Jefferies raises Reliance Jio’s valuation to $180B citing strong growth

Jefferies raised Reliance Jio’s valuation to $180 billion, highlighting strong telecom innovation and digital monetization prospects. The firm projects 18% revenue and 21% EBITDA CAGR through 2028, driven by tariff hikes and broadband growth. With 506 million users and ₹211.4 ARPU, Jio’s 5G base of 234 million drives half of wireless traffic. A public listing is expected in early 2026.