Source : INDIA TODAY NEWS
Research notes ahead of the 30,213 crore issue point to four growth engines: upgrading 2G users, home broadband, enterprise cloud and AI, and selling Jio’s own technology overseas.
As the Jio Platforms Limited (JPL) IPO opens on October 21, brokerage research is turning attention from the size of the issue to the road ahead. JPL is already India’s largest digital connectivity company, and IPO notes from GEPL Capital, Ventura Securities and SMC Global suggest its next phase of growth may be bigger still.
Engine 1: 261 Million Users Still to Upgrade
Jio’s customer base reached 533.3 million in June 2026, including 284.9 million 5G customers. Yet a large pool of potential users remains. GEPL Capital notes that 261 million users across the industry were still on 2G networks as of June 30, 2026. It sees a major opportunity in moving them to Jio through affordable offerings such as the 799 JioBharat phone, bundled with digital services.
Customers are also spending more. Average revenue per user (ARPU) rose from 181.7 in FY24 to 215.6 in Q1FY27, and monthly data use per customer climbed to 43.7 GB. GEPL expects the company to lift ARPU further through periodic tariff rationalisation, more premium plans, and bundles of OTT entertainment, cloud storage, gaming and AI-based services.
Engine 2: Home Broadband Has Room to Grow
Jio had 28.6 million JioFiber and JioAirFiber subscribers as of June 2026, of which 14 million were on JioAirFiber. Analysts see plenty of headroom. GEPL points out that India’s fixed broadband penetration was only about 21% in FY26 and is projected to reach around 46% by FY31.
SMC Global adds that JioAirFiber, a fixed wireless access service, can help adoption where laying conventional fibre is difficult or costly. Growth in underserved markets, it says, could widen Jio’s addressable customer base.
Engine 3: A Technology Company, Not Just a Telecom Operator
Analysts repeatedly describe JPL as a technology platform as well as a telecom operator. Ventura Securities, which rates the issue “Subscribe”, notes that Jio has built its own end-to-end 5G standalone stack and filed 7,220 patent applications across 4G, 5G, 6G, AI and digital technologies, of which 1,043 have been granted. Its proprietary AI platform, JioBrain, is being deployed across network operations and forms part of its technology monetisation strategy.
SMC Global says that as telecom converges with cloud computing, AI and enterprise digital solutions, these platforms could open up service expansion and monetisation beyond traditional connectivity. Greater automation, it adds, could improve operating leverage and customer retention over time.
Engine 4: Taking Indian Technology to the World
JPL also plans to sell its home-grown technology to other countries. GEPL notes that partnerships with overseas telecom operators, and the monetisation of Jio’s 5G core, cloud-native RAN, OSS/BSS and fixed wireless access technologies, could create revenue streams beyond domestic connectivity. The company also plans to extend JioBrain and its autonomous network capabilities to global telecom operators and other industries. SMC Global says this model could let Jio expand beyond India without rebuilding its entire domestic infrastructure abroad.
A Fast-Growing Market
These engines sit within a rapidly growing industry. SMC Global describes Indian telecom and digital services as one of the fastest-growing globally, driven by rising data use, 5G rollouts and fibre expansion. Industry data in GEPL’s note projects India’s mobile broadband ARPU rising from 199.5 in FY26 to 326.4 by FY31.
Jio’s Growth Levers in Numbers
Jio had 533.3 million customers in June 2026, of whom 284.9 million were on 5G, while 261 million users across the industry were still on 2G networks. Its fixed broadband base stood at 28.6 million subscribers, including 14 million on JioAirFiber, in a market where penetration is about 21% in FY26 and projected to reach around 46% by FY31. ARPU has risen from 181.7 in FY24 to 215.6 in Q1FY27, and the company has filed 7,220 patent applications, of which 1,043 have been granted.
What to Keep in Mind
The IPO runs from October 21 to 23, with a price band of 1,065 to 1,119 per share. The projections above are brokerage estimates, not guarantees. Investors should read the red herring prospectus and weigh the risks before applying. This article is for information only and is not investment advice.
– Ends
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SOURCE :- TIMES OF INDIA
