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When <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Jio&amp;sortorder=effectivedate">Reliance Jio</a> unleashed a tariff war with free voice calls and lowest data prices, the incumbent mobile operators such as Airtel, Vodafone, Idea also followed suit to tackle the competition from <a href="http://www.businessinsider.in/searchresult.cms?query=Mukesh+Ambani%E2%80%99s+Reliance+Jio.&amp;sortorder=effectivedate">Mukesh</a> Ambani’s <keyword id="6354504" type="UNKNOWN" weightage="100" keywordseo="Reliance-Jio">Reliance Jio</keyword>. 
 
Amidst this pricing war, the telecom players are losing out on the big picture-revenues. As per industry experts, a 6% growth is most likely to be seen by the top mobile carriers of India over the next four years. Due to disruptive price model, there has been a reduction in the data revenue growth rates from 70 % to 30 % last year and analysts have warned that in the upcoming mega spectrum auction, things will only turn bad for incumbent carriers. 
 
Reliance Jio has pre-launched its free offers and it has enabled it to garner 20% data volume market share. This further started a data tariff war among the incumbents and a slowdown in overall data revenues for the sector. 
 
Lower data growth is expected to be translated in top telecos reporting lower <a href="http://www.businessinsider.in/searchresult.cms?query=Ebitda+&amp;sortorder=effectivedate">Ebitda </a>(earnings before interest, tax, depreciation &amp; amortization) over the next three years. 
 
For instance, <a href="http://www.businessinsider.in/searchresult.cms?query=Idea+Cellular&amp;sortorder=effectivedate">Idea Cellular</a>’s Ebdita estimates has been cut in F17/F18/F19 by 6%, 11% and 9%, respectively by <a href="http://www.businessinsider.in/searchresult.cms?query=Morgan+Stanley&amp;sortorder=effectivedate">Morgan Stanley</a>. Airtel’s Ebdita for F18/F19 is expected to be only 3% lower. 
 
Reliance Communication’s Ebdita has been estimated by 16% and 18 % for F17 and F18 respectively. 
 <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword> said that RCom’s core Ebdita has been under pressure with the loss of the 900 Mhz spectrum in five circles and migration of its CDMA customers to a 4G network. It expects the Anil Ambani-led company to potentially post losses during F2017 hit by high interest and depreciation &amp; amortization (D&amp;A) costs. 
 “Multi-brand spectrum auction would lead to a higher 'net debt to <keyword id="63060" type="ORGANIZATION" weightage="20" keywordseo="EBITDA">Ebitda</keyword>', a key indicator of a stretched balance sheet,” an analyst told ET. According to <keyword id="6361649" type="CITY" weightage="20" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Idea’s "net debt/Ebitda" would rise to 3.8x in F17 from 3x in F16 based on the No 3 carrier potentially taking on an additional "$2 billion of spectrum debt" based on fresh airwave purchases in the next auction. 
 
However, Bharti-Airtel’s is expected to stay comparatively lower at 2.4-to-2.5x as they expect India's No 1 mobile carrier to spend well under $1 billion in new spectrum purchases next month. 
 
"We also expect Bharti's net debt/Ebitda to stay around 2.5x through F17-18 despite participation in the spectrum auction, given that it continues to de-lever in Africa, having already announced sale of assets worth $3.25 billion in the last 24 months," Goldman Sachs said in a note to clients.

Tariff
war started by Reliance Jio is going to hurt revenues of mobile companies.
Here’s how<o:p></o:p>

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Tariff war started by Reliance Jio is going to hurt revenues of mobile companies. Here’s how

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