Jio Platforms breaks into global top 5 telcos after listing

ET Intelligence Group: Jio Platforms has entered the top league of global telecom companies after Wednesday’s public listing on Indian bourses. With a market cap of $137.3 billion (₹13.1 lakh crore), Jio Platforms ranked fifth in the global pecking order, ahead of Germany’s Deutsche Telekom with a market cap of $135.5 billion, showed the data collated from Bloomberg. The US incorporated AT&T was at the fourth spot with a market cap of $141.1 billion. Beijing headquartered China Mobile led the rankings with a market cap of 220.3 billion followed by two US headquartered telecom majors, Verizon and T-Mobile US with market caps of $182.1 billion and $157.5 billion respectively.

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Despite the smaller scale when compared with global telecom operators, Jio Platforms commands a significant valuation premium, reflecting differential offerings aided by a pure-play 4G and 5G networks and proprietary digital platforms. On the other hand, global giants are largely mature utility providers with legacy 2G and 3G infrastructure. Considering Wednesday’s market cap and FY26 net profit, Jio Platforms’ price-earnings multiple works out to be 43.5. For top global telcos, the P/E multiple ranged between eight and fourteen. Bharti Airtel, the closest Indian peer of Jio Platforms trades at a P/E of 45.6.

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Incorporated in 2019, Jio Platforms offers digital connectivity and services pan India.