As telecom major Jio Platforms gears up to hit the bourses, analysts and investors have drawn comparisons against its closest peer, Bharti Airtel.
Bharti Airtel's market capitalisation will be higher than Jio Platforms', at Rs 11.2 lakh crore, as compared to Rs 10.3 lakh crore for Jio Platforms (on a post-money basis).
However, Bharti Airtel's m-cap includes the firm's investments in Airtel Africa, Indus Towers and other holdings. Therefore, as per a report by Nomura Holdings, Airtel India's market-capitalisation is estimated around Rs 9.5 lakh crore.
Nomura estimated that Jio's EV/EBITDA based on one year forward earnings is 10.9x (on the upper price band), compared to Bharti’s India business, which Nomura said has an FY28 EV/EBITDA multiple of 9.2x, a 15 percent discount to Jio Platforms.
For the quarter ended June 2027, Jio Platforms reported revenue from operations of Rs 39,173 crore, up 11.8 percent year on year, against Rs 37,389 crore for Airtel India, was higher by 10.6 percent, according to the Jio's red herring prospectus (RHP).