Telecom operators in India are anticipated to report a muted performance for the March quarter of FY26, primarily due to fewer operating days and increasing energy costs. Analysts predict that earnings will be flat, with investor attention shifting towards upcoming tariff hikes and capital expenditure plans. Expectations for tariff increases range from 10-20% over the next 3-9 months, which could significantly influence sector performance. Bharti Airtel is projected to maintain an average revenue per user (ARPU) of around ₹259, with approximately 3 million new subscribers. Meanwhile, Vodafone Idea may experience a reduction in losses attributed to lower finance costs, despite ongoing challenges with network expenses. Analysts from various brokerages, including IIFL Securities and Morgan Stanley, suggest that while the current quarter may not provide substantial growth, the upcoming tariff adjustments and capital expenditure strategies could shape the telecom landscape in FY27.