Bharti Airtel shares are in focus as investors closely track developments surrounding Reliance Jio and its potential stock-market listing. The development has drawn attention to India’s telecom sector, where Airtel and Jio remain key players amid rising data consumption, expanding 5G adoption, and intensifying competition across the industry.
With a market capitalisation of Rs. 11,40,451.57 crore in the day’s trade, the shares of Bharti Airtel Limited rose upto 0.35 percent, making a high of Rs. 1,836.45, compared to the previous close of Rs. 1,830.00.
Jio Valuation Based on Bharti Airtel’s P/E Multiple
According to the DRHP, Bharti Airtel traded at a P/E multiple of 42.27 times based on its closing price. Jio reported diluted EPS of Rs. 33.59 for FY26, making its valuation multiple a potential benchmark for assessing Jio’s implied valuation.
Using the 42.27x Price-to-Earnings ratio of Airtel on Jio’s FY26 profits yields an estimate of about Rs. 1,420 per share. Given that there were 8.94 billion outstanding shares as of March 31, 2026, the total equity value is estimated to be around Rs. 12.7 lakh crore.
At an estimated valuation of Rs. 12.7 lakh crore, Jio could be amongst the most valued listed companies in India, should it receive a valuation that is anywhere near the benchmark set by Airtel. A valuation of this level would also make the telecom company superior to many established blue chips in market value.
Nevertheless, the true value during the listing may vary depending on the expectations of the investors, the trajectory of growth for Jio, profitability of Jio, and also the premium assigned to its larger digital ecosystem.
Different Valuation Benchmark
Jio’s DRHP identifies Bharti Airtel and Vodafone Idea as listed peers. While Airtel traded at a P/E multiple of 42.27 times, Vodafone Idea’s multiple stood at only 4.65 times, reflecting the substantial difference in profitability, financial position and market perception between the two companies.
Using the simple average of the two peer multiples gives a P/E of 23.46 times. Applying this multiple to Jio’s FY26 earnings results in an implied value of approximately Rs. 788 per share, translating into a market capitalisation of around Rs. 7 lakh crore.
Jio Narrows the Revenue Gap With Airtel
Jio has scaled up substantially and has reduced the difference between itself and Bharti Airtel in terms of revenues. The FY26 revenues for Jio stood at Rs. 1.47 lakh crore, while those of Airtel (India operations) were at Rs. 1.4 lakh crore.
Nevertheless, the consolidated revenue of Airtel was higher, at Rs. 2.11 lakh crore, since it incorporates the African market too. Thus, through this comparison, it becomes clear how Jio has grown to become a big name in India.
Airtel Leads on Returns and ARPU
Despite Jio’s large revenue base, Airtel reported stronger profitability metrics. Airtel’s return on average net worth (RoNW) stood at 20.3 percent, compared with 9.4 percent for Jio in FY26.
The difference is also visible in average revenue per user. Airtel’s India mobile ARPU was Rs. 257.2 per month in the March 2026 quarter, nearly 20 percent higher than Jio’s Rs. 214. Higher ARPU provides Airtel with stronger revenue generation per mobile customer.
Jio’s 524 Million Customers Remain a Major Factor
Jio’s massive customer base is another important factor investors could consider while assessing its valuation. The company had approximately 524 million customers, giving it significant scale in India’s telecom market.
However, its lower ARPU and RoNW compared with Airtel could influence how investors value the business. The key question for the market would be how much future earnings growth Jio can generate from its large customer base while improving monetisation.
Telecom or Technology Platform?
The valuation of Jio may finally rest on how much it is perceived as a telco and as a tech platform. In addition to being a communication service provider, Jio has interests in various digital businesses including digital services, enterprise services, cloud computing, and artificial intelligence.
In case these companies are accorded more importance by the investors for their potential, a different valuation can be arrived at for Jio compared to that of other telecommunications companies. This could give an opportunity to the market to see the valuation accorded to the digital ecosystem of Jio.
What It Means for Bharti Airtel?
A Jio listing would provide investors with a direct listed-market valuation for one of Airtel’s biggest competitors. This could make peer comparisons more transparent and give the market a fresh reference point for assessing Airtel’s valuation, growth and profitability.
For Airtel shareholders, the key factors to watch would include Jio’s listing valuation, investor response, customer growth, ARPU trends and profitability. The relative performance of the two companies after listing could also provide greater visibility into how the market values their respective telecom and digital businesses.
What Could Happen If Jio Lists on the Stock Market?
If Jio goes public in the stock market, then it could offer a better yardstick to value the Indian telecom industry. Considering the size and profitability of Jio, as well as its customer base of 524 million, a listing by Jio would certainly draw a lot of market attention.
The price that is assigned to Jio could also affect how investors view Bharti Airtel. In case Jio is valued highly due to its telecommunication business and overall ecosystem, it would make the potential growth prospects of the industry more apparent. At the same time, disparities in terms of ARPU, profitability, and gains will still matter.
Thus, for Airtel, the listing will also ensure that the spotlight is shifted onto its performance, customers, ARPU, and valuation multiple. The response of the market to the listing of Jio can provide a new benchmark for comparison of valuation and growth potential of the top telecom firms in India.