Mumbai, India – Reliance Group has officially become India's most valuable conglomerate, with its combined market capitalization exceeding ₹30 lakh crore following the impressive stock market debut of Jio Platforms Ltd. The milestone marks a significant shift in the Indian corporate landscape, as Reliance Group now surpasses the Tata Group in overall market valuation.
The listing of Jio Platforms Ltd. (Jio) on October 28, 2026, saw its shares open at ₹1,358 apiece, a substantial 21.36% premium over its IPO issue price of ₹1,119 per share. This strong performance immediately propelled Jio's market capitalization to ₹12,50,586.39 crore on the National Stock Exchange (NSE). In doing so, Jio Platforms also overtook Bharti Airtel Ltd. to become the second most valued firm in India, trailing only its parent company, Reliance Industries Ltd.
Reliance Overtakes Tata Group
The successful Jio Platforms listing was the primary driver for the Reliance Group's overall valuation surge. With this achievement, the Tata Group, which previously held the top spot, has now slipped to second place with a combined market capitalization of roughly ₹25.51 lakh crore. The Adani Group, another major Indian conglomerate, commanded a combined market value of ₹16.68 lakh crore, according to data compiled by AceEquity.
Brokerage Insights and Future Outlook
Market analysts have largely reacted positively to Jio Platforms' debut and its future prospects. Several leading brokerages had initiated coverage with 'Buy' ratings, projecting significant upside for the stock.
Investment Rationale
- MOFSL initiated coverage with a 'Buy' rating and a target of ₹1,350, citing Jio's market leadership, strong influence over industry tariffs, and low liquidity as key drivers. The brokerage highlighted that Jio Platforms is not just a market leader but a “category creator.”
- Nomura also started with a 'Buy' rating, setting a target price of ₹1,340. They noted that the heavy 5G investment cycle is largely behind Jio, expecting capital expenditure to fall significantly by FY26, freeing up substantial cash flow. Nomura anticipates the company to become net debt-free by FY29, with its balance sheet improving rapidly.
- Elara Securities similarly recommended a 'Buy' rating, aligning with the positive outlook from other analysts.
Brokerages believe Jio's earnings and valuation are highly sensitive to wireless Average Revenue Per User (ARPU) growth, with even minor changes having a significant impact on consolidated EBITDA. Some analysts also pointed to Jio Platforms’ international ambitions, including its 5G tech stack and FWA UBR initiatives, as potential sources of further upside not yet fully factored into current valuations.
Potential Risks Identified
Despite the optimistic outlook, analysts also highlighted potential risks. These include:
- Delays in implementing tariff hikes.
- Increased competitive intensity in the telecom sector.
- An acceleration in capital expenditure beyond current projections.
- A weaker-than-expected ramp-up in the digital platform business.
These factors could pose downside risks to Jio Platforms' earnings and overall valuation, making it crucial for the company to navigate market dynamics effectively.
The Jio Platforms listing marks a pivotal moment for Reliance Group, solidifying its position at the forefront of India's corporate giants and reshaping the competitive landscape for years to come.