NEW DELHI, Jan 19, 2026, 15:36 (IST)
Reliance Jio has surged past China Unicom to claim the spot as the world’s third-largest 5G operator by user count, according to GSMA Intelligence. Its subscriber base jumped nearly 50% year-on-year, reaching 253 million by the end of 2025. That edges out China Unicom’s 235 million 5G connections. Ahead of both are China Telecom with 303.6 million users and market leader China Mobile boasting 636.6 million. Reliance reported that 5G accounted for 53% of its traffic in the quarter ending December 31. Monthly data consumption hit 40.7GB, pushing average revenue per user (ARPU) up to 213.70 rupees. Meanwhile, its fixed wireless access service, AirFibre, which delivers broadband over mobile signals, more than doubled its subscriber base to 11.5 million, with Chairman Mukesh Ambani highlighting “meaningfully increased customer engagement.” 1
The surge highlights just how quickly India is gaining 5G customers, while carriers in numerous other markets continue to struggle with spotty coverage and slow adoption. It also sharpens the persistent question facing the industry: counting scale is straightforward; measuring returns is far trickier.
Operators are exploring how to monetise 5G beyond just faster phone plans, branching into home broadband and specialised networks for businesses. In markets where data is affordable and competition fierce, this transition will determine who foots the bill for the next round of network investment.
Shares of Reliance Industries dropped up to 2.7% in early Monday trading after the company fell short of third-quarter profit expectations, raising questions about whether its digital division can compensate for slower growth in other areas. The conglomerate reported a profit of 186.45 billion rupees ($2.06 billion) for the October-December quarter, below the average forecast of 196.44 billion rupees, according to LSEG data. UBS analysts noted a shift in earnings toward digital and retail segments, which might justify a higher valuation over time. 2
Last week, communications minister Jyotiraditya Scindia revealed that India’s 5G user base has surpassed 400 million, describing it as “setting new global benchmarks in scale, speed and digital transformation”. According to him, India now leads the US, the European Union, and Japan in 5G adoption, though China remains well ahead. Government data shows India’s 5G base stations reached 518,854 by the end of 2025, up from roughly 464,990 at the start of the year. 3
Fixed wireless access (FWA) is emerging as a key way to fund network build-outs, marketed as a home internet alternative. According to Dell’Oro Group, early data points to a 10% revenue increase for FWA in 2025. They predict annual spending on equipment—from radio access network (RAN) gear to customer premises equipment (CPE) like routers—will remain above $10 billion through 2029. Subscriptions are expected to exceed 191 million by that year. Dell’Oro analyst Jeff Heynen noted that over 90% of U.S. FWA subscribers use 5G, with operators ramping up the service “especially as FWA service revenue has boosted overall earnings”. 4
Across Europe, infrastructure companies are increasingly aiming to lock in longer-term deals by focusing on private 5G networks at industrial sites. This month, Boldyn Networks appointed its Italy head, Antonino Ruggiero, to oversee operations in Spain too. Executive Andrew McGrath highlighted Ruggiero’s “impressive track record in business development” as the firm ramps up efforts in shared connectivity and private 5G rollouts. 5
China’s operators lead in sheer numbers, yet India’s rapid growth is making a mark on global rankings. For vendors, tower companies, and investors, this shift highlights where the next surge in 5G demand will emerge.
However, a larger 5G base doesn’t guarantee bigger profits. Data consumption keeps rising, and networks require ongoing investment to maintain speed. Meanwhile, fibre expansions and satellite alternatives might limit the growth potential of wireless home broadband.
Reliance is considering an initial public offering for its digital arm, Reliance Jio Platforms, sometime this year—something investors have seen as a key value trigger. The company reported that core earnings from this unit grew 16.4% in the October-December quarter, despite the wider group’s challenges with declining oil and gas production and slower retail expansion. 6
