Digital Fibre Infrastructure Trust (DFIT) has submitted a valuation report for its subsidiary, Jio Digital Fibre Private Limited (JDFPL), revealing an enterprise value of ₹2,18,369 crore as of September 30, 2025. The report, conducted by Ernst & Young Merchant Banking Services LLP, also indicates an equity value of ₹515 crore for JDFPL.

Key Valuation Highlights

JDFPL's Infrastructure and Operations

JDFPL owns and operates a pan-India optic fibre cable network spanning approximately 30.1 million fiber pair kilometers (FPKM). Reliance Jio Infocomm Limited (RJIL) serves as the anchor tenant, utilizing about 70% of JDFPL's total capacity.

Financial Performance

For the year ended March 31, 2025, JDFPL reported:

• Operating revenue: ₹18,553.00 crore
• Loss after tax: ₹2,209.00 crore

Valuation Methodology

The valuation employed a discounted cash flow (DCF) method with a weighted average cost of capital (WACC) approach. The DCF analysis considered cash flows up to September 29, 2050, aligning with the end of the Fiber Use Agreement (FUA) with RJIL.

Trust Structure and Ownership

DFIT holds a 51% equity stake in JDFPL, with the remaining ownership primarily held by Reliance Industries Limited (48.5%) and other minority shareholders (0.5%).

Future Outlook

The valuation report suggests potential for revenue growth from third-party customers. JDFPL projects that by FY2028, about 11.2% of its capacity could be used by customers other than RJIL, potentially contributing to 29.8% of the company's revenue.

Market Position

As of August 31, 2025, India's telecom industry data shows a total reported subscriber base of 122.4 crore, with 96.2% being wireless subscribers. This underscores the growing importance of robust fiber infrastructure to support increasing data demands.

The valuation report provides a comprehensive view of JDFPL's financial position and future prospects, reflecting the company's significant role in India's digital infrastructure landscape.

Digital Fibre Infrastructure Trust (DFIT), a leading player in India's optic fibre infrastructure sector, has announced its financial results for the second quarter and half-year ended September 30, 2025. The Trust, which owns 51% of Jio Digital Fibre Private Limited (JDFPL), demonstrated strong financial performance and continued growth in its operations.

Key Financial Highlights

For the quarter ended September 30, 2025, DFIT reported:

• Revenue from operations of ₹1,474.00 crore
• Total comprehensive income of ₹477.00 crore
• Earnings per unit of ₹2.45

For the half-year ended September 30, 2025, the Trust achieved:

• Revenue from operations of ₹2,932.00 crore
• Total comprehensive income of ₹947.00 crore
• Earnings per unit of ₹4.86

Financial Position and Distributions

As of September 30, 2025, DFIT's financial position remained robust:

• Total assets stood at ₹52,282.00 crore
• Total equity was reported at ₹19,242.00 crore

The Trust maintained its commitment to unitholder value, distributing ₹1,076.00 crore during the half-year period.

Credit Rating

DFIT continues to maintain a CARE AAA rating with a stable outlook, reflecting its strong financial position and operational stability in the infrastructure sector.

Operational Performance

JDFPL, the Trust's primary asset, owns and operates a pan-India optic fibre cable network of approximately 30.1 million fibre pair kilometers (FPKM). This extensive network positions DFIT as a key player in India's digital infrastructure landscape.

Industry Outlook

The telecom industry in India continues to show strong growth potential. As of August 31, 2025, India had a total reported subscriber base of 122.4 crore subscribers, with wireless services accounting for 96.2% of total telecom customers. The broadband subscriber base stood at 99.0 crore, indicating a growing demand for high-speed internet services.

Management Commentary

Jayanti Chaurasia Naita, Compliance Officer of Infinite India Investment Management Limited (acting as the Investment Manager of DFIT), stated, "Our performance in the second quarter and first half of FY2026 demonstrates the resilience and growth potential of our business model. We remain committed to delivering value to our unitholders while contributing to India's digital infrastructure growth."

DFIT's strong financial results and stable operations underscore its position as a key player in India's digital infrastructure sector. The Trust's continued focus on expanding its fibre network and maintaining financial discipline positions it well for future growth in the evolving telecom landscape.