India’s telcos expect 12-14% profit growth, driven by rising ARPU, data usage, and lower 5G capex.

• ARPU may rise to ₹220-225, boosted by premium plans, OTT bundling, and higher data consumption.
• Free cash flow estimated at ₹70,000 crore, with debt reduction improving industry credit profiles significantly.
• Rural internet penetration set to hit 82% by FY26, shifting users from voice-only to data.