Global brokerage Jefferies sees the planned Reliance Jio Platforms IPO in the first half of 2026 as a major catalyst that could help Bharti Airtel re-rate positively in the market. The firm has raised its 12-month target price for Bharti Airtel to ₹2,760, suggesting nearly 32 % upside from current trading levels and reaffirming the stock as its top pick in India’s telecom sector.
Jefferies believes that listing Jio will sharpen the telecom sector’s focus on monetisation and profitability, likely leading to mobile tariff increases in 2026 rather than acting as a drag on rivals. With heightened pricing and stronger earnings prospects, the IPO is expected not just to benefit Jio but also to lift overall valuations across the sector, including Airtel.
Analysts note that once Jio lists, it could increase the weight of telecom stocks in major benchmarks like the Nifty-50 and MSCI India, potentially attracting more passive and benchmark-linked money flows into the industry. This shift could further support Airtel’s share price alongside Jio’s market debut.
Jefferies also highlights a positive backdrop for telecom in 2026, with expectations of a 15 % industry-wide mobile tariff hike around mid-year and accelerating revenue growth driven by higher average revenue per user (ARPU). Within this context, Airtel is projected to deliver healthy revenue and EBITDA growth, boosted by expanding services and strong free cash flow.
In addition to lifting Airtel’s target, Jefferies has also raised its target price for Indus Towers, reflecting broader bullishness on telecom infrastructure and sector growth potential ahead of the Jio IPO.
