Top 30 Telecom companies in India by market cap
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Top 30 Telecom companies in India by market cap

Bharti Airtel is one of the most valued company of India. It is also the leading telecom provider in India.  Reliance Communications follows Airtel in market capitalization. Interestingly the same order holds good for the total number of subscribers these telecom companies has.


Bharti has a subscriber base of 91.1 million and added 2.7 million subscribers in Feb 2009. Reliance added 3.3 million new subscribers in FEB 2009 to take the airtel  total to 69.6 million. Reliance rolled out its GSM operations late last year following which there was a surge in the number of new subscribers. It also added more subscribers than Airtel in a game

Following MTNL is the list of other telecom providers in infrastructure, equipment and value added services. Vodafone-Essar which has 66 million subscribers is not listed on the Indian Bourses.

BSNL is also not listed and that is the reason why it is not in the list. If listed it could be one of the top companies. There is a lot of things happening around BSNL’s IPO even before the recession started. Now, that the recession has started the IPO plans were postponed. But, BSNL will dilute 10% stake sooner than later.

*Market valuations as on 20 MAR 2009. Source (ETIG)

List of top 30 Telecom companies in India :

Company Name Market Cap in Crores
Bharti Airtel 108066.23
Reliance Communications 32683.44
Idea Cellular 14368.92
Tata Communications 13181.25
Tata Teleservices 4393.06
Spice Communications 4136.13
MTNL 4044.6
GTL 2475.12
GTL Infrastructure 2210.49
OnMobile Global 1403.52
HFCL Infotel 457.73
ITI 413.28
Him.Fut.Comm 386.99
Astra Microwave 241.88
Gemini Communications 125.71
Avaya Global 118.54
Shyam Telecom 64.58
Nelco 63.55
XL Telecom & Energy Limited 55.96
Goldstone Infratech Ltd 52.6
Nu Tek 48.16
Kavveri Telecom 26.51
Krone Communications 24.52
Mobile Telecommunications Ltd 17.37
Valiant Communications 16.58
Pun.Communi. 16.19
Nettlinx 12.68
Aishwarya Telecom Ltd 9.86
Interg.Digit 3.15
Vital Communications 2.81