FMCG vs TELECOM – Yes, you read it right!
Mobile connectivity is now as essential as everyday consumer goods, and telecom’s high entry barriers and valuations deserve attention.
Key insights
- Mobile connectivity has become as essential as everyday staples, ordering them through quick-commerce itself requires mobile data.
- Jefferies highlights that entry barriers in FMCG are declining due to aggressive new-age competition.
- Telecom, by contrast, has shifted to a high-barrier landscape and moved structurally towards a duopoly.
- Bharti Airtel’s ARPU is compounding at ~10%, with steady volume growth of 2–3%.
- Valuation remains attractive at ~12–13x EV/EBITDA versus 20–30x for many consumer peers.
- The most compelling consumer opportunity may be in your pocket, not on your shelves. (Not a recommendation.)
Disclaimer. PMS investments are subject to market risks. Read all the risk factors and disclosures available on the website carefully before investing. This content is for information only and does not constitute a recommendation. Care Portfolio Managers Pvt. Ltd. · SEBI Regn. No. INP000004128.
More from Sector lens
India’s textile exports are gaining momentum
India’s textile exports are gaining momentum, with broad-based growth across cotton, man-made textiles, carpets and handicrafts, highlighting the sector’s expanding export opportunity.
Read the insight
Copper is no longer just a commodity story
Copper’s growing role in electrification is reshaping manufacturing costs, margins and pricing across industries, creating important second-order impacts for businesses and investors.
Read the insight
Kharif Fertilizer Demand Shows Resilience
July fertilizer sales point to strong Kharif 2026 demand, backed by stock levels and distribution. Key monitorables include rainfall, sowing, subsidies and farmer demand.
Read the insightBegin your Care PMS journey.
Invest directly with a SEBI registered portfolio manager, as a resident or a non-resident investor. Contact us at connect@carepms.com and our team will guide you through every step.
- 01
Consultation
A conversation with our team about your objectives, investment horizon and risk appetite, and the approach best suited to them.
- 02
Documentation
A PMS bank account and demat account are opened in your name. You sign the PMS agreement and grant the Power of Attorney.
- 03
Portfolio activation
Invest fresh funds of ₹50 lakh or more, or introduce an existing portfolio. Statements and reporting follow every month.