Jio Platforms Limited

Jio Platforms Limited is India’s leading technology and digital services enterprise, operating the country's largest digital connectivity ecosystem under the "Jio" brand. The company's core value proposition revolves around delivering ultra-low-cost, high-speed digital connectivity, coupled with an integrated suite of proprietary digital applications, cloud-native services, and enterprise technology platforms. The business model combines high-volume, recurring subscription revenues from mobile and fixed-broadband connectivity with monetizable digital platforms spanning media, entertainment, cloud services, financial technologies, digital commerce, and IoT solutions. Operations are conducted through a capital-efficient structure leveraging digital channel networks and strategic integration with Group entities.

The company caters to an extensive customer base spanning consumer, enterprise, and government segments across every state and union territory in India. As of June 30, 2026, Jio Platforms served 533.3 million mobile subscribers and over 12 million fixed-broadband premises, representing a mobile data market share of approximately 47.7%. The target demographic encompasses mass-market retail consumers across urban, semi-urban, and rural catchments through digital offerings such as JioBharat feature phones and 5G smartphones. It also serves micro, small, and medium enterprises (MSMEs), large corporate enterprises, and public sector institutions utilizing dedicated enterprise connectivity, cloud infrastructure, and managed security services.

While Jio Platforms is a digital services and technology enterprise rather than a traditional manufacturing business, its core operational infrastructure comprises an expansive, state-of-the-art national telecommunications and digital network. The physical and digital infrastructure encompasses over 1.5 million kilometers of fiber-optic network, nationwide 5G Standalone (5G SA) and 4G LTE radio access network (RAN) sites, and hyperscale data centers located across major digital hubs including Mumbai, Jamnagar, and Bengaluru. Network capacity utilization is tracked through daily data and voice traffic volumes; in Q1 FY27, the network carried over 45 billion gigabytes (GB) of data traffic (averaging over 30 GB per user per month) while maintaining nationwide network uptime and service reliability exceeding 99.9%.

Research and development (R&D) forms the core engine of the company's long-term competitive moat. Jio Platforms has built an in-house engineering and technology division employing thousands of software engineers, network architects, and data scientists. Critical operational highlights detailed in the prospectus include the indigenous development of a full-stack 5G Standalone (5G SA) radio and core technology network, proprietary cloud-native OSS/BSS operational systems, artificial intelligence (AI) and machine learning (ML) models, edge-computing architectures, and custom operating systems including JioBharat OS and JioTele OS. This end-to-end technology ownership eliminates third-party licensing dependencies, lowers network operating expenses, and enables rapid scaling of futuristic digital platforms.

Financially, Jio Platforms Limited reported total income and net profits of ₹1,10,175.40 Cr and ₹21,434.00 Cr (FY24), ₹1,29,333.00 Cr and ₹26,120.30 Cr (FY25), ₹1,49,759.10 Cr and ₹30,052.70 Cr (FY26), and ₹40,197.90 Cr and ₹7,764.10 Cr (Q1 FY27). The company has demonstrated consistent top-line and bottom-line growth, with total income expanding at a CAGR of 16.55% from FY24 to FY26 and PAT growing at an 18.41% CAGR, while Operating EBITDA margins expanded to 53.26% in Q1 FY27. Non-DoT borrowings stood at ₹61,372.20 Cr as of Q1 FY27, with ₹27,500.00 Cr from the Fresh Issue proceeds allocated toward debt prepayment, driving a substantial reduction in net leverage. The company maintains an average EPS of ₹30.55 and an average RoNW of 9.04% over the last three fiscals.

Based on the pre-issue book value, the issue is priced at a Pre-Issue P/BV of 2.93 (NAV of ₹382.34 as of June 30, 2026). Factoring in the fresh issue proceeds, the Post-Issue P/BV stands at 2.77. Attributing the historical earnings to the expanded post-issue equity base, the asking price reflects a Post-Issue P/E of approximately 48.08 (FY24), 39.45 (FY25), 34.29 (FY26), and 33.56 (TTM). A comparison with listed peers shows that Jio Platforms Limited's Post-Issue P/E of 34.29 (and 33.56 TTM) and Post-Issue P/BV of 2.77 compare favorably to its primary listed competitor, Bharti Airtel Limited, which trades at a P/E of 37.3 and a P/B of 7.54. This represents an attractive relative discount despite Jio's industry-leading subscriber base and superior operating EBITDA margins.

The issue is managed by Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, BNP Paribas, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, Goldman Sachs (India) Securities Private Limited, HDFC Bank Limited, HSBC Securities and Capital Markets (India) Private Limited, ICICI Securities Limited, IIFL Capital Services Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited, and 360 ONE WAM Limited. KFin Technologies Limited is acting as Registrar to the Offer.

• 1 Reliance Industries Limited