Reliance Jio Platforms shares have rallied 23% from their initial public offering (IPO) price of ₹1,119 to ₹1,375, putting the telecom and digital services company in the spotlight after its strong listing. As India’s second-biggest stock, Jio is attracting bullish forecasts from brokerages betting on its market leadership, potential tariff hikes, broadband expansion and growing digital business.
Nomura, Elara Securities and Motilal Oswal Securities (MOSL) have initiated coverage with Buy ratings and target prices ranging from ₹1,340 to ₹1,367. Their estimates point to further growth, although the targets are based on the IPO price and Jio’s intra-day high of ₹1,375 has crossed all the target prices mentioned already.
Jio Listing Details
Reliance-backed Jio Platforms made a blockbuster debut on the BSE and NSE, delivering listing gains of around 21% to investors who received shares in its ₹30,213-crore initial public offering (IPO).
The shares opened at ₹1,358 on both exchanges, against the IPO price of ₹1,119 per equity share. Following its strong listing, Jio Platforms commanded a market capitalisation of around ₹12.50 lakh crore, becoming India’s largest telecom company by market value.
Jio Platforms also displaced Bharti Airtel to become India’s second-most valuable listed company, behind parent Reliance Industries, which had a market capitalisation of ₹16.12 lakh crore.
Bharti Airtel, with a market capitalisation of ₹12.03 lakh crore, slipped to third place in the rankings of India’s most valuable companies. HDFC Bank and ICICI Bank followed, while Tata Consultancy Services (TCS) ranked sixth by market capitalisation.
According to Ravi Singh, Chief Research Officer at Master Capital Services, “The key factors to track will be whether the company can sustain revenue growth, improve profitability and execute its expansion plans while maintaining healthy cash flows. The listing-day jump matters less.”
Over the long run, investors should track quarterly revenue, EBITDA margins, average revenue per user (ARPU) and cash flow, along with how its digital services, telecom business and applications perform, Singh added.
Jio Platforms share price target: What brokerages said
Nomura has initiated coverage with a Buy rating and a target price of ₹1,340, based on 12 times December 2028 estimated EBITDA. The brokerage expects EBITDA to grow at a compound annual growth rate (CAGR) of around 13.5% between FY26 and FY29.
“Jio, once the disruptor, is now the leader. It has ~42% of the country’s wireless subscribers, ~60% of data traffic and 43% of home broadband. In our view, the listing will likely push Jio Platforms (JPL IN), the price setter, towards steady tariff hikes that peers can follow,” Nomura said.
The brokerage believes Jio’s market position could support industry-wide tariff increases. It highlighted scope to raise prices because connectivity spending remains relatively low in India. However, delayed tariff hikes and higher handset and equipment costs could affect its outlook.
Elara Securities has initiated coverage with a Buy rating and a target price of ₹1,367, implying 22% upside from the IPO price. It expects Jio to monetise its subscriber base, expand home broadband and develop digital services beyond connectivity.
Elara described Jio as a “monetization-led digital platform”, supported by its technology infrastructure and integrated digital ecosystem. It expects a 12-15% tariff hike in the second half of FY27 and projects average revenue per user to rise from ₹214 in FY26 to ₹257 in FY29. Revenue, EBITDA and adjusted profit after tax are forecast to grow at CAGRs of approximately 13%, 16% and 23%, respectively. Delayed tariff increases and regulatory costs remain risks.
MOSL also initiated coverage with a Buy rating and a target price of ₹1,350, implying 21% upside from the IPO price. Its valuation uses a discounted cash flow-backed multiple of 11.5 times FY29 estimated reported EBITDA.
“We believe JPL could trade at a premium to Bharti’s India business over the near term, driven by its market leadership, greater influence over industry tariffs, and low liquidity (free float of less than 3%),” MOSL said.
The brokerage expects revenue, reported EBITDA and profit after tax to grow at CAGRs of 14%, 15% and 20%, respectively, between FY26 and FY29. Subscriber additions, tariff hikes, broadband growth and digital services are expected to drive performance. MOSL also projects cumulative free cash flow of ₹1.46 trillion over FY26-FY29, potentially enabling Jio to achieve a net cash position by FY29.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
