In what could become one of India’s most momentous stock market listings, Jio Platforms (JPL) is projected to command a valuation of around USD 148 billion (~ INR 13 lakh crore) by September 2027, according to a report by ICICI Securities. The brokerage anticipates that the company’s initial public offering (IPO)—expected in the first half of 2026—will attract premium valuations, mirroring the enthusiastic investor response seen during Jio’s landmark fundraising round in fiscal year 2021.
Renewed Optimism in the Telecom Sector
ICICI Securities’ comprehensive report, released on 24 October 2025, reflects a broader bullish sentiment toward India’s telecom sector. The firm has upgraded valuations for the operators under its coverage, citing “renewed optimism” fuelled by a stronger tariff structure, robust 5G adoption, and sustainable financial improvements across the industry.
For Bharti Airtel, the brokerage raised its target price to INR 2,400 per share, upgrading the stock to a Buy rating. Bharti’s pre-tax Return on Capital Employed (RoCE) is forecast to rise sharply from 14.2% in FY25 to 28.4% in FY28, supported by a fall in capital expenditure post the 4G and 5G rollout phase and sustained deleveraging.
Valuation Framework and Financial Strength
For Jio Platforms, ICICI Securities has assigned a 16x adjusted EBITDA multiple, resulting in a USD 148 billion equity valuation estimate for September 2027. The firm forecasts compound annual growth rates (CAGRs) of 18.1% for EBITDA and 21.1% for net profit between FY25 and FY28.
The brokerage expects Jio’s telecom business RoCE to reach an inflection point, likely improving from 14.3% in FY25 to 21.4% in FY28, aided by strong free cash flow generation, projected to rise 3.3 times to INR 558 billion (~INR 49 lakh crore). This surge, ICICI Securities notes, will strengthen Jio’s deleveraging potential while spectrum net blocks are expected to decline.
From Connectivity to Digital Ecosystems
Beyond traditional telecom services, Jio Platforms is positioning itself as a comprehensive digital ecosystem. The report highlights Jio’s ongoing diversification into content, cloud storage, digital enterprise solutions, and managed services for MSMEs, as well as artificial intelligence (AI) deployments powered by Reliance Intelligence.
ICICI Securities expects nearly 47% of Jio’s net profit growth over FY25–FY28 to originate from its non-connectivity businesses. The company’s proprietary tech stack—including 5G rollout, fixed wireless access (FWA), Unlicensed Band Radio (UBR-FWA), and 6G patent portfolios—is seen as a crucial driver of medium-term value creation.
In particular, the UBR-FWA technology could enable Jio to serve up to 3.9 billion people in underpenetrated broadband markets worldwide, marking a potential leap in the company’s international footprint.
IPO Momentum and Strategic Positioning
Reliance Industries (RIL) Chairman Mukesh Ambani had confirmed during the conglomerate’s 48th Annual General Meeting on 29 August 2025 that preparations for Jio’s IPO were underway, targeting a listing in the first half of 2026, subject to necessary regulatory approvals. Ambani described the forthcoming IPO as a “very attractive opportunity for investors,” adding that Jio’s next phase would be “even more ambitious.”
Jio Platforms, which houses RIL’s telecom and digital ventures, is currently 66.3% owned by Reliance Industries. Global technology giants Meta (10%) and Google (7.7%) are among the key shareholders, alongside several private equity firms—Silver Lake, KKR, Vista Equity Partners, General Atlantic, Mubadala, ADIA, TPG, Intel Capital, and Qualcomm Ventures—who together hold 16%.
Back in FY21, Jio raised approximately INR 1,52,000 crore through equity sales to these investors at a valuation of USD 65–70 billion (~INR 5.71 – 6.15 lakh crore). The projected IPO valuation of USD 148 billion (~ INR 13 lakh crore) thus implies a more than twofold increase in equity value within six years.
Strategic Advantages and Sector-Wide Impact
ICICI Securities underscored Jio’s dominant market position in mobility, leadership in 5G adoption, and rapid expansion in fixed broadband as key enablers of its valuation re-rating. The brokerage believes Jio’s IPO will act as a sector-wide re-rating catalyst, with its success likely to lift valuations across the Indian telecom and digital services landscape.
Notably, Jio’s 5G subscriber base, which stands at 23.4 crore (46.2% penetration), represents a 65–70% market share in the 5G segment—well above its combined 4G and 5G market share of around 50 percent. This commanding lead, coupled with affordable 5G plans and a standalone 5G network, positions Jio as the undisputed technological leader in Indian telecom.
The Road Ahead
From its disruptive debut in 2016 that redefined India’s telecom economics to its current evolution into a digital-first powerhouse, Jio’s trajectory has been nothing short of transformative. With the impending IPO, Reliance Industries appears poised to unlock substantial shareholder value, potentially setting new benchmarks for technology and telecom valuations in emerging markets.
As ICICI Securities aptly summarized, Indian telcos are now entering a long-awaited “era of value creation.” After nearly 15 years of intense competition and consolidation, the sector is transitioning from survival to sustained profitability—and Jio Platforms is leading that charge. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.