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Indian retail investors borrowed Rs. 2,228 crore to buy Jio Platforms shares on October 28, placing the newly listed company fourth in India's margin trading market. The stock gained 26.7% on its Wednesday debut.
The rise valued Mukesh Ambani's telecom and digital services business at approximately USD 137 billion. Jio Platforms consequently became India's second-largest listed company by market capitalisation. The demand came despite a wider decline in margin borrowing.
National Stock Exchange and BSE data placed Jio Platforms behind only HDFC Bank, Reliance Industries and BSE Ltd in margin-funded positions on October 28. The ranking came on the company's first trading day, when investors could finance purchases through brokers.
The NSE included Jio Platforms in its Group 1 securities category at listing. Meanwhile, the BSE assigned the shares to its comparable Group A category. Both classifications allowed margin funding immediately.
Margin trading facilities let investors borrow from brokers to purchase shares while paying interest on the loans. Annual interest rates in India typically range from 9% to 18%. Investors must weigh these charges against potential returns.
Ashish Nanda, Kotak Neo's president and digital business head, told Reuters that some investors expected Jio Platforms to outperform their borrowing costs. Deven Choksey of DRChoksey Finserv also expected broad investor interest.
Yet the overall margin trading book had already contracted following retail margin-call liquidations. It fell from a record Rs 1.59 lakh crore on September 30 to Rs 1.51 lakh crore on October 28. HDFC Securities CEO Dhiraj Relli said that position represented only 0.17% of Jio's market value.
The company's latest quarterly figures showed 542.4 million customers after 9.1 million net additions. Monthly customer churn held at 1.6% as Jio expanded its services.
Jio crossed 300 million 5G mobility subscribers and added 15 million during the quarter. Its 5G network accounted for around 56% of total wireless traffic. At the same time, its fixed broadband base exceeded 30 million subscribers.
Jio AirFiber contributed more than 75% of fixed broadband additions over the preceding 12 months. Its subscriber count reached approximately 15.1 million as wireless broadband expanded.
Monthly data usage per customer increased to 44.2 GB. Total quarterly data traffic reached 71.3 billion GB, up 22.1% from a year earlier. Average monthly revenue per user rose 3.5% annually to Rs 218.8.
Read More: Jio Platforms Makes Stock Market Debut, Becomes India’s 2nd Largest Listed Company (2026)
Management described its strategy through a four-part framework: Grow, Deepen, Convert and Build. Chief Executive Pankaj Pawar presented Jio as a digital gateway that uses its technology to develop services and markets.
The company pointed to its Gemini AI partnership and enterprise solutions for smaller merchants. Both extend Jio's business beyond connectivity.
Akash Ambani said Jio intends to enter international markets through managed-service partnerships rather than large capital commitments. It aims to secure 10 to 15 substantial partnerships and export its technologies.
Those offerings include Unlicensed Broadband Radio and full-stack operational and business support systems. Group President Mathew Oommen said Jio leads its nearest competitors by approximately two-and-a-half to three years in these technologies.
Chief Financial Officer Saurabh Sancheti said the company's peak capital spending period had passed. He expects annual capital expenditure to remain no higher than last year's level for four to five years.
Management has not provided a dividend timetable. Instead, it plans to expand free cash flow and follow Reliance's approach to shareholder returns after Jio completes its first year as a listed company.
Jio Platforms attracted Rs. 2,228 crore in margin borrowing as its shares gained 26.7% on debut. The company also reported growth across 5G, broadband and data consumption. Management's plans now center on international partnerships, controlled capital spending and stronger free cash flow, with no confirmed dividend timetable.