At the upper issue price, the company is valued at 34.3 times its FY26 price-to-earnings (P/E) ratio and 14.8 times its FY26 enterprise value to EBITDA (EV/EBITDA) ratio, according to Anand Rathi.
The brokerage said the valuation appears reasonable relative to Jio Platforms’ long-term growth potential, supported by its profitability, scalable technology platform, and opportunities across artificial intelligence (AI), enterprise digital services, and fixed broadband.
Jio Platforms is India’s largest digital connectivity and digital services platform, combining telecommunications infrastructure with consumer applications and enterprise technology solutions. Its subsidiary, Reliance Jio Infocomm, had 533.3 million customers as of June 30, 2026, accounting for approximately 49.8% of India’s wireless broadband market, according to the brokerage report.
Anand Rathi said Jio Platforms’ dominant position in India’s mobile broadband market, proprietary technology capabilities, extensive distribution network, and strong brand franchise provide significant competitive advantages and create high barriers to entry.
The company’s integrated digital ecosystem spans mobile and fixed broadband, digital entertainment, cloud storage, virtual PC services, smart home solutions, and enterprise offerings. Its business-to-business portfolio includes cloud and security solutions, managed services, Internet of Things (IoT) applications, and AI-based solutions.