Jio Platforms (JPL) is a technology company focused on digital connectivity, digital services and technology-led solutions in India. JPL has developed proprietary digital technology and pan-India connectivity infrastructure to support the delivery of digital services to consumers and businesses.

Subsidiary Reliance Jio Infocomm Limited (RJIL) served 533.3 million customers as of June 30, 2026. It operates through an integrated technology platform encompassing digital connectivity, consumer applications, enterprise solutions, cloud services, internet of things (IoT) and artificial intelligence (AI). Its consumer offerings include mobile and fixed broadband, digital entertainment (video/music streaming and cloud gaming provided by the company, RJIL and Saavn Media Limited bundled with connectivity plans), cloud storage, virtual PC services and smart home solutions. For businesses, it provides enterprise connectivity, cloud and security solutions, managed services, IoT applications and AI-based solutions.

Proprietary technology capabilities span network infrastructure, device engineering, software, operating systems and digital applications.

Infrastructure includes pan-India 4G and 5G connectivity, fibre connectivity across more than 1,200 facilities and over 100 edge nodes within its networks as of June 30, 2026. The wireless broadband network covered more than 99% of India’s population. The company and its subsidiaries had filed 7,220 patent applications, of which 1,043 had been granted, as of June 30, 2026. Its technology initiatives include an indigenous 5G technology stack, proprietary AI platform JioBrain and fixed wireless access technology. A nationwide distribution network and partnerships is leveraged to expand access to digital services.

Object of the offer

The IPO is entirely a fresh issue of shares worth Rs 30,213 crore at the upper price band of Rs 1119. There is no OFS component. At the upper end of the price band, the company is expected to be valued at Rs 10,30,490.55 crore post listing.

The funds of Rs 27,500 crore raised will be used for prepayment, in full or in part, of certain outstanding borrowings availed by the subsidiary, RJIL and the balance will be utilised for general corporate purposes.

Strengths

Since its launch in 2016, JPL has fundamentally reshaped digital connectivity for India and created an all-internet protocol-led 4G network for consumers to seamlessly access digital services. In Fiscal 2026, 60% of India’s wireless data traffic was on its network, and as of June 30, 2026, it was the largest digital connectivity player with 1.4 times the 4G+5G subscribers compared to the second largest player in India. Further, its digital connectivity network carried the second highest mobile data globally, in Fiscal 2026.

Jio Platforms has 533.3 million customers as of 30 June 2026. Its network reached more than 99% of India’s population, and it held a 49.78% share of the wireless broadband market. The company had also signed up 284.9 million 5G subscribers by the end of the June 30,2026.

The technology portfolio extends beyond connectivity. It has developed its own systems for 5G networks, along with software, devices and digital applications. These include unlicensed band radio (UBR) solutions for fixed wireless access and JioBrain, its artificial intelligence (AI) platform.

The technology platform powers multiple self-reinforcing flywheels, underpinned by AI and machine learning capabilities embedded across its operations. These flywheels have helped the company deepen customer engagement, enhance monetisation and strengthen its partner ecosystem, driving scalable and capital-efficient growth. Its AI capabilities draw on large volumes of customer data that create a self-reinforcing flywheel of higher engagement, generating more customer insights, which in turn allows us to enhance customer experience.

RIL held majority (66.43% pre issue and 64.48% post issue) equity stake in JPL. JPL derives significant comfort and flexibility from its strong and resourceful parent, RIL, which is India’s largest private sector enterprise with businesses across energy, materials value chain, and leadership position in consumer-facing Indian retail and telecom sectors. RIL is the flagship company of the Reliance (Mukesh D. Ambani) group.

Weaknesses

Reduction in revenue from telecom services, due to regulatory ceilings on pricing, or owing to pricing pressure, reduction in ARPU, may have an adverse effect on the company’s revenue and profitability.

Inability to maintain or renew telecommunication licence and spectrum across different bands which are critical for its operations

could have a material adverse impact on its business.

Reliance Retail Limited (RRL) is the sole distributor of the company’s pre-paid connectivity services and provides channel distribution, marketing and promotional activities services to it and any disruption in the company’s arrangement with RRL could impact operations.

Requires significant capital to fund its capital expenditure. Network infrastructure, spectrum, technology systems and customer equipment all involve substantial investment. The returns on this spending will depend partly on execution and demand, while the funding required could add financial pressure.

Operates in the telecom industry, a highly competitive and is subject to technological and regulatory risk.

Does not control the use of the “Jio” trademark by other companies in the Reliance Group. Such shared use of the “Jio” brand exposes the company to risks related to negative publicity resulting from actions beyond its control. Further, it may be unable to adequately protect its intellectual property rights and may also be subject to risks of infringement claims.

The deployment of AI and machine learning (ML) technologies across its operations may not yield the desired results. Further, reliance on AI/ML technologies may expose the company to inherent risks pertaining to algorithmic bias and model errors leading to inaccurate or biased outputs, which may cause reputational harm.

Valuation

Sales were up by 11.82% to Rs 39,172.90 crore in the three months ended June 30,2026, over a year ago period. OPM increased 75 bps to 50.65%, leading to a 13.49% rise in OP to Rs 19,839.50 crore. OI increased 56.70% to Rs 1025.0 crore. Interest cost jumped 41.58% to Rs 2979.90 crore. Depreciation cost rose by 15.10% to Rs 7457.50 crore. PBT increased by 9.17% to Rs 10,427.10 crore. Tax expenses increased by 9.09% to Rs 2,663.0 crore. Net profit grew 9.14% to Rs 7,765.0 crore as against Rs 7,114.70 crore in the corresponding period of the previous year.

Consolidated sales were up by 14.6% to Rs 1,46,885.30 crore in FY2026. OPM expanded from 49.18% to 49.96%, leading to a 16.4% increase in OP to Rs 73,381.60 crore. Other income increased by 157.8% to Rs 2,873.80 crore. Interest cost inclined 76.4% to Rs 8,653.40 crore and depreciation cost inclined by 12.9% to Rs 27,248.90 crore. PBT was higher by 14.9% to Rs 40349.50 crore as against Rs 35,116.0 crore. PAT was higher by 15.1% to Rs 30,049.10 crore as against Rs 26,109.0 crore in Fiscal 2025. Tax expenses were 10,300.40 crore in FY2026 as against Rs 9,007.0 crore in Fiscal 2025.

At the higher price band of Rs 1119, the offer is made at a TTM P/E of 33.55 times TTM EPS (of Rs 33.35), 13.73 times post-IPO EV/TTM EBITDA and 6.88 times EV /TTM sales.

As of June 30, 2026, total consolidated borrowings of the company stood at Rs 61372.20 crore. The company proposes to pay off part of the borrowings from the net proceeds from fresh issue. Repayment of the borrowings will reduce the interest cost. The TTM EPS works out to Rs 37.99 if its interest cost is reduced, keeping all other items, including tax rate, same. The re-worked TTM P/E at the upper price band moderates to 29.46 times of its TTM EPS.

In comparison, listed peer Bharti Airtel trades at 38 times TTM P/E, 10.64 times its EV/TTM EBITDA and EV/ TTM Sales of 6.05 times and Vodofone trades at 16.64 times its EV/TTM EBITDA and EV/ TTM Sales of 7.10 times.