Reliance Jio IPO Stake Sale: Financial Performance, Valuation and What It Means for Investors

Reliance Jio is entering a decisive phase ahead of its much-anticipated public listing. With strong FY26 financials, rapid 5G adoption, expanding broadband scale, and a clearly defined IPO structure, the Reliance Jio IPO stake sale has become one of the most analysed corporate events in India’s capital markets.

This article is written for equity investors, market analysts, long-term shareholders of Reliance Industries Limited, and anyone tracking Jio IPO news to understand valuation impact, earnings strength, and potential value unlocking for RIL.

It explains how Jio's operating performance supports its IPO valuation and what the stake sale could realistically mean for Reliance Industries' market capitalisation.

Table of Contents:

1. Reliance Jio IPO Overview and Stake Sale Structure
2. Jio Platforms Financial Performance FY26
3. RJIL Revenue and EBITDA Growth Trends (Quarter-wise)
4. RJIL Connectivity - Key Operating Metrics
5. Broadband and 5G Scale Expansion
6. Current Market Position and Competitive Strength
7. Reliance Jio IPO Valuation Scenarios
8. Impact of Jio IPO on Reliance Industries Valuation
9. Key Takeaways for Investors
10. FAQs on Reliance Jio IPO and Stake Sale

Reliance Jio IPO Overview and Stake Sale Structure

The Reliance Jio IPO is expected in the first half of calendar year 2026, with markets anticipating the listing by June 2026.

Key IPO Data Points

• Stake sale: Around 2.5%

• Expected IPO size: USD 4 to 4.5 billion

• Valuation range: USD 130 to 170 billion

• Jefferies valuation estimate: USD 180 billion

• Grey Market Premium (GMP): Around ₹93 per share

• Expected retail price band: ₹1,048 to ₹1,457

• Reported lead bankers: Morgan Stanley, Kotak

Shareholding Structure (Pre-IPO)

• Reliance Industries Limited: 66.3 to 67.0%

• Meta (Facebook): 9.99%

• Google: 7.73%

• Other private equity investors: 9.38%

• Sovereign wealth funds: 5.33%

Reliance Industries is expected to remain the controlling shareholder post listing.

To assess how the Jio IPO structure, valuation expectations, and stake sale plans are reflected in the market, check the latest Reliance share price, updated charts, and key valuation ratios.

Jio Platforms Financial Performance FY26

Jio Platforms delivered strong sequential growth in FY26, reinforcing its positioning as a cash-generating digital infrastructure company rather than a pure telecom operator.

Jio Platforms Consolidated Financials (FY26 Focus)

Why this matters

• Sequential revenue and profit growth confirm earnings momentum ahead of the IPO

• EBITDA margins remain above 51% despite higher finance costs

• Rising EBIT highlights improving operating leverage at scale

RJIL Revenue and EBITDA Growth Trends (Quarter-wise Performance)

Reliance Jio Infocomm Limited has delivered consistent quarterly growth, supported by rising ARPU, data-led usage, and scale efficiencies.

RJIL Quarterly Operating Revenue Trend

• YoY revenue growth: 12.4%
• Revenue increased sequentially in every quarter over the past year

RJIL Quarterly EBITDA Trend

• YoY EBITDA growth: 17.4%
• Margin expansion: 240 basis points YoY

This quarter-wise visibility strengthens confidence in Reliance Jio revenue growth sustainability ahead of the IPO.

RJIL Connectivity - Key Operating Metrics (FY26 Sequential)

RJIL's connectivity business shows improving monetisation and usage trends across FY26, driven by higher ARPU and deeper data consumption.

Connectivity Metrics Snapshot

What this indicates

• Subscriber base crossed 506 million, reinforcing market leadership

• ARPU continues to rise without aggressive tariff hikes

• Higher per-capita data usage reflects deepening 5G adoption

Broadband and 5G Scale Expansion

Fixed Broadband Growth

Additional indicators:

• Monthly home connections: around 1 million

• JioAirFiber homes covered: approximately 9.5 million

5G Subscriber Growth

5G network performance:

• Speeds around 1.4 times faster than the competition

• Productivity is nearly 3 times LTE

• About 50% of wireless data traffic runs on 5G

This scale strengthens Jio's long-term monetisation runway.

Current Market Position and Competitive Strength (Q2 FY26)

• Total subscribers: over 506 million

• 5G users: more than 234 million

• Fixed broadband connections: around 23 million

• Q2 FY26 revenue: above ₹36,000 crore

• Connectivity revenue market share: approximately 45%

• EBITDA margin: around 52%

These metrics explain why the Jio Platforms IPO is expected to command a global premium valuation.

Reliance Jio IPO Valuation Scenarios

Assumptions Used

• USD to INR: ₹90.7

• Reliance stake pre-IPO: 66.5%

• Holding company discount: 20%

• Reliance Industries market capitalisation: ₹19.73 trillion

Valuation Impact Table

Impact of Jio IPO on Reliance Industries' Valuation

If markets remove the 20% holding company discount post IPO:

This theoretical re-rating explains why the Reliance Jio stake sale is closely watched by long-term investors.

Key Takeaways for Investors

• Reliance Jio financials FY26 show sustained profitability and margin leadership

• ARPU-led growth and rising data usage support earnings predictability

• 5G and broadband scale strengthen long-term revenue visibility

• IPO valuation scenarios indicate meaningful value unlocking potential for Reliance Industries

To understand how Jio’s earnings momentum fits into Reliance Industries’ consolidated performance, read this detailed Reliance Q3 FY26 Results analysis covering revenue growth, margins, and segment-wise trends.

FAQs on Reliance Jio IPO and Stake Sale

1. When is the Reliance Jio IPO expected?
The IPO is expected in the first half of calendar year 2026, likely before June.

2. How much stake will Reliance Industries sell in the Jio IPO?
Around 2.5% of Jio Platforms is expected to be offered.

3. What is the expected valuation of the Reliance Jio IPO?
Market estimates range between USD 130 billion and USD 170 billion, with some global brokers valuing it higher.

4. How strong are Reliance Jio financials in FY26?
Jio reported double-digit revenue and profit growth with EBITDA margins consistently above 50%

5. Can the Jio IPO unlock value for Reliance Industries shareholders?
If holding company discounts narrow, RIL could see a 9 to 10.5% theoretical uplift in market capitalisation.