Jio Platforms IPO gets subscribe recommendations as brokerages cite strong

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Research reports by Emkay Global Financial Services, Ventura Securities, GEPL Capital and SBI Securities highlight company’s robust prospects

By Madhu Balaji

Updated - October 18, 2026 at 03:38 PM. | Bengaluru

Brokerages have recommended subscribing to Jio Platforms’ ₹30,213 crore initial public offering (IPO), citing strong earnings growth, improving cash generation, market leadership and opportunities to expand its digital technology businesses beyond traditional telecom services.

Research reports by Emkay Global Financial Services, Ventura Securities, GEPL Capital and SBI Securities highlighted the company’s expanding broadband business, proprietary technology platforms and growth opportunities in artificial intelligence (AI), cloud computing and enterprise solutions. While the brokerages pointed to the company’s growth prospects, they also assessed its valuation based on FY26 earnings.

Earnings growth

According to Emkay Global Financial Services, Jio Platforms recorded compound annual growth of 16.2 per cent in earnings before interest, taxes, depreciation and amortisation (EBITDA) and 18.4 per cent in profit after tax during FY24–FY26.

Emkay said the offering was “reasonably priced given the growth clocked in”. The brokerage also noted that capital expenditure declined from 48.8 per cent of revenue in FY24 to 23.3 per cent in FY26, while operating cash flow increased to approximately ₹77,556 crore.

SBI Securities reported that Jio Platforms delivered revenue, EBITDA and profit after tax compound annual growth rates of 15.8 per cent, 16.2 per cent and 18.5 per cent, respectively, during FY24–FY26. It attributed the faster growth in earnings than revenue to operating leverage and improving scale.

SBI Securities said future growth could be supported by tariff rationalisation, migration from 2G to 4G and 5G, higher data consumption, home broadband expansion and increasing enterprise adoption of cloud and digital solutions.

The brokerage added that the deployment of capital expenditure related to 5G and other physical infrastructure could support healthy cash flow generation going forward. It also said the proposed repayment of Reliance Jio Infocomm’s borrowings is expected to lower leverage and finance costs, strengthen cash flows and provide financial flexibility for future investments.

Valuation

“Based on FY26 earnings, the issue is priced at a P/E of 33.3x, which appears fairly valued,” GEPL Capital said in its report.

The brokerage identified subscriber additions, higher average revenue per user and increasing adoption of digital services as important drivers of future growth.

SBI Securities said Jio Platforms was valued at a post-issue FY26 price-to-earnings multiple of 34.4 times at the upper end of the price band. It also cited an enterprise value-to-subscriber multiple of ₹20,117, reflecting the company’s scale, earnings growth, technology capabilities and long-term monetisation potential.

Digital expansion

According to Ventura’s IPO research note, the company served 533.3 million customers as of June 30, 2026, while its network carried around 60 per cent of India’s wireless data traffic in FY26.

Ventura highlighted home broadband, enterprise solutions, cloud computing and artificial intelligence as opportunities to expand beyond mobile connectivity. Jio’s proprietary 5G technology stack and JioBrain AI platform were also identified as potential avenues for developing enterprise solutions and expanding technology offerings into international markets.

SBI Securities similarly identified AI-led services, digital applications, satellite connectivity and overseas deployment of proprietary technology platforms as additional monetisation opportunities.

IPO details

The IPO proceeds are primarily intended to prepay certain borrowings of Reliance Jio Infocomm, Jio Platforms’ material subsidiary, with ₹27,500 crore earmarked for this purpose.

Published on October 18, 2026

Companies to follow

• Reliance Industries Ltd

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