Jio Platforms share price: MOFSL, Dolat raise targets post Q2; buy, hold or sell?
MOFSL said Jio reported in-line revenue growth of 3 per cent QoQ, driven by a 1.5 per cent QoQ uptick in ARPU, net additions of 90 lakh subscribers and a scale-up in digital services.
- Nov 2, 2026,
- Updated Nov 2, 2026 8:05 AM IST
MOFSL and Dolat Capital have raised their targets on Jio Platforms Ltd days after initiating coverage, following the telecom operator's September quarter results. MOFSL maintained its 'Buy' rating and suggested a revised target of Rs 1,515 against Rs 1,350 earlier. Dolat Capital Markets maintained its 'Accumulate' rating but raised its target to Rs 1,450 from Rs 1,435 earlier. Jio Platforms shares settled at Rs 1,431.30 on Friday. Nomura and Elara Securities also cover the stock.
Dolat Capital said while Ebitda growth was robust, profit after tax growth was a tad soft in Q2 on account of higher finance costs following the capitalisation of assets. It said Jio management remained upbeat about growth prospects, with Home Broadband, Enterprises and International (12-15 large potential partnerships) likely to be the next growth engines.
MOFSL said Jio's near-term stock price performance could remain volatile due to its limited free float of less than 3 per cent. However, it remained structurally positive on the Indian telecom sector and expected a 15 per cent smartphone tariff hike soon.
"JPL, by virtue of being the gateway of digital India, is set to extend its market leadership in Wireless and Home Broadband, while the scale of its digital offerings and potential international tie-ups for its proprietary technologies provide growth and valuation upsides," MOFSL said.
For the September quarter, MOFSL said Jio Platforms (JPL) reported in-line revenue growth of 3 per cent quarter-on-quarter (QoQ), driven by a 1.5 per cent QoQ uptick in average revenue per user (ARPU), net additions of 90 lakh subscribers and a scale-up in digital services (up 4 per cent QoQ).
Ebitda grew 5 per cent QoQ, driven by an 88 per cent incremental margin in RJio and 8 per cent QoQ growth in reported Ebitda from digital services.
"1HFY27 consolidated cash capex moderated sharply, leading to an inflection in FCF generation and a decline in effective net debt by Rs 20,700 crore YoY to Rs 1.38 lakh crore," MOFSL said.
It raised RJio's standalone FY27-29 reported Ebitda estimates by 2-5 per cent, driven by higher incremental margins. "Our FY27-29E JPL consolidated EBITDA rises by 3-5 per cent and PAT by 7-11 per cent, driven by accelerated FCF generation and consequent deleveraging," it said.
"We expect RJio's capex to remain range-bound, which should enable JPL to generate cumulative FCF of Rs 1.68 trillion over FY27-29 and achieve net cash status by FY29. We reiterate our BUY rating on JPL with a revised target of Rs 1,515, premised on DCF-backed 12.2 times FY29 reported Ebitda, driven by higher incremental EBITDA margins and faster-than-expected inflection in FCF," MOFSL said.
MOFSL and Dolat Capital have raised their targets on Jio Platforms Ltd days after initiating coverage, following the telecom operator's September quarter results. MOFSL maintained its 'Buy' rating and suggested a revised target of Rs 1,515 against Rs 1,350 earlier. Dolat Capital Markets maintained its 'Accumulate' rating but raised its target to Rs 1,450 from Rs 1,435 earlier. Jio Platforms shares settled at Rs 1,431.30 on Friday. Nomura and Elara Securities also cover the stock.
Dolat Capital said while Ebitda growth was robust, profit after tax growth was a tad soft in Q2 on account of higher finance costs following the capitalisation of assets. It said Jio management remained upbeat about growth prospects, with Home Broadband, Enterprises and International (12-15 large potential partnerships) likely to be the next growth engines.
MOFSL said Jio's near-term stock price performance could remain volatile due to its limited free float of less than 3 per cent. However, it remained structurally positive on the Indian telecom sector and expected a 15 per cent smartphone tariff hike soon.
"JPL, by virtue of being the gateway of digital India, is set to extend its market leadership in Wireless and Home Broadband, while the scale of its digital offerings and potential international tie-ups for its proprietary technologies provide growth and valuation upsides," MOFSL said.
For the September quarter, MOFSL said Jio Platforms (JPL) reported in-line revenue growth of 3 per cent quarter-on-quarter (QoQ), driven by a 1.5 per cent QoQ uptick in average revenue per user (ARPU), net additions of 90 lakh subscribers and a scale-up in digital services (up 4 per cent QoQ).
Ebitda grew 5 per cent QoQ, driven by an 88 per cent incremental margin in RJio and 8 per cent QoQ growth in reported Ebitda from digital services.
"1HFY27 consolidated cash capex moderated sharply, leading to an inflection in FCF generation and a decline in effective net debt by Rs 20,700 crore YoY to Rs 1.38 lakh crore," MOFSL said.
It raised RJio's standalone FY27-29 reported Ebitda estimates by 2-5 per cent, driven by higher incremental margins. "Our FY27-29E JPL consolidated EBITDA rises by 3-5 per cent and PAT by 7-11 per cent, driven by accelerated FCF generation and consequent deleveraging," it said.
"We expect RJio's capex to remain range-bound, which should enable JPL to generate cumulative FCF of Rs 1.68 trillion over FY27-29 and achieve net cash status by FY29. We reiterate our BUY rating on JPL with a revised target of Rs 1,515, premised on DCF-backed 12.2 times FY29 reported Ebitda, driven by higher incremental EBITDA margins and faster-than-expected inflection in FCF," MOFSL said.