Mumbai, October 24: Leading brokerage house ICICI Securities has upgraded the equity valuation of Jio Platforms Limited to $148 billion (approximately ₹13 trillion) as of September 2027. In its recently released report, the firm projected that Jio Platforms’ EBITDA/PAT CAGR will grow at a rate of 18–21% between FY2025 and FY2028. By FY2028, the company’s free cash flow is expected to rise to ₹558 billion. ICICI Securities also anticipates a possible decline in spectrum prices, which would directly benefit Jio Platforms.
Last month, another brokerage firm, JP Morgan, valued Jio Platforms’ equity at $136 billion (around ₹11.94 trillion). ICICI Securities’ latest estimate is $12 billion (approximately ₹1.05 trillion) higher than that. Notably, at Reliance’s recent Annual General Meeting, Mukesh Ambani announced plans to launch Jio’s IPO in the first half of 2026. The upward revision in Jio’s equity valuation is likely to further boost investor excitement.
The brokerage has also upgraded Bharti Airtel’s rating to “Buy,” raising its target price from ₹1,960 to ₹2,400, citing stronger financial visibility and a healthier balance sheet.
According to ICICI Securities, Jio Platforms Limited is also expanding into new businesses such as content, storage, digital enterprise solutions, managed services for MSMEs, and AI deployments driven by Reliance Intelligence. These emerging areas are expected to create additional value in the medium term. The report estimates that between FY2025 and FY2028, Jio’s non-connectivity businesses will grow at a rate of 46.7%. The firm also noted that Jio’s rapid 5G rollout and acquisition of 6G patents will further strengthen its market position. Jio currently commands more than 66% of the 5G market.
The report attributes the upgraded valuation of Indian telecom companies to several factors — including stronger sector fundamentals, robust financial structures, aggressive 5G expansion, and limited downside risk. Telecom operators are also diversifying into fixed broadband, value-added services, and enterprise offerings such as data centers, SaaS, and managed services.