IPO closes on 23 Oct'26
Jio Platforms Limited
Minimum Investment
₹ 13,428 / 12 shares
Our Verdict:
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- Subscribe for the long term: with 524.4 million customers, a ~52% EBITDA margin and borrowings falling (debt-to-equity ~0.18x), the franchise offers a durable base. The valuation is full, so allow time for earnings growth (PAT CAGR ~18% over FY24-FY26) to absorb it; a patient holding period, rather than a short-term listing view, is what supports good long-term gains.
- Earnings are large and steady but decelerating: PAT was ₹30,052.70 crore in FY26 (+15.1%) on total income of ₹1,49,759.10 crore (+15.8%), with EBITDA of ₹76,255.40 crore (~51.9% of operating revenue). The FY24–FY26 PAT CAGR of ~18.4% hides a slowdown from +21.9% in FY25 to +15.1% in FY26.
- Returns are modest against the margins because the capital base is enormous: RoNW is ~9.4% and ROCE 10.76% on net worth of ₹3.34 lakh crore. Borrowings eased from ₹73,060.30 crore (FY25) to ₹70,781.00 crore (FY26) and ₹61,372.20 crore by June 2026 (debt-to-equity ~0.18x), so leverage is manageable while returns on the 5G investment cycle are still building.
- The valuation already assumes the next leg of growth: the implied market value of ~₹10.3 lakh crore is ~33x FY26 earnings and ~3.1x book value, against ~15% current earnings growth. With ARPU at ₹214 in the March 2026 quarter, the multiple depends on tariff-led ARPU gains and operating leverage as 5G capex tapers, leaving limited room if either disappoints.
About the company
Founded in
15 Nov'19
Managing director
Pankaj Mohan Pawar (Managing Director: Akash Mukesh Ambani)
- Jio Platforms Limited, promoted by Reliance Industries Limited, is a leading Indian digital connectivity and services holding company, with Reliance Jio Infocomm Limited as its material subsidiary, offering consumer and enterprise connectivity, fibre broadband and digital services on an in-house technology stack.
- It had 524.4 million customers (including 268.5 million 5G customers) as of March 31, 2026 and 533.3 million as of June 30, 2026, with ARPU of ₹214 in the March 2026 quarter and a portfolio of 6,817 patents.
- Total income grew from ₹1,10,175.40 crore (FY24) to ₹1,49,759.10 crore (FY26) and PAT from ₹21,434.00 crore to ₹30,052.70 crore; the June 2026 quarter delivered total income of ₹40,197.90 crore and PAT of ₹7,764.10 crore.
- Promoter: Reliance Industries Limited (66.43% pre-issue); Chairman Mukesh Dhirubhai Ambani and Managing Director Akash Mukesh Ambani lead the board
STRENGTHS
- Scale and Network Reach: 524.4 million customers and 268.5 million 5G customers as of March 31, 2026, on an extensive 4G/5G and fibre network.
- Diversified Consumer and Enterprise Offerings: Connectivity, broadband and digital services spread across consumer, enterprise and SME customers.
- In-House Technology Stack: End-to-end proprietary stack spanning network, devices, software and applications, backed by 6,817 patents.
- High Operating Margins: EBITDA of ₹76,255.40 crore in FY26, a margin of ~51.9% on operating revenue, up 18.8% year on year.
- Deleveraging Balance Sheet: Borrowings of ₹61,372.20 crore at June 30, 2026 against net worth of ₹3.42 lakh crore (debt-to-equity ~0.18x).
RISK FACTORS
- Licence and Spectrum Dependence: The unified licence is due for renewal in October 2033 and most spectrum expires between 2041 and 2042, so operations depend on timely renewals and costs.
- Network and Technology Risk: Fibre cuts, power failures, weather events or service outages can disrupt service, and the 5G transition and satellite connectivity could cause technological obsolescence.
- Tariff and ARPU Dependence: Growth relies on tariff rationalisation, migration to 4G/5G and monetisation of newer services, and ROCE of 10.76% shows returns are still building on heavy investment.
- Promoter Control: Reliance Industries holds 66.43% before the issue and about 64.48% after, retaining control over strategy and board decisions.
- Proceeds Used for Debt Repayment: ₹27,500 crore of the proceeds is earmarked to prepay Reliance Jio Infocomm's borrowings, so the issue deleverages the balance sheet rather than funding new capacity.
Financials
All Values are in Cr.
Issue details
Issue type
Mainboard
Issue size
₹ Up to ₹30,213 crore
Fresh Issue
₹ Up to ₹30,213 crore
OFS
₹ Nil
Price range
₹ 1,065 - 1,119
Lot size
12 shares
Issue Objective
- This is entirely a Fresh Issue of up to 27,00,00,000 equity shares (no Offer for Sale). Of the proceeds, ₹27,500 crore is proposed for prepayment, in full or part, of certain borrowings of the material subsidiary Reliance Jio Infocomm Limited, with the balance for general corporate purposes. Reservations include up to ₹500 crore for eligible employees (₹54 per share discount) and up to ₹2,500 crore for eligible Reliance Industries shareholders.
Dates
Bidding open
21 Oct'26
Bidding close
23 Oct'26
Allotment date
26 Oct'26
Refund date
27 Oct'26
Listing
28 Oct'26
IPO Reservations
Qualified institutional buyers
<50%
Non-institutional investors
>15%
Retail individual investors
>35%
Read the Offer Document (PDF)
© 2026 by Liquide Solutions Private Limited, SEBI Registered Research Analyst (Registration number - INH000009816)
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