Jio Platforms Limited (JPL) is already India’s largest digital connectivity company. Brokerage research suggests that its next phase of growth could be even bigger. On 21 October Rs. Ahead of the opening of the 30,213 crore JPL IPO, reports from GEPL Capital, Ventura Securities and SMC Global point to several key growth factors, including the move from 2G to 4G/5G, home broadband, enterprise cloud and AI, and sales of Jio’s own technology to foreign telecom operators.
The number of Jio subscribers may increase further
As of June 2026, the number of Jio customers reached 533.3 million, and there is still a large segment of potential customers. GEPL Capital says that as of June 30, 2026, 261.0 million users are still on 2G networks. In such a situation, the company has a huge opportunity to add new customers through affordable products like the Rs 799 ‘JioBharat’ phone, which also comes with digital services. Consumers are spending more now than ever before. Average Revenue Per User (ARPU) in FY24 was Rs. 181.7 in Q1FY27 to Rs. 215.6 and monthly data usage per customer increased to 43.7 GB. GEPL says the company “plans to improve average revenue per user (ARPU) by rationalizing tariffs from time to time, further promoting premium plans and bundling together OTT entertainment, cloud storage, gaming and AI-based offerings.”
Unlimited possibilities in broadband
As far as home broadband prospects are concerned, Jio had 28.6 million JioFiber and JioAirFiber subscribers as of June 2026, and experts believe there is still a lot of room for growth. According to GEPL, home broadband is another key driver of growth. JioFiber and JioAirFiber are poised to take advantage of the low fixed broadband penetration in India (which is around 21% in FY26). It is estimated that this figure will touch around 46% by FY31. SMC Global says the expansion of GeoAirFiber (which is a fixed wireless access service) will help drive broadband adoption in places where traditional fiber may be difficult or expensive to lay. By expanding into markets where broadband penetration is still low, Jio’s potential customer base can further expand.
7,220 patent applications have been filed
In addition, analysts often see JPL as not just a telecom operator but also a technology platform. Ventura Securities, which has a “subscribe” rating on the issue, notes that Jio has developed its own (proprietary) end-to-end 5G standalone stack and has filed 7,220 patent applications in the areas of 4G, 5G, 6G, AI and digital technologies. The company’s own AI platform, ‘JioBrain’, is used in network operations and is part of their broader technology monetization strategy.
In this way the income will increase
JPL plans to sell its indigenous technology to other countries as well. GEPL believes that by partnering with telecom operators in other countries and monetizing its 5G core, cloud-native RAN, OSS/BSS and fixed wireless access technologies, the company can create new revenue streams beyond home connectivity services. It further said that Jio Platforms plans to extend its ‘JioBrain’ AI platform and autonomous network capabilities to global telecom operators and other industries. SMC Global says that with this model, Jio “can expand outside India without having to rebuild its entire local infrastructure there.”
An ever-growing digital economy
These systems are part of a rapidly growing market. According to SMC Global, the Indian telecom and digital services industry is one of the fastest growing industries in the world. The main reasons for this are the huge surge in data usage, rapid 5G rollout and increasing penetration of fiber broadband. According to industry data provided in a GEPL note, ARPU (Average Revenue Per User) of mobile broadband in India in FY 2026 is expected to reach Rs. 199.5 to increase by FY 2031 to Rs. Estimated to be 326.4.
