NewsJio Platforms IPO DRHP: ₹27,500 cr fresh issue; FY26 revenue ₹1.47 lakh cr; 51.91% EBITDA marginJio Platforms IPO DRHP: ₹27,500 cr fresh issue; FY26 revenue ₹1.47 lakh cr; 51.91% EBITDA margin
- Jio Platforms files DRHP for ₹27,500 crore fresh issue to reduce debt
- FY26 revenue at ₹1,46,885.30 crore; PAT at ₹30,049.10 crore
- Serves 533.3 million customers with ~49.78% market share
- IPO opens Oct 21, 2026; closes Oct 23, 2026
*this image is generated using AI for illustrative purposes only.
Jio Platforms Limited (JPL), India's foremost technology and digital connectivity platform, has filed its Draft Red Herring Prospectus for an initial public offering featuring a ₹27,500 crore fresh issue. Serving 533.3 million customers as of June 30, 2026, the company reported consolidated revenue from operations of ₹1,46,885.30 crore in FY2026, reflecting robust growth and industry-leading profitability metrics.
About the Company
Jio Platforms Limited, incorporated in 2019 and registered in Gujarat, operates through its material subsidiary Reliance Jio Infocomm Limited (RJIL). RJIL contributed approximately 87.74% of consolidated revenue from operations, 94.88% of EBITDA, and 93.76% of Profit After Tax (PAT) in FY2026. The company is backed by Reliance Industries Limited, India's largest private sector company by market capitalisation.
JPL’s platform spans five integrated layers: digital products and services, digital connectivity, phygital access at scale, deep customer insights, and proprietary technology. It holds a ~49.78% wireless broadband market share and carries ~60% of India's wireless data traffic. The company operates the second-largest VoLTE network globally and is the only provider globally with an end-to-end proprietary 5G Standalone technology stack deployed at nationwide scale.
Financial Performance
The company demonstrated consistent growth in revenue and profitability over the last three fiscal years. Consolidated revenue from operations grew from ₹1,09,558.10 crore in FY2024 to ₹1,46,885.30 crore in FY2026. PAT increased from ₹21,423.20 crore in FY2024 to ₹30,049.10 crore in FY2026.
| Particulars | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
| Revenue from Operations (₹ Cr) | 1,09,558.10 | 1,28,218.40 | 1,46,885.30 |
| Total Expenses (₹ Cr) | 81,367.40 | 94,205.70 | 1,09,406.00 |
| Profit Before Tax (₹ Cr) | 28,808.00 | 35,127.30 | 40,353.10 |
| Profit After Tax (₹ Cr) | 21,423.20 | 26,109.00 | 30,049.10 |
| EBITDA Margin (%) | NA | NA | 51.91% |
| Net Leverage (x) | 0.88x | NA | 0.36x |
EBITDA stood at ₹76,255.40 crore in FY2026, with an industry-leading margin of 51.91%. Net leverage improved significantly from 0.88x in FY2024 to 0.36x in FY2026. Operating cash flow generated was ₹77,556.30 crore in FY2026.
Why the Company Is Raising Funds
The entire fresh issue amount of ₹27,500.00 crore is designated for the prepayment, in full or in part, of the principal amount outstanding of certain borrowings availed by RJIL. These borrowings include External Commercial Borrowings (ECBs). This move aims to reduce net debt, servicing costs, and improve net leverage and NAV per equity share. The balance of net proceeds will be used for general corporate purposes, including strategic initiatives, funding organic and inorganic growth opportunities, and capital expenditure.
Business Strengths
- Technology Leadership: JPL has filed 7,220 patent applications across 4G, 5G, and 6G technologies and ranked among the top 20 globally in WIPO PCT rankings in 2025.
- Market Dominance: With 533.3 million customers and ~49.78% market share, JPL carries ~60% of India's wireless data traffic.
- Infrastructure Scale: The company operates 3,60,537 network towers, ~5.7 million cells, and over 1.0 million route kilometres of fibre optic cable.
- Ecosystem Integration: The 'Jio' brand ecosystem includes JioMart, AJIO, JioHotstar, and Jio-bp, supported by Reliance Retail Limited as the sole distributor of pre-paid connectivity services.
Key Risks
- Concentration Risk: RJIL contributes the vast majority of consolidated financial performance; adverse changes in RJIL's business would materially impact JPL.
- Indebtedness: As of June 30, 2026, RJIL had total fund-based borrowings of ₹62,137.50 crore. Failure to meet covenants could trigger cross-default provisions.
- Capital Intensity: Cash capex represented 23.27% of revenue from operations in FY2026. Failure to realize expected returns on these investments could adversely affect business.
- Regulatory Environment: The telecom sector is subject to extensive oversight by TRAI and DoT, including annual licence fees of 8% of Adjusted Gross Revenue and spectrum usage charges.
Important IPO Dates
- IPO Opening Date: 21-Oct-2026
- IPO Closing Date: 23-Oct-2026
Offer Details
- Issue Type: Initial Public Offering (IPO)
- Fresh Issue: ₹27,500.00 Crore
- Offer for Sale (OFS): Nil
- Price Band: Not Available
- Face Value: Not Available
- Lot Size: Not Available
Bottom Line
Jio Platforms presents a large-scale listing opportunity driven by its dominant position in India's digital connectivity sector. The ₹27,500 crore fresh issue is strategically aimed at deleveraging its primary operating subsidiary, RJIL. While the company boasts strong financial metrics, including a 51.91% EBITDA margin and improving net leverage, it faces risks related to high capital expenditure requirements, regulatory dependencies, and concentration in its subsidiary.
How might the prepayment of External Commercial Borrowings impact Jio Platforms' foreign exchange exposure and future debt structuring strategies?
What specific regulatory changes or spectrum auction outcomes could significantly alter the profitability assumptions for Jio's 5G and 6G investments post-listing?
How will the integration of JioMart and JioHotstar into the core connectivity platform influence customer retention metrics and average revenue per user in the next fiscal year?
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