# Jio IPO Review: What Brokerages Say (Sourced Table)

> Jio IPO review: Anand Rathi, Religare, Motilal Oswal, Systematix, Shriram, GEPL, Ventura and others mostly say subscribe. Ratings, reasons, dates and links.
- **Published**: 2026-10-21
- **Modified**: 2026-10-21
- **Category**: ipo
- **URL**: https://www.tldr.money/articles/ipo/jio-ipo-review

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This page collects **brokerage views on the Jio IPO** that we could trace to a reputable publication, with the date and a link for each. It is part of the [Jio IPO DRHP and RHP breakdown](/articles/ipo/jio-ipo) and our [IPO guides](/ipo).

**Last updated: 21 October 2026, 11:30 IST.** We list a view only if a named brokerage's rating or reasoning was reported by a reputable outlet. We do not add views from social media or anonymous sites.

> **Educational content, not investment advice.** This page reports other firms' published opinions. tldr.money is not a SEBI-registered investment adviser or research analyst, and nothing here is a recommendation to apply for, buy, sell or hold any security. Brokerage ratings can be wrong and may come from firms with links to the issue. IPO investments can lose money, including on listing day. Read the [red herring prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) before you bid, and speak to a SEBI-registered adviser if you need personal advice.

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- **Mostly positive.** 8 of the 10 views we traced are subscribe-style; 2 give no clear rating; **none says avoid**.
- **The pitch:** India's largest telecom and broadband platform, profits growing faster than revenue, capex past its peak, debt being repaid.
- **The pushback:** it is priced at about **33-34 times** earnings, earns less on its capital than Airtel and depends heavily on Reliance.

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## Brokerage views on the Jio IPO

| Firm | Rating | Main reasoning | Date | Reported by |
|---|---|---|---|---|
| Anand Rathi | Subscribe - Long Term | 34.3x FY26 P/E and 14.8x FY26 EV/EBITDA "appears reasonable" given leadership, profitability and AI, enterprise and fixed-broadband opportunities. Flags regulation, spectrum, technology and cyber risks | Report dated 16 Oct 2026 | [Moneycontrol, 19 Oct 2026](https://www.moneycontrol.com/news/business/ipo/subscribe-for-jio-platforms-ltd-ipo-anand-rathi-14055254.html) |
| Religare Broking | Subscribe - Long Term | 11.6x estimated FY28 EV/EBITDA; rising ARPU and margins. Flags dependence on Reliance Jio Infocomm, spectrum and licence renewals, satellite broadband, tower and fibre concentration, net neutrality | 21 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece); [India Today](https://www.indiatoday.in/business/ipo/story/jio-ipo-fully-booked-record-latest-subscription-day-1-qib-demand-gmp-rs-276-3021747-2026-10-21) |
| Shriram Research | Subscribe (medium to long term) | Market leadership, cash generation, growth potential. Flags regulation, competition, related-party dependence, financial obligations | 21 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece) |
| Systematix | Subscribe | 33.3x FY26 EPS, about 19% below its own valuation of Jio inside consolidated RIL. Flags capex, competition, regulation, execution | 21 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece) |
| Motilal Oswal | Invest for listing gains and long term | About 34x post-issue FY26 earnings vs about 40x for Bharti Airtel; net leverage 0.36x. "ROCE of ~10.8 per cent and ARPU below Airtel's remain key monitorables" | 21 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece) |
| GEPL Capital | Subscribe | 33.3x FY26 earnings "appears fairly valued"; subscriber additions, ARPU and digital services as drivers | 18 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/jio-platforms-ipo-gets-subscribe-recommendations-as-brokerages-cite-strong-earnings-growth/article71599567.ece) |
| Ventura Securities | Subscribe | Home broadband, enterprise and AI beyond mobile; 7,220 patent applications; comfortable leverage | 17-18 Oct 2026 | [Business Today](https://www.businesstoday.in/markets/stocks/story/jio-ipo-gmp-rises-ventura-smc-global-sbi-securities-3-others-share-recommendations-562231-2026-10-17); [BusinessLine](https://www.thehindubusinessline.com/markets/jio-platforms-ipo-gets-subscribe-recommendations-as-brokerages-cite-strong-earnings-growth/article71599567.ece) |
| SMC Global | 3 out of 5 stars | Long-term growth from 5G, digital and AI; free cash flow could improve as capex normalises, "subject to effective execution" | 17 Oct 2026 | [Business Today](https://www.businesstoday.in/markets/stocks/story/jio-ipo-gmp-rises-ventura-smc-global-sbi-securities-3-others-share-recommendations-562231-2026-10-17) |
| Emkay Global | No clear rating in the coverage we found | "Reasonably priced given the growth clocked in"; EBITDA CAGR 16.2% and PAT CAGR 18.4% over FY24-26; capex down from 48.8% to 23.3% of revenue | 18 Oct 2026 | [BusinessLine](https://www.thehindubusinessline.com/markets/jio-platforms-ipo-gets-subscribe-recommendations-as-brokerages-cite-strong-earnings-growth/article71599567.ece) |
| SBI Securities | No rating reported (Business Today lists "NA") | 34.4x post-issue FY26 P/E; EV per subscriber INR 20,117; debt repayment should cut leverage and finance costs | 17 and 21 Oct 2026 | [Business Today](https://www.businesstoday.in/markets/stocks/story/jio-ipo-gmp-rises-ventura-smc-global-sbi-securities-3-others-share-recommendations-562231-2026-10-17); [BusinessLine](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece) |

Ratings are quoted as reported. Where a publication summarised a report, we use its wording; the full reports may contain more detail and disclosures.

## The bull case, in brokerages' words

- **Scale and leadership.** 533.3 million customers at June 2026 and about 60% of India's wireless data traffic in FY26 (Ventura, via BusinessLine).
- **Profits growing faster than revenue.** Revenue, EBITDA and PAT CAGR of 15.8%, 16.2% and 18.5% over FY24-26 (SBI Securities), helped by operating leverage.
- **Capex past the peak.** Capex fell from 48.8% of revenue in FY24 to 23.3% in FY26 (Emkay), so cash flow should improve.
- **Debt repayment.** Most of the INR 27,500 crore of fresh money repays Reliance Jio Infocomm's borrowings, cutting interest costs (SBI Securities, Motilal Oswal).
- **New businesses.** Home broadband, enterprise cloud, AI and selling Jio's technology abroad (Anand Rathi, Ventura, Religare).
- **Price vs Airtel.** About 33-34 times FY26 earnings against about 40 times for Airtel (Motilal Oswal; RHP).

## The caveats, including ours

- **Returns on capital trail Airtel.** Motilal Oswal flags ROCE of about 10.8%; the RHP shows Jio's FY26 return on net worth at 9.42% against Airtel's 20.32%. See [Jio vs Airtel](/articles/ipo/jio-vs-airtel).
- **ARPU is lower than Airtel's.** INR 215.6 against INR 264 a month in Q1 FY27 (company filings).
- **Debt beyond loans.** The 0.36x net leverage figure excludes INR 1,04,514 crore of deferred spectrum payments, as our [hub](/articles/ipo/jio-ipo) explains.
- **Group dependence.** Reliance Retail is the only distributor of prepaid plans; RIL owns the "Jio" brand. See the [risk factors](/articles/ipo/jio-ipo-risk-factors).
- **Not cheap vs the sector average.** The RHP's peer average P/E is 22.35x, though Vodafone Idea's one-off profit drags it down.
- **Possible conflicts.** Several brokerages belong to groups with roles in the issue; for example, SBI Capital Markets is a lead manager and SBI Securities is part of the same SBI group. Reports must disclose such interests; read them.

## How to use brokerage views

1. **Read the reasoning, not just the label.** "Subscribe - Long Term" and "invest for listing gains" are different calls.
2. **Check the date.** All of these views predate the final price and most predate the anchor book.
3. **Compare with verifiable data.** The [anchor book](/articles/ipo/jio-ipo-anchor-investors) and [subscription figures](/articles/ipo/jio-ipo-subscription-status) are official; [GMP](/articles/ipo/jio-ipo-gmp) is not.
4. **Decide on your own plan.** Our [should you invest](/articles/ipo/should-you-invest-in-jio-ipo) checklist covers the questions that matter for you.

## Related Jio IPO guides

- [Jio IPO: DRHP and RHP breakdown](/articles/ipo/jio-ipo)
- [Should you invest in the Jio IPO?](/articles/ipo/should-you-invest-in-jio-ipo)
- [Jio IPO risk factors](/articles/ipo/jio-ipo-risk-factors)
- [Jio vs Airtel](/articles/ipo/jio-vs-airtel)
- [Jio IPO subscription status](/articles/ipo/jio-ipo-subscription-status)
- [India's biggest IPOs](/articles/ipo/biggest-ipos-in-india)

## Sources

Accessed 21 October 2026.

- [SEBI, Jio Platforms Limited: Red Herring Prospectus dated 14 October 2026](https://www.sebi.gov.in/filings/public-issues/oct-2026/jio-platforms-limited-rhp_105274.html) (financials, peer comparison, lead managers)
- [Jio Platforms price band advertisement, 14 October 2026 (hosted by lead manager JM Financial)](https://www.jmfl.com/Common/getFile/6109)
- [The Hindu BusinessLine, Jio IPO: What brokerages say about Jio Platforms' INR 30,213 cr IPO, updated 21 October 2026, 10:38 IST](https://www.thehindubusinessline.com/markets/mega-ipo-here-is-what-brokerages-say-about-jio-platforms-30213-crore-issue/article71606106.ece)
- [The Hindu BusinessLine, Jio Platforms IPO gets subscribe recommendations as brokerages cite strong earnings growth, updated 18 October 2026, 15:38 IST](https://www.thehindubusinessline.com/markets/jio-platforms-ipo-gets-subscribe-recommendations-as-brokerages-cite-strong-earnings-growth/article71599567.ece)
- [Moneycontrol, Subscribe for Jio Platforms Ltd IPO; Anand Rathi, 19 October 2026, 11:42 IST](https://www.moneycontrol.com/news/business/ipo/subscribe-for-jio-platforms-ltd-ipo-anand-rathi-14055254.html)
- [Business Today, Jio IPO: GMP rises; Ventura, SMC Global, SBI Securities, 3 others share views, updated 17 October 2026, 12:38 IST](https://www.businesstoday.in/markets/stocks/story/jio-ipo-gmp-rises-ventura-smc-global-sbi-securities-3-others-share-recommendations-562231-2026-10-17)
- [India Today, Jio IPO sets record as India's biggest share sale gets fully subscribed within hours, 21 October 2026, 10:53 IST](https://www.indiatoday.in/business/ipo/story/jio-ipo-fully-booked-record-latest-subscription-day-1-qib-demand-gmp-rs-276-3021747-2026-10-21)
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