With 261 million users still on 2G networks, home broadband penetration at around 21% and growing opportunities in AI and enterprise technology, Jio Platforms is targeting its next phase of expansion. Here’s what brokerage research from GEPL Capital, Ventura Securities and SMC Global says about the company’s growth prospects ahead of its ₹30,213 crore IPO.
Jio Platforms Limited (JPL), India’s largest digital connectivity company, is preparing to enter the public markets with an IPO that could draw significant attention from investors. The company’s growth story extends beyond mobile connectivity, with opportunities in 5G adoption, home broadband, artificial intelligence (AI), enterprise cloud services and international technology licensing.
Research reports from GEPL Capital, Ventura Securities and SMC Global identify several potential growth drivers that could shape Jio Platforms’ business over the coming years. These opportunities are supported by India’s expanding digital economy, rising data consumption and increasing demand for connected services.
However, the pace at which these opportunities translate into revenue and profits will depend on execution, competition, pricing and the company’s ability to monetise its technology investments.
Growth Engine 1: 261 Million Users Still on 2G Networks
One of Jio’s biggest potential growth opportunities lies in India’s transition from legacy mobile networks to 4G and 5G services.
Jio Platforms had 533.3 million subscribers as of June 2026, according to the figures cited in the brokerage research. Meanwhile, an estimated 261 million users across the industry were still using 2G networks as of June 30, 2026.
GEPL Capital highlights this segment as a significant opportunity for subscriber growth, particularly through affordable devices and bundled digital services.
The company could attract more users through entry-level offerings such as the ₹799 JioBharat phone, which combines mobile connectivity with digital services. As more customers move to 4G and 5G, Jio could gain opportunities to increase both its subscriber base and average revenue per user.
Rising ARPU could support revenue growth
Average revenue per user (ARPU) is an important measure of how much revenue a telecom operator generates from each customer.
According to the figures cited in GEPL Capital’s report, Jio’s ARPU increased from ₹181.7 in FY24 to ₹215.6 in Q1FY27. Monthly data consumption per customer also reached 43.7 GB.
GEPL Capital expects further growth opportunities through tariff rationalisation, premium plans and bundled services, including OTT entertainment, cloud storage, gaming and AI-based offerings.
Higher ARPU could support revenue growth even without a proportionate increase in subscriber numbers. However, the outcome will depend on customer affordability, competitive pricing and the pace of premium-plan adoption.
Growth Engine 2: Home Broadband Offers Significant Headroom
India’s home broadband market represents another major opportunity for Jio Platforms.
As of June 2026, Jio had 28.6 million JioFiber and JioAirFiber subscribers, including approximately 14 million JioAirFiber connections, according to the figures provided in the research material.
Despite the expansion of digital services, fixed broadband penetration in India remains relatively low.
GEPL Capital estimates that home broadband penetration stood at approximately 21% in FY26 and could reach around 46% by FY31.
If this projection materialises, the expansion of fixed broadband services could create a substantial addressable market for Jio.
JioAirFiber could expand connectivity beyond fibre networks
Traditional fibre broadband requires physical infrastructure to reach homes and buildings. In some locations, deploying fibre can be expensive or difficult.
JioAirFiber, which uses fixed wireless access technology, offers an alternative for delivering broadband connectivity in areas where conventional fibre deployment may be challenging.
SMC Global identifies the expansion of JioAirFiber as a potential driver of broadband adoption, particularly in underserved markets.
Growing demand for home internet, connected devices, digital entertainment and remote working could further support this opportunity.
For Jio Platforms, the challenge will be to convert the large potential market into paying subscribers while maintaining service quality, controlling deployment costs and competing effectively with other broadband providers.
Growth Engine 3: AI and Proprietary Technology Could Broaden Jio’s Business
Jio Platforms is positioning itself as more than a traditional telecommunications operator. Its strategy also includes proprietary network technology, cloud-based services, artificial intelligence and enterprise digital solutions.
Ventura Securities highlights Jio’s development of an end-to-end proprietary 5G standalone technology stack and its patent portfolio across 4G, 5G, 6G, AI and digital technologies.
The report cites 7,220 patent applications, including 1,043 granted patents, as evidence of the company’s technology development efforts.
JioBrain could support enterprise AI adoption
JioBrain is part of the company’s broader AI strategy. According to the research cited, the platform is being deployed across network operations and forms part of Jio’s technology monetisation plans.
AI applications could help telecom operators automate network management, improve operational efficiency and develop new digital services for businesses.
SMC Global notes that the convergence of telecommunications with cloud computing, AI and enterprise digital solutions could create opportunities beyond traditional connectivity.
Greater automation could also improve operating efficiency and customer retention over time.
However, the commercial impact of AI will depend on the scale of adoption, the ability to convert technological capabilities into paying services and the costs associated with developing and deploying these platforms.
Growth Engine 4: Taking Indian Technology to Global Markets
Jio Platforms’ potential growth is not limited to India.
The company could seek additional revenue opportunities by offering its technology stack and digital platforms to international telecommunications operators and enterprises.
GEPL Capital identifies several areas with potential for international expansion, including:
- Proprietary 5G core technology.
- Cloud-native radio access network (RAN) solutions.
- Operations support systems and business support systems (OSS/BSS).
- Fixed wireless access technology.
- JioBrain and autonomous network capabilities.
By licensing or supplying technology to overseas operators, Jio could potentially generate revenue without having to replicate its entire domestic infrastructure in every market.
SMC Global sees this approach as a way for the company to expand internationally while limiting the need for large-scale infrastructure deployment outside India.
The opportunity, however, will depend on securing commercial partnerships, meeting the technical and regulatory requirements of overseas markets and competing with established global technology providers.
India’s Digital Economy Could Support Long-Term Demand
These growth opportunities are emerging as India’s digital economy continues to expand.
Rising data consumption, 5G network rollouts, increasing smartphone adoption and the spread of broadband services are creating demand for faster and more reliable connectivity.
According to industry projections cited by GEPL Capital, India’s mobile broadband ARPU could increase from ₹199.5 in FY26 to ₹326.4 by FY31.
If this growth materialises, telecom operators could benefit from higher customer spending and greater demand for premium connectivity services.
For Jio Platforms, the combination of subscriber upgrades, broadband expansion, enterprise solutions and international technology offerings could diversify its revenue sources.
GEPL Capital’s assessment highlights subscriber growth, ARPU improvement, greater digital-service penetration and diversification into enterprise and international technology markets as important elements of the company’s long-term strategy.
Nevertheless, market growth alone does not guarantee higher profits. Competitive intensity, capital expenditure, technology investment and pricing decisions will remain important factors for investors to assess.
Jio Platforms IPO 2026: Key Numbers at a Glance
| Metric | Figures cited in research |
|---|---|
| Total subscribers as of June 2026 | 533.3 million |
| 5G subscribers | 284.9 million |
| Industry users still on 2G networks | 261 million |
| JioFiber and JioAirFiber subscribers | 28.6 million |
| JioAirFiber subscribers | 14 million |
| Fixed broadband penetration in FY26 | Approximately 21% |
| Projected fixed broadband penetration by FY31 | Approximately 46% |
| ARPU in FY24 | ₹181.7 |
| ARPU in Q1FY27 | ₹215.6 |
| Patent applications cited | 7,220 |
| Granted patents cited | 1,043 |
| IPO size | ₹30,213 crore |
| Indicative IPO price band | ₹1,065–₹1,119 per share |
| Indicative IPO dates | October 21–23, 2026 |
Figures are based on the information and brokerage research summaries provided for this article. Investors should verify the final offer details, financial disclosures and issue schedule in the official IPO documents.
What Investors Should Watch Before the IPO
Jio Platforms’ growth strategy presents several potential opportunities, but investors should evaluate the business beyond its subscriber base and technology ambitions.
Key factors to examine include:
Revenue growth and ARPU: Investors should assess whether tariff changes and premium services can sustain revenue growth without materially affecting customer retention.
Broadband economics: The expansion of JioFiber and JioAirFiber could increase the customer base, but deployment costs, customer acquisition expenses and profitability will be important.
AI monetisation: The commercial contribution of JioBrain and other enterprise technology offerings will depend on customer adoption and the company’s ability to generate recurring revenue.
International expansion: Technology licensing and partnerships could diversify revenue, although overseas expansion involves execution, regulatory and competitive risks.
Valuation: The IPO price should be assessed against the company’s financial performance, growth expectations, profitability, cash flows and the valuations of comparable businesses.
Investors should also review the official offer documents for details on the company’s financial position, risks, use of IPO proceeds and the precise structure of the offering.
Conclusion: Can Jio Platforms Sustain Its Next Phase of Growth?
Jio Platforms’ growth story is increasingly linked to more than mobile connectivity. The transition from 2G to 4G and 5G, the expansion of home broadband, the commercialisation of AI and enterprise technology, and opportunities to supply proprietary solutions to global telecom operators could support its next phase of development.
The company’s large subscriber base provides an established platform from which to pursue these opportunities. India’s relatively low fixed broadband penetration and growing appetite for digital services could offer additional room for expansion.
At the same time, the real test will be how effectively Jio converts its scale and technology investments into sustainable revenue, cash flow and profitability.
Ahead of the proposed ₹30,213 crore IPO, investors should consider both the long-term growth potential and the financial and execution risks before making an investment decision.
