Mukesh Ambani vs Mukesh Ambani: Is Jio about to beat Reliance Industries in…? What will happen after IPO?

Mukesh Ambani’s Jio Platforms Ltd (JPL) is gearing up for its IPO in the first half of 2026. Will the listed Jio eclipse its parent, Reliance Industries, in market capitalisation?

Written by: Joy Pillai Edited by: Joy Pillai

Published: December 15, 2025, 2:45 PM IST

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https://www.india.com/business/mukesh-ambani-vs-mukesh-ambani-is-jio-about-to-beat-reliance-industries-in-market-cap-what-will-happen-after-the-ipo-business-news-anant-ambani-8230165/ Copy

Mukesh Ambani vs Mukesh Ambani: Is Jio about to beat Reliance Industries in…? What will happen after IPO?

Mukesh Ambani vs Mukesh Ambani: One of the world’s richest men, Mukesh Ambani, is the managing director of Reliance Industries, one of the most valuable companies in India. Its market capitalisation is approx Rs 20.8–21 lakh crore. But people are talking about the telecom giant Jio as it is now ready to launch its Initial Public Offering (IPO) in the middle of next year, Fortune India Analyst reported. As per the report, JPL’s enterprise value (EV) ranges between Rs 8.17 lakh crore (Nuvama) and over Rs 10 lakh crore. However, these huge figures have ignited a debate among people as they are saying that the listed Jio will beat its parent company RIL in market capitalisation, reshaping India’s corporate landscape.

Valuations Breakdown

Reliance Industries has a market cap of around Rs 21 lakh crore. In the first half of Financial Year 2026 the company shared its consolidated revenue of RS 5.57 lakh crore. The profit was 52,875 crore. Notably, the Jio Platforms contributed revenue of Rs 83,706 crore in profit of Rs 14,485 crore.

What Are JPL EV Estimates?

It is to be noted that Jio Platforms’ estimated enterprise value varies across brokerages. Jefferies has valued the company at about Rs 15.34 lakh crore, while Nomura, CLSA and Macquarie have valued it more than Rs 10 lakh crore. Equity value, after adjusting the debts, estimates for the IPO range between Rs 11–14 lakh crore. Optimistic projections showing around Rs 15 lakh crore by FY27.

• Jio’s end-to-end technology stack, spreads across – radios, core networks and FWA solutions.
• Leadership in India’s 5G rollout boosts its long-term monetisation potential.
• Jio is planning to export USD 121 billion global telecom technology market.
• With over 500 million subscribers, the company operates one of the world’s largest telecom networks.
• Apple reports ranking Jio’s 5G as the world’s highest-quality network.
• Jio’s home broadband expansion aims to reach 100 million homes. The company fix a deadline of two years.

Post-IPO

It is estimated that Jio’s standalone market cap, after the IPO, could increase or match Rs 12–15 lakh crore if it commands premium multiples showing growth in fixed broadband, ARPU and enterprise services.

Sum-of-Parts Reality

It is to be noted that Reliance Industries’ value cannot be calculated just by Jio. Reliance is a conglomerate which is spread across refining/petrochemicals, retail, new energy, and media.

After-listing, the Mukesh Ambani company’s market cap is expected to adjust downward by subtracting Jio’s value.