Jio Platforms - IPO Report

Jio Platforms is a technology platform built on proprietary digital technology and pan-India digital connectivity, serving 524.4 million customers as of March 31, 2026. Its integrated mobile, fixed broadband and digital services create a comprehensive digital gateway for India.

The company operates a fully integrated digital platform built on indigenous, end-to-end technology solutions spanning 5G Radio, 5G Core, cloud-native software architecture, JioAICloud, smart-home IoT and enterprise AI platforms. Its ecosystem is backed by global technology leaders and investors, including Google, Meta Platforms, Silver Lake, KKR and ADIA.

Revenue grew at a 15.8% CAGR over FY24–FY26 to ₹1,46,885 crore, driven by customer additions, rising ARPU and higher data consumption. Jio added 36.2 million net customers in FY26, reflecting continued growth in its subscriber base.

EBITDA expanded to ₹76,255 crore, with margins improving to 51.9%. PAT increased 15.1% YoY to ₹30,049 crore, while net leverage declined from 0.88x in FY24 to 0.36x in FY26, reflecting strong cash generation and a focus on deleveraging.

Jio Platforms holds the #1 position in mobile broadband, with approximately 1.4× the subscriber base of the second-largest player, and in fixed broadband, at approximately 1.9× the second-largest player. Its network carried around 60% of India's wireless data traffic in FY26, with wireless broadband coverage extending to more than 99% of the population.