathi
Apr-12 India Wireless : TRAI: Operators Don’t Cry 11 Citi
Apr-12 Reserve price and re-farming : Significant -ve for the sector 6 Emkay Research
Apr-12 TRAI's reserve price recommendations throw telcos into a spin 3 Anand Rathi
Apr-12 Indian Telecoms - Recovery driven by voice not data 52 HSBC
Apr-12 GSM’s net subscriber addition run-rate drops again 8 Angel Broking
Mar-12 Consultation paper on 2G spectrum auction 3 ICICI direct.com
Mar-12 GSM net subscriber addition momentum improves 8 Angel Broking
Mar-12 India: Telecom Services 8 Goldman Sachs
Mar-12 Indian Telecoms - The end of the beginning 48 HSBC
Feb-12 Indian Telecom Sector : GSM Operators 10 FINQUEST