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Jio Platforms Heads Into IPO With Stronger Cash Flow and Lower Debt
Profit, free cash flow and leverage have all improved between FY24 and FY26, ahead of the proposed listing.
Published: 11 October 2026 | Source: Moneycontrol
Key highlights
- Revenue rose from ₹1.10 lakh crore (FY24) to ₹1.47 lakh crore (FY26).
- Profit after tax grew from ₹21,423 crore to ₹30,049 crore.
- Cash after capex jumped from ₹1,449 crore to ₹42,071 crore.
- Net leverage fell from 0.88x to 0.36x.
- ARPU rose from ₹181.7 to ₹214.
- Fixed broadband has 27.1 million customers and a 42.6% market share.
Jio Platforms is preparing for its proposed IPO with stronger cash generation, better profitability and lower debt. The company is moving its focus from network expansion and customer acquisition to earning more from its existing infrastructure and growing digital services. This gives it more financial flexibility ahead of the public offering.
Financial performance at a glance
| Metric | FY24 | FY26 |
|---|---|---|
| Revenue from operations | ₹1.10 lakh crore | ₹1.47 lakh crore |
| Profit after tax | ₹21,423 crore | ₹30,049 crore |
| Cash after capex | ₹1,449 crore | ₹42,071 crore |
| Net leverage ratio | 0.88x | 0.36x |
| ARPU (monthly) | ₹181.7 | ₹214 |
| Data use per user (monthly) | 28.7 GB | 42.3 GB |
Growing revenue from existing customers
Jio is working to earn more from its current customer base. ARPU rose from ₹181.7 to ₹214 between FY24 and FY26, and monthly data use climbed from 28.7 GB to 42.3 GB. Both trends point to room for further revenue growth in telecom.
Expanding beyond mobile
Jio is also growing in home broadband, enterprise services and digital technology.
- Home broadband: 27.1 million fixed broadband customers at the end of FY26, with a 42.6% market share.
- Technology: 5G development, pre-6G capabilities and overseas technology partnerships could add long-term growth.
What the IPO means
The IPO is expected to strengthen Jio’s capital structure. Part of the fresh issue proceeds is meant to repay borrowings of Reliance Jio Infocomm. Lower debt and stronger cash flow could fund future investment with less reliance on borrowing.
What to watch
Sustained growth will depend on three things:
- Effective monetisation
- Capital expenditure discipline
- Successful expansion of newer businesses
Bottom line
Jio Platforms enters its IPO with better profitability, stronger cash generation and much lower leverage. Its telecom business is the foundation, while broadband, enterprise services and digital technologies offer more upside. Turning its large customer base into higher earnings will be the key test.
Source: Moneycontrol: Jio heads into IPO with stronger cash generation, lower leverage
