Telecom Duopoly At Work: Why Bharti Airtel And Indus Towers Look Well Placed

India’s telecom sector has structurally transformed into a near-duopoly, giving dominant players strong pricing power and earnings visibility. With two large operators controlling nearly 80% of the market, tariff hikes are becoming more sustainable, driving steady ARPU growth. Bharti Airtel continues to benefit from rising ARPU, improving margins and strong free cash flow generation, supported by debt reduction and ongoing 2G-to-4G customer upgrades. Subscriber additions and tariff-led profitability remain key positives. Meanwhile, Indus Towers stands to gain from a potential revival in network investments, especially if Vodafone Idea receives regulatory relief and steps up 4G and 5G capex. Lower receivables risk and higher co-location could further improve Indus Towers’ outlook, making telecom one of the more predictable sectors currently.