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Key Competitive Strengths

• Connectivity scale. India’s largest digital connectivity platform, carrying the majority of the country’s wireless data traffic.

• Improving monetisation. ARPU rose from ?181.7 in FY24 to ?214.0 in FY26 and ?215.6 in the June 2026 quarter, with data use at 42.3 GB per customer per month.

• Operating leverage. EBITDA margin widened from 50.16% in FY24 to 51.91% in FY26 and 53.26% in Q1FY27.

• Proprietary technology. A 5G network built on in-house technology, supported by a substantial patent portfolio.

Jio Platforms Limited — Subscribe for Listing Gains and Long Term

• Unmatched digital connectivity scale. India’s largest digital connectivity platform with 533mn subscribers and ~60% of the country’s wireless data traffic. Its extensive 5G network and 14mn JioAirFiber customers provide a strong foundation for future growth.

• Consistent growth and profitability. Revenue/PAT grew at ~16%/~18% CAGR over FY24-26 to Rs1.47 lakh cr/Rs30,049cr. EBITDA margin improved to ~51.9%, while June 2026 quarter revenue and EBITDA grew ~11.8% and ~15% YoY, respectively.

• Improving monetisation. ARPU increased from Rs181.7 in FY24 to Rs214 in FY26 and Rs215.6 in the June 2026 quarter. Higher data consumption, tariff hikes and fixed broadband expansion offer scope for further growth.

• Digital and AI optionality. Proprietary 5G technology, 7,220 patent applications and offerings across cloud, enterprise services and AI provide additional growth avenues. However, connectivity remains the core earnings driver, with monetisation of newer digital services still to be demonstrated at scale.

• Reasonable relative valuation. At Rs1,119, Jio is valued at ~34x post-issue FY26 earnings, below Bharti Airtel’s ~40x trailing P/E. Net leverage is low at 0.36x, and fresh issue proceeds will primarily support repayment of borrowings at RJIL. However, ROCE of ~10.8% and ARPU below Airtel’s remain key monitorables.

Book Running Lead Managers

Nineteen book running lead managers: Kotak Mahindra Capital, Morgan Stanley India, BofA Securities India, Axis Capital, BNP Paribas, Citigroup Global Markets India, CLSA India, DAM Capital Advisors, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities and Capital Markets (India), ICICI Securities, IIFL Capital Services, Jefferies India, JM Financial, J.P. Morgan India, SBI Capital Markets, UBS Securities India and 360 ONE WAM.

Key Management Team

• Reliance Industries Limited — Promoter.

• Savithri Parekh — Company Secretary. Venkataraman Ramachandran — Compliance Officer.

• Structure. Digital connectivity is delivered through the material subsidiary Reliance Jio Infocomm Limited, which is also the borrower whose debt the Issue proceeds repay

Industry, Risks & Key highlights

Industry Outlook

Indian telecom has settled into a three-operator market, and the economics have changed with it. Growth no longer comes from adding subscribers but from earning more per subscriber — through the migration to 5G, successive tariff revisions, and the extension of fixed wireless broadband into homes fibre has never reached.

Consumption is doing the heavy lifting. Monthly data use per customer has climbed from 28.7 GB in FY24 to 42.3 GB in FY26 and 43.7 GB in the June 2026 quarter, up 52% in two years. That gives operators room to price, and churn of 1.61% suggests the tariff repair has not yet cost them customers.

Key Highlights & Forward Indicators

• Growth: revenue from operations compounded 15.8% over FY24 to FY26 to Rs1,46,885.3 Cr, and PAT 18.4% to Rs30,049.1 Cr.

• Margin: EBITDA margin widened 50.16% (FY24) → 50.05% (FY25) → 51.91% (FY26) → 53.26% (Q1FY27).

• Monetisation: ARPU Rs181.7 (FY24) → Rs214.0 (FY26) → Rs215.6 (Q1FY27); monthly churn 1.61% in Q1FY27.

• Cash conversion: EBITDA less cash capex of Rs42,071.1 Cr in FY26, against Rs1,449.1 Cr in FY24, as 5G capex moderat

Key Risk Factors

• Connectivity dependence. Digital connectivity is the core earnings driver; digital services and AI offerings are not yet monetised at comparable scale.

• Subsidiary concentration. Operations run principally through the material subsidiary Reliance Jio Infocomm Limited, which is also the borrower being repaid.

• Spectrum and licensing. The business depends on spectrum held under government licences, with renewal, pricing and regulatory conditions outside the company’s control.

• Capital intensity. Network build and spectrum acquisition require continuing heavy investment, which constrains free cash generation.

• Tariff and competition. ARPU growth depends on tariff repair holding in a market with two other scaled operators.

• Promoter control. Reliance Industries Limited remains the promoter after the Issue, with the Issue only 2.93% of post-Issue capital.

• Technology and security. Dependence on proprietary network technology and on the integrity of large-scale customer data systems.

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