Overview
- The brokerage raised its target EV/EBITDA multiple to 15x, valuing Jio at about $180 billion, a roughly 10% premium to Bharti Airtel on this metric.
- Jefferies maintains FY26–28 CAGRs of 18% for revenue and 21% for EBITDA, with growth tied to tariff increases, FWA-led home broadband and enterprise expansion.
- It highlights a $121 billion addressable telecom technology market, noting low global 5G penetration and Jio’s stack proven at 200 million-plus subscribers.
- The report cites a 13-fold jump in patent filings, a four-fold rise in grants, and nearly 70 recent 3GPP contributions as evidence of sharper R&D and standards focus.
- Analysts say incumbents hold about 80% of network gear share, while the shift to open architectures is unbundling hardware and software, widening scope for software-led monetisation.