NOMURA ON JIO PLATFORMS ; BUY | TP ₹1,340

• Jio is transitioning from volume-driven growth to value-driven monetisation. • India's largest telecom subscriber base positions Jio to benefit from the next monetisation cycle. • Broadband expansion and declining capital expenditure (capex) expected to drive a sharp improvement in free cash flow (FCF). • Strong network infrastructure and market leadership provide significant long-term value creation opportunities. • Home broadband emerging as Jio's second major growth engine, leveraging its existing network strength. • Nomura remains positive on Jio's monetisation potential, improving cash generation and long-term growth outlook.

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