Enormous fixed-asset bases where the return on the next round of spectrum and network spend sets the value.
Current price and the usual multiples, with the valuation method the engine applies to each business. Listed alphabetically by sector position, not ranked — the gap between price and modelled value is on each company's own page, where the working that produced it can be read alongside it.
| Company | Price | P/E | P/B | ROE % | Valued on |
|---|---|---|---|---|---|
| Bharti Airtel | ₹1,830 | 38.6 | 7.48 | — | Discounted cash flow |
| INDUS TOWERS | ₹379 | 14.0 | 2.52 | — | Discounted cash flow |
| Vodafone Idea | ₹14 | 4.2 | — | — | Estimate withheld — the engine says so itself |
| Tata Communications | ₹1,748 | 52.7 | 14.46 | — | Discounted cash flow |
A sector is not one kind of business, and the method has to follow the economics rather than the label. Across the 4 here: