ET Intelligence Group: India's largest IPO to date offers a theoretically compelling reason - beyond its superlative size - for retail investors to dial into Jio Platforms: Valuation comfort relative to its closest peer Bharti Airtel. Of course, that shouldn't hide the challenges Jio faces in an industry where technology changes faster than seasons, creating a perennial demand for hefty capital.

On paper, Jio has industry-leading scale with 533 million telecom customers that underscores numerical superiority in both the mobile and broadb and markets. 9 (India business) as of June 2026 quarter.

On the profitability front, too, Jio's Ebitda margin range of 50-53% lags 56-57% range for the closest peer. 9% of the post-issue capital.

4%. Relative valuation comfort, however, leaves sufficient room for upside - and justifies retail commitment to the ₹30,213-crore issue.

ET BureauBusinessIncorporated in 2019, Jio Platforms offers digital connectivity and services pan India through its subsidiary Reliance Jio Infocomm (RJIO), which holds the spectrum licences for wireless telecom services. Jio Platforms provides wireless connectivity, fixed broadb and, enterprise and cloud services, and AI services.

It is India's largest digital connectivity platform, carrying over 60% of the country's wireless data traffic in FY26. 9 million 5G subscribers as of June 2026, forming 53% of its total subscriber base.

It operates one million route kilometres of fibre network across India. 8 years.

3 crore. 4% annually to ₹30,049 crore during the period.

4% in FY24. 9% during the period.

2% in FY24. Read more: Jio IPO vs Airtel shares: Which telecom giant offers greater valuation comfort to investors?

2 on annualised June 2026 quarter earnings. 8.

Given the improving data traffic, and traction in data centres and AI related services, Jio Platforms looks well placed to take advantage of these opportunities.