Quick Take
- Jio Platforms Q4 FY26 net profit rose 13% YoY to Rs 7,935 Cr on strong subscriber and ARPU growth.
- EBITDA margins expanded 230 basis points to 52.4%, with 5G users crossing 268 Mn — 55% of data traffic.
- Full-year FY26 PAT hit Rs 30,053 Cr; a Jio IPO at a potential $170 Bn valuation is now actively in progress.
Reliance Industries‘ digital arm Jio Platforms reported a 13% year-on-year rise in net profit for Jio Platforms Q4 FY26, reaching Rs 7,935 Cr (approximately $950 Mn) compared to Rs 7,023 Cr in Q4 FY25. On a sequential basis, profit climbed 4% from Rs 7,629 Cr in Q3 FY26.
The results confirm Jio as one of India’s most profitable technology and telecom businesses. Gross revenue for the quarter reached Rs 44,928 Cr, up 12.7% YoY and roughly 3% QoQ, powered by a combination of subscriber additions, rising average revenue per user (ARPU), and growing demand for digital and 5G services. The company’s EBITDA margin of 52.4% is among the highest for any major Indian telecom operator, and positions Jio well ahead of its planned public listing.
StartupFeed Insight
The 52.4% EBITDA margin tells the real story here — Jio is not just growing, it is compounding profitability while absorbing heavy 5G capital expenditure. Finance costs surged 66.2% YoY to Rs 2,263 Cr, yet PAT still grew 13%. That combination signals a capex-heavy phase nearing its peak rather than a structural cost problem. Founders building in connectivity-dependent sectors — logistics, edtech, healthtech, fintech — should watch Jio’s 5G penetration curve closely: 268 Mn 5G users already generating 55% of wireless data traffic means India’s high-bandwidth infrastructure story is no longer aspirational. For investors, the IPO will be the definitive valuation test. Expect the DRHP to be filed by mid-2026, with a listing likely in Q3 or Q4 FY27 at a valuation of $160 Bn to $175 Bn, making it India’s largest-ever public offering by a significant margin. — StartupFeed Desk
What Do Jio Platforms Q4 FY26 Numbers Really Signal?
| Metric | Q4 FY26 | YoY Change |
|---|---|---|
| Net Profit (PAT) | Rs 7,935 Cr | +13% |
| Gross Revenue | Rs 44,928 Cr | +12.7% |
| Operating Revenue | Rs 38,259 Cr | +12.6% |
| EBITDA | Rs 20,060 Cr | +17.9% |
| EBITDA Margin | 52.4% | +230 bps |
| ARPU | Rs 214 | +~4% |
| Subscriber Base | 524.4 Mn | +7.4% |
| 5G Subscribers | 268 Mn | — |
| Total Data Traffic | 66 exabytes | +35% |
The most striking figure in the table is not profit — it is the 35% YoY surge in total data traffic to 66 exabytes. Per capita monthly data consumption reached 42.3 GB, a figure that reflects how deeply 5G has embedded itself into everyday digital behaviour across India.
About Jio Platforms
Jio Platforms Limited is the digital services subsidiary of Reliance Industries Limited (RIL), headquartered in Mumbai. It operates Reliance Jio Infocomm, India’s largest telecom network by subscribers, alongside digital businesses in streaming (JioCinema, JioSaavn), broadband (JioFiber), AI, and enterprise solutions. Founded in 2019 as a holding entity, Jio Platforms counts a subscriber base of over 524 Mn users and counts Google, Facebook (Meta), KKR, Silver Lake, General Atlantic, and Saudi Arabia’s Public Investment Fund (PIF) among its marquee investors, who collectively invested over $20 Bn between 2020 and 2021.
How Does Jio Compare to Airtel in Q4 FY26?
Jio’s nearest listed competitor, Bharti Airtel, is expected to report its Q4 FY26 results in the coming weeks. Based on Q3 FY26 performance, Airtel posted an EBITDA margin of roughly 53% in India — comparable to Jio’s 52.4% this quarter — but on a smaller total revenue base. Vodafone Idea, the third major operator, continues to face financial stress, with subscribers declining and margins far below peers.
| Operator | Q4 FY26 Subscribers | ARPU (approx.) | EBITDA Margin |
|---|---|---|---|
| Jio Platforms | 524.4 Mn | Rs 214 | 52.4% |
| Bharti Airtel | ~390 Mn (India) | ~Rs 245 (Q3 est.) | ~53% (India, Q3) |
| Vodafone Idea | ~200 Mn (declining) | ~Rs 165 (est.) | ~40% (est.) |
Jio’s defining edge over Airtel is scale: 524.4 Mn subscribers generating 66 exabytes of quarterly data traffic is a distribution moat that no new entrant can replicate. Where Airtel leads is ARPU — its premium positioning targets higher-spending urban subscribers.
What’s Next
The immediate watch is the Jio IPO process. According to reports, Jio has appointed Morgan Stanley, JPMorgan, and Citigroup to manage the offering, which could involve a 2.5% to 5% stake sale at a valuation of approximately $170 Bn. RIL Chairman Mukesh Ambani, in his Q4 FY26 statement, said the company is “advancing steadily towards the listing.” A DRHP filing by mid-2026 looks likely. If the IPO proceeds at the reported valuation, it would be the largest listing in Indian market history.
Meanwhile, Jio’s JioFiber home broadband business and AI-linked enterprise services are the two growth vectors to watch in FY27 — especially as bundled content packs begin converting broadband leads. Will the IPO come before Diwali 2026?
Frequently Asked Questions
What was Jio Platforms’ net profit in Q4 FY26?
Jio Platforms reported a net profit of Rs 7,935 Cr in Q4 FY26, a 13% increase year-on-year from Rs 7,023 Cr in Q4 FY25. On a sequential basis, profit rose 4% from Rs 7,629 Cr in Q3 FY26. Gross revenue for the quarter reached Rs 44,928 Cr, up 12.7% YoY.
What is Jio Platforms’ expected IPO valuation?
Jio Platforms is targeting a valuation of approximately $170 Bn for its upcoming IPO, which would make it the largest public listing in Indian stock market history. The company has appointed Morgan Stanley, JPMorgan, and Citigroup as bankers and a 2.5% to 5% stake sale is under consideration.
How many 5G subscribers does Jio have?
Jio’s 5G subscriber base reached 268 Mn as of the end of Q4 FY26, accounting for roughly 55% of the company’s total wireless data traffic. Total data traffic for the quarter surged 35% YoY to 66 exabytes, with per capita monthly consumption at 42.3 GB.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. The analysis above is based on publicly available information and should not be the sole basis for any investment decision. Please consult a SEBI-registered financial advisor before making investment decisions.
Written by Dr. Mayank Raj. Published: April 24, 2026. Updated: April 24, 2026. Have a tip? Write to us at editorial@startupfeed.in.
