Jio’s upcoming IPO likely to support telecom sector’s 12% CAGR ARPU growth by FY 28: JM Financial

JM Financial believes Reliance Jio’s planned IPO in 1HCY26 could be a major catalyst for India’s telecom sector, strengthening tariff-hike visibility, ARPU expansion and free cash flow for both Jio and Bharti Airtel. The brokerage projects ~12% ARPU CAGR through FY28, driven by tariff resets and premiumisation.