New Delhi: With global 5G adoption still at an early stage, Jio’s affordable and scalable 5G solutions could help it capture a share of the $121 billion global telecom technology market and fuel its growth, according to a new report by Jefferies.
“We maintain our 18%/21% CAGR in revenue and EBITDA over FY26–28, but we raise our target EV/EBITDA multiple to 15x and roll forward our EV for Jio to US$180 billion,” the global brokerage said in a note.
Jio Platforms has built a complete 5G technology suite covering both mobility and home broadband segments.
Over the past two years, the company has significantly ramped up its technology investments, Jefferies noted, highlighting a 13-fold rise in patent filings and a fourfold increase in patent grants.
The report added that Jio aims to play a key role in shaping future global connectivity standards. Its contributions to 3GPP standards for 5G and 6G have grown nearly sevenfold to 70 in recent years. The company is also developing AI-driven tools to optimise network performance and advancing work on Open Digital Architecture to enhance interoperability.
Given the still-low global 5G penetration—especially in lower-income markets—Jio’s 5G technology stack, tested at scale with over 200 million subscribers, offers a highly cost-effective option that can unlock additional growth opportunities, Jefferies said.
“Growth is likely to remain strong, driven by the expansion of the enterprise business and monetisation of Jio’s technology stack,” the brokerage added.
The report also noted that the global network infrastructure market remains highly concentrated, with the top five players controlling about 80% of the market.
“These firms typically bundle hardware and software, which simplifies network management but makes it costly. However, with the rise of 5G and open architectures, software and hardware layers are being separated—allowing software to capture a larger share of the overall value,” Jefferies said.
