MUMBAI: IPO-bound Jio Platforms on Friday reported steady growth in the January-March quarter (Q4FY26) driven by subscriber additions, higher data consumption and continued traction in the home broadband segment.
Jio Platforms, which houses Reliance Industries Ltd’s telecom and digital services business, reported 4% sequential and 13% year-on-year growth in net profit to ₹7,935 crore during the quarter. The growth in profit, however, was restricted due to higher finance cost, which rose 66% YoY during the quarter owing to the use of 5G spectrum assets.
Revenue from operations rose 2.7% quarter-on-quarter and 12.6% year-on-year to ₹38,259 crore, in-line with the street estimates. Jio said the revenue growth was driven by robust subscriber addition, higher average revenue per user (Arpu) and continued growth in digital services.
In the December quarter, the company’s revenue from operations had grown 2.5% sequentially and 12.7% year-on-year to ₹37,262 crore. It had clocked a net profit of ₹7,629 crore in the quarter, with a 3.4% sequential and 11.2% year-on-year growth.
“I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future,” Mukesh D. Ambani, chairman and managing director, Reliance Industries said in a statement.
“As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content in the years ahead,” he said.
Jio’s earnings before interest, taxes, depreciation, and amortization (Ebitda) rose 18% on-year and 4% sequentially to ₹20,060 crore in the December quarter owing to increase in revenue. Ebitda margin expanded 230 basis points on-year and 60 basis points sequentially.
For FY26, the company reported 14.7% increase in revenue from operations to ₹1.72 trillion . Its net profit for the full year was at ₹30,053 crore, a growth of 15%. Ebitda for the full year rose 19% to ₹76,255 crore, which the company attributed to traction in mobility, home broadband and enterprise services.
Arpu watch
Arpu, a key industry metric that tracks average revenue earned per user, is seen inching up modestly as operators lean on premiumization rather than price hikes.
Jio’s monthly Arpu rose marginally sequentially and 3.8% YoY to ₹214 a month from ₹213.7 at the end of December. Promotional 5G offers and the absence of tariff hikes continue to restrict growth in the company’s Arpu.
“Arpu increased to ₹214 with higher customer engagement and better subscriber mix partly impacted by lower number of days in the quarter,” the company said in the statement. It added that IPL season is expected to provide significant seasonal demand tailwind, consistent with strong uplift patterns observed in previous years.
In comparison, Bharti Airtel’s Arpu was at ₹259 at the end of December, about 21% higher than Jio’s, while Vodafone Idea’s Arpu was at ₹172. Both the operators are yet to declare their earnings for the December quarter.
Reliance Jio net added 9.1 million subscribers during the December quarter, taking its subscriber base to 524.4 million. The company had added 8.9 million subscribers in the preceding quarter. Its total 5G subscriber base reached 268 million as of March end. 5G now accounts for 55% of total wireless traffic for Jio driven by increase in customer engagement.
The company’s total fixed broadband subscribers as of March end was at 27.1 million giving Jio the market share of 43%. It said its Jio AirFiber total base has increased to 13 million subscribers, and has driven more than 75% of the fixed broadband additions during the year.
IPO lens
Jio’s steady performance is significant as it plans to list on the stock exchanges by mid-2026. A higher Arpu and improved profitability would make it more attractive to investors and support a higher valuation for the initial public offering (IPO).
At the same time, analysts are again estimating tariff hikes of about 15-20% in the sector post the listing of Jio. The company had earlier ruled out any increase in tariffs and said the growth would be supported by organic growth in Arpu, driven by rising 5G usage.
Reliance Jio is India’s largest telecom operator by market share and accounts for most of Jio Platforms’ business.
In the March quarter, Reliance Jio’s revenue from operations on a standalone basis grew 11.2% year-on-year and 1.9% quarter-on-quarter to ₹33,381 crore. Net profit rose 10.2% on-year and 2% sequentially to ₹7,317 crore.
