Reliance Jio Leads September 2026 Mobile Subscriber Growth Excluding M2M

Overview of Market Performance

Reliance Jio maintained its momentum in the Indian telecommunications sector during September 2026, securing the highest number of mobile subscriber additions when excluding machine-to-machine (M2M) connections. According to analyses by IIFL and DAM Capital based on TRAI data, Jio added approximately 19 lakh connections, while Bharti Airtel added around 2 lakh, and Vodafone Idea recorded a loss of approximately 3 lakh.

Understanding Subscriber Metrics

Financial analysts emphasize that removing M2M connections—which account for smart meters, vehicle trackers, and industrial equipment—provides a clearer picture of human consumer trends. Key insights include:

• Mobile Growth: The industry-wide mobile subscriber base, excluding M2M, grew by approximately 22 lakh, reaching 115.5 crore, with Jio accounting for the largest share of this net increase.
• Active Connections: DAM Capital’s adjusted calculation, which subtracts M2M connections from reported VLR (Visitor Location Register) figures, shows Jio adding 13 lakh active connections, while both Airtel and Vodafone Idea faced declines.
• Broadband Expansion: Jio continues to lead in the home broadband segment, adding approximately 4.2 lakh connections compared to Airtel’s 1.6 lakh. Jio's total combined fibre and fixed wireless base has now reached approximately 3 crore, significantly higher than Airtel’s 1.56 crore.

Industry Trends

While Jio remains a market leader in net additions, reports indicate that overall industry growth for home broadband slowed in September compared to August. Jio’s broadband additions eased from 5 lakh to 4.2 lakh, and Airtel’s fell from 2.6 lakh to 1.6 lakh. Market analysts note that while these figures offer valuable insights, they represent a derived perspective on telecom trends rather than raw, unadjusted subscriber data. Stakeholders are encouraged to consult official TRAI performance reports for the comprehensive industry datasets.