Whalesbook
Reliance Jio ne July-September quarter mein home broadband subscribers mein apna sabse achha quarterly expansion record kiya, jismein 3 million naye users jude, primarily Fixed Wireless Access (FWA) technology ke uptake ki wajah se. Broadband segment mein yeh significant growth tab bhi hui jab overall subscriber additions 8 million tak pahunch gaye, jo analysts ki expectations se kam tha, mainly kyunki mobile subscriber additions sirf 5 million rahe.
Brokerage firm Jefferies ne Jio Platforms ki enterprise valuation $150 billion estimate ki hai. Unhe lagta hai ki higher mobile tariffs aur home broadband business ke rapid growth se Jio ke margins aur Average Revenue Per User (ARPU) ko boost milega. September quarter ke liye ARPU, ek extra din ko adjust karne ke baad, Rs 211 par quarter-on-quarter flat raha. J P Morgan aur Kotak Institutional Equities dono ne note kiya ki Jio ka management abhi turant tariff badhane ki soch mein nahi hai. Analysts ka kehna hai ki koi bhi tariff hike strategically company ke planned initial public offer (IPO) ke aas-paas time ki ja sakti hai, jo 2026 ke pehle half mein expected hai.
Jefferies ne FY26-28 ke liye mobile subscribers ke estimates 1% kam kiye hain, expect karte hue ki March 2027 tak 506 million ho jayenge, jo September quarter ke 483 million se zyada hai. Lekin, home broadband subscribers isi period mein 23 million se 41 million tak grow hone ki projection hai. Jefferies ne Jio ke unlicensed spectrum (UBR) use karne ke advantage ko bhi highlight kiya hai FWA growth ko support karne ke liye bina mobile network par zyada impact dale.
The firm project karti hai ki Jio ka ARPU 11% Compound Annual Growth Rate (CAGR) se Rs 272 tak badhega FY28 tak, jo FY26, FY27, aur FY28 ke teesre quarter mein anticipated teen 10% tariff hikes se chalega. Margins FY28 tak 58% tak expand hone ki expectation hai, jismein FY25-28 ke beech 21% CAGR EBITDA mein hoga, jo operating leverage se attributed hai. Antique Stock Broking ne Jio ki operational strength ko highlight kiya network costs maintain karte hue subscriber base grow karne mein, jismein incremental EBITDA margins lagbhag 60% rahe.
Jio Platforms ne Q2 mein Rs 8,440 crore ke stable network operating expenses report kiye, 8.3 million subscribers add karne aur apne 5G user base ko 234 million tak expand karne ke bawajood. Company ne apne EBITDA margin ko 117 basis points year-on-year badhakar 54.2% kiya, jo cost rationalization aur operational leverage se faydemand raha. Aage bhi margin enhancements ki ummeed hai strategic shifts se jaise increased renewable energy use aur optimized passive infrastructure.
Jio Platforms, jismein Reliance Industries ke telecom aur digital ventures hain, ne September quarter ke liye net profit mein 12.8% year-on-year increase report kiya, jo Rs 7,379 crore raha, jo strong subscriber growth aur increased data usage se supported tha.