Synopsis : Jio Platforms has officially filed its DRHP for what could become India's largest IPO. As investors evaluate the telecom giant ahead of its market debut, a comparison with Bharti Airtel reveals a fascinating battle. Jio leads in revenue, subscriber additions, and market share, while Airtel continues to outperform on ARPU, profitability, and cash flow generation.
India's telecom sector is once again in focus after Jio Platforms formally filed its Draft Red Herring Prospectus (DRHP) with SEBI, setting the stage for what could become the largest IPO in Indian capital market history.
According to the DRHP, the company plans to issue up to 27 crore equity shares with a face value of Rs 10 each.
The filing comes shortly after Reliance Industries Chairman Mukesh Ambani announced at the company's 49th Annual General Meeting that Jio Platforms had received board approval to begin the IPO process.
As investors prepare for the landmark listing, comparisons between Jio and its closest rival, Bharti Airtel, are becoming increasingly important.
While Jio remains India's largest telecom operator by subscribers and revenue, Airtel continues to demonstrate superior monetisation and profitability metrics.
Jio Leads in Revenue and Subscriber Growth
Jio maintained its dominance in FY26 with standalone revenue rising around 13% year-on-year to approximately Rs 1.29 lakh crore.
The company added nearly 36 million net subscribers during the year, taking its wireless market share to 41.4%.
The growth was supported by a combination of subscriber additions and tariff-led revenue expansion.
Bharti Airtel also delivered healthy growth, although from a smaller base.
Its India mobile business reported revenue of around Rs 28,800 crore during the March quarter, while adding 4.7 million net subscribers during the period.
Airtel's total mobile subscriber base stood at approximately 373 million as of March 2026.
Airtel Continues to Dominate on ARPU
While Jio remains larger in scale, Airtel continues to lead in one of the most closely watched telecom metrics—Average Revenue Per User (ARPU).
Jio's blended ARPU rose around 8% year-on-year to Rs 212 during FY26.
However, growth slowed during the fourth quarter as the benefits of earlier tariff hikes began to normalise.
In contrast, Airtel reported an India mobile ARPU of Rs 257 during the March quarter.
That places Airtel's ARPU nearly 20% higher than Jio's, highlighting its stronger ability to monetise customers and generate higher revenue per subscriber.
For investors, this remains one of Airtel's biggest competitive advantages.
Jio Expands Margins, Airtel Delivers Strong Incremental Profitability
Jio's profitability continued to improve during FY26.
Standalone EBITDA increased around 16% year-on-year to Rs 69,800 crore, while EBITDA margins expanded by 135 basis points to 54.2%.
The company benefited from operating leverage as subscriber growth and tariff increases flowed through to earnings.
Bharti Airtel also reported strong profitability metrics.
Its consolidated EBITDA for the March quarter rose 17% year-on-year to Rs 31,500 crore.
Within its India mobile business, Airtel delivered incremental margins of 83%, reflecting strong cost control and operating efficiency.
Cash Flow Battle Remains Competitive
Cash generation is another area where both companies performed strongly.
Jio's free cash flow improved significantly during FY26, rising to Rs 21,400 crore compared with just Rs 4,000 crore in the previous year.
The sharp increase reflects improving profitability and lower capital intensity as major network investments mature.
Airtel, however, remains exceptionally strong on cash generation.
The company reported free cash flow of approximately Rs 49,900 crore during FY26, representing growth of 25% year-on-year.
Cash flow from operations also increased by 24% during the year.
Earnings Performance
Reliance Industries reported earnings per share of Rs 53.1 for FY26, with Jio remaining one of the group's most important profit drivers.
Meanwhile, Bharti Airtel reported net profit of approximately Rs 26,700 crore for FY26 and earnings per share of Rs 44.20.
Both companies continue to benefit from industry consolidation, tariff hikes, and rising data consumption.
What Investors Should Watch Ahead of the IPO
The Jio IPO will likely become one of the most closely watched public offerings in Indian market history.
Jio enters the market as the country's largest telecom operator with leadership in subscribers, revenue, and market share.
However, Airtel continues to demonstrate superior ARPU, stronger customer monetisation, and robust cash generation.
The biggest question now is valuation.
Investors will closely examine how Jio is priced relative to Airtel and whether its market leadership justifies any valuation premium.
Conclusion
The telecom battle remains finely balanced. Jio leads on scale, subscriber growth, and revenue, while Airtel continues to outperform on profitability metrics that investors closely monitor. As Jio prepares for its blockbuster market debut, the IPO pricing and valuation will determine whether investors view the company as a growth story, a cash flow story, or a combination of both.
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