About the Business
Incorporated on November 15, 2019, Jio Platforms Limited is India’s flagship digital connectivity and technology conglomerate. The company develops proprietary software, network infrastructure, and digital solutions that power connectivity, cloud services, media, and digital services for consumers and businesses nationwide. Its core operating subsidiary, Reliance Jio Infocomm Limited (RJIL), served an industry-leading 533.3 million subscribers as of June 30, 2026.
Jio Platforms operates an integrated technology ecosystem encompassing wireless broadband, fixed broadband (JioFiber/JioAirFiber), cloud computing, enterprise cybersecurity, IoT, and artificial intelligence via its proprietary JioBrain platform. Its network infrastructure includes pan-India 4G and standalone 5G coverage extending to over 99% of the Indian population, with fiber connectivity across more than 1,200 facilities and 100+ edge computing nodes. As of June 30, 2026, the company and its subsidiaries had filed 7,220 patent applications, with 1,043 granted.
- Unmatched Market Leadership: Over 533.3 million active mobile and broadband customers as of June 30, 2026, anchoring India’s largest telecom and digital services footprint.
- Pan-India Infrastructure Reach: Nationwide wireless broadband network covering over 99% of India’s population, powered by an indigenous 5G tech stack, fiber backhaul, and edge data centers.
- Extensive Intellectual Property: Robust innovation moat with 1,043 granted patents and 7,220 patent applications filed across digital technologies, AI, and telecom equipment.
- High Cash Generation & Margins: Demonstrated superior operating profitability, generating an EBITDA margin of 53.26% and quarterly PAT of ₹7,764.10 Cr in Q1 FY27.
- Synergies with Reliance Group: Strategic parentage under Reliance Industries Limited, providing distribution scale, cross-ecosystem retail integrations, and enterprise client relationships.
The company’s promoter is Reliance Industries Limited.
Company Financials (Restated Consolidated)
Jio Platforms Ltd.’s revenue increased by 16% and profit after tax (PAT) rose by 15% between the financial year ending with March 31, 2026 and March 31, 2025. For the first quarter ended June 30, 2026, the company recorded total income of ₹40,197.90 Cr and a PAT of ₹7,764.10 Cr.
| Period Ended | 30 Jun 2026 | 31 Mar 2026 | 31 Mar 2025 | 31 Mar 2024 |
|---|---|---|---|---|
| Assets | 6,22,905.30 | 6,15,594.00 | 5,81,233.80 | 5,39,580.40 |
| Total Income | 40,197.90 | 1,49,759.10 | 1,29,333.00 | 1,10,175.40 |
| Profit After Tax | 7,764.10 | 30,052.70 | 26,120.30 | 21,434.00 |
| EBITDA | 20,864.50 | 76,255.40 | 64,170.00 | 54,958.70 |
| NET Worth | 3,41,778.50 | 3,34,013.40 | 3,04,022.40 | 2,77,866.10 |
| Reserves and Surplus | 3,32,839.50 | 3,25,074.40 | 2,95,083.40 | 2,68,927.10 |
| Total Borrowing | 61,372.20 | 70,781.00 | 73,060.30 | 54,348.90 |
Amount in ₹ Crore
Key Performance Indicators (KPI)
Comparative Key Performance Indicators as reported in the RHP
IPO Valuation
| Valuation Metric | Pre IPO | Post IPO |
|---|---|---|
| EPS (₹) | 33.62 | 33.72 |
| P/E ratio (x) | 33.28 | 33.19 |
| Price to Book Value (P/B) | 2.99 | 2.93 |
| Market Cap at Offer Price | ₹10,00,277.55 Cr | ₹10,30,490.55 Cr |
Calculated at the upper price band of ₹1,119 per equity share
IPO Lot Size
Investors can bid for a minimum of 12 shares and in multiples thereof:
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 12 | ₹13,428 |
| Retail (Max) | 14 | 168 | ₹1,87,992 |
| S-HNI (Min) | 15 | 180 | ₹2,01,420 |
| S-HNI (Max) | 74 | 888 | ₹9,93,672 |
| B-HNI (Min) | 75 | 900 | ₹10,07,100 |
Issue Reservation & Special Categories
| Investor Category | Allocation Share |
|---|---|
| QIB Shares Offered | Not more than 50% of the Net Issue |
| Retail Shares Offered | Not less than 35% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15% of the Net Issue |
Shareholder Quota: Eligible shareholders holding equity shares of Reliance Industries Ltd. can apply up to ₹2 Lakhs in the Shareholder category in addition to bidding in Retail or HNI. Eligible employees receive a discount of ₹54.00 per share.
Shareholding Structure
| Category | Pre IPO | Post IPO |
|---|---|---|
| Promoter (Reliance Industries Ltd.) | 66.43% | 64.48% |
| Public & Strategic Investors | 33.57% | 35.52% |
| Total | 100% | 100% |
IPO Objects of the Issue
The Company proposes to utilise the Net Proceeds from the 100% Fresh Issue towards the following objects:
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, Reliance Jio Infocomm Limited (RJIL) ₹27,500.00 Cr
- General Corporate Purposes Balance
Total Fresh Issue aggregates to ₹30,213.00 Cr
Jio Platforms Limited marks a historic milestone as India’s largest initial public offering to date, commanding a market capitalization exceeding ₹10.30 lakh crore ($120+ billion). Controlling a subscriber base of over 533 million customers and a telecom infrastructure network covering 99% of India’s population, Jio has transitioned from a pure telecommunications operator into a comprehensive digital ecosystem spanning connectivity, enterprise cloud, 5G standalone architecture, digital media, and AI infrastructure (JioBrain).
From a financial perspective, the issue demonstrates superior capital efficiency. The company generated an impressive 53.26% EBITDA margin in Q1 FY27, with annual revenues approaching ₹1.50 lakh crore and net profits exceeding ₹30,000 crore in FY26. Crucially, the issue is structured entirely as a 100% Fresh Issue, with ₹27,500 Cr earmarked to prepay borrowings of Reliance Jio Infocomm Ltd., which will significantly lower finance costs and enhance free cash flow generation. At the upper price band of ₹1,119, the stock is valued at a post-IPO P/E multiple of 33.19x and a P/B of 2.93x. With substantial retail allocation (35%) and an additional shareholder quota for Reliance Industries investors, this mega IPO provides an attractive cornerstone investment for portfolios seeking exposure to India’s digital transformation and 5G/AI monetization.
