Jio Valuation May Jump to $190 Billion by 2028, Says CLSA; RIL Target Raised to ₹1,800

The buzz in financial markets right now is all about Jio valuation, and for good reason. We’re seeing analysts forecast a dramatic rise in the worth of Jio Platforms, the telecom and digital arm of Reliance Industries Ltd. (RIL). Recently, global brokerage CLSA projected that Jio’s valuation could reach a stunning $190 billion by March 2028. At the same time, CLSA raised its 12-month price target for Reliance Industries shares to ₹1,800 from ₹1,650, signaling strong confidence in the group’s growth potential.

CLSA’s Bold Forecast: Jio to $190 Billion by 2028

• CLSA Forecast: Jio valuation may hit $190B by March 2028.
• Valuation Type: This is enterprise value (EV), including debt.
• Market Impact: This could make Jio one of the top telecoms globally by value.
• Reason for Upside: CLSA expects 5G monetization and digital services to boost cash flow.
• IPO Connection: CLSA links this valuation to a Jio IPO that gives market benchmark pricing.

Why Jio’s IPO Matters

• IPO Timeline: Mukesh Ambani said Jio aims for a listing in H1 2026.
• IPO Size: It could be one of India’s largest IPOs ever.
• Global Interest: Banks like Morgan Stanley and Goldman Sachs are preparing the deal.
• Other Broker Estimates:
  • ICICI Securities: projected $148B valuation by 2027.
  • Broker Talks: suggested valuations up to $170B before IPO.
• Meaning: These estimates show growing market confidence in Jio’s future.

What’s Driving This Growth in Valuation?

• Subscriber Base: Jio has 500M+ subscribers, making it India’s biggest telecom.
• 5G Monetization: 5G rollout will help raise ARPU and revenue.
• Digital Services: Jio now offers cloud, content, and enterprise platforms.
• High Margins: Digital services have higher profit margins than telecom.
• Global Investors: Companies like Meta and Google invested billions earlier.
• Conclusion: Jio’s valuation is backed by real business growth, not hype.

Impact on Reliance Industries’ Stock

• RIL Target: CLSA has lifted its price target for Reliance Industries to ₹1,800.
• Reason: Higher Jio valuation boosts RIL’s sum-of-parts value.
• Core Link: Jio is now the main profit engine of Reliance.
• Other Segments: Retail and energy have slower growth forecasts.
• Net Effect: Jio’s strong outlook balances slower sectors.

Market Reaction and Analyst Sentiment

• Overall Sentiment: Market reaction is mostly positive.
• Ratings: Many analysts kept “Buy” or “Outperform” ratings.
• Investor Focus:
  • IPO pricing
  • Future cash flow sources
  • Competition in telecom
• Competitive Edge: Jio’s scale and integration may outperform Bharti Airtel.

Risks and What Could Go Wrong

• Market Volatility: Global markets can drop and affect IPO demand.
• Execution Risk: IPO delays can reduce valuation.
• Regulatory Risk: Telecom and digital rules may affect profits.
• Investor Warning: These risks don’t cancel the story, but they matter.

Conclusion

When we talk about Jio valuation, we’re talking about how the market sees future growth, technology leadership, and India’s digital transformation. CLSA’s forecast of up to $190 billion by 2028 shows just how high expectations have climbed. Coupled with IPO plans and continued service innovation, Jio is shaping up to be one of the most-watched listings in financial markets.

Whether you’re an investor, analyst, or curious reader, one thing is clear: Jio’s story is becoming a central chapter in India’s corporate narrative, and its valuation reflects that.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.