Jio PlatformsIPO Review — Financials, Valuation & Peers
A data-only look at the Jio Platforms IPO: restated financials, valuation ratios, the RHP peer group and third-party analyst views. ipostation does not rate IPOs — nothing here is a recommendation.
Financials (₹ Cr)
| Period Ended | Revenue | PAT | EBITDA | Net Worth | Total Assets | Borrowings | EPS (₹) |
|---|---|---|---|---|---|---|---|
| FY 2024 | 1,10,175.4 | 21,434 | 54,958.7 | 2,77,866.1 | 5,39,580.4 | 54,348.9 | — |
| FY 2025 | 1,29,333 | 26,120.3 | 64,170 | 3,04,022.4 | 5,81,233.8 | 73,060.3 | 33.62 |
| FY 2026 | 1,49,759.1 | 30,052.7 | 76,255.4 | 3,34,013.4 | 6,15,594 | 70,781 | — |
Restated figures from the offer document. Amounts in ₹ crore; EPS in ₹ per share. FY = the 12 months ended 31 March.
KPIs & Valuation
- RoNW
- 9.42%
- RoCE
- 10.76%
- EPS (pre-issue)
- ₹33.62
- EPS (post-issue)
- ₹32.63
- EBITDA Margin
- 51.91%
- PAT Margin
- 20.46%
- NAV / share
- ₹373.66
As of 31 Mar 2025 (latest reported period in the offer document). Market cap is computed on a post-issue basis at the upper price band.
Peer Comparison
| Company | EPS (₹) | NAV (₹) | P/E | RoNW | Statements |
|---|---|---|---|---|---|
| Jio Platforms | 33.63 | 373.66 | — | 9.42% | Consolidated |
| Bharti Airtel | 45.96 | 244.6 | 42.27x | 20.32% | Consolidated |
| Vodafone Idea | 3.21 | 3.3 | 4.65x | — | Consolidated |
Peer group as disclosed in the offer document, figures as of 31 Mar 2025. The issuer’s P/E is computed at the upper price band.
Promoters & Shareholding
Promoters: Reliance Industries Ltd.
- Holding (pre-issue)
- 66.43%
Analysis in brief
Margin and return profile
The offer document gives a read on the operating engine behind the issue. Jio Platforms operates at an EBITDA margin of 51.91% and a net (PAT) margin of 20.46% — the share of revenue retained at the operating and the net level respectively. Capital efficiency reads at a return on capital employed (RoCE) of 10.76%. These are offer-document figures for the latest reported period (as of 31 Mar 2025); they describe the business as disclosed, not how the stock will trade.
Objects of the issue
Per the offer document, the company intends to deploy the net proceeds primarily toward prepayment, in full or in part, of certain outstanding borrowings availed by the material subsidiary, namely, rjil (₹27,500 crore), alongside general corporate purposes..
Financials
In FY2026, Jio Platforms reported revenue of ₹1,49,759.1 crore and a net profit of ₹30,052.7 crore. Revenue grew from ₹1,10,175.4 crore in FY2024 to ₹1,49,759.1 crore in FY2026 (+36.0%). Net worth stood at ₹3,34,013.4 crore at the end of FY2026.
Peer comparison
The offer document names listed peers including Bharti Airtel and Vodafone Idea, with a median peer P/E of about 23.5×.
Promoters
The promoters of the company are Reliance Industries Ltd.. Promoter holding is 66.43% before the issue.
Frequently asked questions
- Who are the promoters of Jio Platforms and what is their holding?
- The promoters are Reliance Industries Ltd.. Promoter holding is 66.43% before the issue.
- What are the objects of the Jio Platforms IPO?
- The net proceeds go primarily toward prepayment, in full or in part, of certain outstanding borrowings availed by the material subsidiary, namely, rjil, among 2 disclosed objects.