Jio Maintains Lead in Subscriber Growth, Active Users, and Home Broadband – Analysts

New Delhi: Commenting on the latest subscription data released by the Telecom Regulatory Authority of India (TRAI), analysts and brokerage houses in India and abroad have once again ranked Reliance Jio at the top in their reports. According to these reports, Jio emerged as the industry leader in November by adding the highest number of wireless subscribers as well as increasing its active (VLR) user base.

As per analysts from Jefferies, Morgan Stanley, and Kotak, Jio added around 1.2 million new subscribers in November 2025, enabling it to stay ahead of Bharti Airtel for the ninth consecutive month. Notably, Jio was the only telecom operator to record an increase in active subscribers during November, while other operators witnessed a decline on this front.

Jio’s VLR (Visitor Location Register) share increased in 17 out of India’s 22 telecom circles, with the highest growth recorded in Jammu & Kashmir and Punjab. According to analyst estimates, Jio’s active VLR market share rose to 43.7% in November, reflecting a month-on-month increase of 25 basis points. In contrast, Airtel, Vodafone Idea, and other operators saw marginal declines in their market shares during the same period.

It is worth noting that VLR is closely linked to a telecom operator’s Average Revenue Per User (ARPU), making Jio’s sustained growth in active users particularly significant for the industry.