The Jio Platforms IPO red herring prospectus (RHP), filed on 14 October 2026, gives the first full look at the financials behind India’s largest public issue. For FY26, Jio Platforms reported revenue from operations of ₹1,46,885 crore and profit after tax of ₹30,064 crore, and its telecom arm had 533.3 million customers at 30 June 2026.
Anchor investors bid on 19 October, and the public offer runs from 21 to 23 October at ₹1,065 to ₹1,119 per share. At the upper end, the fresh issue of up to 27 crore shares is worth up to ₹30,213 crore.
Jio Platforms Financials From the RHP: FY24 to FY26
The RHP shows steady growth in revenue and profit over three financial years, with the operating margin holding near 50%. Growth over the two years from FY24 to FY26 works out to roughly 34% for revenue, 35% for EBITDA and 40% for profit after tax, based on the figures below.
Jio Platforms financials from the RHP, FY24 and FY26
| Metric | FY24 | FY26 |
|---|---|---|
| Revenue from operations | ₹1,09,558 crore | ₹1,46,885 crore |
| EBITDA | ₹54,341 crore | ₹73,382 crore |
| EBITDA margin | 49.6% | 50% |
| Profit after tax | ₹21,422 crore | ₹30,064 crore |
| PAT margin | 19.6% | 20.5% |
| Earnings per share | ₹24 | ₹33.6 |
Return on equity improved to 8.9% in FY26, and return on capital employed rose to 12%. Both are modest compared with the margins, which reflects the large asset base that a telecom network requires.
Jio Platforms Q1 FY27 Numbers
The prospectus also includes the quarter ended 30 June 2026. Revenue rose nearly 12% from a year earlier, while net profit climbed about 9%, according to a TechCrunch report on the filing.
- Revenue for Q1 FY27 was ₹39,173 crore.
- EBITDA was ₹19,840 crore, a margin of 50.6%.
- Profit after tax was ₹7,765 crore, a margin of 19.8%.
Subscribers, ARPU and 5G Base at Reliance Jio Infocomm
Jio Platforms earns most of its income through its subsidiary Reliance Jio Infocomm (RJIL), India’s largest mobile operator. Its customer base grew from 482 million in FY24 to 524 million in FY26 and reached 533.3 million at the end of June 2026.
Operating metrics from the RHP
| Metric | Figure |
|---|---|
| Net customer additions | 36 million in FY26, against 6 million in FY25; 9 million in Q1 FY27 |
| ARPU per month | ₹181.7 in FY24; ₹214 in FY26; ₹215.6 in Q1 FY27 |
| Monthly churn | 1.6%, down from 1.7% in FY26 |
| Data use per customer | 43.7 GB a month in Q1 FY27 |
| 5G subscribers | 284.9 million in Q1 FY27 |
Spectrum, Patents and Technology Assets
As of 30 June 2026, Jio held India’s largest spectrum portfolio at 26,800.8 MHz, with an average remaining life of 16 years. It was the only Indian operator with nationwide 5G spectrum across the 700 MHz, 3,300 MHz and 26 GHz bands.
The company and its subsidiaries had filed 7,220 patent applications by the first quarter of FY27, of which 2,655 were in India and 4,565 overseas. About 12,477 people work on digital product and technology development, which is around 45% of the workforce.
How Jio Platforms Will Use the IPO Proceeds
The issue is entirely a fresh issue, so none of the money goes to existing shareholders. Up to ₹27,500 crore is earmarked to prepay certain borrowings of Reliance Jio Infocomm, and the balance goes to general corporate purposes, according to the prospectus.
That focus on RJIL reflects how much of the group’s profit sits in the telecom subsidiary. The Ken reported that RJIL accounted for about 95% of Jio Platforms’ consolidated profit in each of the last three years, including FY26.
Who Owns Jio Platforms Before the Issue
Before the IPO, Reliance Industries held 66.43% of Jio Platforms. Meta held about 10% and Google about 8%, according to the preliminary offer document. Bloomberg reported that none of the existing investors, including Meta, Alphabet, Mubadala and Saudi Arabia’s Public Investment Fund, is selling shares in the IPO.
Valuation and Peer Comparison in the Prospectus
At the upper end of the band, Jio Platforms would have an equity value of about ₹10.3 trillion on the post-issue share count. In 2020, the company was valued at up to ₹4.91 trillion. Bloomberg reported that earlier expectations had gone as high as $170 billion.
By simple arithmetic, the upper price of ₹1,119 is about 33 times the FY26 earnings per share of ₹33.6 listed in the RHP summary. The prospectus names Bharti Airtel, with a price to earnings ratio of 40.71, and Vodafone Idea, at 3.99, as its listed peers.
The peer figures show a wide range, so any comparison depends on the earnings basis and date used. Commentary on the issue has pointed to valuation as an area where public investors may push back.
Anchor Round and Allocation Structure
The qualified institutional buyer (QIB) portion will be no more than 50% of the net issue, and anchor investors can receive up to 60% of that portion. Reports said half of the anchor share is set aside for domestic mutual funds. The proposed allocation for retail investors is at least 35% and for non-institutional investors at least 15%.
- Half of the shares allotted to anchor investors are locked in for 30 days from allotment.
- The other half is locked in for 90 days.
- Reports said global funds such as BlackRock and Abu Dhabi Investment Authority, along with domestic mutual funds, were seeking allocation in an anchor book of about ₹8,000 crore.
Bloomberg also reported bids of more than $20 billion for the anchor book. The final list of anchor investors and the amount raised had not been published when this report was written.
Risks and Disclosures Investors Can Check in the RHP
Commentary on the filing has flagged a few themes that investors can verify in the document itself. These are points to read, not conclusions.
- Dependence on Reliance Jio Infocomm for most of the consolidated profit.
- A capital-intensive business that needs continued spending on coverage, capacity and spectrum obligations, even after debt repayment.
- Valuation relative to listed peers, as discussed above.
Anyone who wants to invest in IPO online needs a PAN-linked demat account, and investors who want to open demat account online can complete the process before the issue closes on 23 October. Activation times differ by intermediary, so applicants usually check this early.
The RHP, the exchange filings and the anchor allocation announcement are the primary sources for every figure in this report. Subscription data by category will be published on the exchanges once bidding opens on 21 October.
