New Delhi, Oct. 24 -- India's top two operators-Bharti Airtel and Reliance Jio-are entering a phase where they are expected to generate strong profits and returns for shareholders over the next three years.

The push for 5G is driving more premium customers, home broadband is expanding and new digital services for businesses-such as cloud, AI, and cybersecurity-are opening up fresh revenue streams for the operators, according to a note by brokerage house ICICI Securities.

Based on the business potential, the brokerage has pegged Jio's valuation at $148 billion by 2027. In comparison, at the current share price of Rs.2,029, Bharti Airtel's current market cap is at $132 billion, according to BSE. ICICI Securities has set a target price for...