Reliance Jio IPO: Strong ARPU, subscriber growth likely; all eyes on India's biggest IPO

Jio Platforms IPO: As the Reliance Jio Platforms is gearing to make its stock markets debut, brokerage firms expect it to report a steady Q1FY27 performance, supported by subscriber additions, higher ARPU and stable earnings growth. Reliance Industries Ltd (RIL) is yet to announce the date to declare its earnings for the June 2026 quarter.

However, market participants are likely to focus more on the upcoming Jio Platforms IPO, with its valuation and listing timeline seen as key triggers for telecom sector valuations and future tariff hikes. Analysts believe the IPO could influence the near-term performance of telecom stocks, while Jio's strong operating metrics are expected to underpin another resilient quarterly show.

Commenting on Jio IPO, Motilal Oswal Financial Services said that the impending JPL IPO valuations and timelines remain the key near-term monitorables and would have a bearing on the tariff hikes and sector valuations. "Given transitory inflationary pressures on household budgets and delays in JPL listing, we push out our 15 per cent smartphone tariff hike assumption to 3QFY27."

With JPL recently filing its DRHP, its valuation and listing timelines remain the key near-term monitorables, as they would have a bearing on the sector’s valuation as well as a potential tariff hike, Motilal added. It has calculated the attributable equity value for RIL Jio, after adjusting for 33.5 per cent minority stake, comes to Rs 525 per share.

Q1 is likely to be a steady quarter but Apart from financial performance, near -term stock price performance of telecom operators may hinge on valuation that Jio Platform garners in its upcoming IPO, said Elara Capital. "In our view, India’s telecom sector is in a multi-year recovery, driven by ARPU improvement, structural data demand, and lower incremental capex." it added.

Reliance Industries' digital arm Jio Platforms is set for its stock market debut in FY27 as the Mukesh Ambani-led entity is eyeing to raise a total of Rs 38,000 crore, or $4 billion, which shall be entirely a fresh share sale of 27 crore equity shares, with no offer-for-sale (OFS) component. The proposed IPO is shall be the largest initial public offerings (IPO) in the Indian history.

Investment bankers have projected the company’s valuation in the range of $130 billion to $170 billion and the DRHP was was officially filed on June 19, 2026. The official dates for the IPO, along with the price band and lot size, are yet to be announced. These details will be finalised after the company receives SEBI’s observations and the required regulatory approvals.

Reliance Jio: Q1 earnings expectations Jio is set to support RIL’s sequential earnings growth; other businesses stable, said Emkay Global Financial Services. "For Jio, we expect net subscriber addition of 9.5 million, with ARPU improving 1 per cent QoQ to Rs 216.5, driving a 4 per cent QoQ uptick in EBITDA," it adds.

Reliance Jio’s revenue is likely to grow 13 per cent on a yearly basis (YoY) and 3 per cent a quarterly comparison (QoQ), driven by a 6.5 per cent YoY increase in subscriber base along with a 1 per cent sequential improvement in ARPU to Rs 216, said Systematix Institutional Equities.

Centrum Broking pencils Reliance Jio's revenue at Rs 34,236.9 crore, while Ebitda is seen at Rs 18,650.6 crore with margins of 54.5 per cent. Net profit is penciled at Rs 7,503.9 crore in Q1. Jio is expected to add 7 million subscribers QoQ to 531 million, with ARPU likely to grow, led by 5G FWA addition and higher number of days in the quarter.