Market Cap Crosses ₹13.5 Lakh Crore as Motilal Oswal Issues 'Buy' Rating
Extending its explosive debut momentum into a second consecutive trading session, shares of Jio Platforms surged over 5% in morning trade on Thursday, October 29, 2026, propelling the digital and telecom behemoth's total market capitalization past the historic ₹13.5 lakh crore threshold. Opening at ₹1,445.90 against its previous close of ₹1,417.50—an immediate uptick of ₹28.40 at the opening bell—the stock witnessed heavy institutional accumulation, advancing to an intraday high of ₹1,489.70 by 9:22 AM. With over 30.77 lakh shares changing hands in initial trading hours alone, the newly listed counter has delivered cumulative listing returns exceeding 30% over its primary issue price, confirming vigorous investor appetite for India’s largest digital ecosystem operator across both retail and institutional desks on Dalal Street.
Telecom Dominance: 533 Million Subscribers and Anticipated 15% Tariff Hike Anchor Growth
Reinforcing the post-listing buying frenzy, domestic brokerage powerhouse Motilal Oswal issued a high-conviction "Buy" recommendation on Jio Platforms, spotlighting the company's unassailable leadership across India's digital connectivity landscape. According to the brokerage's institutional research note, Reliance Jio commanded an expansive subscriber base of approximately 533 million users as of June 2026, translating to a dominant 41.4% share of total wireless subscribers and capturing 42.3% of the industry's aggregate wireless revenue. This deep operational moat provides the platform with sustained pricing power; Motilal Oswal projects that Indian telecom operators will implement an industry-wide mobile tariff hike of roughly 15% around March 2027. While the precise regulatory timing and quantum of tariff adjustments remain subject to macroeconomic conditions, the anticipated upward tariff revision combined with steady monthly subscriber additions is forecasted to deliver significant operating leverage, directly lifting the company's average revenue per user (ARPU), wireless top-line numbers, and operating EBITDA margins.
Beyond Connectivity: 73% Broadband Addition Share and ₹5.9 Lakh Crore Enterprise Opportunity
Beyond traditional wireless mobility, the research report identifies home broadband and enterprise digital infrastructure as the primary structural growth engines steering the company’s next expansion phase. Anchored by its twin wireline and wireless home solutions—JioFiber and JioAirFiber—the company currently serves approximately 30 million home broadband households. Analysts estimate that Jio Platforms is strategically positioned to capture nearly 73% of all new incremental home broadband subscriber additions across the entire Indian market between fiscal years 2026 and 2029, rapidly monetizing home entertainment, smart automation, and digital consumer connectivity. Concurrently, Jio is expanding its non-telecom enterprise suite, building proprietary footprints across cloud storage, corporate communication pipelines, the Internet of Things (IoT), and managed digital IT services. Motilal Oswal values the total addressable market for these next-generation technology verticals at over ₹80,000 crore in the consumer sector and upwards of ₹5.1 lakh crore in the enterprise enterprise domain, providing long-term diversification beyond voice and data pipes.
Robust Cash Engines: 20% PAT CAGR and Net Cash Balance Sheet Projected by FY29
Underpinning its premium valuation multiples, Motilal Oswal’s financial model projects that Jio Platforms will maintain strong compounding financial metrics over the medium term. Between fiscal years 2026 and 2029, the company is estimated to deliver a compound annual growth rate (CAGR) of approximately 14% in consolidated operational revenue, 15% in reported operating EBITDA, and a robust 20% growth in profit after tax (PAT). Furthermore, as peak 5G capital expenditure cycles taper off and fixed-wireless broadband monetization scales nationwide, analysts project total cumulative free cash flow generation of approximately ₹1.46 lakh crore across the four-year evaluation horizon. This sustained cash generation is expected to transition Jio Platforms into a completely net cash-positive corporate entity by FY29, giving the company exceptional balance sheet flexibility to self-fund technological innovation, artificial intelligence infrastructure, and shareholder capital returns.
