Jio Platforms Ltd., Reliance Industries Ltd.’s telecom arm, reported a sequential improvement in its key operating metrics for the March quarter, Reliance Industries said on Friday, April 24, with average revenue per user (ARPU) rising to ₹214 from ₹213.7 in the December quarter and ₹206.2 a year ago.
The company’s subscriber base rose to 524.4 million from 515.3 million in the previous quarter and 488.2 million a year earlier, with net additions of 9.1 million during the quarter and 36.2 million over the past year—the highest in seven quarters.
ARPU growth remained gradual, rising 0.1% sequentially compared with 1.1% in the December quarter, while year-on-year growth stood at 3.8%, indicating moderation from earlier quarters.
Jio Platforms reported revenue of ₹44,928 crore for the quarter, up 12.7% year-on-year, while revenue from operations rose 12.6% to ₹38,259 crore. EBITDA came in at ₹20,060 crore, up 17.9% YoY, with margins expanding 230 basis points to 52.4%. Profit after tax increased 13% YoY to ₹7,935 crore.
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Commenting on the performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said Jio continues to see strong traction across mobility, home broadband and enterprise services, with robust growth during the year.
The company’s 5G subscriber base stood at 268 million as of March 2026, accounting for around 55% of total wireless data traffic. Jio added over 75 million 5G users during FY26. Total data traffic rose 35% YoY to 66 billion GB in the quarter, with per capita data consumption at 42.3 GB per month.
Jio’s fixed broadband subscriber base reached 27.1 million, with a market share of about 43%, expanding by 10 percentage points over the past year. JioAirFiber subscribers stood at around 13 million, contributing over 70% of net additions in the segment during FY26.
On the proposed listing, Ambani said, “I am happy to note that we are advancing steadily towards the listing of Jio Platforms,” adding that it will mark a key milestone in its growth journey.
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The company said its monthly churn remained stable at 1.7%. Jio was also named India’s best network by OpenSignal during the quarter, winning multiple awards across download speed, reliability and quality metrics.
Market participants are also closely tracking the potential listing. “I think the big thing that the market is waiting for the valuation of Jio with different brokerages are ascribing a valuation of $150 billion to $160 billion. That could lead to some bit of value unlocking. It’s been long pending,” Gurmeet Chadha of Complete Circle told CNBC-TV18, adding that the stock is a “must-have” in portfolios.
Naveen Kulkarni, Chief Investment Officer at Axis Securities, a Mumbai-based broking firm, said, “Whether tariff hike happens before or after the IPO remains a question.”
“There’s no cadence in terms of the industry when tariff hikes actually come…” he said, and added, “Considering the nature and structure of the industry, there will definitely be a tariff hike. However, if it will be in the next 12 months or next 24 months, it isn’t clear.”
Shares of RIL closed 0.92% lower at ₹1,331 ahead of the result announcement on Friday.