Jio Platforms received a Buy recommendation from brokerage firm Motilal Oswal Financial Services on its stock market debut on October 28, 2026. The brokerage set a target price of ₹1,350 per share, equivalent to an estimated 20.7% upside from the initial public offering (IPO) price of ₹1,119. Its outlook is based on expectations of continued subscriber growth, higher telecom tariffs, expanding broadband services and increased revenue from digital businesses.
The recommendation arrived as Jio Platforms began trading on Indian stock exchanges following its landmark public offering. The company’s listing has placed its telecommunications and digital services operations under greater scrutiny from public-market investors.
Revenue and Profit Expected to Grow Through FY29
Motilal Oswal expects Jio Platforms to record a compound annual growth rate (CAGR) of 14% in consolidated revenue between financial years 2026 and 2029. It projects reported earnings before interest, taxes, depreciation and amortisation (EBITDA) to grow at 15% annually, while net profit is forecast to increase at a 20% CAGR over the same period.
The brokerage believes several factors could support this growth, including continued additions to Jio’s subscriber base, potential tariff increases and greater adoption of its digital offerings.
It also expects the company’s financial position to strengthen as capital expenditure moderates and operating cash generation improves. According to its estimates, Jio Platforms could generate cumulative free cash flow of approximately ₹1.46 lakh crore over FY26–FY29 and move to a net cash position by FY29.
These figures represent brokerage projections rather than guaranteed outcomes. Actual performance will depend on operating conditions, investment requirements and the company’s ability to convert its customer base into sustainable earnings.
Potential Tariff Increases Could Boost Telecom Revenue
Telecommunications remains central to Jio’s business outlook. Motilal Oswal expects a smartphone tariff increase of around 15% in March 2027, which could lift average revenue per user (ARPU) and support earnings growth.
The brokerage forecasts that revenue across India’s wireless telecommunications industry could grow at approximately 10% annually to reach ₹4 lakh crore by FY29.
Jio already holds a substantial share of the country’s wireless subscriber base. Motilal Oswal expects its share of wireless industry revenue to increase from approximately 42.3% to 43.3% by FY29.
For Reliance Jio’s wireless operations, the brokerage projects an 11% annual growth rate in revenue and 13% in EBITDA between FY26 and FY29.
However, these estimates depend partly on the timing and scale of tariff increases, subscriber retention and competitive conditions in the telecommunications market.
Home Broadband and Digital Services Offer Additional Opportunities
The brokerage has identified home broadband as another potential growth driver. Jio currently serves approximately three crore broadband subscribers, and Motilal Oswal expects that number to reach around five crore by FY29.
It forecasts that Jio could account for approximately 73% of incremental home broadband subscriber additions across the industry between FY26 and FY29. Home broadband revenue is projected to grow at a 27% CAGR during the period, potentially increasing its contribution to Reliance Jio’s revenue from around 8% to 12%.
Beyond connectivity, the brokerage sees opportunities in cloud computing, enterprise communications, Internet of Things (IoT) solutions and managed technology services. Partnerships involving Jio’s telecommunications technology could also support expansion into additional digital markets.
The company’s established customer base and network infrastructure provide a platform for these initiatives, although their financial contribution will depend on adoption and execution.
Valuation and Risks Remain Important for Investors
Motilal Oswal values Jio Platforms at 11.5 times estimated FY29 reported EBITDA, arriving at an equity valuation of approximately ₹12.4 lakh crore and a target price of ₹1,350 per share. It believes Jio could command a valuation premium to Bharti Airtel’s Indian business, citing its market position and potential influence over telecom pricing.
The brokerage has also outlined alternative valuation scenarios, with a bullish target of ₹1,690 and a bearish target of ₹1,035. These estimates illustrate how the stock’s valuation could change under different business assumptions.
Key risks include delays in tariff increases, stronger competition, higher capital expenditure and slower growth in digital services.
Jio Platforms’ market debut has brought the company into sharper focus for investors evaluating India’s telecommunications and digital economy. While Motilal Oswal sees scope for earnings growth over the coming years, its target price remains an estimate based on assumptions that may not materialise.
