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TRAI’s Sep’25 subscriber (subs) data shows industry's overall net wireless subs addition continued to be strong at 3.4mn (vs. 3.5mn subs addition in Aug’25 and 0.5mn-2.9mn monthly addition during Feb-Jun’25). However, it was largely driven by Jio adding 3.2mn while BSNL and Bharti added 0.5mn/0.4mn net subs respectively and VIL lost 0.7mn subs. Further, the industry’s active subs also rose by 2.5mn in Sep’25; this was also largely driven by Jio adding 3.1mn active subs while BSNL/VIL added 3.1mn/0.3mn/0.02mn and Bharti lost 0.9mn active subs. Jio’s net overall wireless subs gain accelerated to 3.2mn in Sep’25 (vs. 1.9mn in Aug’25 and 0.5mn in Jul’25) while its active subs addition was also robust at 3.1mn, leading to a steady VLR ratio MoM of 97.8% in Sep’25. Bharti’s net wireless subs addition continued to be muted for the 6th consecutive month at 0.4mn in Sep’25 (vs. subs gain of 0.5mn/0.5mn/0.8mn/0.3mn/0.2mn in Aug’25/Jul'25/Jun'25/May'25/Apr’25) while its active subs declined by 0.9mn and MBB subs addition moderated to 1.1mn (0.9mn wireless MBB subs and 0.2mn FWA subs). Separately, VIL lost 0.7mn net wireless subs but added marginal 0.02mn active subs and added 0.3mn MBB subs in Sep’25. However, BSNL added 0.5mn overall subs, 0.4mn MBB subs and 0.3mn active subs in Sep’25.

In the home broadband segment (which includes FTTH, UBR and 5G FWA), Jio continued to register robust subs additions of 0.9mn in Sep'25, driven by its aggressive push of JioAirFiber while Bharti continued to register steady subs addition of 0.30mn in Sep'25. In the 5G FWA subsegment (excluding UBR), Jio added 0.32mn subs in Sep’25 and continued to lead this subsegment with 75.3% market share at end-Sep’25 (vs.76% at end-Aug’25) while Bharti also added 0.18mn subs and holds 24.7% market share at end-Sep’25 (vs. 24% at end-Aug’25). Further, in the FTTH and UBR sub-segment, Jio continued to register strong subs additions of 0.58mn in Sep'25 (0.38mn in UBR and 0.2mn in FTTH segment) while Bharti continues to register steady FTTH additions of 0.12mn.

* Jio’s net wireless subs gain accelerated to 3.2mn in Sep’25 (vs. 1.9mn in Aug’25 and 0.5mn in Jul’25) while active subs addition also strong at 3.1mn: Jio’s net overall wireless subs gain further accelerated to 3.2mn in Sep’25 (vs. 1.9mn in Aug’25 and 0.5mn in Jul’25, even better than 1.8mn-2.7mn per month addition over Feb-Jun’25). Further, its active subs gains were also robust at 3.1mn in Sep'25 (vs. 2.3mn in Aug'25). Hence, Jio’s VLR ratio was steady MoM at 97.8% in Sep’25, compared with 99.2% for Bharti, 84.6% for VIL and 60.5% for BSNL.

* Bharti’s net wireless subs addition muted for 6th consecutive month, at 0.4mn in Sep’25, while active subs declined by 0.9mn and MBB subs addition moderated to 1.1mn: Bharti’s net overall wireless subs addition continued to be weak for the 6 th consecutive month at 0.4mn in Sep'25 (vs. subs gain of 0.5mn/0.5mn/0.8mn/0.3mn/0.2mn in Aug’25/Jul'25/Jun'25/May'25/ Apr’25). Further, it lost 0.9mn active subs in Sep’25 (vs. gain of 1.3mn in Aug’25). Hence, its VLR ratio moderated to 99.2% in Sep’25 (vs. 99.5% in Aug’25). Further, its MBB subs addition also moderated to 1.1mn (0.9mn in the wireless segment and 0.2mn 5G FWA subs) in Sep'25.

* Jio continued to add a strong 0.9mn home broadband subs in Sep’25 driven by its aggressive push of JioAirFiber, while Bharti saw steady addition of 0.3mn: In the home broadband segment (which includes FTTH, UBR and 5G FWA), Jio continued to register robust subs additions of 0.9mn in Sep'25, driven by its aggressive push for JioAirFiber pan-India coverage (JioAirFiber is now available in +5,900 cities/towns). Further, Bharti continued to register steady subs addition of 0.3mn in Sep'25 – Exhibit 6. In the 5G FWA sub-segment (excluding UBR), Jio added 0.32mn subs in Sep’25 and continued to lead this sub-segment with 75.3% market share at end-Sep’25 (vs.76% at end-Aug’25) while Bharti also added 0.18mn subs and holds 24.7% market share at end-Sep’25 (vs. 24% at end Aug’25) – Exhibit 7. Further, in the FTTH and UBR sub-segment, Jio continued to register strong subs additions of 0.58mn in Sep'25 (0.38mn in UBR and 0.2mn in FTTH segment) while Bharti continues to register steady FTTH additions of 0.12mn – Exhibit 8.

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