Macquarie sees Jio and Airtel delivering about 12% EBITDA CAGR through FY29
Macquarie expects tariff hikes, data consumption and digital-infrastructure demand to support both telcos. Jio’s completed network build-out could lift annual free cash flow to $5–6 billion by FY29, while Airtel is projected to retain stronger capital efficiency.
Macquarie expects Jio’s completed network build-out to lift cash generation while Airtel retains stronger returns and capital efficiency. Both are forecast to deliver about 12% EBITDA CAGR through FY29, aided by tariff hikes, data consumption and digital-infrastructure demand.
Why this matters
The outlook follows Jio’s Q1 FY26 profit rise to ₹7,764 crore, driven by subscriber gains and ARPU growth, while debate over Jio Platforms’ IPO valuation has sharpened.
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