Reliance Jio led India’s mobile subscriber additions excluding machine-to-machine connections in September 2026, according to IIFL and DAM Capital’s analysis of TRAI data. Reliance Jio added approximately 19 lakh connections, while Airtel added around 2 lakh and Vodafone Idea lost approximately 3 lakh.

Across the industry, mobile subscribers excluding M2M increased by approximately 22 lakh during September to reach 115.5 crore, according to DAM Capital. Jio contributed the largest share of the monthly net increase.

M2M connections provide connectivity for devices such as smart meters, vehicle trackers and industrial equipment. Excluding these connections gives a separate view of mobile subscription trends. These subscriber figures represent connections rather than unique individuals.

IIFL said Jio’s mobile additions excluding M2M remained similar to August at approximately 19 lakh. Airtel’s additions of around 2 lakh were its lowest in recent months. Vodafone Idea’s performance highlighted the difference between overall subscriber additions and additions excluding M2M. According to IIFL, Vodafone Idea added approximately 5.5 lakh mobile connections including M2M in September. However, excluding M2M, its mobile subscriber base declined by approximately 2.6 lakh.

The reports therefore showed Jio maintaining its mobile addition momentum, while Airtel’s additions slowed and Vi continued to record subscriber losses when M2M connections were excluded.

Jio also led gains on DAM Capital’s adjusted measure of active mobile connections. The brokerage calculated core VLR subscribers by subtracting total M2M connections from reported visitor location register subscribers. On this basis, Jio added approximately 13 lakh connections in September. Airtel recorded a decline of approximately 2 lakh, while Vodafone Idea’s base fell by around 3 lakh.

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