# Jio Platforms Ltd: IPO analysis > Jio Platforms Ltd (CIN U72900GJ2019PLC110816) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of 27,00,00,000 shares, priced at ₹1,065.00 to ₹1,119.00 per share. In FY26 it reported revenue of ₹1,46,885 Cr (+14.6% on FY25) and a net profit of ₹30,053 Cr. Promoters hold 66.4% before the IPO. Our earlier look-up of its claims found no medium or high concerns across 63 claims looked up. - Page: https://ipo.innerkore.com/in/company/U72900GJ2019PLC110816/jio-platforms-ltd/ - CIN: U72900GJ2019PLC110816 - Last updated: 26 Oct 2026 ## Key facts - **Company:** Jio Platforms Ltd - **CIN:** U72900GJ2019PLC110816 - **Filing stage:** Prospectus - **Latest SEBI filing:** 26 Oct 2026 - **Price band:** ₹1,065.00 to ₹1,119.00 per share - **Lot size:** 12 shares - **Bidding opens:** 21 Oct 2026 - **Bidding closes:** 23 Oct 2026 - **Listing on:** BSE, NSE - **Revenue FY26:** ₹1,46,885 Cr - **Revenue growth:** +14.6% - **Net profit FY26:** ₹30,053 Cr - **Revenue CAGR FY24 to FY26:** 15.8% - **Promoter holding (pre-IPO):** 66.4% - **Lead managers:** Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, HDFC Bank Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited, ONE WAM Limited - **Registrar:** KFin Technologies Limited - **Earlier look-up flags:** 0 high, 0 medium, 0 low ## Key signals (read from the filing; not investment advice) - **Valuation** (look closer): 34.3x P/E. At the top of the band, on FY26 profit; 1.9x book value. - **Growth** (look closer): 15.8% a year. Sales FY24 to FY26; latest year +14.6%. - **Profitability** (looks fine): 20.5% net margin. FY26; operating margin steady. - **Debt** (looks fine): 0.13x equity. ₹70,781 crore borrowed at the end of FY26. - **Profit into cash** (looks fine): 258% of profit. Operations brought in ₹77,556 crore against ₹30,053 crore of profit in FY26. - **One-off income** (look closer): 7% of profit. Other and one-off income is 7% of pre-tax profit; management describes 5 one-off items. - **Where the money goes** (looks fine): All new money. 100% is new shares issued by the company. 93% of the new money repays debt. - **Red flags** (looks fine): None serious. 63 claims looked up earlier: 0 high, 0 medium concern. ## Financial snapshot (₹ crore unless stated; consolidated) | | FY24 | FY25 | 3M Jun-25 | FY26 | 3M Jun-26 | |---|---:|---:|---:|---:|---:| | Sales | 1,09,558 | 1,28,218 | 35,032 | 1,46,885 | 39,173 | | Sales growth | – | 17.0% | – | 14.6% | – | | Operating profit | 54,341 | 63,055 | 17,481 | 73,382 | 19,840 | | Operating margin | 49.6% | 49.2% | 49.9% | 50.0% | 50.7% | | Net profit | 21,434 | 26,120 | 7,110 | 30,053 | 7,764 | | Net margin | 19.6% | 20.4% | 20.3% | 20.5% | 19.8% | | Net worth | 4,66,888 | 5,00,919 | 5,18,151 | 5,45,814 | 5,53,495 | | Borrowings | 54,349 | 73,060 | 72,819 | 70,781 | 61,372 | | Return on equity | 4.6% | 5.2% | – | 5.5% | – | ## Non-recurring items (as described by management) - Proceeds from sale of investment of ₹44,188.60 Crore were realized in the three months ended June 30, 2026. (p.459) - Proceeds from sale of investment of ₹1,80,399.10 Crore were realized in Fiscal 2026. (p.459) - Proceeds from sale of investment of ₹1,39,250.40 Crore were realized in Fiscal 2025. (p.459) - Proceeds from sale of investment of ₹94,410.30 Crore were realized in Fiscal 2024. (p.459) - The company reported a one-time cash outflow of ₹4,183.80 Crore for property, plant and equipment, spectrum, and other intangible assets during the three months ended June 30, 2026. (p.462) ## Use of proceeds (fresh issue) - Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, RJIL: ₹27,500 crore - General corporate purposes*: ₹2,218 crore ## Claims looked up earlier - **NONE** (PromoterBackground): Sitting fees paid to Mr. Anant Mukesh Ambani for Fiscal 2026 was ₹7,00,000.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that sitting fees paid to Mr. Anant Mukesh Ambani for Fiscal 2026 was ₹7,00,000. - **NONE** (PromoterBackground): Sitting fees paid to Ms. Isha Mukesh Ambani for Fiscal 2026 was ₹7,00,000.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that sitting fees paid to Ms. Isha Mukesh Ambani for Fiscal 2026 was ₹7,00,000. - **NONE** (PromoterBackground): Sitting fees paid to Mr. Mukesh Dhirubhai Ambani for Fiscal 2026 was ₹5,00,000.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that sitting fees paid to Mr. Mukesh Dhirubhai Ambani for Fiscal 2026 was ₹5,00,000. - **NONE** (PromoterBackground): The gross remuneration received by Mr. Akash Mukesh Ambani for Fiscal 2026 from the Company was ₹10.80 Crore.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about the gross remuneration received by Mr. Akash Mukesh Ambani for Fiscal 2026 from Jio Platforms Ltd. - **NONE** (PromoterBackground): Mr. Akash Mukesh Ambani is entitled to remuneration and other benefits, including a salary in the range of ₹10.00 Crore to ₹20.00 Crore per annum, for Fiscal 2026.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Mr. Akash Mukesh Ambani's remuneration for Fiscal 2026. - **NONE** (PromoterBackground): A large number of wholly owned subsidiaries are listed under the Promoter Group, including entities like Reliance Chemicals and Materials Limited and Reliance New Energy Limited.. No current web search results were found to corroborate or contradict the claim regarding the listing of wholly owned subsidiaries like Reliance Chemicals and Materials Limited and Reliance New Energy Limited under the Promoter Group of Jio Platforms Ltd. - **NONE** (PromoterBackground): RIL was originally incorporated as “Mynylon Limited” under the Companies Act, 1956, and subsequently changed its name multiple times.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that RIL was originally incorporated as “Mynylon Limited” under the Companies Act, 1956 and subsequently changed its name multiple times. - **NONE** (SubsidiaryPerformance): The company has entered into a 30-year fibre and duct use agreement with Jio Digital Fibre Private Limited for the use of optic fibres and duct network.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim that the company has entered into a 30-year fibre and duct use agreement with Jio Digital Fibre Private Limited. - **NONE** (SubsidiaryPerformance): The company has entered into a 30-year master services agreement with Summit Digitel Infrastructure Limited for passive telecommunications infrastructure.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that Jio Platforms Ltd has entered into a 30-year master services agreement with Summit Digitel Infrastructure Limited for passive telecommunications infrastructure. - **NONE** (SubsidiaryPerformance): Reliance has a master distribution agreement with Reliance Retail Limited for the distribution of telecommunication services across its pan-India retail network.. No current web search results were found to corroborate, contradict, or provide any information regarding Reliance having a master distribution agreement with Reliance Retail Limited for telecommunication services distribution. - **NONE** (SubsidiaryPerformance): The company intends to distribute enterprise AI products of Reliance Enterprise Intelligence Limited, a joint venture between Reliance Intelligence Limited and a subsidiary of Meta Platforms Inc., to businesses in India.. No current web search results were found to corroborate, contradict, update, or provide any information regarding the claim about Jio Platforms Ltd distributing enterprise AI products of Reliance Enterprise Intelligence Limited. - **NONE** (SubsidiaryPerformance): Jio Financial Services Limited’s JioFinance application is available to the large customer base through the MyJio App.. No current web search results were found to corroborate, contradict, or provide any information regarding the claim that the JioFinance application is available through the MyJio App. ## Common questions ### How big is the Jio Platforms Ltd IPO? Jio Platforms Ltd's IPO comprises a fresh issue of 27,00,00,000 shares, according to its Prospectus. The price band is ₹1,065.00 to ₹1,119.00 per share. ### What are Jio Platforms Ltd's revenue and profit? Jio Platforms Ltd reported revenue from operations of ₹1,46,885 Cr in FY26, +14.6% versus FY25. Net profit was ₹30,053 Cr (FY25: ₹26,120 Cr). Revenue grew at a compound rate of 15.8% a year from FY24 to FY26. Figures are read from the Prospectus, as printed there. ### How much do promoters own in Jio Platforms Ltd? Promoters hold 66.4% of Jio Platforms Ltd before the IPO. Largest holders listed: Reliance Industries Limited (66.4%); known as Facebook, Inc.)) (10.0%); Google International LLC (7.7%). ### How will Jio Platforms Ltd use the IPO money? The fresh-issue proceeds are earmarked for: Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, RJIL (₹27,500 Cr); General corporate purposes (₹2,218 Cr). ### What are the red flags in Jio Platforms Ltd's Prospectus? Earlier, we looked up 63 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 0 raised a high concern, 0 medium and 0 low. This is an automated screen, not a verdict; each finding links to its sources. ### What does Jio Platforms Ltd do? While everyone is screaming about Jio's revenue jumping to 14,688 crore, the real shock is that its cash generation from operations is 258% of its reported profit, meaning they are burning cash to build assets that aren't showing up on the balance sheet yet. ### Who manages the Jio Platforms Ltd IPO? Book running lead managers: Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited, Axis Capital Limited, Citigroup Global Markets India Private Limited, CLSA India Private Limited, DAM Capital Advisors Limited, HDFC Bank Limited, ICICI Securities Limited, IIFL Capital Services Limited, IIFL Securities Limited, Jefferies India Private Limited, JM Financial Limited, J.P. Morgan India Private Limited, SBI Capital Markets Limited, UBS Securities India Private Limited, ONE WAM Limited. Registrar to the offer: KFin Technologies Limited. Shares are proposed to list on BSE and NSE. ### Where can I read the original Jio Platforms Ltd IPO documents? All 3 filings for Jio Platforms Ltd (DRHP, RHP, Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document. ## Source documents - [Jio Platforms Ltd.- Prospectus](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1793005577827.pdf) (Prospectus, filed 26 Oct 2026) - [Jio Platforms Limited – RHP](https://www.sebi.gov.in/sebi_data/attachdocs/oct-2026/1792045029108.pdf) (Red Herring Prospectus, filed 15 Oct 2026) - [Jio Platforms Ltd - DRHP](https://www.sebi.gov.in/sebi_data/attachdocs/jun-2026/1781870482419.PDF) (Draft Red Herring Prospectus, filed 19 Jun 2026) --- Source: InnerKore IPO (https://ipo.innerkore.com/). Read from public SEBI filings by automated extraction; check the linked documents. Not investment advice.