Jio Platforms IPO Financials: Revenue Rises to ₹1.47 Lakh Crore, Profit Reaches ₹30,049 Crore in FY26

Key Takeaways

• Jio Platforms reported consolidated revenue from operations of ₹1,46,885.3 crore in FY26, up approximately 14.6% from ₹1,28,218.4 crore a year earlier.
• Profit after tax increased to ₹30,049.1 crore from ₹26,109 crore in FY25. EBITDA grew faster than revenue, taking the operating margin to 51.91%.
• The company's net leverage declined from 0.71 times in FY25 to 0.36 times in FY26, while cash generated from operating activities rose to ₹77,556.3 crore.
• The DRHP also shows that return on average capital employed declined in FY26, even as revenue and profit continued to increase.

Jio Platforms Financials: What the DRHP Shows

Jio Platforms ended FY26 with consolidated revenue of ₹1.47 lakh crore and profit after tax of just over ₹30,000 crore.

Both figures were higher than the previous year's. EBITDA also increased, and the company generated more cash from operations.

The June 2026 Draft Red Herring Prospectus provides three years of restated consolidated financial information, making it possible to examine how the business performed before the proposed IPO.

These are Jio Platforms' consolidated figures. They should not be confused with Reliance Industries' Digital Services segment results, which are presented under a different reporting scope.

Jio Platforms Financial Performance: FY24–FY26

Revenue Has Increased Across All Three Years

Jio Platforms' revenue from operations stood at ₹1,09,558.1 crore in FY24. It crossed ₹1.28 lakh crore the following year before reaching ₹1,46,885.3 crore in FY26.

The latest annual increase was approximately 14.6%.

The performance reflects the company's consolidated digital connectivity and services operations. Within the telecommunications business, customer growth and average revenue per user provide useful context for the revenue movement.

Reliance Jio Infocomm's customer base rose from 488.2 million in March 2025 to 524.4 million in March 2026, an addition of 36.2 million customers.

ARPU, measured for the final quarter of the financial year, increased from ₹206.2 to ₹214 per month.

Those two developments are relevant to the connectivity business's revenue performance. They do not, by themselves, explain every movement in consolidated revenue, which also includes other operations and accounting adjustments.

EBITDA Grew Faster Than Revenue

The company's EBITDA rose from ₹64,170 crore in FY25 to ₹76,255.4 crore in FY26, an increase of approximately 18.8%.

Revenue grew by 14.6% over the same period.

This difference lifted the EBITDA margin from 50.05% to 51.91%, an improvement of 186 basis points.

It is a useful measure of operating performance, particularly for a business with substantial recurring revenue. Yet EBITDA leaves out depreciation and finance costs, which are significant when a company operates extensive telecommunications infrastructure.

Jio continues to invest in network equipment, fibre, technology systems and other assets. The cost of these investments may be reflected in the financial statements over several years.

The EBITDA margin therefore tells part of the financial story. Capital expenditure and cash flow help complete it.

Net Profit Crossed ₹30,000 Crore

Jio Platforms reported profit after tax of ₹30,049.1 crore for FY26.

That compares with ₹26,109 crore in FY25 and ₹21,423.2 crore in FY24. The latest year-on-year increase was approximately 15.1%.

The PAT margin was relatively stable, moving from 20.36% to 20.46% between FY25 and FY26.

Return on average net worth improved to 9.42%, against 8.97% a year earlier.

There is a contrasting movement elsewhere in the company's financial indicators.

Return on average capital employed, based on Jio Platforms' disclosed methodology, fell to 10.76% in FY26 from 12.50% in FY25.

It is possible for a company to report higher profits while generating a lower return on the capital employed in its operations. The amount of capital invested and the earnings generated from that capital both matter. 

What Do the Debt and Cash Flow Numbers Reveal?

Total borrowings in the restated consolidated financial information stood at ₹70,781 crore as of 31 March 2026, compared with ₹73,060.3 crore a year earlier.

Jio Platforms also reported a decline in net leverage, measured as net debt divided by EBITDA.

Operating cash flow increased by approximately ₹9,400 crore in FY26.

The company's own measure of EBITDA less cash capital expenditure also rose substantially. This is a company-defined non-GAAP measure, however, and should not be described as statutory free cash flow.

The broader point is that Jio's operations generate large amounts of cash while continuing to require investment.

The DRHP states that a portion of the proposed IPO proceeds would be used to prepay or repay certain outstanding borrowings of Reliance Jio Infocomm.

The precise application of proceeds will depend on the final issue disclosures.

What the Numbers Say Ahead of the IPO

Across FY24, FY25 and FY26, Jio Platforms recorded growth in revenue, EBITDA and net profit.

Its latest financial year also showed an improved EBITDA margin and lower net leverage. Return on average capital employed moved in the opposite direction.

These measures will be relevant once the IPO price is announced. Historical earnings provide a basis for examining valuation, while capital expenditure and cash generation help explain the economics of maintaining and expanding the network.

For now, the DRHP establishes the company's reported financial position ahead of its proposed listing. The final offer documents will determine the price at which the shares are issued.