Jio’s blockbuster IPO has changed India’s market-cap rankings. But how big is Reliance when compared with the world’s biggest companies?
Jio Platforms made a spectacular stock-market debut on October 28, 2026, listing at ₹1,358 against its IPO price of ₹1,119. It closed its first trading day at ₹1,419, giving Jio a market capitalisation of about ₹13.05 lakh crore, or roughly $131 billion.
Reliance Industries ended the day with a market capitalisation of about ₹15.68 lakh crore.
Together, Reliance Industries and Jio alone represented almost ₹28.7 lakh crore of listed market value.
But the bigger global story is even more interesting.
All combined Reliance Market Cap After Jio IPO crosses $300 Billion
According to Moneycontrol’s October 28 market-cap comparison, the 11 listed Reliance-linked companies had a combined market value of approximately ₹30.25 lakh crore, or $318 billion after Jio’s listing.
That puts the combined figure around the same level as Home Depot and above companies such as SAP, Netflix and Toyota on that market-cap snapshot.
However, there is an important qualification.
The ₹30.25 lakh crore figure is the sum of separately listed Reliance-linked companies. It does not adjust for cross-holdings within the group, so it should not be interpreted as Reliance’s consolidated economic value.
How Does Reliance Compare With Global Giants?
Here’s a snapshot of some major global companies around the same period:
| Company | Approx. market cap |
|---|---|
| Nvidia | $5.26 trillion |
| Apple | $5.07 trillion |
| TSMC | $1.94 trillion |
| Samsung Electronics | $1.15 trillion |
| Tencent | $442 billion |
| Coca-Cola | $392 billion |
| Procter & Gamble | $369 billion |
| Reliance-linked listed companies | $318 billion |
| Home Depot | $318 billion |
| SAP | $274 billion |
| Netflix | $257 billion |
| Toyota | $231 billion |
The figures are approximate because market capitalisation changes with share prices. The global comparison above is based on the October 28 market snapshot reported by Moneycontrol.
The scale is striking.
Reliance is nowhere near the world’s biggest companies such as Nvidia or Apple yet, but a $318-billion combined listed-company footprint places the Reliance group firmly in the global corporate conversation.
Jio Alone Is Already a Global Telecom Giant
The Jio story becomes even more interesting when we look at Jio separately.
Following its debut, Jio Platforms had a market capitalisation of approximately $131 billion, making it the sixth-most valuable telecom company in the world, according to Bloomberg data cited by Business Today.
Jio ranked behind:
- China Mobile — $221 billion
- Verizon — $182 billion
- T-Mobile — $157 billion
- AT&T — $141 billion
- Deutsche Telekom — $135 billion
- Jio Platforms — $131 billion
- Bharti Airtel — $130 billion
That is remarkable because Jio only became a separately listed company today.
From Oil & Chemicals to Digital India
Jio’s listing is also part of a much larger transformation at Reliance.
Reliance Industries has evolved from its traditional oil and petrochemicals roots into a diversified group spanning digital services, telecom, retail, media and consumer businesses.
Jio itself has become much more than a mobile network. Reliance’s FY2025-26 annual report describes Jio as a large digital ecosystem spanning connectivity, broadband, enterprise services, AI-related initiatives and digital services.
That transformation helps explain why investors are no longer looking at Reliance simply as an oil-and-petrochemicals company.
What Does Market Cap Actually Mean?
A company’s market capitalisation is broadly:
Share price × number of outstanding shares
It tells us how much the stock market is currently valuing a company’s equity.
But market cap is not the same as:
- Revenue
- Profit
- Cash in the bank
- Enterprise value
- Total assets
And a higher market cap does not automatically mean a company is a better investment.
It reflects what investors are willing to pay for the company’s shares based on their expectations, financial performance, risks and future prospects.
Why Jio’s Listing Matters
Jio’s IPO has done something important beyond raising ₹30,213 crore.
It has given the market a separate, publicly traded valuation for one of Reliance’s most important businesses.
Jio raised ₹30,213 crore through the IPO and its shares gained 26.8% from the issue price by the end of the first trading day.
The result?
India now has two of its largest listed companies sitting at the top of the market-cap table: Reliance Industries and Jio Platforms.
And at the group level, Reliance has moved ahead of Tata in combined listed market value, according to Business Today.
The Bigger Picture
Jio’s IPO is not simply another large Indian IPO.
It has put an Indian digital company with a valuation of more than $130 billion directly into the global market-cap rankings.
And when Jio is viewed alongside Reliance’s other listed businesses, the group’s combined listed market value reaches roughly $318 billion.
That still puts Reliance below the world’s mega-cap leaders.
But the gap between India’s largest corporate groups and the world’s biggest companies is becoming an increasingly interesting story.
Jio’s listing has made that story impossible to ignore.
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Sources
- Reuters — Jio’s stock-market debut and $131.5 billion valuation
- Moneycontrol — Reliance’s 11 listed companies reach approximately $318 billion
- Business Today — Jio becomes world’s sixth-most valuable telecom company
- Reliance Industries FY2025-26 Annual Report
Editorial Disclaimer
This article is intended for general informational and educational purposes only. Market capitalisation figures change continuously with share prices. The combined Reliance figure represents the aggregate market capitalisation of separately listed Reliance-linked companies and does not adjust for cross-holdings. It should therefore not be interpreted as Reliance’s consolidated economic value or enterprise value. Readers should verify current market data before making investment decisions.
AI Disclosure
This article was prepared with the assistance of AI for research, organisation and drafting. It has been reviewed and edited for publication, with key market data checked against the cited sources available at the time of publication.