IPOVEST PRO

Jio Platforms IPO

Mainboard • Equity • Fresh capital only

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Jio Platforms

Price band
₹1065 – ₹1119
Lot size
12 shares
Min investment
₹13,428
Issue size
₹30,187.65 Cr

About the company

Jio Platforms Limited is a technology platform built on proprietary digital technology and pan-India digital connectivity. It sells digital connectivity and digital services to consumers and to businesses. For consumers it offers mobile and fixed broadband, digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, smart home solutions, and AI based products such as AI assistants. For businesses it offers enterprise grade broadband and leased line connectivity, cloud, productivity, unified communications, IoT, managed Wi-Fi, private 5G and security solutions, end to end managed information and communication services, and AI enterprise suite products. The material subsidiary Reliance Jio Infocomm Limited (RJIL) holds the telecom licences and served 524.4 million customers in India as of 31 March 2026. The company reports a single segment under Ind AS 108, and most of its operations are in India. The customer base grew from 481.8 million in FY2024 to 488.2 million in FY2025 and 524.4 million in FY2026, with net customer additions of 36.2 million in FY2026 against 6.4 million in FY2025. Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 206.2 in FY2025 and Rs 214.0 in FY2026. Data traffic carried on the network grew from 148.5 billion GBs in FY2024 to 184.5 billion GBs in FY2025 and 241.4 billion GBs in FY2026. Monthly data use per customer for the exit quarter rose from 28.7 GB to 33.6 GB and then 42.3 GB over the same three years. Monthly churn for the exit quarter was 1.67% in FY2026 against 1.81% in FY2025 and 1.52% in FY2024. On the financial side, revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 146,885.30 crore in FY2026, and profit after tax grew from Rs 21,434.00 crore to Rs 30,052.70 crore. The EBITDA margin was 50.16% in FY2024, 50.05% in FY2025 and 51.91% in FY2026. Net cash generated from operating activities was Rs 77,556.30 crore in FY2026. EBITDA less cash capex rose from Rs 1,449.10 crore in FY2024 to Rs 19,902.00 crore in FY2025 and Rs 42,071.10 crore in FY2026, and net leverage fell from 0.88 times to 0.36 times over the same period. Reliance Industries Limited is the promoter and holds 5,937,841,645 equity shares, which is 66.43% of the pre-issue paid up equity capital. The other large shareholders are Jaadhu Holdings, LLC, an affiliate of Meta Platforms, with 9.98%, Google International LLC with 7.73%, the Public Investment Fund of Saudi Arabia with 2.31%, a KKR affiliate with 2.31%, a Vista Equity Partners affiliate with 2.31%, a Silver Lake affiliate with 1.88%, a Mubadala subsidiary with 1.85%, General Atlantic Singapore JP with 1.34%, an Abu Dhabi Investment Authority trust with 1.16% and a TPG managed entity with 0.93%. The company has 94 other shareholders, and members of the promoter group hold no equity shares. The registered office is in Ahmedabad and the corporate office is at Reliance Corporate Park, Ghansoli, Navi Mumbai.

Jio Platforms is the digital arm of Reliance Industries, and its subsidiary Reliance Jio Infocomm served 524.4 million customers in India as of 31 March 2026. Revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 146,885.30 crore in FY2026.

IPO details

Issue price
₹1,119
Price band
₹1065 – ₹1119
Face value
₹10
Lot size
12
Min investment
₹13,428
Issue size
₹30,187.65 Cr
Sale type
Fresh capital only
Listing on
BSE, NSE
BSE scrip code
8047
NSE symbol
JPL.NS
Employee discount
Rs 54.00 per share

Lot size & investment by category

APPLICATIONLOTSSHARESAMOUNT
Retail (Min)112₹13,428
Retail (Max)14168₹1,87,992
S-HNI (Min)15180₹2,01,420
B-HNI (Min)75900₹10,07,100

Investor reservation

CATEGORYRESERVED
QIB12,14,81,893 shares
NII3,64,44,569 shares (15.00% of the Offer)
Retail8,50,37,327 shares (35.00% of the Offer)
Employee46,94,835 shares (1.74% of the Offer)

Objects of the issue

1Prepayment, in full or in part, of certain outstanding borrowings of the material subsidiary Reliance Jio Infocomm Limited
2General corporate purposes

Financials

Rs. Crore • restated
METRIC30 Jun 202631 Mar 202631 Mar 202531 Mar 2024
Revenue from Operations146885.30128218.40109558.10
Assets6,22,905.306,15,594.005,81,233.805,39,580.40
Total Income40,197.901,49,759.101,29,333.001,10,175.40
Profit After Tax7,764.1030,052.7026,120.3021,434.00
EBITDA20,864.5076,255.4064,170.0054,958.70
NET Worth3,41,778.503,34,013.403,04,022.402,77,866.10
Reserves and Surplus3,32,839.503,25,074.402,95,083.402,68,927.10
Total Borrowing61,372.2070,781.0073,060.3054,348.90

Key performance indicators

P/E Ratio
33.19
EPS (₹)
33.72
RoNW
2.30%
PAT Margin
19.82%
EBITDA Margin
53.26%
NAV (₹)
382.34

✓ Strengths

• Revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 128,218.40 crore in FY2025 and Rs 146,885.30 crore in FY2026.
• The EBITDA margin was 51.91% in FY2026, up from 50.05% in FY2025 and 50.16% in FY2024.
• Profit after tax grew from Rs 21,434.00 crore in FY2024 to Rs 30,052.70 crore in FY2026, at a PAT margin of 19.82%.
• RJIL's customer base reached 524.4 million as of 31 March 2026, with 36.2 million net additions in FY2026 against 6.4 million in FY2025.
• Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 214.0 in FY2026.
• Data traffic grew from 148.5 billion GBs in FY2024 to 241.4 billion GBs in FY2026, and monthly data use per customer rose from 28.7 GB to 42.3 GB.
• Net cash generated from operating activities was Rs 77,556.30 crore in FY2026 against a profit after tax of Rs 30,052.70 crore.
• Net leverage fell from 0.88 times in FY2024 to 0.36 times in FY2026, and EBITDA less cash capex rose from Rs 1,449.10 crore to Rs 42,071.10 crore over the same two years.

⚠ Risks

• Total fund based outstanding borrowings of the company and its subsidiaries were Rs 71,529.20 crore as of 31 March 2026, and the capital intensive nature of the business needs continued access to funding for technology upgrades and capital expenditure.
• RJIL holds the telecommunication licences and spectrum that the business runs on. Any inability to maintain or renew them, or to win spectrum in future auctions, would hit operations.
• Monthly churn for the exit quarter was 1.67% in FY2026 against 1.52% in FY2024, and a sustained rise in churn would hurt the customer base of 524.4 million.
• Return on average capital employed fell from 12.83% in FY2024 to 12.50% in FY2025 and 10.76% in FY2026, even as revenue grew.
• The company does not control the use of the Jio trademark by other companies in the Reliance Group, so negative publicity from outside the company can affect its brand.
• The company and its subsidiaries have non-exclusive agreements with the promoter, Reliance Retail Limited and other Reliance Group entities for key parts of the business.
• The company depends on a limited group of passive infrastructure providers for a substantial part of its telecommunication towers and optic fibre network.
• Litigation against the subsidiaries covers 18 criminal, 200 tax and 26 statutory or regulatory proceedings involving Rs 10,811.00 crore. Of this, GST input tax credit disputes worth Rs 6,766.70 crore have not been recognised as a contingent liability in the restated financial information.
• Proceedings against the promoter Reliance Industries Limited involve Rs 40,310.60 crore and US$ 4.13 billion, and include two disciplinary actions by SEBI or the stock exchanges in the last five years and four material civil litigations.
• The whole fresh issue of up to 27,00,00,000 equity shares goes to prepaying borrowings of RJIL and to general corporate purposes, and the offer document does not split the amount between the two uses.

Promoters & holding

Reliance Industries Limited

Pre-issue promoter holding
66.43%
Post-issue promoter holding
64.48%

Reliance Industries Limited holds 5,937,841,645 equity shares, or 66.43% of the pre-issue paid up equity capital, and members of the promoter group hold no equity shares.

Data refreshed 09 Nov 2026, 02:30 pm IST. GMP is unofficial market sentiment, not investment advice.