In keeping with the pattern shown during its last share dilution in FY21, ICICI Securities anticipates Jio Platforms Ltd. (JPL) to make its debut at premium valuations above listed peers. JPL raised financing with a valuation of $65–70 billion at that time, already commanding a premium to Bharti India at 14–14.7 times FY22 one-year forward EV/Ebitda, whereas Bharti’s average during the same period was 9.6 times.
Citing a better tariff structure, a renewed push for 5G adoption, and JPL’s anticipated listing in H1CY26, the brokerage has boosted its view for the telecom sector. It stated that the sector as a whole should gain from JPL’s IPO and comparatively higher values.
“JPL’s potential listing: We believe, this may attract premium valuation given its India-focused business, rising contribution of digital services (under-appreciated for telcos), and the new opportunities arising from its technology stacks,” stated ICICI Securities.
According to ICICI Securities, JPL’s strong growth prospects in the mobility and broadband sectors, its dominant position in India’s telecom and digital ecosystem, its clean balance sheet with few legacy issues or contingent liabilities, and its leverage from the larger Reliance Group’s digital platforms and content all support its higher valuation multiples.
According to the brokerage, Jio maintained its dominance in the mobility space in Q1FY26, with an adjusted gross revenue (AGR) market share of 42.8%. In August 2025, JPL had a 37.3% subscriber market share in fixed broadband and an 80.6% share in fixed wireless access (FWA) products, including ultra-broadband (UBR), demonstrating its dominance in both mobile and fixed connections.
In addition, JPL runs the biggest 4G and 5G networks in India, with the most fiber-connected backhaul towers and a significant fronthaul capacity. Deep indoor and rural coverage is guaranteed by the company’s sub-GHz spectrum in the 700MHz and 800MHz bands, and its terrestrial fiber network covers more than 1.1 million route kilometers.
By utilizing these capabilities, JPL is in a strong position to access the enterprise sector, especially MSME and SOHO clients, by providing fiber-grade connectivity made possible by 5G and FWA services based on UBR. The company’s intentions to provide bundled and reasonably priced enterprise service packs may hasten adoption and possibly upend the enterprise market in a way akin to its disruption of household broadband and mobility.
ICICI Securities anticipates robust development in cloud, IoT, private 5G, automation, CPaaS, and cybersecurity services on the digital enterprise side. The recently established AI-focused subsidiary of Reliance Industries, Reliance Intelligence, may strengthen JPL’s position as the group’s digital transformation engine. Furthermore, JPL’s in-house 5G and UBR-FWA technology stack has chances for immediate commercialization, which could greatly increase the company’s addressable market.
All things considered, ICICI Securities thinks JPL’s technological superiority, broad digital ecosystem, and market leadership support a probable valuation premium over peers when the IPO goes public.
