Reliance Jio is poised for robust growth over the next few years, driven by an expected rise in telecom tariffs and rapid expansion in its home broadband business, particularly through Fixed Wireless Access (FWA), according to a report by Jefferies. The global brokerage firm estimates that Jio will deliver an 18 percent compound annual growth rate (CAGR) in revenues and a 21 percent CAGR in EBITDA between FY26 and FY28.

The report, as cited by ANI, stated that “Reliance Jio remains well-placed to deliver 18 percent/21 percent CAGR in revenues/EBITDA over FY26-28, given rising tariffs in mobile and sharp growth in home broadband business led by FWA.” It added that the company’s growth trajectory will be further supported by the scaling up of its enterprise business and monetisation of its technology stack.

Reflecting its confidence in Jio’s outlook, Jefferies raised its target EV/EBITDA multiple to 15x — a 10% premium over Bharti Airtel — citing Jio’s superior growth potential. EV/EBITDA is a valuation metric that compares a company’s enterprise value (EV) to its earnings before interest, taxes, depreciation, and amortization (EBITDA). The brokerage also rolled forward its valuation to December 2026, increasing Jio’s enterprise value estimate to USD 180 billion.

According to Jefferies, Reliance Jio’s extensive technology ecosystem — which includes radios, network core, OSS/BSS systems, and FWA solutions — gives it a formidable competitive advantage. With global 5G penetration still at relatively low levels, Jio’s cost-efficient and scalable technology offerings are well-positioned to capture opportunities in the USD 121 billion global telecom technology market.

Over the past two years, Jio Platforms has significantly ramped up its technology investments, marked by a 13-fold increase in patent filings and a four-fold rise in patent grants. The company has also expanded its role in shaping future global connectivity standards, enhancing its participation in 3GPP standards for 5G and 6G by nearly seven times to 70.

Additionally, Jio is developing artificial intelligence-based solutions to optimise network performance and drive the adoption of Open Digital Architecture. The Jefferies report also highlighted that the global network infrastructure market is highly concentrated, with the top five players holding nearly 80% market share. However, the shift toward open architectures and software-driven networks presents new opportunities for players like Jio.

With 5G adoption still low, particularly in developing economies, Jio’s 5G technology stack — already proven at scale with over 200 million subscribers — offers a cost-effective and scalable solution. Jefferies noted that this could unlock an additional layer of growth for the telecom giant in the years ahead.