| Annual Financials | Mar 2024 | Mar 2025 | Mar 2026 |
| Revenue | 109558.10 | 128218.40 | 146885.30 |
| Expenses | 81367.40 | 94205.70 | 109406.00 |
| Other Income | 617.30 | 1114.60 | 2873.80 |
| Total Revenue | 110175.40 | 129333.00 | 149759.10 |
| Profit Before Tax | 28808.00 | 35127.30 | 40353.10 |
| Net Profit | 21423.20 | 26109.00 | 30049.10 |
Jio Platforms
Jio Platforms IPO
₹12,780
2.36 xOver-subscribedBidding Dates 21 Oct, 26 -23 Oct, 26
Min Investment ₹12,780
Lot Size12
Price Range ₹1,065 – ₹1,119
Issue Size ₹30,213.00 Cr.
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IPO Subscription Details
Retail Subscription Details
0.57 x
Non-Institutional Buyers (sHNI)
1.02 x
Non-Institutional Buyers (bHNI)
0.77 x
Qualified Institutional Buyers (QIB)
6.72 x
Employees
1.13 x
Total2.36 x
2.36 x IPO Timeline
IPO Offer Start
21 Oct,26
IPO Offer Ends
23 Oct,26
Allotment Finalisation
26 Oct,26
Refund Initiation
27 Oct,26
Listing of Shares
28 Oct,26
IPO Analysis
Strengths
The company operates a vertically integrated proprietary technology stack with 12,477 full-time employees (~45% of workforce) in digital products and technology development, and has filed 7,220 patents across 4G, 5G, 6G, and AI-driven network automation, ranking among the top 20 globally in WIPO PCT rankings in 2025.
The company is the only digital connectivity provider globally with an end-to-end proprietary 5G SA technology stack deployed at nationwide scale, helping India become only the fifth country globally to possess such indigenous 5G capability, as per the Analysys Mason Report.
The company has developed proprietary point-to-multi-point UBR technology, making it the first company in India to offer fixed wireless access through UBR, enabling up to 1 Gbps bandwidth; JioAirFiber scaled to 14.0 million customers as of June 30, 2026.
Risks
RJIL's unified licence is due for renewal in October 2033, and spectrum holdings expire primarily between 2041–2042, requiring significant capital expenditure for renewal or new bids. Any inability to maintain, renew, or successfully bid for spectrum could materially impact the company's operations and financial condition, with potential liquidated damages of ₹106 million already provided for in Fiscal 2026 due to delayed rollout obligations.
RJIL contributed approximately 87.74% of consolidated Revenue from Operations, 94.88% of EBITDA, and 93.76% of PAT in Fiscal 2026, making the company highly dependent on a single entity. Any adverse change in RJIL's business due to competition, regulatory changes, or technological disruption would have a corresponding material adverse impact on the consolidated financial performance.
RRL is the sole distributor of the company's pre-paid connectivity services, which constituted 76.37%–79.35% of consolidated Revenue from Operations across recent periods, with Revenue Received in Advance reaching ₹1,129,351 million in Fiscal 2026. Any disruption in this arrangement would require significant time and investment to transition to alternative distribution frameworks, adversely impacting business operations.
Objectives
An aggregate amount from the Net Proceeds is proposed to be utilized towards prepayment, in full or in part, of the principal amount outstanding of certain borrowings (including ECBs) availed by RJIL, aimed at reducing Net Debt, servicing costs, improving Net Leverage, and NAV of Equity Shares, while positioning the company for continued investment in 5G, fixed broadband, AI, cloud, and enterprise digital services.
The company intends to deploy a portion of the Net Proceeds towards general corporate purposes including strategic initiatives, funding organic and inorganic growth opportunities, payment of deferred payment liability, strengthening marketing capabilities, capital expenditure, funding working capital requirements, and meeting ongoing general corporate purposes or contingencies.
Yearly Financial Results
Balance Sheet
| Balance Sheet | Mar 2024 | Mar 2025 | Mar 2026 |
| Total Assets | 539580.40 | 581233.80 | 615594.00 |
| Fixed Assets | 501341.20 | 525320.50 | 542837.40 |
| Total Equity & Liabilities | 539580.40 | 581233.80 | 615594.00 |
| Total Liabilities | 260158.70 | 275052.60 | 278517.80 |
| Current Liabilities | 71218.20 | 78101.10 | 67180.70 |
| Non Current Liabilities | 188940.50 | 196951.50 | 211337.10 |
| Total Equity | 279421.70 | 306181.20 | 337076.20 |
Cash Flow
| Cash Flow | Mar 2024 | Mar 2025 | Mar 2026 |
| Net Cash Flow | 1453.30 | 5522.60 | 8546.40 |
| Investing Activities | -56587.60 | -63726.40 | -43590.90 |
| Operating Activities | 57661.60 | 68155.70 | 77556.30 |
| Financing Activities | 379.30 | 1093.30 | -25419.00 |
About Jio Platforms
Jio Platforms Limited is an India-based technology platform built on proprietary digital technology and pan-India digital connectivity, serving 533.3 million customers as of June 30, 2026, through its subsidiary Reliance Jio Infocomm Limited (RJIL). The company operates an end-to-end proprietary 5G standalone technology stack — the only such globally deployed...more
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Managing DirectorMr. Mukesh Dhirubhai Ambani
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