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Jio Platforms IPO at Rs 1,065-1,119 implies Rs 10,30,490.55 crore value, behind Airtel's Rs 11,63,697 crore

Jio Platforms had 50.30 crore active subscribers at the end of August against Bharti Airtel's 48.70 crore, and reported FY26 PAT of Rs 30,046 crore. Its implied valuation ranks second among telecoms.

Jio ahead on subscribers and PAT, behind on ARPU and market cap
Jio Platforms versus Bharti Airtel
MetricJio PlatformsBharti Airtel
Market cap (Jio implied, upper band)₹10,30,490.55 crore₹11,63,697 crore
Active subscribers, August50.30 crore48.70 crore
FY26 PAT (Airtel consolidated)₹30,046 crore₹26,623 crore
ARPU, March 2026 quarter₹214 per month₹257.20
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Newer report , , Mint : Reliance urges its 419,911 staff to back $3.2 billion Jio Platforms IPO, releasing October salaries about 15 days early

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  1. Jio Platforms plans to grow by selling more services, not just tariff hikes, at IPO press conference, , Financial Express
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Reported figures

From the report. Source details below

Airtel FY26 consolidated PAT: Rs 26,623 crore
Jio ARPU, March 2026 quarter: Rs 214 per month
Airtel ARPU, March 2026 quarter: Rs 257.20

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