Jio Platforms IPO: Should you subscribe? Anand Rathi sees long-term potential in AI, reasonable valuations
A Ksheerasagar
The upcoming issue of Jio Platforms Ltd, the digital services arm of Reliance Industries, is valued at approximately ₹10.3 lakh crore at the upper end of its issue price, with brokerage firm Anand Rathi recommending a ‘Subscribe – Long Term’ rating, citing the company’s market leadership, integrated digital ecosystem, and long-term growth opportunities.
At the upper issue price, the company is valued at 34.3 times its FY26 price-to-earnings (P/E) ratio and 14.8 times its FY26 enterprise value to EBITDA (EV/EBITDA) ratio, according to Anand Rathi.
The brokerage said the valuation appears reasonable relative to Jio Platforms’ long-term growth potential, supported by its profitability, scalable technology platform, and opportunities across artificial intelligence (AI), enterprise digital services, and fixed broadband.
Jio Platforms is India’s largest digital connectivity and digital services platform, combining telecommunications infrastructure with consumer applications and enterprise technology solutions. Its subsidiary, Reliance Jio Infocomm, had 533.3 million customers as of June 30, 2026, accounting for approximately 49.8% of India’s wireless broadband market, according to the brokerage report.
Anand Rathi said Jio Platforms’ dominant position in India’s mobile broadband market, proprietary technology capabilities, extensive distribution network, and strong brand franchise provide significant competitive advantages and create high barriers to entry.
The company’s integrated digital ecosystem spans mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services, smart home solutions, and enterprise offerings. Its business-to-business portfolio includes cloud and security solutions, managed services, Internet of Things (IoT) applications, and AI-based solutions.
The brokerage highlighted the company’s nationwide 4G and 5G infrastructure, with wireless broadband coverage extending to more than 99% of India’s population. As of June 30, 2026, Jio Platforms also had fiber connectivity across more than 1,200 facilities and over 100 edge nodes within its networks.
Its technology capabilities extend across network infrastructure, device engineering, software, operating systems, and digital applications. The company and its subsidiaries had filed 7,220 patent applications, of which 1,043 had been granted, reflecting their focus on technology development and innovation.
Anand Rathi believes these capabilities, combined with Jio Platforms’ large customer base and distribution reach, provide a foundation for expanding its digital services and monetizing opportunities in emerging technology segments.
Beyond its core connectivity business, Jio Platforms has opportunities to expand through AI, enterprise digital services, cloud computing, and fixed broadband, according to Anand Rathi. Its proprietary JioBrain AI platform and indigenous 5G technology stack are among the initiatives supporting its technology-led strategy.
The company’s integrated platform combines digital products and services, connectivity, physical and digital distribution, customer insights, and proprietary technology. This allows it to offer multiple services through existing customer relationships while leveraging partnerships for cloud infrastructure, content, and AI capabilities.
However, Anand Rathi flagged telecom regulation, spectrum requirements, technological disruptions, and cybersecurity threats as key risks for the company.
Despite these concerns, the brokerage said Jio Platforms’ market leadership, strong profitability, scalable technology platform, and growth opportunities support its valuation at the upper issue price.
Also Read | Jio Platforms IPO to raise $3.2bn, opens 21 Oct
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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