By Dilip Davda
This is the final part of our four-part series on Jio Platforms. Part 3 looked at how Jio reaches homes and businesses. This part covers the financials, the infrastructure, and the road ahead. (Read Part 1, Part 2, and Part 3.)
Jio Platforms reached its present size within ten years of launching services in 2016. In this final part, we look at the financial profile of the business, the physical infrastructure that supports it, its relationship with Reliance and the areas it is targeting next.
The financial profile
| FY24 | FY25 | FY26 | Q1 FY27 | |
|---|---|---|---|---|
| Revenue (Rs crore) | 1,09,558 | 1,28,218 | 1,46,885 | 39,173 |
| EBITDA (Rs crore) | 54,959 | 64,170 | 76,255 | 20,865 |
| EBITDA margin | 50.16% | 50.05% | 51.91% | 53.26% |
| Profit after tax (Rs crore) | 21,423 | 26,109 | 30,049 | 7,764 |
| ARPU (Rs per month) | 181.7 | 206.2 | 214.0 | 215.6 |
| Customers (million) | 481.8 | 488.2 | 524.4 | 533.3 |
Between Fiscal 2024 and Fiscal 2026, revenue grew at a compound annual rate of 15.79% and EBITDA at 17.79%. In the June 2026 quarter, revenue rose 11.82% and EBITDA rose 15.05% compared with the same quarter a year earlier.
Four figures stand out for me:
- Cash generation. EBITDA less cash capital expenditure rose from Rs 1,449 crore in Fiscal 2024 to Rs 42,071 crore in Fiscal 2026, an increase of about 29 times in two years.
- Debt. Net leverage, which is net debt as a multiple of EBITDA, declined from 0.88x to 0.36x over the same period.
- Digital services. The parent company’s standalone revenue, which reflects digital services including content, cloud, gaming, IoT and JioPC, more than doubled, from about Rs 7,571 crore in Fiscal 2024 to Rs 16,167 crore in Fiscal 2026. It grew a further 29% in the June 2026 quarter.
- Revenue per user. ARPU increased from Rs 181.7 to Rs 215.6 per month between Fiscal 2024 and the June 2026 quarter.
The infrastructure
Jio’s services run on one of the largest digital networks in the world:
- Towers and cells: access to 360,537 network towers, most of them connected by fibre, and about 5.7 million radio cells.
- Fibre: the largest fibre network among private operators in India, spanning over 1 million route kilometres and more than 30 million fibre pair kilometres.
- Spectrum: 26,800.8 MHz, the highest of any Indian operator, with an average remaining life of about 15.8 years.
Jio is the only operator in India holding 5G spectrum in all three bands: 700 MHz for deep indoor coverage, 3,300 MHz for capacity, and 26 GHz for high-capacity fixed wireless.
Beyond India, Jio has invested in international subsea cable systems, including Europe-India Gateway, IMEWE, AAE-1, Bay of Bengal Gateway and Falcon-Hawk. In 2025, together with other operators and hyperscalers, it completed the India Asia Xpress cable, which can deliver terabit connectivity between India and the Asia-Pacific. It is developing new cable landing stations at Digha in West Bengal and Machilipatnam in Andhra Pradesh, adding to its existing facilities in Mumbai and Chennai. These are intended to serve India’s growing data centre capacity, including AI-focused data centres. Jio is interconnected with more than 200 international carrier partners.
The Reliance Backend
Reliance Industries owns 66.43% of Jio Platforms, and the group relationship runs across several parts of the business:
- The brand. The “Jio” trademark and related marks, including JioFiber, JioAirFiber, MyJio and JioTV+, are owned by Reliance Industries. They are licensed to Jio Platforms and RJIL royalty-free under an agreement dating from 2015. The Jio name is also used by other group businesses, including JioMart, AJIO, JioHotstar and Jio-bp.
- Distribution. Reliance Retail distributes Jio’s prepaid services and handles customer acquisition, KYC and payment collection. Jio Centres and Jio Points operate from Reliance Retail premises.
- Media. Jio has built a media technology platform that JioHotstar, the Reliance Group’s entertainment platform, also uses.
The road ahead
The prospectus outlines several areas of expansion beyond Jio’s current business.
- Technology exports. Jio plans to offer its cloud-native radio network, 5G core, OSS/BSS software, UBR fixed wireless solutions and AI-driven automation to markets outside India. It intends to do this through partnerships with local operators, managed services arrangements and, where suitable, greenfield deployments. The initial focus is on markets that need network upgrades, 5G rollouts and fixed broadband expansion.
- AI platforms. Jio intends to extend JioBrain, its autonomous network capabilities and its AI-powered customer service tools to other global telecom companies and to other industries. It describes itself as transitioning into an “AI-native” digital services company.
- Satellite connectivity. Jio is evaluating the development of an indigenous satellite constellation and ground station infrastructure to serve remote areas. It is also evaluating partnerships with global satellite providers.
- New devices. Jio is developing JioFrames, its AI-powered smart glasses, and continues its research into 6G.
- Sustainability. Jio has committed to becoming net zero, with emission targets aligned to the Science Based Targets initiative. It is expanding its use of renewable energy across the network.
The last word
Ten years after launching as a mobile network, Jio Platforms now spans connectivity, software, devices, AI, enterprise services, international cables and satellite plans.
Did you know?
- Jio’s monthly customer churn fell to 1.61% in the June 2026 quarter, from 1.84% a year earlier.
- About 237 MWp of solar capacity powers Jio’s network, including a 25 MW plant at Bidar, Karnataka.
- Over 99% of Jio’s operational waste was recycled in Fiscal 2025.
- Through its customer associate programme, 61,687 women work flexibly across more than 7,000 towns.
- Jio runs 15 dedicated learning academies for its employees.
