More Stories

Informist, Monday, Jun. 22, 2026

MUMBAI – Brokerages expect Jio Platforms Ltd.'s growth to be driven by its subsidiary, Reliance Jio Infocomm Ltd., which accounts for a majority of the company's revenue. They expect a tariff hike in wireless services by Reliance Jio in the current financial year, benefiting the mobility business of Jio Platforms. Other growth drivers, including a large bet on artificial intelligence tools and recently announced plans for a satellite business, along with a ramp-up in the non-mobility side of Jio Platform's business to drive the company's revenue growth in the long term, brokerages said.  

Jio Platforms filed its draft papers for an initial public offering with SEBI Friday. Its IPO comprises a fresh issue of up to 270 million equity shares, the proceeds from which will primarily be used to prepay or repay Reliance Jio Infocomm's borrowings. Jio Platform's consolidated revenue rose around 15% on year to INR 1.46 trillion in 2025-26 (Apr-Mar). Excluding Reliance Jio Infocomm Ltd.'s standalone metrics, the revenue for non-mobility businesses grew around 28% on year to INR 180 billion. The company's consolidated earnings before interest, tax, depreciation, and amortisation rose around 16% to INR 734 billion and its margin expanded around 80 basis points to 50%.

Motilal Oswal Financial Services Ltd. has assigned an enterprise valuation of INR 12 trillion on Jio Platforms. This includes INR 11.3 trillion enterprise value of Reliance Jio Infocomm and INR 740 billion enterprise value of other mobility businesses under Jio Platforms. Jio Platforms holds Reliance Industries' digital assets, including Reliance Jio Infocomm. Reliance Jio Infocomm contributes to 88% of Jio Platform's revenue and 95% to its EBITDA.

Motilal Oswal expects Reliance Jio Infocomm to remain the biggest growth driver for Reliance Industries and sees its earnings before interest, tax, depreciation, and amortisation rising 18% on a compounded annual growth rate basis over 2025-26(Apr-Mar) to FY28. This growth will likely be driven by a tariff hike in wireless network, the brokerage said, adding that it sees a hike of around 15% in the September quarter. Systematix Shares & Stocks Ltd. also sees a tariff hike which we are expecting in the second half of the current financial year.

After factoring in net debt, Motilal Oswal sees the equity valuation of Jio Platforms at INR 10.70 trillion. Considering that Reliance Industries has a 66.5% in Jio Platforms, the attributable equity value for Reliance Industries is INR 525 per share, the brokerage said. Brokerage Nuvama Wealth Management Ltd. said that while Jio Platforms will likely list at a premium, gain to Reliance shareholders may be limited due to a holding company discount.  

Jio Platform's next phase is focused on migrating all subscribers to 5G by 2030, scaling its AirFiber segment, digitising micro, small and medium enterprises through its Jio PC and cloud compute solutions, embedding artificial intelligence across consumer and enterprise services, and exporting its proprietary deep-tech stack globally, Nuvama noted. Several other brokerages also highlighted that the company is evaluating a sovereign low earth orbit satellite constellation while also leasing capacity from global constellation providers. Monetisation of the premium 5G segment, cloud computing, and satellite broadband will be the company's key growth drivers, Systematix Shares & Stocks Ltd. said.  

Emkay Global Financial Services Ltd. noted that Jio Platforms has announced artificial intelligence platforms such as JioBharatIQ, AIVyapaar, JioHealthIQ, JioLearnIQ, and JioKrishi IQ. The company intends to build a world-class team of AI researchers and engineers, the brokerage said. Jio Platforms has also highlighted its capability to roll out smart devices at highly affordable rates as demonstrated during its 4G and 5G rollout, Emkay Global said. The next product cycle of Jio Platform's smart devices could enable edge AI inference distribution through smartphones, the brokerage added.  End

Reported by Eshitva Prakash

Edited by Akul Nishant Akhoury

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd. by NSE Data & Analytics Ltd., a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt. Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2026. All rights reserved.