Reliance Jio IPO: Price Band, Dates, Financials, and Valuation

Reliance Industries is known for doing things at scale. Whether it was building the world’s largest oil refining complex at Jamnagar or launching Jio nationwide with free voice calls and unlimited data, the company has repeatedly disrupted industries. Now Reliance Industries is gearing up to list its telecom and digital arm, Jio Platforms, in what could become India’s largest-ever IPO.

Here’s all that you need to know about the Reliance Jio IPO and how to apply through the SMC ACE app. 

Reliance JIO IPO: Key Details

Jio Platforms: A Telecom Business with Digital Ambition

Jio Platforms is a holding company whose ambitions span telecom, artificial intelligence, cloud computing, digital applications, and other technology-related services. The business is divided into different verticals:

• Mobile (Reliance Jio Infocomm): The primary engine of the company. It served 53.3 crore subscribers as of June 30, 2026. It added a net 89 lakh customers during the first quarter of FY27. With more than 28.5 crore 5G subscribers, roughly 60% of India’s wireless data traffic was carried over its network in FY26.
• Home broadband: JioAirFiber had 1.29 crore subscribers by March 2026. As a wireless product, it shares cell capacity with mobile users, and speeds depend on local network load. 
• Digital and media services: The segment includes Jio Satellite, Saavn Media, Jio Haptik Technologies, and Asteria Aerospace. Apps such as MyJio and JioTV tie customers into the ecosystem. 
• AI and cloud: The prospectus frames future growth around artificial intelligence. Jio has also partnered with Nvidia to develop AI infrastructure. 

The core telecom business (mobile and home broadband is housed in its subsidiary, Reliance Jio Infocomm (RJIL). It contributes nearly 90% of consolidated revenue. Jio Platforms benefits from its large customer base, which gives it an enormous distribution advantage and a platform from which it can sell more data, broadband, and digital services. 

Jio Platforms: Financial Performance

Jio Platforms: Yearly Financial Performance

Source: Jio Platforms RHP

Jio Platforms has grown steadily over the last three years. Revenue grew from Rs 1,09,558 crore in FY24 to Rs 1,28,218 crore in FY25 and Rs 1,46,885 crore in FY26. EBITDA margin stood at 51.9% in FY26 as against 50% a year ago. Such margins are a reflection of the benefits of scale, a large subscriber base and the ability to spread network costs over more users.

Profit after tax increased from ₹21,423 crore to ₹26,109 crore and then to ₹30,049 crore over the same period.

Jio Platforms: Quarterly Financial Performance

Source: Jio Platforms RHP

Jio Platforms further improved its profitability in Q1FY27, with EBITDA margin expanding 149 basis points year-on-year to 53.26%. However, the improvement in operating profitability did not translate into similar growth in net profit. While revenue rose 11.82% during the quarter, net profit increased by a slower 9.2%. 

Average revenue per user (ARPU), a key measure of how much telecom companies earn from each subscriber, has also moved higher. Jio’s ARPU rose from ₹181.7 in FY24 to ₹206.2 in FY25 and ₹214 in FY26. It reached ₹215.6 in Q1FY27.

How will Jio Platforms Utilize Money from IPO Proceeds?

Jio Platforms will not utilize the money from the IPO to invest in growth opportunities; instead, it will use the money to further strengthen the balance sheet. Up to ₹27,500 crore of the proceeds will go towards repaying foreign currency borrowings at RJIL. The benefit is lower debt, not additional growth capital. The remaining amount will be utilized for general corporate purposes. 

With no offer for sale, existing shareholders are not cashing out, which is a positive from a governance perspective.

Jio Platforms IPO Valuation Test

At ₹1,119 per share, Jio Platforms is valued at approximately ₹10.3 lakh crore, or around $108 billion. This works out to roughly 33 times FY26 earnings and approximately 32 times Q1FY27 earnings. 

On a price-to-earnings basis, this is below Bharti Airtel’s reported multiple of around 38.9 times. At first glance, Jio appears to offer a relative valuation advantage. But the operating numbers suggest the discount may be justified.

Source: Jio Platforms RHP (* Not Annualised)

Bharti Airtel currently generates higher margins and better returns on capital. Its EBITDA margin stood at 57.48% in FY26, compared with Jio’s 51.91%. More importantly, Airtel’s return on average capital employed improved from 17.3% in FY25 to 19% in FY26. Jio’s return, in contrast, declined from 12.5% to 10.76% over the same period.

This difference matters because telecom is a capital-intensive business. A company can generate strong operating profits, but the real determinant of how much value it creates for shareholders is its capacity to earn attractive returns on the capital invested in spectrum, networks, and infrastructure.

Jio’s improving EBITDA margin is positive. It rose to 53.26% in Q1FY27, indicating improving operating leverage. But the decline in its annual return on capital indicates the improved operating profitability has not yet been reflected in improved capital efficiency.

Jio Platforms: Key Risks and Concerns

Despite having strong financials and promoter backing, Jio Platforms' IPO and business is not free from risks. 

• Thin float: Through the IPO, the company is issuing only about 3% of the company's shares, which are being sold. Such a thin float may lead to early volatile trading and be heavily influenced by index and institutional demand.
• Tariff dependence: A large part of expected earnings growth rests on price increases that the company does not fully control. A small increase can also trigger customer migration to a less expensive telecom provider. Regulations and competition can also limit the intensity of tariff increases. 
• Capital-intensive business: Spectrum, 5G, and fibre spending remain heavy, and RoCE is only about 10.8%.
• Limited disclosure of non-core business operations: The prospectus does not break out the revenue of non-telecom businesses in detail, which makes the platform story hard to underwrite.

How to Apply for Jio IPO?

You can apply for the Reliance Jio IPO through SMC using the SMC ACE app or website. Applications can be submitted through the ASBA facility or UPI. Retail investors must apply for at least one lot of 12 shares and can bid for a maximum of 14 lots. 

At the upper price band of ₹1,119 per share. Reliance Jio IPO investors must invest a minimum amount of ₹13,428 to apply for one lot. However, applying does not guarantee allotment, and the final amount debited will depend on the number of shares allotted.

Jio Platforms offers exposure to India’s telecom and digital growth story. Before applying for the Reliance Jio IPO, investors must weigh the company’s competitive advantages against the growth and return improvements already expected by the market.