Jio set to emerge as India’s second-most valuable listed company, grey market signals ₹12.61 lakh crore valuation

THEBUSINESSBYTES BUREAU

MUMBAI, OCTOBER 27, 2026

Reliance Industries-backed Jio Platforms could make a landmark entry into India’s stock market on Wednesday, potentially emerging as the country’s second-most valuable listed company and overtaking Bharti Airtel in market capitalisation. Grey market indications suggest that Jio could command a valuation of around ₹12.61 lakh crore, placing it just behind its parent, Reliance Industries, and ahead of Airtel. If these indications translate into actual listing gains, Jio’s debut could trigger a significant reshuffle in the rankings of India’s most valuable listed companies, while pushing Tata Consultancy Services (TCS) out of the top five.

Jio Platforms’ potential market capitalisation of ₹12.61 lakh crore would be nearly ₹25,700 crore higher than Bharti Airtel’s valuation of approximately ₹12.35 lakh crore. To overtake Airtel, Jio would need to list at around ₹1,342 per share or above, based on the prevailing market valuations.

Jio’s initial public offering (IPO) was priced at ₹1,119 per share. Grey market estimates indicate a premium in the range of ₹245 to ₹255 per share. Taking the midpoint of ₹250, the indicative listing price works out to ₹1,369 per share. At this level, Jio’s market capitalisation could surpass Airtel’s, positioning the company among the most valuable businesses listed on Indian stock exchanges. Bharti Airtel’s last traded price on the National Stock Exchange (NSE) on Tuesday stood at ₹1,978.80, translating into a market capitalisation of approximately ₹12.35 lakh crore.

If the grey market indications hold, Jio’s market debut could significantly alter the pecking order among India’s largest listed companies. Reliance Industries would retain the top position with a market capitalisation of around ₹16.19 lakh crore, followed by Jio Platforms at an estimated ₹12.61 lakh crore. Bharti Airtel would move to third place with approximately ₹12.35 lakh crore, while HDFC Bank and ICICI Bank would occupy the fourth and fifth positions with market capitalisations of around ₹10.49 lakh crore and ₹9.96 lakh crore, respectively.

The resulting list would feature two Reliance Group companies among the country’s five most valuable listed firms. It would also highlight the substantial market presence of the telecom and digital services sector, alongside private sector banking and diversified conglomerates. With Jio potentially entering the top two, the rankings would reflect the growing scale of India’s digital economy and the considerable market value commanded by businesses operating across telecommunications, financial services and diversified industries.

Another significant development could be the exit of Tata Consultancy Services (TCS) from the top five. The Tata Group’s flagship information technology company, which currently ranks among India’s five most valuable listed firms, could slip to sixth place following Jio’s entry at a higher valuation. Based on Tuesday’s share price, TCS had an estimated market capitalisation of approximately ₹9.03 lakh crore, putting it below the projected valuations of the five companies ahead of it.

Such a reshuffle would leave neither the Tata Group nor the Adani Group represented among India’s five most valuable listed companies. While TCS has traditionally been a major constituent of the country’s corporate valuation rankings, its potential slide would underscore the changing composition of the market’s largest companies. No Adani Group company currently features in the top five, and Jio’s proposed listing could further highlight the concentration of market value among Reliance Group businesses, leading private sector banks and major telecom operators.

However, Jio’s actual listing price may differ from current grey market expectations. The grey market premium is an unofficial indicator of investor sentiment and does not guarantee the price at which a company’s shares will list on the stock exchanges. Actual market performance will depend on demand and supply, investor appetite, prevailing market conditions and trading activity when the shares begin changing hands.

Jio Platforms’ position in India’s market capitalisation rankings will become clear once its shares commence trading on the BSE and NSE on Wednesday, October 28.