Reliance Jio continues to strengthen its dominance in the telecom market with sustained growth in active subscriber additions, a trend that augurs well for potential tariff hikes across the sector, according to a report by Jefferies.

As per an ANI report, Jio’s active subscriber market share has expanded by 150 basis points over the last 12 months, reaching a commanding 53 percent. This surge, notably driven by a 200 basis point market share gain in the B-Circles, highlights Jio’s competitive edge and positions the company favourably ahead of peers like Bharti Airtel. The report noted that “Jio’s continued outperformance vs. Bharti on active subscriber additions augurs well for the sector’s overall tariff outlook.”

After a marginal decline in April, the trend of active subscriber additions resumed sharply in May 2025, with calendar year-to-date (CYTD) additions touching 19.7 million—marking the highest monthly addition in the last 29 months. Jio led the growth, adding 5.5 million active users in May alone, while its total subscriber base grew by 2.7 million. The company also posted a 1.3 million increase in its urban subscriber base, indicating robust traction in densely populated areas.

At the industry level, active subscribers in India climbed by 7.3 million in May, pushing the total base to 1,080 million. A-Circles and B-Circles were the primary drivers of this growth, contributing a combined 9 million new users and now representing 75 percent of the sector’s overall base. However, Metro Circles recorded a decline of 1.9 million users, suggesting saturation or churn in urban centres.

Jefferies’ analysis further highlighted that Jio’s consistent subscriber gains, coupled with Vodafone Idea’s ongoing losses, could catalyse additional market share shifts towards Jio and Bharti Airtel. This consolidation trend, the report suggests, will reinforce pricing power and lay the groundwork for tariff increases—an encouraging sign for the sector’s revenue outlook in the near term.