Jio Platforms Limited (JPL), India's largest digital connectivity company, is looking to capitalise on the next phase of the country's digital expansion as it prepares for its ₹30,213 crore initial public offering (IPO), scheduled to open on October 21.
Research reports from GEPL Capital, Ventura Securities and SMC Global identify several potential growth drivers for the company, including the migration of 2G users to 4G and 5G, rising demand for home broadband, enterprise cloud services, artificial intelligence (AI) and the international commercialisation of its proprietary technology.
Together, these opportunities could help Jio Platforms expand its revenue streams beyond traditional mobile connectivity. However, the extent to which they translate into sustained growth will depend on customer adoption, monetisation and execution.
Jio Platforms had 533.3 million subscribers as of June 2026, according to the research cited in the brokerage reports. Despite its extensive customer base, a substantial number of users across India remain on older mobile networks, creating a potential opportunity for upgrades to 4G and 5G services.
GEPL Capital estimates that 261 million users were still on 2G networks as of June 30, 2026. The brokerage identifies affordable devices, including the ₹799 JioBharat phone, bundled with digital services, as a possible route to attracting these customers.
Revenue from existing users is also increasing. Jio's average revenue per user (ARPU) rose from ₹181.7 in FY24 to ₹215.6 in the first quarter of FY27, while monthly data consumption per customer reached 43.7 GB.
According to GEPL Capital, further ARPU growth could come from tariff revisions, greater adoption of premium plans and bundled offerings that include over-the-top (OTT) entertainment, cloud storage, gaming and AI-powered services.
The challenge will be to convert the remaining upgrade opportunity into paying customers while maintaining affordability in a competitive market.
Fixed broadband represents another potential growth avenue for Jio Platforms.
The company had 28.6 million JioFiber and JioAirFiber subscribers as of June 2026. Yet, fixed broadband penetration in India stood at approximately 21% in FY26, according to the figures cited by GEPL Capital.
The brokerage projects penetration to rise to around 46% by FY31, indicating considerable scope for expansion if demand and infrastructure investment keep pace.
JioFiber provides fibre-based connectivity, while JioAirFiber uses fixed wireless access technology to deliver broadband services, including in locations where laying fibre can be difficult or expensive.
SMC Global expects the expansion of JioAirFiber to support adoption in underserved markets and broaden the company's potential customer base.
Growth in this segment could also create opportunities to sell additional digital services to connected households. However, customer acquisition costs, network capacity and competition will remain important factors in determining profitability.
Jio Platforms is positioning itself as a technology company in addition to its role as a telecommunications operator.
Ventura Securities highlights Jio's proprietary end-to-end 5G standalone technology stack and says the company has filed 7,220 patent applications spanning 4G, 5G, 6G, AI and other digital technologies.
Its research also points to JioBrain, the company's proprietary AI platform, which is being deployed across network operations and forms part of its broader technology monetisation strategy.
SMC Global believes the convergence of telecommunications, cloud computing, AI and enterprise digital solutions could allow Jio to develop services beyond traditional connectivity.
Greater automation may also help improve operational efficiency, strengthen customer retention and support operating leverage over time.
For investors, an important consideration will be whether these technology investments generate meaningful incremental revenue and profits, rather than simply increasing the range of services offered by the company.
Jio Platforms is also exploring opportunities to commercialise its technology with telecom operators and enterprises outside India.
GEPL Capital identifies potential revenue streams from partnerships involving Jio's proprietary 5G core, cloud-native radio access network (RAN), operations and business support systems (OSS/BSS), and fixed wireless access technologies.
The company also plans to extend JioBrain and its autonomous network capabilities to international telecom operators and other industries, according to the brokerage report.
SMC Global notes that this approach could help Jio expand internationally without having to replicate its entire domestic infrastructure footprint in every market.
Such a model could provide an additional source of revenue beyond India's connectivity market. Its success, however, will depend on international partnerships, customer demand, technology adoption and the company's ability to compete with established global vendors.
Jio's growth plans are supported by rising data consumption, expanding 5G networks and increasing demand for fibre broadband and enterprise digital services.
GEPL Capital's industry projections indicate that India's mobile broadband ARPU could rise from ₹199.5 in FY26 to ₹326.4 by FY31.
Higher data usage, tariff adjustments and the adoption of premium services could support revenue growth across the telecom sector. At the same time, broadband expansion and enterprise technology services may offer operators additional opportunities to diversify their businesses.
GEPL Capital says Jio's strategy centres on growing its subscriber base, improving ARPU, increasing digital service adoption and diversifying revenue through enterprise and international technology offerings.
These factors could support revenue expansion and long-term profitability, although the eventual outcomes will depend on execution and market conditions.
The ₹30,213 crore IPO places Jio Platforms' growth strategy in focus as investors assess its prospects across connectivity, broadband and technology services.
The potential migration of 2G users, expansion of home broadband and commercialisation of AI and proprietary telecom platforms offer several avenues for growth. Yet, these opportunities should be considered alongside the company's valuation, financial performance, competitive environment and ability to convert investments into earnings.
Ventura Securities has assigned a 'Subscribe' rating to the issue, according to its research note. Brokerage assessments, however, represent individual research views and do not guarantee future returns.
Ultimately, Jio Platforms' longer-term growth prospects will depend not only on the expansion of India's digital economy but also on how effectively the company converts its large customer base, technology investments and international ambitions into sustainable revenue and profitability.