Ajcon Global’s ‘Subscribe’ Call on Jio Platforms Ltd IPO

On October 21, 2026, Ajcon Global released a research note that, in plain English, tells investors to go ahead and “subscribe” to Jio Platforms Limited’s upcoming IPO. The recommendation isn’t a wild guess – it’s backed by a raft of numbers that paint a picture of a telecom behemoth that’s still on the rise.

Jio Platforms, the technology arm of Reliance Industries, runs its consumer‑facing business through Reliance Jio Infocomm Limited (RJIL). Since its 2016 launch, the company has become the single biggest player in India’s digital connectivity space. As of June 30, 2026, RJIL was serving a jaw‑dropping 533.3 million customers – roughly half the country’s population – and its network reached over 99 % of Indians.

What’s more, Jio’s wireless portfolio is heavily weighted toward the future. It boasted about 284.9 million 5G users by the same date and was the first Indian operator to launch a standalone 5G network. In FY 26, around 60 % of all mobile data traffic in India ran over Jio’s network, and the firm held roughly 1.4 times more 4G/5G subscribers than its nearest rival.

From a valuation standpoint, the upper price band of ₹1,119 per share translates into a price‑to‑earnings multiple of roughly 34.3 ×, using the projected FY 26 earnings per share of ₹32.63. While a 34‑times multiple may raise eyebrows for some, Ajcon argues that the growth trajectory, especially in high‑margin 5G services, justifies the premium.

Putting the pieces together, Ajcon’s analysts give the IPO a “SUBSCRIBE” rating. They see a company that’s not just a telecom operator but a broader digital platform with services ranging from fintech to cloud, all built on an ultra‑dense network. For investors looking for exposure to India’s fast‑moving tech sector, Jio Platforms appears to be a compelling candidate.

Of course, the usual caveats apply – market volatility, regulatory shifts, and the broader macro environment can all impact performance. Still, as of today, the consensus from Ajcon Global leans heavily toward participation.