Analysts cut Reliance Jio valuation on revenue growth, cost concerns

ICICI Securities said Jio faced "higher inflation across cost items", restricting Ebitda margin expansion. In Q4FY25, the telco's Ebitda margin stood at 52.8%, unchanged sequentially. Jio's network costs rose 6.9% on-year to Rs 8,400 crore, while selling, general & administrative (SG&A) expenses increased nearly 42% on-year to Rs 1,980 crore. Employee costs and access charges rose 4.3% and 132% on-year to Rs 504 crore and Rs 494 crore respectively. Interest costs too surged 34% on-year to Rs 1,346 crore as interest on 5G spectrum started reflecting in the company's P&L, it added.