ICICI Securities Upgrades Jio Platforms Equity Valuation to $148 Billion
Bharti Airtel target price raised from ₹1,960 to ₹2,400
Jio IPO expected in the first half of next year
Earlier, JP Morgan had valued Jio at $136 billion
Mumbai: Leading brokerage ICICI Securities has upgraded the equity value of Jio Platforms Limited to $148 billion (approximately ₹13,000 billion) as of September 27. In its latest report, the brokerage expects Jio Platforms’ financial performance, measured by EBITDA/PAT CAGR, to grow at 18–21% between FY2025 and FY2028. The company’s free cash flow is projected to rise to ₹558 billion by FY2028. ICICI Securities also highlighted a potential decline in spectrum prices, which would directly benefit Jio Platforms.
Last month, another brokerage, JP Morgan, had valued Jio Platforms at $136 billion (around ₹11,936 billion). ICICI Securities’ revised estimate is $12 billion higher than previous forecasts. At Reliance’s recent annual general meeting, Mukesh Ambani announced plans to launch Jio’s IPO in the first half of FY2026, which is expected to further boost investor interest.
The brokerage has also upgraded Bharti Airtel to a “Buy” rating, raising its target price from ₹1,960 to ₹2,400, citing improved visibility and a stronger financial structure.
ICICI Securities noted that Jio Platforms is expanding into new business areas such as content, storage, digital enterprise solutions, managed services for MSMEs, and AI deployments through Reliance Intelligence. These segments are expected to generate significant medium-term value. The report estimates that Jio’s non-connectivity business will grow at 46.7% CAGR between FY2025 and FY2028. The brokerage also emphasized the benefits Jio will gain from its 5G rollout and acquisition of 6G patents, noting that Jio holds over 66% market share in 5G.
The report cites several reasons for the upgrade in Indian telecom valuations, including a stronger business outlook, robust financial structures, the 5G push, and limited downside risk. Telecom companies are increasingly expanding fixed broadband, value-added services, and enterprise offerings, including data centers, SaaS, and managed services.
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