Research reports ahead of the Rs 30,213 crore issue identify four major growth drivers for Jio Platforms Limited (JPL): upgrading 2G users, expanding home broadband, growing enterprise cloud and AI services, and exporting Jio’s proprietary technology to international markets.
As JPL’s IPO opens on October 21, brokerage reports are shifting their focus from the size of the offering to the company’s future growth prospects. JPL is already India’s largest digital connectivity company, and reports from GEPL Capital, Ventura Securities and SMC Global suggest it could have significant opportunities to expand further.
ENGINE 1: 261 MILLION USERS STILL TO UPGRADE
Jio had 533.3 million customers in June 2026, including 284.9 million 5G users. However, a substantial number of potential customers remain. According to GEPL Capital, 261 million users across the industry were still using 2G networks as of June 30, 2026. The brokerage sees an opportunity for Jio to attract these users through affordable products such as the Rs 799 JioBharat phone, which comes bundled with digital services.
Customer spending is also increasing. Average revenue per user (ARPU) rose from 181.7 in FY24 to 215.6 in Q1FY27, while monthly data consumption per customer reached 43.7 GB.
GEPL expects Jio to increase ARPU further through periodic tariff adjustments, premium plans and bundled offerings that include OTT entertainment, cloud storage, gaming and AI-powered services.
ENGINE 2: HOME BROADBAND HAS ROOM TO GROW
As of June 2026, Jio had 28.6 million JioFiber and JioAirFiber subscribers, including 14 million JioAirFiber users. Analysts believe the company has considerable scope to expand its customer base.
GEPL notes that fixed broadband penetration in India stood at only around 21% in FY26 and is projected to increase to approximately 46% by FY31.
SMC Global highlights JioAirFiber’s potential as a fixed wireless access service, particularly in areas where installing conventional fibre connections is difficult or expensive. Expanding into underserved markets could help Jio reach more customers and enlarge its addressable market.
ENGINE 3: A TECHNOLOGY COMPANY, NOT JUST A TELECOM OPERATOR
Analysts frequently describe JPL as both a technology platform and a telecommunications operator.
Ventura Securities, which has assigned a “Subscribe” rating to the IPO, notes that Jio has developed its own end-to-end 5G standalone technology stack. The company has filed 7,220 patent applications covering 4G, 5G, 6G, AI and digital technologies, of which 1,043 have been granted.
Jio’s proprietary AI platform, JioBrain, is being integrated into network operations and forms part of its strategy to generate revenue from its technology capabilities.
SMC Global believes the convergence of telecommunications with cloud computing, AI and enterprise digital solutions could create opportunities to expand services and generate revenue beyond conventional connectivity. Greater automation could also improve operating efficiency and customer retention over time.
ENGINE 4: TAKING INDIAN TECHNOLOGY TO THE WORLD
JPL also intends to market its home-grown technology internationally.
GEPL notes that partnerships with overseas telecom operators, along with the monetisation of Jio’s 5G core, cloud-native radio access network (RAN), OSS/BSS systems and fixed wireless access technology, could create revenue sources beyond the domestic market.
The company also plans to offer JioBrain and its autonomous network capabilities to telecom operators and businesses worldwide.
According to SMC Global, this approach could enable Jio to expand internationally without having to recreate its entire domestic infrastructure in every overseas market.
A FAST-GROWING MARKET
These growth opportunities are emerging within an expanding industry. SMC Global describes India’s telecommunications and digital services sector as one of the fastest-growing globally, supported by rising data consumption, 5G deployment and fibre-network expansion.
Industry projections cited in GEPL’s report estimate that India’s mobile broadband ARPU could rise 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, including 284.9 million 5G users. Meanwhile, 261 million users across the industry remained on 2G networks.
The company’s fixed broadband customer base stood at 28.6 million, including 14 million JioAirFiber subscribers. Fixed broadband penetration in India was approximately 21% in FY26 and is projected to reach around 46% by FY31.
Jio’s ARPU increased from 181.7 in FY24 to 215.6 in Q1FY27. The company has also filed 7,220 patent applications, with 1,043 receiving grants.
WHAT TO KEEP IN MIND
The IPO is scheduled to run from October 21 to October 23, with a price band of Rs 1,065 to Rs 1,119 per share.
The growth projections mentioned in the brokerage reports are estimates rather than guaranteed outcomes. Investors should review the red herring prospectus and assess the associated risks before applying. The article is intended for informational purposes and does not constitute investment advice.
