Jio Platforms IPO Report (October 7, 2026): Structure, Business Overview and Financial Performance

Written by: Vaqarjaved Khan, CFAUpdated on: 8 Oct 2026, 8:08 pm IST

Jio Platforms serves 524.4 million customers and reported ₹1.47 lakh crore revenue in FY26.

Jio Platforms Limited is a digital connectivity and services platform with operations spanning mobile connectivity, fixed broadband, and digital services. The company is proposing a 100% fresh issue of up to 27 crore equity shares, with proceeds intended primarily for the prepayment or repayment of borrowings of Reliance Jio Infocomm Limited and general corporate purposes.

This IPO note by Angel One covers the Jio Platforms IPO structure, business model, financial performance, use of proceeds, sector outlook, and key risks.

Jio Platforms: Business Overview and Key Financial Metrics

Jio Platforms is a technology platform built on proprietary digital technology and pan-India digital connectivity, serving 524.4 million customers as of 31 March2026. A combination of mobile, fixed broadband and digital services across a unified platform positions it as a comprehensive digital gateway for India.

Metric	Details
Total Customers (As of March 31, 2026)	524.4 million
5G Subscribers (As of March 31, 2026)	268.5 million
Monthly Data per User (Exit Qtr FY26)	42.3 GB
Revenue (FY26)	₹1,46,885 crore
EBITDA Margin (FY26)	51.9%
PAT (FY26)	₹30,049 crore (Up 15.1% YoY)
Net Leverage	0.36x (Improved from 0.88x)

Built end-to-end proprietary technology solutions indigenously spanning 5G Radio, 5G Core, cloud-native software architecture, JioAICloud, smart home IoT, and enterprise AI platforms. Backed by global technology leaders and sovereign/private equity investors, including Google, Meta Platforms, Silver Lake, KKR, and ADIA.

Jio Platforms: Financial Growth and Market Position

Revenue grew at a 15.8% CAGR over FY24–FY26 to ₹1,46,885 Cr, driven by customer additions (+36.2 Mn net in FY26), rising ARPU and higher data consumption.

EBITDA expanded to ₹76,255 Cr with margin improving to 51.9%. PAT rose to ₹30,049 Cr (+15.1% YoY).

Net leverage improved sharply from 0.88x (FY24) to 0.36x (FY26), reflecting strong cash generation and the deleveraging focus of the Issue.

#1 in Mobile Broadband (~1.4× the second-largest player) and #1 in Fixed Broadband (~1.9× the second-largest player)

~60% of India’s wireless data traffic carried on its network (FY26)

Wireless broadband coverage to 99%+ of India’s population

FTTH Expansion: Scaled to over 12 million home broadband connections driven nationwide by JioFiber and JioAirFiber

Objects of the Issue

1. Prepayment / repayment of RJIL borrowings – up to ₹27,500 Cr
2. General Corporate Purposes (≤ 25% of Gross Proceeds)

Jio Platforms IPO: Anchor Investors and Net Issue

Anchor Investors: Up to 60% of QIB portion
Net Issue = Issue – Employee Reservation – Reliance Industries Limited (RIL) Shareholders Reservation

Structural Tailwinds for Jio Platforms

India's digital economy is set to more than double to 125.8 trillion by FY2031, driving the mobile broadband market from *2.3 Tn to ₹5.1 Tn.

Growth supported by rising data usage (to 59.2 GB/month), ARPU expansion and migration of 263.5 Mn 2G users to 4G/5G.

Fixed broadband penetration still only ~20% - subscribers expected to reach 150 Mn by FY2031 on the back of 5G FWA.

Key Risks of Jio Platforms IPO

Highly regulated telecom sector with spectrum, license-fee and policy risks, intense competition that can pressure ARPU, ongoing capex needs for 5G/6G & Al platforms, and promoter concentration (Reliance Industries Limited 66.43% pre-issue) requiring monitoring of related-party transactions.

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Published on: Oct 8, 2026, 1:48 PM IST

Vaqarjaved Khan, CFA

Vaqarjaved Khan is a Senior Analyst at Angel One with nearly 10 years of experience in Indian equity markets. At Angel One he covers company and industry research, portfolio management, macro analysis and valuations. His work supports client-facing research and advisory across large, mid and small-cap names. He holds an MBA in Finance, the CFA charter (US), FMVA, and NISM Research Analyst certification.

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