Jio Platforms vs Bharti Airtel: which telecom stock analysts are comparing after Jio's IPO

what happened

Shares of Jio Platforms, a Reliance Industries subsidiary, climbed nearly 28% from the issue price of Rs.1,119 after debuting on October 28. The company's market value reached about Rs.13.18 lakh crore, making it India's second most valuable listed company after Reliance itself. The offer drew bids for 22.19 times the shares on sale, Moody's reported.

Bharti Airtel has returned 586.10% over ten years and 187.07% over five, yet its stock is down 6.64% so far in 2026. SAHI and Choice Capital Advisors see Jio mainly as a scale and growth story, while they view Airtel as a company with steadier earnings, strong return ratios and solid free cash flow. Jio's average revenue per user is around Rs.215 a month, roughly $2.5, across a base of 53 crore subscribers.

SAHI's Gaurav Arora said, "Until Jio's valuation reflects a more grounded growth trajectory rather than scale alone, Bharti Airtel remains the stronger investment story."

why it matters

Analysts argue that after Jio's listing, the key question is the realistic return from current levels rather than the company's size alone. Tariff increases in India have historically come in waves and required coordinated moves by all three operators, which makes revenue growth harder to forecast over a long horizon. The main sector risks include regulation, spectrum costs and the company's ability to monetise its digital ecosystem.

market impact

Indian telecom: Jio's listing puts the sector in focus and invites comparison of valuations with Airtel

tags

instruments