Management

• Mukesh Dhirubhai Ambani: Chairman and Non-Executive Director
• Manoj Harjivandas Modi: Non-Executive Director
• Akash Mukesh Ambani: Managing Director
• Isha Mukesh Ambani: Non-Executive Director
• Anant Mukesh Ambani: Non-Executive Director
• Raminder Singh Gujral: Independent Director
• Dr. Shumeet Banerji: Independent Director
• Haigreve Khaitan: Independent Director
• Dinesh Hasmukhrai Kanabar: Independent Director
• Zia Jaydev Mody: Independent Director

Use of Proceeds

The Company proposes to utilise the net proceeds from the Fresh Issue, after deducting offer-related expenses, primarily towards the repayment of borrowings of its material subsidiary, Reliance Jio Infocomm Limited (RJIL), and for general corporate purposes. The Fresh Issue comprises up to 270,000,000 equity shares of face value Rs.10 each with issue size of Rs.30,213 Cr..

The Company proposes to utilise the Net Proceeds from the Issue towards the following objects:

• Prepayment of Outstanding Borrowings: The company proposes to utilise Rs.27,500 crore of the net proceeds towards prepayment, in full or in part, of certain outstanding borrowings availed by its material subsidiary, Reliance Jio Infocomm Limited (RJIL)
• General Corporate Purposes: A portion of the net proceeds will be allocated towards general corporate purposes.

Industry

India’s digital economy is expanding on the back of affordable internet access, increasing smartphone usage, wider 5G adoption and the growing use of digital services by consumers and businesses. According to the industry report, India’s digital economy is expected to reach US$1.4 trillion (Rs.125.8 lakh crore) by FY31. Digital connectivity is a key enabler of this growth, supporting online entertainment, cloud computing, digital commerce, enterprise technology and emerging artificial intelligence applications. Jio Platforms participates in this opportunity through mobile connectivity, fixed broadband, proprietary technology and consumer and enterprise digital services. Its subsidiary, Reliance Jio Infocomm Limited, served 533.3 million customers as of June 30, 2026.

Overview of India’s digital connectivity market India’s digital connectivity industry is supported by rising internet penetration, increasing data consumption, higher disposable income and growing adoption of digital services. Affordable smartphones and improved network infrastructure have expanded access to online services across urban, semi-urban and rural markets. The industry is also benefiting from enterprise digitalisation, cloud adoption and the growing use of artificial intelligence. These developments are increasing the need for reliable, high-speed connectivity and creating opportunities for telecom operators and integrated digital platforms.

Stable macro fundamentals attracting investment India’s economic growth, rising household income and expanding consumption provide a supportive environment for digital connectivity. The projects nominal gross domestic product growth and increasing disposable income over the coming years, supporting greater spending on internet access, entertainment and digital services. Continued investment in digital infrastructure is expected to create opportunities for connectivity providers, particularly as businesses increasingly adopt cloud platforms, automation and data-driven operations.

India’s digital ecosystem India’s digital ecosystem has expanded significantly due to wider internet access, increased data consumption and the adoption of online services by consumers and enterprises. The expansion of digital connectivity has supported digital payments, e-commerce, online media, cloud computing and other technology-enabled activities. India’s digital economy was valued at approximately Rs.49.6 lakh crore (US$0.6 trillion) and is projected to reach Rs.125.8 lakh crore (US$1.4 trillion) by FY31, contributing approximately 22% of the country’s gross value added.

India is the world’s fifth-largest digital economy, expanding rapidly on the back of digital connectivity India’s position as a major digital economy reflects the growing role of technology across consumption, financial services, commerce and business operations. Affordable connectivity has enabled more consumers and businesses to access digital platforms. Increasing household income, a young population and the adoption of cloud and artificial intelligence are expected to support further expansion. The report identifies digital services for businesses as an important driver of future growth.

Mobile connectivity market in India India’s mobile connectivity market is one of the largest globally. As of June 30, 2026, the country had approximately 1,282.4 million mobile customers, including 1,021.4 million mobile broadband customers. Despite the scale of the market, mobile broadband penetration stood at approximately 69.62%, indicating scope for further adoption and deeper usage. Increasing data requirements, improved devices and new digital applications are expected to support customer upgrades and higher consumption. Jio’s entry in 2016 transformed the market through affordable data and wider access to high-speed connectivity.

Fixed broadband market in India India’s fixed broadband market is expanding as telecom operators increase fibre coverage and deploy fixed wireless access (FWA) technology. The market reached 66.1 million customers by Q1 FY27, representing more than threefold growth since FY19. Rising demand for online entertainment, remote working, online education, cloud gaming and other bandwidth-intensive applications is increasing the need for reliable high-speed home internet. Fixed wireless access can accelerate adoption in areas where laying physical fibre is difficult or expensive. The projects fixed broadband customers to reach 150.4 million by FY31.

Digital services market in India India’s digital services market is benefiting from improved connectivity, broader application usage and government-led initiatives such as Digital India, Aadhaar, the Unified Payments Interface (UPI) and DigiLocker. Consumer demand is expanding across entertainment, productivity applications and smart-home solutions, while enterprises are investing in cloud migration, automation, artificial intelligence and the Internet of Things. The market remains fragmented, creating opportunities for platforms that can combine proprietary and third-party services and distribute them at scale. Jio’s large customer base and integrated connectivity platform position it to participate in this expanding market.

Competitive Strengths

A Technology Company with Inherent Engineering and Full-Stack Proprietary Capabilities Jio Platforms has developed vertically integrated technology capabilities across network infrastructure, device engineering, software, operating systems and digital applications. As of June 30, 2026, the company had 12,477 employees in digital products and technology development, representing approximately 45% of its total workforce. It had also filed 7,220 patent applications across 4G, 5G, 6G, cloud-native network architectures and artificial intelligence. These capabilities help reduce dependence on external vendors, support faster innovation and improve operational efficiency. Its proprietary technology platforms also create opportunities to offer differentiated services and technology solutions to domestic and international customers.

Transforming Digital Connectivity and Digital Services in India Jio has played a significant role in expanding affordable digital connectivity and accelerating the adoption of mobile internet services in India. As of June 30, 2026, its subsidiary Reliance Jio Infocomm Limited served 533.3 million customers, including 284.9 million 5G customers. Its wireless broadband network covered more than 99% of India's population, while its integrated digital offerings included entertainment, music streaming, gaming and productivity services. The company also reported a 61.73% share of net fixed broadband customer additions in the quarter ended June 30, 2026. This established customer reach and service portfolio support further adoption of digital products.

Future-Ready Network Infrastructure Jio has established extensive network infrastructure to support growing demand for high-speed mobile and fixed broadband services. As of June 30, 2026, its network infrastructure included access to 360,537 network towers, more than 1 million route kilometres of fibre network and 26,800.8 MHz of spectrum, with an average remaining spectrum life of approximately 15.8 years. Its wireless broadband network covered more than 99% of India's population, while fixed broadband coverage extended to approximately 98% of Indian pin codes. This infrastructure supports nationwide connectivity, higher data consumption and the expansion of 5G and enterprise digital services.

Culture of Innovation Driving Execution Engine Excellence Jio combines technology development with data-driven network management and operational automation. Its proprietary JioBrain artificial intelligence platform supports capacity allocation, fault prediction, resolution and real-time network optimisation. The company also uses digital-twin technology to plan network rollouts and improve installation processes, while its JioGridX platform analyses network parameters to support corrective actions. During the quarter ended June 30, 2026, 84% of customer service requests were handled through self-service or artificial intelligence-assisted workflows. These capabilities can improve service quality, reduce operational inefficiencies and support faster execution across its nationwide network.

The Nation-Scale Digital Gateway to India Jio's large customer base, digital distribution network and integrated services ecosystem provide a platform for reaching consumers across India. The MyJio application recorded 227.6 million average monthly active users in the quarter ended June 30, 2026. Its distribution network included 1,059 Jio Centres and 6,322 Jio Points, supporting customer acquisition and service delivery across urban and rural markets. JioFiber and JioAirFiber packages offered more than 1,000 television channels and 15 over-the-top entertainment services. This extensive distribution and engagement platform enables Jio to cross-sell digital services, collaborate with technology partners and expand its consumer and enterprise offerings.

Proven Track Record of Scale, Growth and Profitability with Strong Balance Sheet Jio Platforms has demonstrated substantial operating scale, healthy profitability and improving financial leverage. In Fiscal 2026, the company reported revenue from operations of Rs.1,46,885.3 crore, EBITDA of Rs.76,255.4 crore and profit after tax of Rs.30,049.1 crore, with an EBITDA margin of 51.91%. Between Fiscal 2024 and Fiscal 2026, revenue and EBITDA grew at compound annual growth rates of 15.79% and 17.79%, respectively. Net leverage declined from 0.88 times in Fiscal 2024 to 0.36 times in Fiscal 2026. This financial performance provides a foundation for continued investment in network infrastructure, broadband expansion and emerging digital technologies.

Peer Comparison

Key Risks & Concerns

Dependence on Reliance Retail for Prepaid Distribution Reliance Retail Limited is the sole distributor of Jio’s prepaid connectivity services under a long-term agreement. Prepaid connectivity accounted for 77.08% of consolidated revenue from operations in Fiscal 2026. Any disruption, change in contractual terms, or deterioration in the distribution arrangement could affect customer acquisition, recharge activity, revenue recognition and profitability. Although Reliance Retail’s extensive distribution network provides scale advantages, developing alternative distribution channels could require additional time and investment.

Intense Competition and Pricing Pressure Jio operates in a competitive market covering mobile connectivity, fixed broadband and digital services. Competition from telecom operators and digital platforms may require continued investment in network quality, technology and customer acquisition. Aggressive pricing by competitors, changes in tariff structures or customer switching could affect average revenue per user, margins and customer retention. Although Jio held a reported 49.78% share of wireless broadband and 43.32% of fixed broadband as of June 30, 2026, maintaining these positions requires sustained investment and innovation.

Regulatory Changes and Spectrum-Related Risks Jio’s connectivity business is subject to regulations governing telecom licences, spectrum allocation, interconnection, quality of service and network rollout. Changes in regulatory policies, licence renewal conditions or spectrum acquisition costs could increase capital expenditure and operating expenses. Additional compliance requirements may also affect tariff flexibility, cash flows and returns on investment. As the company continues to expand its network and adopt new technologies, its financial performance will remain sensitive to the regulatory environment and the cost of maintaining its licences and spectrum resources.

Cybersecurity, Data Privacy and Technology Risks Jio relies on extensive telecommunications infrastructure, digital platforms and customer data, exposing it to potential cybersecurity attacks, data breaches and service disruptions. Incidents involving ransomware, malware, unauthorised access or third-party service providers could damage customer trust, result in regulatory consequences and require significant expenditure on remediation. The company also relies increasingly on artificial intelligence and machine-learning technologies, where model errors, data-quality issues or biased outputs could adversely affect operations and reputation. Effective security, privacy and technology-risk management will therefore remain essential.

Dependence on the Jio Brand and Intellectual Property Rights The Jio trademark is owned by the promoter and licensed to the company, while other Reliance Group entities also use the brand. Negative publicity, legal disputes or operational failures involving these entities could affect Jio Platforms’ reputation despite its own operating performance. Any unfavourable change or termination of the trademark licence could increase costs and potentially require substantial rebranding expenditure. Furthermore, not all patent applications have been granted, and the company may face intellectual property infringement claims or difficulties protecting its proprietary technologies.

High Capital Requirements and Network Investment Risks Maintaining nationwide mobile coverage, expanding 5G capacity, increasing fixed broadband penetration and developing new digital technologies require substantial investment. Jio must continually upgrade its network infrastructure and acquire or renew spectrum as technology and demand evolve. If customer additions, data usage or revenue growth fall short of expectations, the returns on these investments could weaken. Higher-than-anticipated capital expenditure, rising infrastructure costs or delays in technology deployment could also affect free cash flow and profitability.

Artificial Intelligence Deployment and Execution Risks Jio intends to expand the use of artificial intelligence across network operations, customer services and enterprise solutions. However, the expected benefits from these investments may not materialise at the anticipated pace. Model errors, inaccurate outputs, implementation challenges or difficulties integrating new systems could limit operational improvements and commercial adoption. Continued investment in research, infrastructure and skilled personnel may also increase costs before new services generate meaningful returns. Failure to develop commercially successful AI offerings could constrain the company’s diversification beyond connectivity.

Outlook and Valuation

Jio Platforms is well positioned to benefit from India’s continued digitalisation, rising 5G adoption, migration of 2G users to high-speed networks and increasing fixed broadband penetration. Its 533.3 million customer base, including 284.9 million 5G customers, provides significant opportunities for customer upgrades, tariff improvement and cross-selling of entertainment, cloud, artificial intelligence and enterprise services. JioFiber and JioAirFiber, with a combined 28.6 million customers as of June 30, 2026, offer further growth potential. Financial performance remains strong, with FY26 revenue of Rs.1,46,885 crore, EBITDA of Rs.76,255 crore and profit after tax of Rs.30,049 crore. Revenue and EBITDA grew at compound annual growth rates of 15.79% and 17.79%, respectively, between FY24 and FY26, while net leverage declined to 0.36 times. At the upper price band, Jio Platforms Limited is valued at 14.3x trailing twelve-month (TTM) EV/EBITDA, adjusted for spectrum obligations and lease liabilities, and ~33.3x FY26 earnings. While the company trades at a premium to peers on an EV/EBITDA basis, this premium appears justified by its faster EBITDA growth, stronger spectrum position and lower leverage. Based on FY26 earnings per share, Jio Platforms is valued at approximately a 23% discount to peers, offering an attractive entry point into India’s growing digital connectivity and services ecosystem. We recommend SUBSCRIBE for investors seeking to participate in the long-term growth potential of India’s digital economy.