Bernstein bets big on RIL, sees Jio’s subscriber base hitting 500 million in FY26

Reliance Jio Infocomm will further extend its market share, set to take its subscriber base to 490-500 million, helped by positive long-term market dynamics, according to a report by Bernstein Research. Reliance Jio has dominated the telecom industry since 2016, with a 44% market share expected to hit 47% by FY26. Its average revenue per user is targeting Rs 225 by FY26, driven by the 5G monetisation. Bernstein expects some private equity investors who bought into Reliance Jio in 2020 to push for an exit option, potentially initiating an IPO.