Mumbai, October 24 (Udaipur Kiran) – Leading brokerage firm ICICI Securities has upgraded the equity valuation of Jio Platforms Ltd to $148 billion (approximately ₹13 lakh crore), reflecting growing optimism over the company’s financial and operational performance. The report expects Jio’s EBITDA/PAT CAGR to rise between 18% and 21% during FY2025–FY2028, with free cash flow projected to reach ₹55,800 crore by FY2028.
The brokerage also anticipates a decline in spectrum prices, which could further benefit Jio’s profitability.
Last month, JP Morgan had pegged Jio Platforms’ equity valuation at $136 billion (around ₹11.9 lakh crore), nearly $12 billion lower than ICICI Securities’ revised estimate. The latest upgrade comes ahead of Jio’s much-awaited IPO, expected in the first half of 2026, as announced by Reliance Industries Chairman Mukesh Ambani during the company’s annual general meeting.
ICICI Securities noted that the upgraded valuation will likely fuel investor interest as Jio expands beyond traditional telecom services. The brokerage has also upgraded Bharti Airtel to a “Buy” rating, revising its target price from ₹1,960 to ₹2,400, citing strong business visibility and improved financial structure.
The report highlights that Jio Platforms is rapidly diversifying into new digital verticals — including content, data storage, enterprise digital solutions, managed services for MSMEs, and AI-driven products through Reliance Intelligence. These segments are projected to grow at a compound rate of 46.7% between FY2025 and FY2028, adding significant medium-term value.
ICICI Securities also credited Jio’s fast-paced 5G rollout and 6G patent acquisitions as key competitive advantages, noting that the company currently holds over 66% market share in India’s 5G ecosystem.
The brokerage cited multiple reasons for its valuation upgrades across the Indian telecom sector — including stronger business fundamentals, improved balance sheets, 5G expansion, and minimal downgrade risks. It added that telecom players are increasingly strengthening their enterprise offerings such as fixed broadband, value-added services, data centers, SaaS platforms, and managed services, ensuring sustained sectoral growth.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.
ICICI Securities Values Jio Platforms at $148 Billion, Raises Airtel Target Price to ₹2,400
