Jio Platforms (JPL), through subsidiary RJIL, operates the largest telecom network in India despite having entered the market only a decade ago. The stock was listed at a premium of 21 per cent at Rs 1,358 on the NSE. A lot of investors must be awaiting whether they should Hold, Buy, or Sell the stock after listing. Here are key points analysts highlighted that one should look at before making the next move.
Osho Krishnan Angel One said investors should hold the counter from a longer-term perspective as the company’s future growth looks positive. However, he didn’t give any new target post listing as fundamentals already got triggered.
Further Kumar said that Jio Platforms trades at a premium 17x EV/EBITDA compared with Bharti Airtel’s 10x, despite operating with lower Average Revenue Per User (ARPU) and margins.
Also, the company has subdued return ratios. Its capital efficiency remains muted with ROCE at 10.8 per cent and RoNW under 10 per cent. Moving ahead, the company is highly Group reliant, with 100 per cent of prepaid sales (representing 77 per cent of total revenue) flow through Reliance Retail.
However, in a highly consolidated 4-player market, with the top 3 holding more than 97 per cent of the wireless broadband subscribers, Jio Platforms boasts 533.3 million customers as of June 2026, a 50 per cent share of wireless broadband, and 42.6 per cent share of fixed broadband. It carries 60 per cent of India’s wireless data traffic and has the largest 5G customer base outside China.
At the listing price, Jio Platforms’ total market capitalisation stood at Rs 12.51 lakh crore, just behind its promoter firm Reliance Industries. After listing, the telecom firm became India’s second-biggest company. The Mukesh Ambani-led oil-to-chemicals major’s total market capitalisation stands at Rs 16 lakh crore. Jio Platforms’ total market capitalistion at the closing price of Rs 1,419 stands at Rs 13 lakh crore today (October 28).
Nomura has valued Jio at 12 times December 2028 estimated rolling EBITDA, the same multiple it gives Bharti Airtel’s India business. The brokerage argued a premium to global peers is justified by cheap Indian tariffs, low broadband penetration, and faster growth in disposable income. It believes a 15 per cent industrywide tariff hike in November to December 2026, as the last hike was in July 2024.
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