India saw a significant rise in 5G base station (BTS) additions in March 2025, primarily driven by Vodafone Idea’s (Vi) initial 5G deployments, according to the latest data from the Department of Telecommunications (DoT). The total number of installed 5G sites reached 4,74,000 by the end of March, reflecting an addition of 4,400 sites in the month—well above the six-month average of 2,600 (Sep 2024–Feb 2025).
Analysts attribute this surge to Vi’s recent 5G launch and expect the rollout pace to continue over the next six months as the telco expands coverage to key Indian cities. “DoT’s monthly 5G BTS data shows a month-on-month uptick in March, likely due to Vi’s commercial 5G launch,” said Axis Capital.
Vi, the joint venture between Vodafone Plc (UK) and the Aditya Birla Group (India), rolled out commercial 5G services in Mumbai in mid-March. It now plans to extend services to Delhi, Bengaluru, Patna, and Chandigarh, as revealed in a recent investor presentation.
Vi’s recent upgrade to investment-grade credit status is expected to help close its pending ₹25,000 crore fundraise. This funding is crucial for executing its ₹50,000–55,000 crore capex plan over the next three years, focused on scaling up 4G in priority markets and launching 5G in key cities. Faster 4G/5G rollouts are seen as vital for Vi to regain market share and reduce customer churn amid intense competition from Reliance Jio and Bharti Airtel.
According to CLSA, Vi plans to deploy over 48,000 new 4G/5G sites during FY25–26, with ₹12,750 crore earmarked for network equipment and expansion. This recent uptick in 5G additions also marks a shift after a slowdown in previous quarters. Net 5G site additions had dipped to just 8,000–9,000 per quarter in Q2 and Q3 FY25, down from 1,11,000 additions per quarter in Q2 FY24, largely due to reduced capex from Jio and Airtel.
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Looking ahead, analysts believe any fresh 5G expansion by Airtel and Jio will take time, as both are still in the process of monetising their existing 5G investments amid limited use-case adoption. Axis Capital estimates Airtel’s India mobile capex-to-sales ratio will fall to 18% in FY25 and 14% in FY27, from a high of 30% in FY24. Jio’s capex intensity is also projected to drop to 16% in FY25 and 12% in FY27, from 48% in FY24.
Sanford C. Bernstein added that India’s leading telcos are now expected to prioritize improving average revenue per user (ARPU) and return on capital employed (RoCE), especially with urban 5G rollouts nearly complete. “As 5G matures, consumer demand increases, and new use cases emerge, the sector should begin to see incremental revenue streams and a return on investment,” the firm noted.
