Jio Platforms and Bharti Airtel compared after Jio's market debut
Experts weigh growth prospects and valuations of the two telecom companies following the Jio Platforms IPO listing.
Jio Platforms shares rose nearly 28 per cent from their ₹1,119 issue price since debuting on Wednesday, 28 October, according to a report by Mint. The Reliance Industries-backed company now has a market capitalisation of nearly ₹13.18 lakh crore, making it India's second-most valuable listed firm.
The IPO for Jio Platforms attracted bids for 22.19 times the shares offered. Meanwhile, Bharti Airtel has seen its shares fall by 6.64 per cent so far in 2026, despite delivering returns of 586.10 per cent over the last decade.
Gaurav Arora, Head of Research at SAHI, noted that Jio's initial valuation of approximately ₹10.3 lakh crore positioned it among the top five companies in India by market capitalisation. He suggested that the focus for investors should shift from growth potential to expected returns, noting that Jio's average revenue per user is around ₹215.
Ratiraj Tibrewal, Director at Choice Capital Advisors, described Jio as a scale-and-growth story driven by its large subscriber base and 5G rollout. He said Jio's success depends on improving revenue per user and stronger cash flows as capital expenditure peaks.
Tibrewal added that Bharti Airtel represents a quality-and-returns proposition due to its premium postpaid mix and disciplined capital allocation. He stated that investors with higher risk appetites might consider Jio, while those seeking earnings visibility may prefer Airtel.