Dolat Capital initiated coverage on the company with an Accumulate rating as shares peaked at Rs 1,490 on the BSE. Reliance Jio Infocomm currently anchors operations, generating 88% of revenue and 95% of EBITDA across its 536 million subscribers. Beyond core mobile connectivity, expansion will be driven by periodic tariff increases alongside an enterprise digital market projected to grow 18% annually through fiscal 2031. With network rollout investments moderating, free cash flow is set to surge considerably by fiscal 2029.
Key points
Transitioning beyond core telecom will rely on enterprise digital solutions and connectin…: Transitioning beyond core telecom will rely on enterprise digital solutions and connecting India's underpenetrated home broadband market.
Periodic telecom tariff increases expected every 2.5 to three years will help close the r…: Periodic telecom tariff increases expected every 2.5 to three years will help close the revenue gap with Bharti Airtel.
Completing the peak capital expenditure phase will significantly lower post-IPO interest…: Completing the peak capital expenditure phase will significantly lower post-IPO interest costs and enhance overall profitability.
Sources checked by our analysis pipeline: 1
Dolat Capital initiated coverage on Jio Platforms with an Accumulate rating and a target price of Rs 1,435. After listing at a healthy premium of 21% on Wednesday, Jio Platforms shares rallied another 5% this morning to touch a peak of Rs 1,490 on BSE.
The brokerage expects JPL to evolve into an “integrated telecom cum tech play” as it scales and monetises investments in emerging businesses.
Reliance Jio Infocomm, which contributes about 88% of JPL’s revenue and 95% of its EBITDA, has established market leadership with 536 million subscribers and about 40% market share. The business recorded revenue, EBITDA and adjusted-profit compound annual growth rates of 15%, 21% and 28%, respectively, over the past six years.
Dolat expects JPL’s revenue, EBITDA and adjusted profit to grow at compound annual rates of 13%, 15% and 21%, respectively, between fiscal 2026 and fiscal 2029. The growth will be driven by tariff hikes, premiumisation, 5G monetisation and usage-based pricing, along with home broadband, enterprise services, digital products and international partnerships.
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