Jefferies, the global investment bank, has raised its enterprise value estimate for Reliance Jio Platforms to $180 billion, marking a strong endorsement of the company’s growth in telecom innovation and digital technology monetization. The revised figure, rolled forward to December 2026, represents a 10% premium over Bharti Airtel, supported by expectations of superior growth and market leadership.
Jefferies expects Reliance Jio to record compound annual growth rates (CAGR) of 18% in revenue and 21% in EBITDA between FY2026 and FY2028. The projections are based on the company’s diversified operations, including mobile tariff increases, the expansion of home broadband services through Fixed Wireless Access (FWA), and growth in its enterprise business. The brokerage has also raised Jio’s target EV/EBITDA multiple to 15x, citing continued monetization of its technology stack across verticals.
Reliance Jio is preparing to extend its indigenously developed 5G technology to global markets, targeting the $121 billion telecom technology sector, which includes $89 billion in network infrastructure and hardware and $32 billion in software. The company’s cost-efficient 5G solutions, tested with a subscriber base exceeding 200 million, are positioned to compete with global telecom equipment providers such as Ericsson, Nokia, Huawei, ZTE, and Samsung.
Jefferies noted an increase in Jio’s patent filings, grant rates, and contributions to global 3GPP standards, reflecting its growing role in telecom technology development.
As part of its upcoming initial public offering (IPO), Reliance Jio is expected to seek a valuation between $130 billion and $170 billion, with the share sale anticipated in the first half of 2026. Mukesh Ambani confirmed in August that the company plans to file for listing by early 2026, marking the first major unit listing from Reliance Industries since Reliance Petroleum’s debut in 2006.
According to recent filings, Reliance Jio reported 506 million subscribers as of September 2025, with average revenue per user (ARPU) rising to ₹211.4 for the quarter. The 5G subscriber base stood at 234 million, accounting for nearly half of Jio’s total wireless traffic.
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