India's 5G capital expenditure cycle has entered a new phase, according to Andres Vicente, a senior Ericsson executive responsible for the market, marking a shift in how the country's operators will direct network investment going forward.

Vicente laid out his view of what comes next for Indian telecoms in an interview with CNBC TV18, positioning the transition as the central question for vendors and operators alike in one of the world's largest 5G markets.

What changes in the capex cycle?

The phrase "new phase" carries weight in the Indian context. The country's operators completed the fastest 5G rollout in their history after spectrum auctions, blanketing major cities and large rural areas with non-standalone and then standalone 5G within an unusually short window. That deployment sprint required heavy upfront spending on radios, core equipment and transport.

A maturing cycle typically means the emphasis moves from blanket coverage toward capacity, monetization and network quality — a pattern already visible in other markets that deployed 5G early. For Ericsson, which supplies major Indian operators, the shape of that next phase directly affects equipment orders and margins.

Vicente's comments signal that the vendor sees Indian operator spending stabilizing or refocusing rather than continuing at peak rollout intensity. No specific spending figures, contract values or timelines were disclosed in the interview's published framing.

Why India matters to Ericsson

India ranks among Ericsson's most important growth markets. The country's two largest operators have built nationwide 5G footprints using equipment from the Swedish vendor and its rivals, driving substantial volumes during the rollout years.

The open question for vendors is whether Indian operators sustain spending as they deepen coverage, add capacity in high-traffic zones and pursue enterprise use cases — or whether capex tapers now that the initial nationwide build is largely complete.

Vicente's framing of a "new phase" suggests Ericsson expects the spending to continue, but redirected: toward monetization-enabling capabilities rather than raw coverage expansion.

What comes next?

For operators, the next phase of the cycle hinges on converting 5G infrastructure into revenue — through higher-tier consumer plans, fixed wireless access and enterprise connectivity. For vendors, it means competing on software, automation and network performance upgrades rather than on the scale radio shipments that defined the rollout years.

Vicente's assessment sets expectations for the coming quarters: Indian 5G investment continues, but the priorities that guided the initial build-out are giving way to a more commercial, returns-focused agenda.