Jio Platforms, preparing for its upcoming initial public offering, reported a 9.2% year-over-year increase in consolidated net profit to ₹7,764 crore for the first quarter of fiscal 2027. The company saw double-digit growth in revenue and improved profitability metrics despite a slight sequential dip in quarterly profit.
- Profit after tax up 9.2% YoY to ₹7,764 crore in Q1 FY27
- Operating revenue grew 11.8% YoY to ₹39,173 crore
- Subscriber base reaches 533 million with 285 million 5G users
What happened
Jio Platforms reported a consolidated profit after tax (PAT) of ₹7,764 crore in the first quarter of fiscal 2027, reflecting a 9.2% increase compared to the same period last year. Operating revenue grew 11.8% year-over-year to ₹39,173 crore, supported by rising subscriber numbers and an expanding digital services portfolio. EBITDA rose 15.1% annually to ₹20,865 crore while the EBITDA margin improved to 53.3%, up 90 basis points from the previous quarter.
The company's subscriber base increased as Reliance Jio Infocomm Ltd (RJIL) added 8.9 million new users during the quarter, bringing the total to over 533 million, including around 285 million 5G subscribers. Fixed broadband connections reached 29 million, which includes 14 million JioAirFiber homes. Data traffic surged 26.9% year-over-year, with monthly average data usage across the network climbing to 43.7 GB per user.
Why it matters
This steady growth highlights Jio Platforms' strong competitive positioning in India's digital connectivity market ahead of its planned IPO. The company's ability to expand EBITDA margins and increase both subscriber count and average revenue per user (ARPU) underscores its operational efficiency and scale advantage. Digital services revenue outpaced connectivity revenue, driven by content, cloud, IoT, and managed services, reflecting Jio’s broader ambition to evolve beyond a telecom operator into a deep-tech digital ecosystem leader.
With Reliance Industries retaining a majority 66.43% stake and significant investments from Meta and Google, the upcoming IPO is poised to be one of the largest tech listings in India. Proceeds from the proposed $4 billion offering will primarily be used to prepay RJIL borrowings, stabilizing the balance sheet and positioning Jio for sustained growth in new technology domains including 5G.
What to watch next
Market participants and investors will closely monitor Jio Platform's IPO filing process and pricing as it approaches public listing. Execution of its capital structure plans and the allocation of IPO proceeds will be crucial for its credit profile and future financial flexibility. Additionally, subscriber growth trends and ARPU trajectory in the highly competitive Indian telecom landscape remain key performance indicators.
Innovation initiatives and deep-tech investments aimed at expanding digital services revenue will also be in focus. Jio’s ability to leverage its dominant position in 5G and fixed wireless access markets, while delivering enhanced digital experiences to users, will be pivotal for its long-term valuation and market expansion ambitions.