Jio Platforms Limited IPO

01At a glance

Jio Platforms IPO date, price band and lot size

• Price band: ₹1,065 to ₹1,119 a share, from NSE's issue page; the prospectus leaves the price blank (RHP p.3).
• Lot size: 12 shares, from NSE's issue page; one lot costs ₹13,428 at the upper band (our arithmetic).
• Dates: anchor bidding on Monday, October 19, 2026; the issue opens on Wednesday, October 21, 2026 and closes on Friday, October 23, 2026 (RHP p.2).
• Size: a fresh issue of up to 270,000,000 shares of ₹10 face value; there is no offer for sale (RHP p.1). At the upper band the issue is worth ₹30,213.0 crore, and ₹28,755.0 crore at the lower band (our arithmetic, RHP p.1).
• Reservations: up to ₹500.0 crore for eligible employees and up to ₹2,500.0 crore for eligible shareholders of Reliance Industries Limited (RHP p.3).
• Who gets the shares: not more than 50% of the net issue for qualified institutional buyers, not less than 15% for non-institutional investors and not less than 35% for retail investors, under Regulation 6(1) (RHP p.3).
• Lead managers and registrar: nineteen book running lead managers, led by Kotak Mahindra Capital Company Limited, Morgan Stanley India Company Private Limited, BofA Securities India Limited and Axis Capital Limited (RHP p.1, RHP p.2). KFin Technologies Limited is the registrar (RHP p.2).

What the company does: owns Reliance Jio Infocomm Limited (RJIL), the licensed telecom operator, and sells mobile and home broadband, business connectivity and digital services such as streaming, cloud storage, smart home devices and AI products on top of it (RHP p.196, RHP p.200).

Who pays it: 533.3 million customers of RJIL at June 30, 2026 (RHP p.131), plus businesses buying connectivity and managed services. Pre-paid connectivity, all sold through Reliance Retail Limited as sole distributor, was 77.08% of FY26 revenue (RHP p.32).

Why it is raising money: up to ₹27,500.0 crore to prepay RJIL's borrowings, mainly external commercial borrowings, and the rest for general corporate purposes (RHP p.116).

How fast it has grown: revenue from ₹109,558.1 crore in FY24 to ₹146,885.3 crore in FY26, and profit after tax from ₹21,423.2 crore to ₹30,049.1 crore (RHP p.76). That is about 15.8% and 18.4% a year (our arithmetic, RHP p.76).

The one thing to understand: the issue is small against the company. 270,000,000 new shares are about 2.9% of the enlarged capital of 9,209,030,830 shares (our arithmetic, RHP p.72), and at the upper band the whole company is valued at ₹1,030,490.5 crore (our arithmetic, RHP p.72).

02The business, in plain words

What Jio Platforms does

Jio Platforms Limited was incorporated in Ahmedabad on November 15, 2019 as a public company (RHP p.3). Its subsidiary RJIL holds the telecom licence and spectrum and launched services in 2016 (RHP p.30, RHP p.128).

A household or phone user wants internet access → it buys a Jio plan, mostly pre-paid recharges sold through Reliance Retail → RJIL carries the data over its own radio network and core, on towers and fibre rented from others → Jio is paid a monthly fee per customer, plus fees for digital and business services.

For consumers it sells 4G and 5G mobile, JioFiber and JioAirFiber home broadband, entertainment (JioTV+, JioSaavn, JioGames), cloud storage and a virtual PC, smart home devices and AI products (RHP p.200). For businesses it sells leased lines and enterprise broadband, IoT, managed Wi-Fi, private 5G, cloud and security, and managed network services (RHP p.200).

The company reports a single operating segment; apart from digital connectivity, which is substantially all revenue, it does not disclose revenue by product (RHP p.200). RJIL was 87.74% of FY26 consolidated revenue (RHP p.117). The company itself, standalone, earned ₹16,166.7 crore in FY26 from digital services such as content, enterprise managed services and cloud (RHP p.131).

It owns its active network: radio equipment, switches, servers and software. It does not own the towers and most of the fibre (RHP p.37). It had 12,477 staff in digital products and technology at June 30, 2026, about 45% of its full-time workforce, and had filed 7,220 patent applications (RHP p.197).

Earnings equation: Revenue ≈ customers × ARPU × 12, plus business and digital services. ARPU is average monthly revenue per customer. In the FY26 exit quarter, ARPU was ₹214.0 a month on 524.4 million customers (RHP p.131).

03Where the money comes from

The prospectus does not split revenue by product, customer type or region (RHP p.200). What it gives is the customer base and what each customer pays and uses:

Source: RHP p.131. Mobile broadband customers were 496.3 million of the 524.4 million at March 2026 (RHP p.132).

Jio Platforms customers: how concentrated the revenue is

Source: RHP p.32, RHP p.117. Pre-paid was 76.37% in the three months to June 2026 (RHP p.32).

The prospectus gives no top-customer table, and with 533.3 million customers no single subscriber is material. The concentration is in the channel and the suppliers. Reliance Retail Limited is the sole distributor of pre-paid services under a long-term master distribution agreement (RHP p.198). Of 360,537 towers used, 174,451 are owned by Summit Digitel Infrastructure Limited, and Jio Digital Fibre Private Limited supplies about 98% of the optic fibre network, the last mile aside (RHP p.37).

04The growth record

Jio Platforms financials: revenue, profit and margins

Source: RHP p.76, RHP p.77, RHP p.131, RHP p.132, RHP p.451.

Three months to June 30, 2026: revenue ₹39,172.9 crore, 11.82% more than a year earlier; EBITDA ₹20,864.5 crore, a 53.26% margin; profit after tax ₹7,764.1 crore (RHP p.76, RHP p.128).

• Revenue grew about 15.8% a year from FY24 to FY26 (our arithmetic, RHP p.76).
• EBITDA grew about 17.8% a year (our arithmetic, RHP p.131).
• Profit after tax grew about 18.4% a year (our arithmetic, RHP p.76).
• The EBITDA margin rose 175 basis points and the PAT margin 91 basis points (our arithmetic, RHP p.131).

Diluted EPS was ₹23.93, ₹29.17 and ₹33.59 (RHP p.129). EBITDA less cash capital spending, the company's own measure, went from ₹1,449.1 crore in FY24 to ₹42,071.1 crore in FY26 (RHP p.132). Other income was ₹2,873.8 crore in FY26, about 7.1% of profit before tax of ₹40,353.1 crore (our arithmetic, RHP p.76). From April 1, 2025 the useful life of certain network assets was raised from 16 to 18 years, which lowered FY26 depreciation by ₹1,840.5 crore (RHP p.448).

05What the growth is made of

Revenue rose ₹37,327.2 crore between FY24 and FY26, 34.1% over two years (our arithmetic, RHP p.76). The company gives two drivers:

• Customers rose from 481.8 million to 524.4 million, 8.8% (our arithmetic, RHP p.131).
• Exit-quarter ARPU rose from ₹181.7 to ₹214.0, 17.8% (our arithmetic, RHP p.131).

The company says FY26 revenue rose 14.56% because of more customers and higher ARPU, and that ARPU rose with a growing mix of 5G and fixed broadband customers and more data per customer (RHP p.447). The industry report links ARPU gains to industry-wide tariff increases, including in the second quarter of FY25 (RHP p.160).

This is a judgement, not a disclosure: on those two figures roughly two thirds of the two-year growth came from each customer paying more and one third from more customers. ARPU is an exit-quarter figure for RJIL while revenue is consolidated for the full year, so the split is indicative.

Usage grew faster than revenue: data traffic rose from 148.5 to 241.4 billion GB, 62.6% over two years (our arithmetic, RHP p.131). JioAirFiber, launched in September 2023, reached 14.0 million customers by June 30, 2026 (RHP p.197). No material acquisition or disposal added to revenue in the period (RHP p.139).

06Earnings quality

The item that needs explaining is tax. RJIL faces GST and input-tax-credit demands of ₹6,795.5 crore, pending before various forums; on judicial precedent and its reading of the merits, the company has not shown them as a contingent liability (RHP p.47). Shown contingent liabilities were ₹1,468.8 crore at June 30, 2026, 0.43% of net worth (RHP p.79).

The second is finance cost, which rose 76.42% to ₹8,653.4 crore in FY26, because interest on 5G assets and spectrum payments, part capitalised before March 2025, is now charged to profit (RHP p.447).

07The balance sheet

Source: RHP p.451, RHP p.137.

• Net leverage, net debt to EBITDA, was 0.88× in FY24, 0.71× in FY25 and 0.36× in FY26 (RHP p.132). The company's net debt excludes spectrum deferred payments and leases, which peers include, so the prospectus says the figures are not comparable (RHP p.137).
• Fund-based borrowings of the group were ₹62,137.5 crore at June 30, 2026, of which external commercial borrowings ₹29,917.1 crore and export credit agency loans ₹20,613.7 crore (RHP p.39).
• Total equity was ₹344,891.9 crore at June 30, 2026, and borrowings were 0.18 times equity (RHP p.432).
• Credit ratings: CARE AAA; Stable for RJIL's long-term bank facilities, and CRISIL A1+ for the company's commercial paper (RHP p.62, RHP p.63).

After the issue: the objects put ₹27,500.0 crore towards RJIL's borrowings (RHP p.116). On June 2026 figures, total borrowings would fall to about ₹33,872.2 crore (our arithmetic, RHP p.451, RHP p.116). The as-adjusted capitalisation is left blank until pricing (RHP p.432).

08What the money is for

Jio Platforms IPO objects: what the money is for

Source: RHP p.116; the gross amount and percentages are our arithmetic at the upper band.

The loans named for prepayment are three external commercial borrowing facilities of RJIL, dated November 2022, March 2022 and June 2023, with ₹29,917.1 crore outstanding at June 30, 2026, due in 2028, carrying interest of 1.40% to 5.13% and taken for 5G equipment and spectrum (RHP p.118, RHP p.121). They can be prepaid without premium or penalty (RHP p.118). The prepayment is scheduled in FY27 (RHP p.116). General corporate purposes cannot exceed 25% of gross proceeds (RHP p.116).

Lenders to these loans include HDFC Bank Limited, a lead manager, and affiliates of BofA Securities India Limited, BNP Paribas and SBI Capital Markets Limited (RHP p.121). Crisil Ratings Limited is the monitoring agency (RHP p.124).

Into the business ₹30,213.0 crore at the upper band, before issue expenses (our arithmetic, RHP p.116). To selling shareholders nil. There is no offer for sale (RHP p.1).

09Who is selling

Jio Platforms IPO offer for sale: who is selling

The offer for sale is stated as not applicable (RHP p.1). Neither Reliance Industries Limited nor any of the investors that bought into the company in 2020 is offering shares in this issue (RHP p.1, RHP p.108).

10Promoters

The promoter is Reliance Industries Limited, incorporated in 1973 and listed on BSE since January 23, 1978, whose businesses span oil and gas, refining, petrochemicals, renewables, retail, digital services and media (RHP p.313).

• Holding: 5,937,841,645 shares, 66.43% of pre-issue capital (RHP p.103).
• Cost: weighted average cost of acquisition ₹89.58 a share (RHP p.113). Reliance Industries took 4,961,290,000 shares at ₹10 in a December 2019 rights issue and 987,859,113 shares at ₹488.34 on conversion of preference shares in December 2020 (RHP p.103, RHP p.104).
• Recent dealings: no shares acquired in the last year, and no equity shares of the company transacted by anyone in the last three years (RHP p.113, RHP p.114).
• Lock-in: shares equal to 20% of post-issue capital are locked in for three years, the rest of the promoter's holding for one year (RHP p.104).

Board: Mukesh Dhirubhai Ambani is non-executive chairman; Akash Mukesh Ambani is managing director; Isha Mukesh Ambani, Anant Mukesh Ambani and Manoj Harjivandas Modi are non-executive directors; five directors are independent (RHP p.293, RHP p.294). The prospectus states that Mukesh Dhirubhai Ambani is the father of Akash Mukesh Ambani, Isha Mukesh Ambani and Anant Mukesh Ambani (RHP p.298).

Pay: Akash Mukesh Ambani received gross remuneration of ₹10.8 crore from the company in FY26 and is entitled to ₹10.0 to ₹20.0 crore a year as managing director (RHP p.298). Group President Mathew Oommen was paid ₹53.7 crore and chief executive Pankaj Mohan Pawar ₹8.2 crore in FY26 (RHP p.308).

Dealings with the promoter group: in FY26 the group bought ₹3,904.0 crore of property, plant and equipment and other intangible assets from Reliance Industries, paid it ₹2,625.4 crore of professional fees, and paid Reliance Retail Limited ₹4,355.1 crore of selling and distribution expenses (RHP p.31, RHP p.32). Recharge vouchers sold to Reliance Retail Limited were ₹112,935.1 crore in FY26, booked as revenue received in advance (RHP p.80). The "Jio" trademark is owned by Reliance Industries and licensed to the company; the licence can end if the promoter loses control (RHP p.198, RHP p.199).

Matters against the promoter: 3 criminal, 756 tax and 5 material civil proceedings and 2 disciplinary actions by SEBI or the exchanges in five years, aggregating ₹44,187.0 crore and US$4.13 billion where quantifiable (RHP p.47). The 2007 Reliance Petroleum trading matter was disposed of by the Supreme Court on May 29, 2026 (RHP p.47).

11Who already owns it

Jio Platforms promoter holding before and after the IPO

• Promoter: 66.43% of the 8,939,030,830 shares before the issue (RHP p.103, RHP p.72).
• After the issue, with 270,000,000 new shares: about 64.5% of 9,209,030,830 shares (our arithmetic, RHP p.103, RHP p.72).
• Members of the promoter group other than Reliance Industries hold no shares (RHP p.104).

Holders of 1% or more before the issue (RHP p.108):

Also: General Atlantic Singapore JP Pte. Ltd. 1.34% and Platinum Jasmine A 2018 Trust, an ADIA entity, 1.16% (RHP p.108). India Markets Pte. Ltd., managed or advised by TPG, holds 0.93% and 93 other shareholders 1.75% (RHP p.110). The company has 104 shareholders (RHP p.108).

When they came in: these investors were issued shares by private placement between July and November 2020 at ₹488.34 or ₹549.31 a share (RHP p.100, RHP p.101). Google International LLC paid ₹488.34 in November 2020 (RHP p.101). At the upper band of ₹1,119 the price is 2.29 times ₹488.34 and 2.04 times ₹549.31 (our arithmetic, RHP p.101). Employee options outstanding are 10,280,000, all vested, at ₹10 exercise price (RHP p.111).

12What changed just before the IPO

• Latest quarter: revenue ₹39,172.9 crore and profit ₹7,764.1 crore in the three months to June 2026 (RHP p.76).
• Net debt fell: from ₹48,440.0 crore at March 2024 to ₹9,539.1 crore at June 2026 (RHP p.451).
• Capital spending fell: cash capex was ₹53,509.6 crore in FY24 and ₹34,184.3 crore in FY26 (RHP p.452).
• Depreciation policy: useful life of certain network assets raised from 16 to 18 years from April 1, 2025 (RHP p.448).
• Finance cost rose: 76.42% in FY26 as 5G-related interest moved into profit and loss (RHP p.447).
• Board: John William Hegeman, Donald Stewart Harrison and Pankaj Mohan Pawar resigned as non-executive directors and Dileep Chinubhai Choksi as independent director in March 2026; Zia Jaydev Mody joined as an independent director on March 25, 2026; Akash Mukesh Ambani became managing director on April 9, 2026 (RHP p.300).
• Subsidiary: Asteria Aerospace Limited ceased to be a subsidiary from March 25, 2026 (RHP p.59).
• Rollout delay: RJIL provided ₹10.6 crore for possible damages for late 26 GHz rollout in FY26 (RHP p.31).
• Last allotment: 3,340,000 shares to the JPL ESOS 2020 Trust at ₹10 a share on January 4, 2022 (RHP p.102). No shares were issued in the year before the prospectus (RHP p.103).
• No bonus issue: no shares have been issued other than for cash since incorporation (RHP p.103).
• Auditor: no change of statutory auditors in the last five years (RHP p.94).
• Company form: incorporated as a public company on November 15, 2019 (RHP p.3).
• Dividend policy: adopted by the board on April 24, 2026 (RHP p.319).

13Capacity and expansion

Source: RHP p.128, RHP p.126, RHP p.127.

• Wireless broadband covers more than 99% of the population; fixed broadband reaches about 98% of pin codes (RHP p.128).
• Data carried: 241.4 billion GB in FY26 and 69.4 billion GB in the June 2026 quarter (RHP p.131).
• Cash capex: ₹53,509.6 crore in FY24, ₹44,268.0 crore in FY25, ₹34,184.3 crore in FY26 and ₹4,183.8 crore in the June 2026 quarter (RHP p.452).
• The company says it is the only operator in India with 5G spectrum in the 700 MHz, 3300 MHz and 26 GHz bands (RHP p.128).

The prospectus does not give a utilisation figure for the network. Nothing in the issue funds capacity; the proceeds prepay debt (RHP p.116). The company names further spending needs as risks: spectrum auctions and renewals, technology upgrades and network densification (RHP p.31, RHP p.43).

14Market size and industry structure

Jio Platforms industry: market size and growth

The industry chapter draws on "Overview of digital connectivity and digital services markets" dated October 7, 2026, by Analysys Mason, commissioned and paid for by the company for this issue (RHP p.8, RHP p.152). Every figure below is the commissioned report's, as quoted in the prospectus.

As claimed: the report puts India's digital economy at about ₹49.6 trillion, about 14% of gross value added and the fifth largest in the world, and projects ₹125.8 trillion by FY2031 (RHP p.153). That is the economy connectivity serves, not the telecom market.

The part that is addressable: the Indian mobile connectivity market, about ₹2.9 trillion (₹290,000 crore) in FY2026, of which mobile broadband ₹2.3 trillion (RHP p.159). Fixed broadband was ₹340 to ₹350 billion (₹34,000 to ₹35,000 crore) in FY2026 (RHP p.167), and business connectivity ₹490 to ₹500 billion (RHP p.171).

What the company is today: FY26 revenue of ₹146,885.3 crore (RHP p.76) against a mobile market of about ₹290,000 crore is about half, though Jio's revenue also includes fixed broadband and digital services (our arithmetic, RHP p.159). Jio held 49.78% of wireless broadband customers at June 30, 2026 (RHP p.163).

Size over time: mobile broadband customers rose from 132.2 million in FY2016 to 1,002.3 million in FY2026 and 1,021.4 million by June 2026 (RHP p.157). The report projects the mobile market at ₹5.2 trillion by FY2031, mobile broadband customers at 1,339.4 million and mobile broadband ARPU rising from ₹199.5 to ₹326.4 a month (RHP p.159). It projects fixed broadband at ₹920 to ₹930 billion by FY2031, with customers rising from 66.1 million to 150.4 million (RHP p.167). Those projections are the report's, not newboard's.

Segments: the report splits the market into mobile, fixed broadband, business connectivity and digital services. Within digital services it sizes digital entertainment at ₹562 billion in FY2026 (RHP p.172), enterprise cloud at ₹368 billion (RHP p.176) and digital advertising at ₹809 billion (RHP p.181). Jio sells into all of these, with connectivity the bulk of revenue (RHP p.200).

What drives demand: mobile broadband penetration of only 69.62% (RHP p.157), with urban penetration above 110% and rural about 45%, leaving 261.0 million users still on 2G (RHP p.160); smartphone share of mobile users at about 80 to 85% (RHP p.162); data use of 26.7 GB a month per customer in the March 2026 quarter (RHP p.163); and fixed broadband in only about 21% of households (RHP p.166).

Structure: India has a four-player mobile market. At June 30, 2026 wireless broadband shares were Jio 49.78%, Bharti Airtel 35.47%, Vodafone Idea 12.51% and BSNL 2.20% (RHP p.163, RHP p.164). In fixed broadband Jio held 43.32%, Bharti Airtel 22.61% and BSNL 6.84%, with smaller providers such as Atria Convergence Technologies Limited (RHP p.169). In business connectivity the report names Jio, Bharti Airtel, BSNL/MTNL, Tata Tele Services and Vodafone Idea (RHP p.171).

Inputs and trade: the inputs are spectrum bought at government auctions, towers and fibre, and network equipment. Licence fees and spectrum charges cost the company ₹11,710.4 crore in FY26 (RHP p.76). The report says India's price per GB was ₹7.5 in the March 2026 quarter, against ₹228.4 in the USA and ₹33.4 in China (RHP p.160).

Rules: telecom licences and spectrum come from the Department of Telecommunications, which can amend licence terms and sets rollout obligations (RHP p.31). The report cites the Telecommunications Act 2023, structured spectrum auctions and the waiver of spectrum usage charges (RHP p.163).

What the chapter says can go wrong: costly technology upgrades, with satellite internet named as a possible disruptor though the report expects fixed wireless to stay cheaper; cyber attacks; competition, including aggressive pricing by rivals backed by technology investors; changes to licensing and spectrum pricing, and consumer rules such as voice-only vouchers that limit tariff freedom; an economic slowdown; and churn from tariff rises and SIM consolidation (RHP p.187, RHP p.188).

15Competitive position

Jio Platforms competitors

Source: RHP p.136, RHP p.137. Exit-quarter ARPU in FY26: Jio ₹214.0, Bharti Airtel India mobile ₹257.2, Vodafone Idea ₹174 (RHP p.136). The prospectus says the peers define these measures differently and the figures are not directly comparable (RHP p.135).

What the company gives as reasons customers choose it: a self-built 5G standalone network, the largest spectrum holding, speeds it says are more than double the average of other operators for three years, and bundled entertainment and digital services (RHP p.164, RHP p.197). The report adds that Jio's average cost of carrying a GB is below the industry average (RHP p.165). The prospectus does not give spectrum holdings of each competitor in figures or market share by revenue.

16Peers the company named

Peers named in the offer document: Bharti Airtel Limited and Vodafone Idea Limited, as the only scaled listed digital connectivity providers in India (RHP p.129).

Jio Platforms listed peers

Source: RHP p.130. Peer P/E is on closing prices on NSE on October 13, 2026 and FY26 diluted EPS (RHP p.130). The prospectus gives the highest peer P/E as 40.71, the lowest as 3.99 and the average as 22.35 (RHP p.129).

Bharti Airtel is larger and includes an Africa business; its India business excluding passive infrastructure had revenue of ₹140,373.4 crore (RHP p.131). Vodafone Idea's FY26 profit of ₹34,552.0 crore includes exceptional items of ₹58,607.0 crore; excluding them its P/E would not be comparable and the peer average would equal the highest P/E (RHP p.129).

17Valuation at the issue price

Jio Platforms IPO valuation and P/E

At the upper band of ₹1,119, with 270,000,000 new shares added to 8,939,030,830 existing shares (our arithmetic, RHP p.72):

Source: RHP p.72, RHP p.76, RHP p.129, RHP p.130, RHP p.451; our arithmetic. At the lower band of ₹1,065 the market capitalisation is ₹980,761.8 crore and the P/E on FY26 profit 32.6× (our arithmetic, RHP p.72, RHP p.76).

Enterprise value is the market capitalisation on the shares before the issue, ₹1,000,277.5 crore, plus March 2026 net debt of ₹27,579.2 crore, the company's own measure (our arithmetic, RHP p.451). That measure leaves out ₹104,513.7 crore of deferred spectrum payments and ₹13,887.6 crore of lease liabilities (RHP p.137). With the spectrum payments added, enterprise value would be ₹1,132,370.4 crore and 14.9× FY26 EBITDA (our arithmetic, RHP p.451). Price to June 2026 NAV per share of ₹382.34 is 2.9× (our arithmetic, RHP p.130).

Where the issue sits against the peers the prospectus names: the P/E of 34.3× on FY26 profit is about 53% above the peer average and median of 22.35 for the two peers, and about 16% below Bharti Airtel's 40.71 (our arithmetic, RHP p.129). Vodafone Idea's 3.99 reflects exceptional items in its FY26 profit (RHP p.129). The company's own FY26 RoNW is 9.42% against Bharti Airtel's 20.32% (RHP p.130).

18Risks, in plain words

Jio Platforms IPO risks

Licence and spectrum → RJIL's licence and spectrum can be amended by the government and must be renewed or won at auction, which needs large spending → the company holds 26,800.8 MHz with an average remaining life of about 15.8 years (RHP p.30, RHP p.31, RHP p.128).

Group dependence → pre-paid plans are sold only through Reliance Retail Limited, and key services come from Reliance Industries → pre-paid was 77.08% of FY26 revenue (RHP p.32, RHP p.33).

Brand → the "Jio" trademark is owned by the promoter and licensed; the company does not control its use by other group companies (RHP p.36, RHP p.198).

Suppliers → towers and fibre are rented, not owned → 174,451 of 360,537 towers come from one owner and about 98% of fibre from another (RHP p.37).

Debt → loans carry covenants and the business needs continuing capital spending → group fund-based borrowings were ₹62,137.5 crore at June 30, 2026 (RHP p.39).

Customers and competition → ARPU and customer numbers depend on tariffs and rivals' pricing → monthly churn was 1.61% in the June 2026 quarter (RHP p.42, RHP p.48, RHP p.131).

Related parties and competition from the group → group companies may compete with the business, and transactions with them are large → related-party expenses were 9.34% of FY26 revenue (RHP p.56, RHP p.57).

Tax → GST and input-tax-credit demands of ₹6,795.5 crore are not shown as a contingent liability (RHP p.47).

Issue-specific → after the issue the promoter keeps control, at about 64.5% of the enlarged capital (our arithmetic, RHP p.103, RHP p.72), and can influence decisions (RHP p.61). Of the money raised, nothing goes to selling shareholders (RHP p.1).

19Litigation and regulatory matters

Cases against Jio Platforms and its promoters

Source: RHP p.47, to the extent quantifiable. Two criminal proceedings are pending against key managerial personnel (RHP p.47).

• The subsidiaries' tax matters include GST and input-tax-credit demands on RJIL of ₹6,795.5 crore, which the company disputes (RHP p.47).
• SEBI's adjudicating officer imposed a penalty of ₹0.3 crore on Reliance Industries on June 20, 2022 under insider trading disclosure rules; it was paid on July 21, 2025 (RHP p.48).
• The Supreme Court disposed of the appeals in the 2007 Reliance Petroleum share trading matter on May 29, 2026 (RHP p.47).

20Related-party transactions

Source: RHP p.80, RHP p.81.

• Recharge vouchers sold to Reliance Retail Limited, recorded as revenue received in advance: ₹89,058.7 crore in FY24 and ₹112,935.1 crore in FY26 (RHP p.80).
• Promoter shareholders have approved limits up to FY2032, including up to ₹19,200.0 crore a year of business support and project services from Reliance Industries to RJIL, and up to ₹210,800.0 crore of recharge vouchers to Reliance Retail Limited for FY27 (RHP p.83, RHP p.84).
• Selling and distribution paid to the promoter stopped after FY25 (₹629.9 crore in FY25, nil in FY26), while payments to Reliance Retail Limited rose to ₹4,355.1 crore (RHP p.31, RHP p.32).
• Pricing is cost plus margin or market rates, as stated for each arrangement (RHP p.81, RHP p.84).

21What the offer document does not say

• Revenue by product or customer type: mobile, home broadband, enterprise and digital services are not split, as the company reports one segment (RHP p.200).
• Top customers' share of revenue: no table is given.
• Network utilisation: no figure for how full the network is.
• The price band, lot, employee discount and post-issue share count: left blank ([●]) in the prospectus (RHP p.3, RHP p.72).
• The amount for general corporate purposes: left blank until pricing (RHP p.116).
• Why net customer additions fell to 6.4 million in FY25: the figure is given (RHP p.131) but not explained in the pages read.
• Spectrum and tower costs by contract: the prospectus gives totals but not the rates paid to the tower and fibre providers (RHP p.37).

22Five questions for management

1. Of the ₹37,327.2 crore revenue increase from FY24 to FY26, how much came from tariff increases, how much from more customers and how much from home broadband and enterprise?
2. What would FY26 net leverage be if the ₹104,513.7 crore of deferred spectrum payments and ₹13,887.6 crore of lease liabilities were counted as debt, as peers do?
3. What share of FY26 network operating expenses of ₹34,492.4 crore was paid to Summit Digitel Infrastructure Limited and Jio Digital Fibre Private Limited?
4. What is the basis for not showing ₹6,795.5 crore of GST and input-tax-credit demands as a contingent liability?
5. What would FY26 profit have been without the change in network asset useful life that lowered depreciation by ₹1,840.5 crore?

24Draft to final: what changed

The fresh issue of up to 270,000,000 shares, the absence of an offer for sale and the ₹27,500.0 crore prepayment object are the same in both documents (DRHP p.1, DRHP p.106, RHP p.1, RHP p.116), and the nineteen lead managers are the same (DRHP p.1, DRHP p.2, RHP p.1, RHP p.2). The restated FY24 to FY26 figures are unchanged (DRHP p.68, RHP p.76).

1Sources and cited facts

This study was read from 1 document the company filed. The 169 figures it cites are listed under the document each came from, with the page and the sentence as printed.