Reliance Industries Ltd (RIL) has made a landmark decision to waive brand royalty charges for Jio Platforms, departing from the common practice among Indian conglomerates. According to the latest DRHP filing, RIL will not charge any royalty to IPO-bound Jio Platforms for using the 'Jio' brand, with the company stating this reflects the historical development of the brand through joint efforts and investments. Jio Financial Services Ltd also does not pay any royalty for using the brand, as confirmed in JFSL's annual report. As per Mint, experts have welcomed this decision, with Sanjay Kallapur from ISB noting that pricing brand royalty becomes tricky due to the need for fairness to both companies' shareholders. The decision could also reflect the influence of strategic investors like Meta and Google with substantial stakes in Jio, who may have been factors in the royalty waiver decision.
**Jio Platforms has officially filed for India's largest IPO in history, issuing up to 27 crore equity shares with a face value of ₹10 each. According to the Draft Red Herring Prospectus (DRHP), the company's board approved the filing minutes after the 49th Annual General Meeting. As reported by The Financial Express, Mukesh Ambani described the moment as "deeply emotional" as the company marks ten years since its 2016 launch. Jio remains the bigger player by revenue and subscribers, with standalone revenue rising 13% year-on-year to approximately ₹1,29,000 crore in FY26, while adding 36 million net subscribers and increasing wireless market share by 77 basis points to 41.4%. The IPO filing represents the "most important value creation milestone for Reliance" as the company prepares to unlock significant value for shareholders while offering attractive investment opportunities to new investors.
The Reliance Mukesh Ambani group is set to significantly boost its market presence, potentially holding nearly 7% of BSE's total market capitalization post-Jio Platforms' IPO, compared with the current share of under 4%. According to The Economic Times, at the higher end of the anticipated valuation band for Jio Platforms, the RIL group will host India's two largest companies by market cap - Reliance Industries with market cap of ₹17.7 trillion and Jio Platforms with an estimated market cap of ₹14 trillion. The combined market cap of the two companies is expected to be around ₹32 trillion, nearly matching the current combined market value of ₹33 trillion for HDFC Bank, Bharti Airtel, and ICICI Bank. This positions the RIL group to surpass major banks and telecom players, with HDFC Bank, Bharti Airtel, and ICICI Bank ranking next on the market cap tally with respective market caps of ₹12 trillion, ₹11.6 trillion, and ₹9.7 trillion.
Jio Platforms has attracted more than $20 billion from global investors including Meta, Google, Silver Lake, KKR and General Atlantic over the years, with the company valued at around $58-65 billion during those fundraising rounds. However, market expectations now peg its valuation at $110-120 billion, representing a significant increase from previous valuations. According to CNBC TV18, Piyush Pandey, Senior Vice President at Centrum India, values Jio at around $130 billion and expects the IPO to be priced at a modest discount. The upcoming IPO, described as the first from the Reliance Group in nearly two decades, is expected to be a pure fresh issue with no offer-for-sale component. Existing shareholders, including Reliance Industries (66.43% stake), Meta (9.99%), and Google (7.73%), will not dilute their holdings, with over ₹27,000 crore of proceeds earmarked for debt reduction as a key objective. As per the latest DRHP filing, Reliance Industries maintains a dominant 66.43% stake, while the remaining ownership is distributed among global technology giants, sovereign wealth funds, and private equity investors.
Jio Platforms reported impressive financial results for FY26, with revenue from operations reaching ₹146,885.30 crore, up 14.6% from ₹128,218.40 crore in FY25. According to the latest financial data, EBITDA rose 18.8% to ₹76,255.40 crore from ₹64,170 crore, while EBITDA margin improved to 51.91% from 50.05%. Profit before tax increased 14.9% to ₹40,353.10 crore from ₹35,127.30 crore, and profit after tax rose 15.1% to ₹30,049.10 crore from ₹26,109 crore a year earlier. The company maintained its position as India's largest digital services company with a customer base of 524.4 million at the end of FY26, compared with 488.2 million a year earlier. Reliance Industries rose 2.45% to ₹1,341.60 following the IPO filing announcement, with the company continuing to hold a 66.43% stake in Jio Platforms as of March 31, 2026.
Jio Platforms announced plans to develop a sovereign low-earth orbit (LEO) satellite constellation to provide broadband connectivity in remote and underserved parts of India. The company is exploring a two-pronged strategy that includes leasing satellite capacity from international operators while simultaneously evaluating the development of its own satellite network. Akash Ambani, chairman of Reliance Jio, made the most significant announcement about the satellite constellation, stating "There are still the remotest of villages, island communities, and border outposts where Jio network cannot reach. For them, satellite connectivity will be the bridge to the rest of India." The initiative is intended to strengthen digital inclusion and improve connectivity in areas where conventional telecom infrastructure remains difficult to deploy. Meanwhile, both Jio and Airtel are exploring satellite broadband communication as the next frontier, with Business Standard noting that this represents a commonality between the two companies.
