Jio to focus on technology monetisation, targets debt-free status

Jio Platforms Ltd (JPL) will focus on monetising its existing infrastructure and expanding services rather than relying primarily on tariff hikes to drive growth, Managing Director Akash Ambani said on Thursday.

Speaking at the company’s pre-IPO press conference, he identified mobility, home, enterprise and international monetisation of its technology stack as four key growth engines.

“Our proprietary end-to-end technology stack has given us the ability to play across the value chain and a potential for India to become an exporter of technology rather than an importer of technology,” he said.

JPL plans to commercialise its technology stack overseas through partnerships, operating as a managed-services provider to telecom operators rather than selling hardware or software licences.

The company is seeking to raise over ₹30,000 crore through what is expected to be India’s largest-ever initial public offering (IPO). Almost the entire proceeds will be used to make JPL net debt-free, with future expansion funded through internal cash flows, Mr. Ambani said.

Highlighting its infrastructure, he cited over 3.6 lakh telecom towers and more than one million kilometres of fibre. The company expects to roll out 6G through a software upgrade rather than fresh infrastructure investment.

JPL’s revenue rose from ₹1.09 lakh crore to over ₹1.46 lakh crore in three years, representing a compound annual growth rate of 15.8%. EBITDA rose from ₹54,000 crore to ₹76,000 crore, while the EBITDA margin improved from 50% to 53%.

In mobility, JPL expects to add 100 million first-time mobile subscribers and migrate 240 million 2G users to 4G and 5G networks over the next five years.

Its home business offers another growth opportunity, with fibre connectivity available to nearly 40 million homes against India’s approximately 300 million households.

Uday Kotak, Chairman of Kotak Investment Bank, said JPL’s valuation at the upper end of the price band represented 34 times FY26 earnings, against 41 times for its closest peer—a discount of about 17%.

Director Isha Ambani recalled that Reliance Industries went public in 1977 under her grandfather, Dhirubhai Ambani.

“Since then, Reliance Industries has delivered a 29% annualised return,” she said, reaffirming the family’s commitment to the motto “Growth is Life.”