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India's largest mobile operator, offering 4G/5G mobile, home broadband, enterprise cloud and AI services; Reliance Industries' digital arm.
India's largest mobile operator, offering 4G/5G mobile, home broadband, enterprise cloud and AI services; Reliance Industries' digital arm.
Earns mainly from monthly mobile plans, mostly prepaid recharges sold through sister company Reliance Retail, plus home broadband, with enterprise connectivity and cloud a smaller line. Reliance Industries controls it; Meta, Google and several funds hold minority stakes from 2020 deals. Its October 2026 listing was a fresh share issue, with proceeds mainly repaying the telecom subsidiary's debt.
In one line: India's Verizon plus Comcast, with a cloud and app layer.
Moat: wide (regulatory licence, scale, distribution). Spectrum licences, nationwide network and retail reach; only a few operators can afford 5G scale.
Headquarters: Mumbai, India · Founded: 2019 · Employees: 27,935
Size Jio Platforms (JPL.NS) is an India Communication Services company (Wireless Telecommunications) with a market value of $137B, the 3rd largest of 1,058 India companies the cockpit tracks. Shares closed at ₹1,406 on 6 Nov 2026.
Growth Revenue grew 14.6% over the last twelve months (peer median +4.0%); the operating margin is 31.8% (peer median 18.0%).
Valuation It trades at 9.0× enterprise value to sales against a peer median of 2.6× (most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.3 points below its cost of capital (12.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | ₹1.47T | ₹1.28T | ₹1.10T |
| Revenue growth | — | +15% | +17% | — |
| Gross profit | n/a | ₹651B | ₹527B | ₹415B |
| EBITDA | n/a | ₹740B | ₹636B | ₹549B |
| Net income | n/a | ₹301B | ₹261B | ₹214B |
| Free cash flow | n/a | ₹327B | ₹113B | -₹94.6B |
| Capital expenditure | n/a | ₹343B | ₹443B | ₹536B |
| Total debt | ₹694B | ₹847B | ₹857B | ₹671B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Jio Platforms JPL.NS | $137B | n/a | +15% | 32% | 9.0× | 28.0% |
| Bharti Airtel BHARTIARTL.NS | $139B | +15% | +20% | 32% | 6.8× | 20.4% |
| Vodafone Idea IDEA.NS | $14.6B | +14% | +3% | -6% | 7.3× | 29.6% |
| Tata Communications TATACOMM.NS | $5.15B | +7% | +9% | 8% | 2.4× | 34.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JPL.NS | Peer median | Rank in peer set |
|---|---|---|---|
| Revenue growth (TTM) | +14.6% | +4.0% | 3rd highest of 12 |
| Operating margin | 31.8% | 18.0% | 2nd highest of 12 |
| EV / Sales | 9.0× | 2.6× | most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 28.0% | -1.4% | most demanding of 12 |
| Growth delivered (Del g) | +14.6% | +2.7% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | +13.5 pp | -2.8 pp | most demanding of 12 |
| ROIC minus cost of capital | -3.3 pp | +1.5 pp | 2nd lowest of 12 |
| EV / EBITDA | 17.8× | 7.6× | most expensive of 11 |
| Net debt / EBITDA | 0.2× | 2.8× | least indebted of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jio Platforms JPL.NS | India | $137B | n/a | +15% | 32% | 9.0× | 28.0% | +14.6% |
| Bharti Airtel BHARTIARTL.NS | India | $139B | +15% | +20% | 32% | 6.8× | 20.4% | +16.0% |
| AT&T T | United States | $146B | -14% | +4% | 22% | 2.6× | -4.8% | -6.1% |
| T-Mobile US TMUS | United States | $172B | -16% | +9% | 22% | 3.0× | -3.0% | +5.2% |
| Verizon VZ | United States | $189B | -3% | +1% | 24% | 2.7× | -7.2% | +1.5% |
| China Telecom 0728.HK | Hong Kong | $89.4B | -14% | +1% | 6% | 1.2× | -17.0% | +5.1% |
| America Movil SAB de CV Sponsored ADR AMX | United States | $78.5B | -5% | +16% | 22% | 2.1× | -7.3% | +4.7% |
| Softbank 9434.T | Japan | $71.3B | +6% | +8% | 14% | 2.6× | 3.4% | +6.2% |
| Kddi 9433.T | Japan | $66.4B | +10% | +4% | 18% | 2.5× | -1.4% | +2.7% |
| Orange ORA.PA | France | $45.0B | -19% | +3% | 12% | 2.3× | 4.9% | -0.9% |
| Telstra TLS.AX | Australia | $39.0B | -4% | -1% | 16% | 3.3× | 5.6% | +1.2% |
| Vodafone Group Public VOD.L | United Kingdom | $36.3B | +4% | +11% | 10% | 1.8× | 4.2% | -2.2% |