Ahead of its proposed mega IPO, Reliance Jio is facing intensifying competition from rival Bharti Airtel, which has steadily narrowed the gap in India’s mobile market. The difference between the two companies’ market shares fell to just 1.30 percentage points in August 2026, according to data from the Telecom Regulatory Authority of India (TRAI). Airtel’s gains, however, may have come partly at the expense of Vodafone Idea and BSNL rather than entirely from Jio.
Jio held a 39.31% share of the mobile market in August, while Airtel’s share stood at 38.01%. The latest figures mark a significant shift from five years ago, when Jio had a 37.40% share against Airtel’s 29.85% in August 2021. Vodafone Idea had a 22.84% share at the time.
Airtel has steadily narrowed the gap with Jio over the next five years. In August 2022, Airtel’s market share rose to 31.66%, while Jio’s stood at 36.48%. In August 2023, Airtel’s share was 32.78%, compared with Jio’s 38.81%. The gap widened again in 2024 and 2025 as Jio expanded its market share. In August 2024, Airtel had a 33.07% share, while Jio held 40.53%. By August 2025, Airtel’s share had risen to 33.59%, while Jio’s had crossed 41%. The trajectory changed sharply towards the end of 2025. Airtel’s market share jumped to 37.24% in December 2025, while Jio’s fell to 39.31%. Airtel continues to gain ground in 2026
TRAI data, however, does not establish that Airtel’s gains were primarily driven by customers switching from Jio. Airtel could also have gained subscribers from Vodafone Idea and state-owned BSNL.
Airtel’s rising share has coincided with its focus on higher-value customers and premiumisation of its mobile portfolio. Its average revenue per user (ARPU) rose to Rs 264 in the latest quarter from Rs 250 a year earlier, a 9.2% year-on-year increase, remaining the highest among Indian telecom operators. Airtel attributed the increase to continued portfolio premiumisation and a higher share of postpaid subscribers.
Analysts have also pointed to operational factors, including perceptions of a stronger indoor network and a stabilising churn rate following broader industry tariff adjustments.
Jio’s proposed mega IPO is expected to be one of India’s largest public offerings, with a reported issue size of Rs 37,000 crore to Rs 37,700 crore.
