Jio Platforms Gets ‘Buy’ Call From Motilal Oswal On Listing Day, Brokerage Sees 21% Upside

By: News18 Business

Published: 28 October 2026

Photo / Illustration: Haldwani Times News Desk

Jio Platforms has received another bullish assessment on its stock market debut, with Motilal Oswal initiating coverage with a ‘Buy’ rating and a price target of Rs 1,350, implying a potential upside of around 21% from its issue price of Rs 1,119. The brokerage’s call follows a similar recommendation from Nomura, which has set a target price of Rs 1,340 for the company. Both brokerages initiated coverage on Wednesday, October 28, the day Jio Platforms made its stock market debut. Motilal Oswal expects Jio Platforms to build its next phase of expansion around its digital services business, reducing its dependence on connectivity-led growth. Its areas of focus include cloud services, enterprise communications, Internet of Things (IoT), managed services and international partnerships involving its 5G and UBR technologies, according to the brokerage’s note. The firm projects Jio Platforms’ revenue to grow at a compound annual growth rate (CAGR) of 14% between FY26 and FY29. Reported earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to rise at a 15% CAGR, while profit after tax (PAT) could increase at a faster 20% CAGR over the same period. The projections factor in continued subscriber additions, the anticipated impact of tariff increases, growth in home broadband (HBB) subscriptions and a larger contribution from digital platforms. Motilal Oswal has factored in tariff hikes of nearly 15% from March 2027 as one of the drivers of future earnings growth. The brokerage also expects improved profitability and capex remaining within a limited range to strengthen cash generation. Jio Platforms could accumulate Rs 1.46 lakh crore in free cash flow between FY26 and FY29, potentially moving to a net cash position by FY29, the note said. In a more optimistic scenario, Motilal Oswal sees Jio Platforms delivering stronger growth than its base-case estimates, with revenue rising at a 16% CAGR over FY26-FY29, against the 14% projected in its primary outlook. This scenario assumes blended average revenue per user (ARPU) growth of around 8% annually on a compounded basis, alongside stronger additions to the home broadband subscriber base. The brokerage’s bull case also projects reported EBITDA to grow at an 18.5% CAGR during the period, compared with 15% in its base case. Higher incremental margins and improved profitability in businesses beyond the core Jio operations are expected to support the stronger performance. Motilal Oswal has applied an enterprise value-to-EBITDA (EV/EBITDA) multiple of 13 times its FY29 estimates in the bull case, above the 11.5 times multiple used in the base case. Jio Platforms’ Rs 30,213 crore initial public offering (IPO) was India’s largest public issue to date, attracting bids worth Rs 7.4 lakh crore from anchor and public investors, according to the figures provided. Disclaimer: News18 is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary. Motilal Oswal initiated coverage on Jio Platforms with a 'Buy' rating and a price target of Rs 1,350, suggesting a potential upside of approximately 21% from its issue price of Rs 1,119. Jio Platforms' initial public offering was worth Rs 30,213 crore, marking India's largest public issue to date, and attracted bids totalling Rs 7.4 lakh crore from anchor and public investors.

Haldwani Times

The leading digital news publication, business directory, and civic journal dedicated to Haldwani, Kathgodam, Nainital, and the entire Kumaon region of Devbhoomi Uttarakhand.

Registered Editorial Office: Tikonia Chauraha, Nainital Road, Haldwani, Uttarakhand 263139