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  5. Reliance Jio IPO: Here is how Jio platforms scaled from FY18 to FY26; Check details

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Reliance Jio IPO: Here is how Jio platforms scaled from FY18 to FY26; Check details

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By Rohan Takalkar

3 min read | Updated on June 19, 2026, 16:25 IST

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SUMMARY

Jio Platforms became India's top telecom company with over 524 million subscribers. Mukesh Ambani announced the filing of papers with SEBI for the Jio IPO.

Jio Platforms is preparing to make a market debut in the first half of the calendar year 2026. | Image: Shutterstock

Jio Platforms recorded EBITDA of ₹20,041 crore, up 16% YoY. Image: Shutterstock.

Reliance Jio is once again in focus after Reliance Industries, MD and Chairman, Mukesh Ambani, announced that the telecom business has filed DRHP papers with SEBI for IPO. The public listing of Jio Platforms will add a key listed player in the telecom universe after Bharti Airtel and Vodafone Idea. Reliance Industries announced its entry into the telecom business in 2016 and, since then, has scaled to become India’s largest telecom player with over 500 million subscribers. Jio’s entry into the telecom business was not just a new business player entering the market, but it changed the entire dynamics of the industry.

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Pre-Jio: Before Jio entered the telecom business, voice calls were charged based on the call time provided. Similarly, the internet access was also limited and costly. The incumbent players like Bharti Airtel and Vodafone Idea (Erstwhile two separate telecom companies) dominated the pricing power.
Post Jio: However, Jio announced entirely free voice calls, with affordable data availability. Additionally, it broke the pricing dominance of the incumbents and reduced the industry-wide charges for telecom. The company invested heavily in new infrastructure and provided the latest data bandwidths with affordable rates, which helped immensely in providing access to the internet to all and made India a truly digital country. Alongside providing telecom services, the company also scaled into providing broadband telecom services and currently holds over 10 million households as subscribers.

Jio Platforms' revenue and profitability growth

FY18FY26CAGR
Revenue from operations₹20,154 crore₹1,46,885 crore28.8%
EBITDA₹6,734 crore₹76,255 crore34%
Profits₹723 crore₹30,049 crore59%
ARPUs₹134 per user₹214 per user~

The revenue from operations for eight years, from FY18 to FY26, grew by 28.8% CAGR, and the EBITDA grew by 34% CAGR. The profitability jumped 59% CAGR. Despite being the top telecom player in terms of subscribers, it falls behind Bharti Airtel, which is India’s largest telecom player with over ₹2.1 lakh crore in revenue, ₹1.21 lakh crore in EBITDA and ₹26,695 crore in profits as of FY26.

About Reliance Jio IPO

The company informed through an exchange filing that the board has approved the listing of Reliance Jio. The exchange filing read, “The Board of Directors of Jio Platforms Limited (JPL), a material subsidiary of the Company, has today, i.e., June 19, 2026, approved the Draft Red Herring Prospectus (“DRHP”) to be filed with the Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India Limited in connection with its proposed Initial Public Offer by way of a fresh issue of up to 27,00,00,000 (twenty seven crore) equity shares of face value of ₹10 each at an issue price to be determined through the book building process in accordance with the Securities and Exchange Board of India IPO regulations.

About The Author

WhatsApp Image 2025-01-20 at 11.25.23.jpeg
Rohan Takalkar is a senior writer at Upstox and a seasoned capital markets analyst with over 10 years of experience. He is passionate about writing on equities, global markets, and the economy.

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