Jio Platforms Target Price: Share Price Beats Motilal Oswal’s Rs 1,350 Target on Debut, and What Lies Ahead for the Reliance Arm Stock

The Jio Platforms target price set by Motilal Oswal is Rs 1,350 with a Buy rating, and the stock has already traded past it: the NSE price was Rs 1,362.50 at 11:59 AM on Wednesday, 28 Oct 2026, about 0.9% above the target and 21.8% above the issue price of Rs 1,119 (my calculation), after a day high of Rs 1,374.50. Nomura set Rs 1,340 and Elara Capital set Rs 1,367, so the price is above two of the three pre-listing base targets and just below the third.

The Jio Platforms target price of Rs 1,350 from Motilal Oswal was passed within minutes of the listing, which raises the question of what comes next for the Reliance arm stock. This article explains the Jio Platforms target price set before listing by Motilal Oswal, Nomura and Elara Capital, how the valuation compares with Bharti Airtel, and the triggers and risks that decide where the stock goes from here, using prices as of 11:59 AM IST.

I could not retrieve a fresh Motilal Oswal note issued today, so the Rs 1,350 figure is the pre-listing target as reported, and I did not find whether the tariff hike expected in the September quarter has been announced. Jio’s closing price and the lock-in terms are also not confirmed. It is educational and not advice.

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Jio Platforms Target Price Versus the Share Price Today

Jio Platforms target price: broker or level	Target or zone	NSE price of Rs 1,362.50 against it (my calculation)
Nomura	Buy, Rs 1,340	Price is about 1.7% above it
Motilal Oswal	Buy, base case Rs 1,350	Price is about 0.9% above it; the day high of Rs 1,374.50 was about 1.8% above
Elara Capital	Buy, Rs 1,367	Price is about 0.3% below it; the day high was about 0.5% above
Motilal Oswal bull case	Rs 1,690	The bull case is about 24.0% above the price
Arun Kejriwal, Kejriwal Research	Watch zone Rs 1,340 to Rs 1,390	Price is inside the zone
Issue price	Rs 1,119	Price is about 21.8% above it; listing price was Rs 1,358

The Jio Platforms target price of Rs 1,350 was a base case, and the bull case of Rs 1,690 is about 24% above the current price. Targets set before a listing are anchored to the issue price and expected demand, so brokerages usually review them after the debut and the first results. The price is within 2% of all three base targets, which suggests that the market has priced in what the brokerages expected and not much more. Any change to the Jio Platforms target price, whether the Motilal Oswal target or the other two, will most likely come after the Q2 results.

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Why Motilal Oswal Is Positive: The Case Behind the Jio Platforms Target Price

Jio Platforms target price: driver	Q1 FY27 data point	Source
Subscriber growth	533.3 million subscribers; 8.9 million added in the quarter (Emkay puts it at 8.6 million)	Business Today, 20 Jul 2026
Expected tariff hike	Consensus had moved the hike from December 2025 to the September 2026 quarter; whether it has happened is not confirmed here	Business Today
Digital services	Digital services revenue up 20% and EBITDA up 53%, as per Motilal Oswal; 1.5 million home broadband net adds	Business Today
Profitability	EBITDA Rs 20,865 crore, up 15%; margin 53.3%, up 150 basis points; revenue Rs 45,961 crore, up 12%	Business Today
ARPU	Rs 215.6; Emkay says ARPU can grow 4% to 5% a year even without a tariff hike	Business Today
Data usage	43.7 GB per person a month; traffic up 26.9%	Business Today

Net profit of Rs 7,764 crore grew 9.2%, slower than the 15% rise in EBITDA (my observation), so the profit line is the part that still has to catch up. ARPU is the main lever for the Jio Platforms target price, which is why the tariff hike features in every broker note. The Motilal Oswal target rests on these drivers, and the same sources flag competition, regulatory uncertainty and execution risks to the Jio Platforms target price.

Valuation Behind the Jio Platforms Target Price

Jio Platforms target price: valuation measure	Reading	Note
Market cap at Rs 1,362.50	About Rs 12.55 lakh crore (my calculation)	Uses 920.9 crore listed shares
Market cap implied by Rs 1,350	About Rs 12.43 lakh crore (my calculation)	Same share count
Motilal Oswal ascribed value before the issue	Rs 11.2 lakh crore	Current market cap is about 12% above it (my calculation)
Motilal Oswal EV/EBITDA	About 12 times FY28 estimates	17% premium to Bharti Airtel’s implied 10.3 times for its India business
Bloomberg Intelligence	12 to 13 times forward EV/EBITDA against 9.5 times for Bharti Airtel	View of analyst Chris Muckensturm
Choice Capital’s Ratiraj Tibrewal	About 34.3 times post-issue earnings	Sustained returns depend on ARPU, cash flow and returns on capital

I could not find the note that links the Rs 11.2 lakh crore value Motilal Oswal ascribed before the issue to its Rs 1,350 target, which implies about Rs 12.4 lakh crore, so the target may rest on a later estimate. The premium to Bharti Airtel is the core Jio Platforms valuation debate, and it shapes the Jio Platforms target price. A higher multiple needs faster growth, and Bloomberg Intelligence has warned that rising capital spending on fixed broadband, AI and satellite services could make the recent cash flow improvement short-lived. This Jio Platforms valuation therefore depends on delivery and not only on the debut.

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Triggers That Can Move the Stock Beyond the Jio Platforms Target Price

Jio Platforms target price: trigger	What to watch	Timing
Q2 results	First results as a listed company: ARPU, subscriber additions, EBITDA margin and capital spending	30 Oct 2026, the same day as Reliance Industries
Tariff hike	Whether an industry-wide hike is announced; Elara says the timing is uncertain and Motilal Oswal treats a delay as a downside risk	Not confirmed
Broker updates	Revisions to the base targets of Rs 1,340, Rs 1,350 and Rs 1,367 after the debut	Likely after the results
Parent holding discount	A holdco discount on Reliance Industries’ 66.4% stake; Motilal Oswal says the stock already reflects 18% to 36%	Ongoing
Market conditions	Crude above USD 115, FII selling and the US Fed decision	This week

Reliance Industries and its subsidiary can move in opposite directions after a listing, as today shows, with Reliance down about 1.9% while Jio is up more than 21% from the issue price. Anyone following the Jio Platforms target price should watch both stocks together.

Listing Day Levels Around the Jio Platforms Target Price

Jio Platforms target price: listing day level	Reading (11:59 AM)	Meaning (my calculation)
Listing price	Rs 1,358	Up 21.36% on the issue price
NSE day high and low	Rs 1,374.50 and Rs 1,357	A narrow band of about 1.3%
NSE price	Rs 1,362.50	Up about 21.8% on the issue price
NSE volume	About 12.4 crore shares	Heavy trading on listing day
BSE price	Rs 1,362.15	In line with the NSE

The stock has stayed close to the listing price all morning, which means buyers have held the price above the Rs 1,340 to Rs 1,350 area so far. A close below that area would show that the Jio Platforms target price is acting as a ceiling and not a floor. The closing price will be known after 3:30 PM.

Grey market premium (GMP) is an unofficial, unregulated indicator that is not endorsed by SEBI, NSE, or BSE. Investors looking for indicative GMP data can go through other relevant sources, though such figures should never be the sole basis for an investment decision.

Risks After the Jio Platforms Target Price Is Beaten

1. Competition. Rival telecom operators can limit tariff and ARPU growth, which weakens the case behind the Jio Platforms target price.
2. Regulatory uncertainty. Rules on spectrum, pricing and fixed broadband can change returns and the Jio Platforms target price.
3. Execution and capital spending. Heavy spending on fixed broadband, AI and satellite services can offset the cash flow gains.
4. Valuation premium. A multiple of 12 to 13 times EV/EBITDA against 9.5 times for Bharti Airtel leaves less room for a miss.
5. Profit booking and weak markets. The Sensex fell about 1% today, and a large listing can see selling once the first-day excitement fades.
6. Data gaps. The closing price, lock-in terms and any revised broker notes were not confirmed in the sources used here.

Conclusion: The Jio Platforms Target Price Is Beaten, but the Next Test Is Delivery

The Jio Platforms target price of Rs 1,350 from Motilal Oswal has been passed on debut, and the price now sits within 2% of all three pre-listing base targets, so the next move needs new triggers such as the tariff hike and the Q2 results on 30 Oct. Valuation at a premium to Bharti Airtel, competition and regulatory uncertainty are the main risks. Check the closing price on the exchange websites and decide with your own risk profile.

Frequently Asked Questions

What is the Jio Platforms target price?

Ans. Before listing, Motilal Oswal set a Jio Platforms target price of Rs 1,350 with a Buy rating and a bull case of Rs 1,690, Nomura set Rs 1,340 and Elara Capital set Rs 1,367. These are pre-listing base targets, and brokerages may revise them after the debut and the Q2 results.

Did Jio Platforms beat the Motilal Oswal target on debut?

Ans. Yes. The stock listed at Rs 1,358, reached Rs 1,374.50 on the NSE and traded at Rs 1,362.50 at 11:59 AM, about 0.9% above the Rs 1,350 target (my calculation). The closing price will show whether it holds above that level.

Why is Motilal Oswal positive on Jio Platforms?

Ans. The reasons cited are subscriber growth, expected tariff hikes and digital expansion. In Q1 FY27 the company had 533.3 million subscribers, EBITDA of Rs 20,865 crore with a margin of 53.3% and digital services revenue up 20%.

How does the Jio Platforms valuation compare with Bharti Airtel?

Ans. Motilal Oswal values Jio at about 12 times FY28 EV/EBITDA, a 17% premium to the implied 10.3 times for Bharti Airtel’s India business. Bloomberg Intelligence puts Jio at 12 to 13 times forward EV/EBITDA against 9.5 times for Bharti Airtel. That premium is the main debate around the Jio Platforms target price.

Is a tariff hike coming for Jio Platforms?

Ans. Consensus had pushed the expected hike to the September 2026 quarter, and Elara Capital says the timing remains uncertain. I could not confirm that a hike has been announced, so treat it as a trigger for the Jio Platforms target price and not a fact.

What are the main risks for the Jio Platforms stock?

Ans. The sources flag competition, regulatory uncertainty and execution risks, along with heavy capital spending, a valuation premium and profit booking. A weak market can also pull the price below the Jio Platforms target price.

What should investors watch next on Jio Platforms?

Ans. Watch the closing price on listing day, trading volume, the Q2 results on 30 Oct 2026, any announcement on tariffs and fresh broker notes. The zone of Rs 1,340 to Rs 1,390 is the level one analyst is tracking.

Is this article investment advice?

Ans. No. It is educational and not a recommendation to buy or sell. Please check the figures against company filings and your own risk profile before you act on anything you read here.