Financial Strength Ahead of Share Sale
Jio Platforms Ltd is positioning itself for a proposed initial public offering (IPO) with a significantly strengthened balance sheet. The digital arm of Reliance Industries Ltd has successfully reduced its reliance on debt, with its net leverage ratio falling from 0.88 times in FY24 to 0.36 times in FY26. This shift towards a more conservative capital structure provides the company with greater financial flexibility as it prepares for the public market.
According to company data, Jio Platforms’ revenue from operations grew from Rs 1.10 lakh crore in FY24 to Rs 1.47 lakh crore in FY26. Profit after tax (PAT) also saw a substantial increase, rising from Rs 21,423 crore to Rs 30,049 crore over the same period. A critical indicator of financial health, the cash left over after capital expenditure, jumped dramatically from Rs 1,449 crore in FY24 to Rs 42,071 crore in FY26. This liquidity buffer allows Jio to invest in growth initiatives while simultaneously repaying borrowings of its subsidiary, Reliance Jio Infocomm Ltd (RJIL).
Shift from Expansion to Monetisation
The strategic focus for Jio has shifted from the aggressive network expansion and customer acquisition that defined the last decade to monetising existing infrastructure. Analysts note that the telecom industry is now in a phase where operators must generate higher revenue from the services provided, correcting the historical imbalance between customer surplus and operator revenue.
Vivekanand S., an analyst at Ambit Capital Research, stated that the proposed IPO is expected to reinforce Jio's financial position. He highlighted that the next phase will be defined by "monetisation at a scale rarely seen globally," alongside greater discipline in capital expenditure. This transition is reflected in the company’s average monthly revenue per user (ARPU), which rose from Rs 181.7 in FY24 to Rs 214 in FY26, even as data consumption per user increased from 28.7 GB to 42.3 GB.
Technology and Global Ambitions
Beyond mobile connectivity, Jio is leveraging its technological capabilities to diversify revenue streams. The company has developed an end-to-end 5G stack, including core network technology, radio equipment, and network software. As of March 2026, Jio Platforms and its units had filed 6,817 patent applications globally, with 1,009 granted. The company recently showcased its pre-6G stack and Giga MIMO Radio at the India Mobile Congress in New Delhi.
Jio is also expanding its home broadband footprint, reporting 27.1 million fixed broadband customers at the end of FY26. This gives the company a 42.6 percent market share in the sector, according to draft IPO documents. By utilising fibre networks and fixed wireless access, Jio is reaching homes where traditional fibre laying is difficult or uneconomical.
Looking ahead, Jio plans to export its proprietary network technology to overseas telecom operators through partnerships and managed-service arrangements. If successful, this strategy could create a significant new source of revenue beyond its domestic Indian operations.