Jio
- Tech or not, fact is largest telecom player in India and bell’s and whistles that tells a complete story( content - own/ partners, fiber to home, etc) that appeals to investors. As long as ARPU increases - margins will expand disproportionate.
Airtel has 284M users @ ARPU of 154( qoq 14% growth
Jio has 388M users @ARPU of 130( qoq 2% growth)
Airtel has been vocal of 200 ARPU in short term and 300 in mid term. With major capex behind them( barring 5G - which none other can take up except Jio in current balance sheets) - we can safely assume market knows it and hence break neck investments
Loaded with fresh money and rising ARPU - there is lot Reliance can do than they did with debt heavy structure.
Monetization of Oil and Jiomart/Retail is yet to play out. All the ever increasing liquidity in world of contracting economies - fraction of that will be happy to get in Jio and other businesses of Reliance - now a debt free and marquee investor choice in India.