Country's largest telecom operator Reliance Jio, which will file its DRHP for Rs 30,000 crore IPO today, is set to remain the biggest growth driver for Reliance Industries Ltd (RIL) over FY26-28, according to brokerage Motilal Oswal. The brokerage states that digital services is likely to contribute 80% of RIL’s incremental EBITDA over FY26-28 with an 18% reported EBITDA CAGR over FY26-28.
Wireless tariff hikes (built in 15% in 2QFY27), market share gains, and continued ramp-up of its homes and enterprise offerings will contribute to the growth at Jio.
The brokerage values Reliance Jio on a DCF implied 11.5x Mar’28E EV/EBITDA to arrive at our enterprise valuation of Rs 11.3 lakh crore (USD120b) for RJio (Wireless + Home broadband).
"We assign Rs 74000 crore (USD8b) valuation to other non-mobility offerings under JPL to arrive at Rs 12 lakh crore (or $128b) enterprise valuation. Factoring in net debt, our equity valuation for JPL stands at Rs 10.7 lakh crore (~USD114b). The attributable equity value for RIL, after adjusting for 33.5% minority stake, comes to INR525/share. ? We reiterate our BUY rating on RIL with an unchanged TP of Rs 1,655.
Value unlocking through the impending JPL IPO, ramp-up of quick-commerce offerings under RRL, higher spreads in the O2C business, and optionality from faster ramp-up of FMCG, AI, Datacenter, and New Energy remain key triggers for the stock, added the brokerage.
Meanwhile, Chairman of Reliance Jio Infocomm Limited Akash M. Ambani during RIL's 49th AGM today said, "The Jio user base has crossed 524 million, cementing our No. 1 position. Our 5G subscriber base has crossed 268 million – the largest for any single-country operator outside China, with 77 million net additions during the year. "
Jio Platform's FY 26 revenue came at Rs 1,46,885 crore, growing 14.6% YoY. EBITDA rose to Rs 76,255 crore in the last fiscal, an 18.8% growth with EBITDA margin improving to 51.9%. "For the first time in our history, Profit After Tax crossed Rs 30,000 crore, growing 15.1% YoY," added Ambani.
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Published on: Jun 19, 2026 2:43 PM IST
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