Motilal Oswal flags a 21% upside on Jio Platforms, targeting ₹1,350 against the ₹1,119 issue price.
Nomura echoes the sentiment, setting a ₹1,340 target, while both firms cite the company’s 5G, cloud, and enterprise push as growth drivers.
Base case calls for 14% revenue CAGR, 15% EBITDA CAGR, and 20% PAT CAGR to FY29, driven by a 15% tariff hike and HBB subscriber growth.
Bull case lifts revenue to 16% CAGR, EBITDA to 18.5% CAGR, and values Jio at 13x EV/EBITDA versus 11.5x in base.
IPO raised ₹30,213 crore on record demand of ₹7.4 lakh crore, eclipsing the previous ₹5.8 lakh crore record.
Free cash flow projected at ₹1.46 lakh crore over FY26–29, setting stage for a net cash position by FY29 and a premium over Bharti Airtel’s India business.