Jio Platforms lifts operating profit 16.6% as margin expands 250 basis points
Key Facts
Jio Platforms posted annual growth of 16.6% in core earnings before interest, taxes, depreciation and amortization in the quarter ended in September 2026, while its margin expanded 250 basis points, according to Reuters. Profitability improved faster than revenue from operations, which rose 11.4% to 404.75 billion rupees. Reuters attributed the performance to revenue growth, operating leverage and wider margins. The company reported results after the market closed on Friday, October 30, its first quarterly results since its shares were listed. Its shares are scheduled to resume trading on Monday, November 2, with investors focused on the results following the announcement.
Jio's customer base topped 530 million, making it India's largest telecom operator and the world's second-largest by subscribers within a single country, after China Mobile, Reuters reported. During the quarter, the company added a net 9.1 million subscribers, while its monthly churn rate remained at 1.6%. The figures show continued expansion of the user base as the rate of customer departures remained stable. In September, 5G subscribers reached 300 million, after 66 million users were added in the previous twelve months. The technology accounted for about 56% of the company's total wireless data traffic, according to Moneycontrol.
The expanding user base was accompanied by higher network usage: monthly data consumption per customer reached 44.2 gigabytes in the quarter, up 14.2%, according to Moneycontrol. Total data traffic also grew 22.1% year on year to 71.3 billion gigabytes. Average revenue per user was 218.80 rupees, according to Reuters. The company said promotional offers for fixed broadband customers partly offset the impact of an improved subscriber mix and higher usage. This puts growth in revenue per user in the context of expanding broadband services and higher usage, while promotions continue to affect the average.
Akash Ambani said the results "reflect the strength of the 5G network and the expanding reach of broadband and digital services." He added that the company would continue investing in next-generation technologies, including satellite communications, 6G intellectual property and artificial intelligence embedded in voice and data services. The investments come as Jio competes domestically with Bharti Airtel to expand 5G networks, increase data consumption and generate revenue from subscriber bases. Reliance welcomed competition from Starlink, while its own satellite services awaited approval, Reuters reported. The company has placed the expansion of satellite connectivity and next-generation technologies within its stated investment plans.
Jio listed its shares earlier in the week, the first offering from Mukesh Ambani's Reliance group in two decades, according to Reuters. The listing pushed the group past Tata to become India's largest conglomerate by market capitalization. In the October 30 session, the stock closed at 1,431.30 rupees, up 0.68% from the previous close of 1,421.60 rupees, according to Upstox. The session came before the quarterly results were announced after trading hours, so the next scheduled trading date cited in the coverage is Monday, November 2. Jio ended the quarter with a customer base of more than 530 million, alongside growth in its 5G base and data consumption.