Jio Platforms makes stellar market debut: What Nomura sees driving growth over FY26–FY29

Indian financial markets witnessed a landmark moment on Wednesday, October 28, 2026, as Jio Platforms made a stellar stock market debut, capping one of the most anticipated IPOs in the country's history.

The shares of the telecom and digital services giant listed at ₹1,358 apiece on the BSE and NSE, a premium of 21.36% over the issue price of ₹1,119, giving investors an emphatic start to the company's life as a listed entity.

The listing marks a defining moment for the Reliance Group, putting Jio Platforms in the spotlight as one of India's most valuable listed businesses.

With its market debut, Jio Platforms has emerged as a major force in India's listed telecom and digital services space, while parent Reliance Industries Ltd (RIL) remains a key player in the group's overall market value.

Nomura

Nomura has initiated coverage on Jio Platforms with a positive stance, saying the company has evolved from a market disruptor into an industry leader.

The investment firm highlighted Jio’s strong position in India’s telecom market, with a 42% share of wireless subscribers, 60% of data traffic and 43% of the home broadband market. It expects the company to deliver an EBITDA compound annual growth rate (CAGR) of 13.5% over FY26–FY29.

Nomura believes Jio’s market leadership and pricing power could support steady tariff hikes, which competitors may follow. It also sees home broadband as a second growth engine, alongside opportunities from global technology licensing.

With much of the 5G capital expenditure cycle largely complete, the financial services firm expects capex intensity to decline and free cash flow (FCF) to improve significantly, supporting long-term value creation.

What other analysts say

One financial services firm expects Reliance Jio's wireless revenue market share to rise by 100 basis points to 43.3% between FY26 and FY29. It also projects Jio to account for 73% of incremental net additions in the home broadband industry over the same period.

Beyond its core connectivity business, analysts see the expansion of digital platforms as a key driver of Jio's next phase of growth.

Scaling up offerings across cloud services, enterprise communications, the Internet of Things (IoT) and managed services, along with international partnerships for its 5G and ultra-broadband (UBR) technology, could open up additional growth opportunities, according to the reports.