Reliance JIO IPO Timeline Likely Pushed to H2 FY27 Amid Geopolitical Tensions: Report

The upcoming Initial Public Offering (IPO) of Jio Platforms may be deferred to the second half of FY27, according to a report by CreditSights. The revision in timeline is linked to geopolitical tensions in West Asia, which have affected market conditions. 

During the FY26 earnings call, Reliance Industries management indicated that the IPO was close. Earlier news reports had suggested a possible launch around May.  

The issue was expected to involve a 2.5-3% stake sale from Reliance’s 67% holding, with an estimated size of $4 billion (₹37,500 crore). 

Earnings and Segment Trends 

Reliance reported a 10% rise in revenue and an 8% increase in EBITDA for FY26 on a year-on-year basis.  

Growth was supported by retail and telecom operations, while the oils-to-chemicals (O2C) segment recovered from a low base despite supply disruptions linked to West Asia. 

For FY27, retail and telecom are expected to continue contributing to earnings, supported by store expansion and subscriber additions.  

Telecom may also see tariff changes in the latter half of the year, along with 4-5% organic ARPU growth. 

Capex and New Projects 

Capital expenditure is expected to increase to ₹1.5-1.6 trillion in FY27, compared to ₹1.3 trillion in FY26. Investments are planned across petrochemicals, renewable energy, battery manufacturing and data centres. 

Key projects include a 20 GW solar manufacturing facility, expansion of battery capacity to 100 GWh per year, and phased development of 150 GW solar and green hydrogen capacity in Kutch.  

Data centre investments have also commenced, with further details expected over the coming quarters. 

Balance Sheet and Margins 

Gross and net leverage stood at 2.8x and 2.0x respectively, with projections a decline to 1.7x–1.8%. The expected IPO proceeds may support debt reduction. 

In the O2C segment, transport fuel margins remain firm, particularly in export markets, though petrochemical spreads continue to face pressure due to global oversupply. 

Read More: NSE IPO Back on Track as SEBI Panel Clears ₹1,800 Crore Settlement Proposal! 

Conclusion 

The timing of the IPO remains uncertain due to external factors. The company continues to focus on capital expenditure, stable earnings growth and gradual improvement in leverage levels. 

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