TL:DR
India’s primary market has geared for historic moments. NSE and Jio Platforms have filed their DRHP with SEBI in June 2026. Which is better?
Introduction
Together the two big companies of India, NSE and Jio can inject nearly ₹20 trillion into India’s overall market capitalisation and define the IPO calendar for the rest of the year. While NSE is the backbone of India’s financial infrastructure, Jio has evolved into a full stack digital giant. Let us read here about both the IPOs across four critical dimensions-valuations, profit, revenue, and future growth-to help you make sense of these mega listings.
Jio IPO Vs NSE IPO: Comparing the Timeline
NSE is one of the largest stock market exchanges, which tried for its listing in 2026. The company was set up in 1992 and it has nearly 200,909 shareholders. NSE IPO was submitted at the end of June, and most likely it will be listed on BSE by the end of July.
Ever since its launch, Jio transformed the Indian telecom sector through aggressive pricing, widespread 4G and 5G adoption and large scale investment in network infra. The IPO papers were submitted on June 19.
Jio IPO Vs NSE IPO: Issue Type
Jio IPO is completely a fresh issue, which implies that it will create new shares to raise funds. Whereas NSE IPO is a complete offer for sale, which means that existing shareholders will sell their shares to the public. In OFS, the funds raised go to the shareholders, not the firm.
Also Read: Jio IPO and NSE Listing in 2026
Valuation: How Big Are These IPOs?
NSE’s IPO is expected to raise approximately ₹28,000–30,000 crore with the company’s total valuation pegged around $57 billion (₹4.7 lakh crore) (Reuters). This makes NSE one of the most valuable stock exchanges in the world by the market cap.
Jio Platforms dwarfs NSE on this front. With its DRHP files on June 19, 2026, Jio is targeting a fresh issue of 27 crore equity shares expected to raise up to ₹36,000 crore (TOI). Its total valuation is estimated between $110-$120 billion (₹ 9-10 lakh crore). (BS)
A key structural difference is that NSE IPO is pure Offer for Sale (OFS), meaning proceeds go to selling shareholders, not back in the business. Jio’s fresh issue, by contrast, will fund debt reduction and fuel further expansion.
Valuation at Glance:
Metric | NSE IPO | Jio IPO |
Total Valuation | ~$57 billion (₹4.7 lakh crore) | ~$110–120 billion (₹9–10 lakh crore) |
IPO Issue Size | ₹28,000–30,000 crore | ₹25,000–36,000 crore |
IPO Structure | Pure OFS (no new shares) | Fresh Issue (new equity) |
Proceeds Go To | Existing shareholders | Jio's balance sheet |
Revenue: Scale Vs Efficiency
NSE reported ₹18,700 crore in net revenue from operations in FY 2026. It was largely driven by booming options and derivatives trading across the retail investor base in India.
Jio’s revenue on the other hand stands at ₹1,47,000 crore. With over 524 million subscribers and revenue streams, Jio’s topline is nearly 8x that of NSE. (Analytics Insights)
Revenue Comparison of FY 2026:
Metric | NSE | Jio Platforms |
Revenue from Operations | ₹18,700 crore | ₹1,47,000 crore |
Revenue Growth (YoY) | Moderate | ~14.6% |
Primary Revenue Source | Trading & exchange fees | Telecom, broadband, cloud |
Subscriber/User Base | N/A | 524 million+ |
Profit: Margins Vs Absolute Numbers
NSE is a margin machine. Despite posting a 15.5% decline in net profit to ₹10,300 crore in FY 2026, the EBITDA margin stands at a remarkable 66.81%.
On the other hand, Jio’s estimate FY 2026, net profit of ₹18,000–20,000 crore is higher in absolute terms supported by growing ARPU from 5G monetisation. The EBITDA margin is ~51.9% which is lesser than NSE.
Profitability Comparison
Metric | NSE | Jio Platforms |
Net Profit (PAT) | ₹10,300 crore | ₹18,000–20,000 crore (est.) |
YoY Profit Change | -15.5% | +15% (est.) |
EBITDA Margin | ~66.81% | ~51.9% |
Margin Advantage | Higher margins | Higher absolute profit |
Growth Potential: Who Grows Faster From Here?
NSE already holds ~95% market share in cash equity trading and ~75% in equity derivatives. Its future growth relies on regulatory stability, new financial products, and India’s retail investor base expanding further. This is a mature, high-margin, slow-growth story.
Jio on the other hand is still in high-growth mode. The company is moving ahead aggressively into AI, cloud computing, satellite internet, data centres, connected devices, and enterprise technology.
Conclusion
Both NSE and the Jio IPO are landmark events for India’s capital markets in 2026. NSE is a supremely profitable, capital light business with near monopoly in exchange infrastructure, ideal for investors seeking stability and strong margins.
Jio has a massive revenue scale and strong profit growth that makes it a long-term wealth creation play.
Watch both the IPO on stock exchanges, SEBI approvals, and price band announcements will be the next major trigger events.
FAQs
Which IPO has a higher valuation-NSE or Jio?
Jio Platforms leads with an estimated valuation of $110-120 billion, compared to NSE’s ~$57 billion.
What is the expected IPO size of NSE and Jio?
NSE aims to raise ₹28,000–30,000 crore via OFS. Jio targets ₹25,000–36,000 crore via a fresh issue.
Which company out of the two: Jio/NSE has a higher revenue?
Jio reported ₹1.47 lakh crore in FY 2026 revenue, nearly 8 times NSE’s ₹18,700 crore.
Is the NSE IPO an OFS or fresh issue?
The IPO is a pure Offer-for-Sale (OFS). It implies that no new shares are created. Also the proceeds go to existing shareholders.
When are NSE and Jio IPOs expected to list?
Both the giant IPOs are expected to be listed by the end of 2026.
