The listing of Jio Platforms has put the spotlight on India’s telecom sector, with investors now weighing whether the newly listed Reliance Industries-backed company or established rival Bharti Airtel offers a better investment opportunity.
Jio Platforms shares have surged nearly 28% from their issue price of ₹1,119 since making their market debut on Wednesday, 28 October, taking its market capitalisation to nearly ₹13.18 lakh crore and making it India’s second-most valuable listed company after Reliance Industries. The strong debut and subsequent gains follow an IPO that attracted bids for 22.19 times the shares on offer.
Bharti Airtel, meanwhile, has built a strong long-term track record, with its shares delivering returns of 586.10% over the past decade and 187.07% over five years. However, the stock remains down 6.64% so far in 2026. With Jio commanding a substantial valuation and Airtel offering an established earnings track record, which telecom stock should investors consider now? Experts weigh in on their growth prospects, valuations and investment appeal.
Bharti Airtel, meanwhile, remains a stronger proposition for investors seeking earnings visibility, higher ARPU, robust cash flows and disciplined capital allocation. Experts say investors should weigh valuations, earnings growth and execution risks before choosing between the two telecom stocks.
Gaurav Arora, Head of Research at SAHI, said Jio’s listing at a valuation of around ₹10.3 lakh crore places it among India’s top five companies by market capitalisation from day one. This, he said, changes the investment question from assessing the company’s growth potential to evaluating the returns investors can realistically expect from current levels. Companies of this scale rarely grow significantly faster than the broader economy, making low double-digit annual returns a reasonable base case.