Jio Platforms Limited — the entity that houses Reliance Industries’ telecom, digital services and technology businesses — filed its Draft Red Herring Prospectus (DRHP) with SEBI on June 19, 2026. This is among the most-watched first-time listings in Indian market history. Below is a detailed, investor-facing breakdown of the business, financials, shareholding and risks, based on the DRHP. Note that this is the draft stage: the price band, total issue size and bidding dates are not yet announced and will be set later through the book-building process.
1. IPO Snapshot
| Particular | Detail |
|---|---|
| Company | Jio Platforms Limited |
| Promoter | Reliance Industries Limited (RIL) |
| Issue type | 100% Book-Built — Fresh Issue only (no Offer for Sale) |
| Fresh issue size | Up to 27,00,00,000 (27 crore) shares, face value ₹10 |
| Price band / Issue size (₹) | To be announced (DRHP stage) |
| Listing | BSE and NSE |
| Registrar | KFin Technologies Limited |
| Lead managers | Large syndicate incl. Kotak Mahindra Capital, Morgan Stanley, BofA, Axis Capital, Citigroup, J.P. Morgan, Goldman Sachs, HSBC, ICICI Securities, Jefferies, SBI Capital, IIFL, BNP Paribas, CLSA, DAM Capital, HDFC Bank |
| Pre-issue shares | 8,93,90,30,830 |
Reservations are included for eligible employees and eligible RIL shareholders. The net issue is split with QIBs (up to 50%), Non-Institutional Investors (not less than 15%) and Retail Individual Investors (not less than 35%).
2. What Does Jio Platforms Do? (Business Model)
Jio describes itself as a technology platform built on a foundation of pan-India digital connectivity. Its key operating subsidiary, Reliance Jio Infocomm Limited (RJIL), served 524.4 million customers as of March 31, 2026.
The distinguishing feature of the model is a vertically integrated, in-house technology stack spanning network infrastructure, device engineering, software/operating systems and digital applications. This “full-stack ownership” is positioned to reduce dependency on outside vendors and lower costs. As of March 31, 2026, roughly 11,303 employees (~40% of the workforce) sat in the digital products and technology team, and the group had applied for 6,817 patents across 4G, 5G, 6G and AI-driven network technologies. Jio says it is now transitioning toward an AI-native digital services company.
Products & Services
- For consumers: mobile and fixed broadband (JioFiber, JioAirFiber), entertainment, cloud gaming, cloud compute/storage, smart home solutions, and AI assistants. The JioBharat phone (priced at ₹799) targets entry-level users.
- For businesses: enterprise broadband and leased lines, cloud, productivity and unified communications, IoT, Managed Wi-Fi, private 5G, security, end-to-end managed ICT services, and an AI enterprise suite.
Customers (Clients)
The customer base is overwhelmingly retail/consumer — 524.4 million mobile and broadband users in India, the largest such base in the country and the largest 5G standalone base outside China (268.5 million 5G SA customers as of March 31, 2026). On the enterprise side, clients span large businesses to the 79 million micro, small and medium enterprises that Jio is targeting via JioAirFiber and managed services.
Vendors & Supply Chain
Because Jio designs much of its own technology, its supply chain is unusually internalised. Devices such as the Jio set-top-box and customer-premise equipment are built to Jio’s specifications using standardised components, often through arrangements with other Reliance Group entities, manufacturers, suppliers and lessors. All suppliers are required to comply with a Supplier Code of Conduct. Importantly, the DRHP flags that the company relies on a limited number of vendors (including related parties) for network infrastructure, and a limited group of passive infrastructure providers (towers and fibre) for a substantial portion of its network — a concentration that investors should note.
3. Key Operating Metrics (KPIs)
| KPI | FY26 | FY25 | FY24 |
|---|---|---|---|
| Total customer base (mn) | 524.4 | 488.2 | 481.8 |
| Net customer adds (mn) | 36.2 | 6.4 | 42.5 |
| ARPU (₹/month, exit qtr) | 214.0 | 206.2 | 181.7 |
| Data per user (GB/month) | 42.3 | 33.6 | 28.7 |
| Monthly churn (%) | 1.67 | 1.81 | 1.52 |
| EBITDA margin (%) | 51.91 | 50.05 | 50.16 |
| PAT margin (%) | 20.46 | 20.36 | 19.55 |
| Net leverage (x) | 0.36 | 0.71 | 0.88 |
ARPU rose ~18% over two years; net leverage fell sharply from 0.88x to 0.36x. Churn ticked up in FY25 after a tariff hike before easing in FY26.
4. Financial Performance
Restated consolidated figures (FY = year ended March 31). Amounts shown in ₹ crore (1 crore = ₹10 million).
| Particular (₹ crore) | FY26 | FY25 | FY24 |
|---|---|---|---|
| Revenue from operations | 1,46,885 | 1,28,218 | 1,09,558 |
| Total income | 1,49,759 | 1,29,333 | 1,10,175 |
| EBITDA | 76,255 | 64,170 | 54,959 |
| Profit before tax | 40,353 | 35,127 | 28,808 |
| Profit after tax | 30,049 | 26,109 | 21,423 |
| EPS — basic (₹) | 33.63 | 29.21 | 23.96 |
| EPS — diluted (₹) | 33.59 | 29.17 | 23.93 |
Revenue grew at roughly 16% a year over the three years, and profit after tax rose from about ₹21,423 crore to ₹30,049 crore — a ~40% increase across the period. Net cash from operations was around ₹77,556 crore in FY26. Total assets stood at about ₹6,15,594 crore. Contingent liabilities (claims not acknowledged as debt) were about ₹1,502 crore as on March 31, 2026.
5. Objects of the Issue (Use of Proceeds)
This is a 100% fresh issue, so all proceeds flow to the company (none to selling shareholders). Stated objects are:
| Object | Amount (₹ crore) |
|---|---|
| Prepayment (full or part) of certain borrowings of material subsidiary RJIL | Up to 27,500 |
| General corporate purposes | Balance (capped at 25% of gross proceeds) |
The bulk of proceeds is earmarked to prepay external commercial borrowings at RJIL, which the company expects will lower net debt and interest cost and improve its balance-sheet position.
6. Shareholding Pattern (Pre-Issue)
The company had 105 shareholders as on the DRHP date. Beyond promoter RIL, the register reads like a roll-call of global technology and sovereign investors who came in during the 2020 funding rounds.
| Shareholder | % (pre-issue) |
|---|---|
| Reliance Industries (Promoter) | 66.43 |
| Meta / Jaadhu Holdings | 9.98 |
| Google International | 7.73 |
| Saudi Public Investment Fund (PIF) | 2.31 |
| KKR (Omicron Asia Holdings) | 2.31 |
| Vista Equity Partners | 2.31 |
| Silver Lake (SLP Redwood) | 1.88 |
| Mubadala | 1.85 |
| General Atlantic | 1.34 |
| Abu Dhabi Investment Authority (ADIA) | 1.16 |
These top holders together held about 97.32% of pre-issue capital. The promoter will continue to hold a substantial stake after listing.
7. Peer Comparison (FY26)
The DRHP benchmarks Jio against listed Indian digital-connectivity peers.
| Company | Revenue (₹ cr) | EPS basic (₹) | RoNW (%) | NAV/share (₹) |
|---|---|---|---|---|
| Jio Platforms | 1,46,885 | 33.63 | 9.42 | 373.66 |
| Bharti Airtel | 2,10,973 | 45.96 | 20.32 | 244.60 |
| Vodafone Idea | 44,873 | 3.21 | NM | (3.30) |
Airtel’s revenue includes its Africa business. Vodafone Idea has negative net worth, so its return on net worth is “not meaningful (NM).” Jio’s price-to-earnings cannot be computed until the issue price is fixed.
8. Future Goals & Growth Strategy
- Deepen mobility leadership: migrate the ~263.5 million Indians still on 2G to 4G/5G, partly via the ₹799 JioBharat phone, and grow ARPU through bundled premium plans.
- Home broadband push: scale JioFiber and JioAirFiber as fixed-broadband penetration in India is projected to climb from ~20% to ~46% by FY31.
- Enterprise expansion: grow share among SMEs and large businesses through outcome-based managed services.
- AI-native services: build out JioBrain and agentic AI; Reliance and Jio have signalled a ₹10 lakh crore AI investment over seven years, alongside data-centre infrastructure (Jio Intelligence) and an Nvidia partnership.
- Overseas monetisation: license proprietary platforms (cloud-native RAN, 5G core, OSS/BSS, UBR-based fixed wireless) in select international markets.
- Satellite connectivity: evaluating indigenous satellite constellations and partnerships with global providers for remote-area coverage.
9. Pros & Cons for Investors
| Strengths / Pros | Risks / Cons |
|---|---|
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