May 2026
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Largest Telecom Infrastructure Public Companies in India
Benchmark revenue and EBITDA valuation multiples for public comps like
Bharti Airtel, Indus Towers, HFCL, Sterlite Technologies and RailTel Corporation.
 | Bharti Airtel Ltd is a telecommunications company. The company's segments include Mobile Services India, Mobile Services Africa, Mobile Services South Asia, Airtel Business, Passive Infrastructure Services, Homes Services, Digital TV Services, and others. It generates maximum revenue from the Mobile Services India segment. Mobile Services India services cover voice and data telecom services provided through wireless technology (2G /3G/4G) in India. It includes the captive national long-distance networks, which provide connectivity to the mobile services business in India. It also includes intra-city fibre networks. | $19 | -11% | $116B | $129B | 5.8x | 10.3x | ||
| Indus Towers Ltd Ltd is a telecommunications tower infrastructure service provider. The company deploys, owns, and manages telecom towers and communication structures for mobile operators. The company acquires and builds towers, while also owning and operating telecom towers and related infrastructure. The company generates revenue through a rental fee to tenants of mobile towers. Energy costs such as electricity and fuel charts are usually passed through to tenants. The company generates the vast majority of its revenue in India. The company's assets are located in India and are often ground-based and rooftop towers. | $4 | -1% | $12B | $13B | 3.8x | 6.7x | ||
| HFCL Ltd is an Indian manufacturer and exporter of optical fiber cables and broadband equipment for the telecommunication industry. Firm business segments include Telecom Products and Turnkey Contracts Services. The Telecom Product segment produces optical fiber cable, optical fiber, and telecom equipment. The Turnkey Contracts and services segment is engaged in delivering telecom infrastructure and communication network systems for Telecom Operators, Defence Services, Railways, Safe and Smart Cities, etc. The firm's products and solutions include Fiber optics, Telecommunication, Defence, and Passive Networking Components. It generates substantial revenue from the sale of turnkey projects and related activities. | $2 | +113% | $3B | $3B | 7.4x | 68.2x | ||
| Sterlite Technologies Ltd is an Indian-based company engaged in the business of Connectivity and Network Solutions. Its products and solutions mainly include integrated optical fiber, copper telecom cables, structured data cables, access equipment, fiber connectivity and system integration solution offerings for telecom networks, OSS/ BSS solutions, billing and bandwidth management solutions for organizations, and others. Its segments include Optical networking business (ONB), Global service business (GSB) and Digital and technology solutions (Digital). The company offers its services within India and in the International market. It earns majority of the revenue from Optical networking business segment. | $6 | +443% | $3B | $3B | 6.4x | 47.6x | ||
| RailTel Corporation of India Ltd is a neutral telecom infrastructure provider in the country. It owns a pan-India optic fiber network on an exclusive Right of Way along the Railway track. The company's operating segment includes Telecom Services and Project Work services. It generates maximum revenue from the Telecom Services segment. The telecom services segment of the company provides services such as Managed Data Services; Leased Lines; Virtual Private Networks; Internet Leased Lines; Data Centre; Tower collocation, Rack and space, and NLD for voice carriage, and the project work services involve the following projects; National Optical Fiber Networks, Telecom and IT services related projects, and Enterprise specific IT & ITES Projects. | $3 | -29% | $1B | $919M | 2.5x | 15.6x | ||
| Tejas Networks Ltd is an optical and data networking products company. The company designs, develops, and manufactures high-performance products for building high-speed communication networks that carry voice, data, and video traffic from fixed-line, mobile, and broadband networks. It serves telecommunications service providers, internet service providers, utilities, defense, and government entities. It derives a majority of its revenue from India and the rest from International markets. | $6 | -27% | $998M | $1B | 12.1x | (19.7x) | ||
| GTL Infrastructure Ltd is a telecom tower company operational in India. It provides passive infrastructure on a shared basis to telecom operators. The firm's business model is based on building, owning, operating and maintaining the passive telecom infrastructure sites capable of hosting multiple service providers. It also associates with projects being promoted by the department of telecommunications and cellular operators association of India. | $0 | -23% | $193M | $788M | 5.5x | 4.8x | ||
| Median | $4 | -11% | $3B | $3B | 5.8x | 10.3x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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