We have attempted to demystify 5G capex for Indian telecom – Bharti Airtel (Bharti) and Reliance Jio (RJio). We have assumed 5G rollout to be faster than 4G. However, capex spent will be lower than 4G as it was deployed on multiple spectrum bands - 900MHz, 1800MHz, 2100MHz and 2300MHz vs only 3500MHz for Bharti’s 5G, while 800MHz, 1800MHz and 2300MHz vs 700MHz and 3500MHz for RJio’s 5G.