ICICI Securities’ retail research head, Pankaj Pandey, warned that a 16‑20% tariff hike in the telecom sector could boost 5G monetisation and improve cash flows for operators. The forecast follows the sector’s current position as the largest contributor to the Nifty index.
The brokerage highlighted that limited competition in the telecom market could support long‑term growth, a factor that may amplify the impact of tariff revisions across major players.
While telecom dominates the discourse, ICICI Securities also flagged Radico Khaitan’s premiumisation strategy and Piramal Pharma’s expanding CDMO business as emerging investment themes.
Looking ahead, the tariff revision is expected to roll out early next year, and market watchers should monitor how the hike influences valuation multiples and earnings projections for key telecom stocks.