Jio Platforms, which became India’s second-largest company by market value after its stock market debut on Wednesday, reported a 14% rise in net profit to ₹8,387 crore for the September quarter. A better mix of 4G and 5G subscribers and growth in digital services helped earnings. Compared with the previous quarter, profit was up 8%.
The results, announced on Friday, are the first since the October 28 listing. They offer an early check on whether the company’s operating performance can keep up the investor excitement around the country’s biggest IPO, which was completed last week.
Jio Platforms holds the telecom and digital businesses of Reliance Industries. Its shares rose 0.57% on Friday to close at ₹1,431.20 on the BSE.
Revenue and margins
Revenue from operations rose 11.4% to ₹40,475 crore. This took quarterly sales past the ₹40,000 crore mark for the first time. The company needed six quarters to add ₹10,000 crore to its quarterly sales, having crossed ₹30,000 crore in March 2025.
Earnings before interest, tax, depreciation and amortisation (Ebitda) grew 16.6% to ₹21,879 crore. The operating margin widened by 250 basis points from a year earlier to 54.1%. A basis point is one-hundredth of a percentage point.
The company said its growth came from continued subscriber additions, higher revenue per user, rising content consumption and wider adoption of 5G.
Subscribers and ARPU
Jio added 9.1 million subscribers in the quarter, taking its customer base to 542.4 million. Its 5G users reached 300 million, and 5G now carries 56% of its wireless data traffic.
Monthly average revenue per user (ARPU), a key measure of profitability, rose to ₹218.8. It was ₹215.6 in the June quarter and ₹211.4 a year earlier.
Rival Bharti Airtel reported an ARPU of ₹264 for the June quarter. It has yet to announce its September-quarter results.
Listing details
The ₹30,213-crore offering was subscribed 22.19 times. Shares ended their first trading day 27% above the issue price of ₹1,119.
At Friday’s close, Jio’s market capitalisation was nearly ₹13.18 lakh crore. The nearest peer, Bharti Airtel, stood at ₹12.30 lakh crore.
Management comments
Mukesh Ambani, chairman and managing director of Reliance Industries, called the week a historic moment in Reliance’s value creation journey. He said the listing and the strong subscription had set several global benchmarks.
He added that he was proud to see the revival of the “equity cult” first pioneered by Reliance’s founder-chairman with the 1977 Reliance IPO.
Akash Ambani, managing director of Jio Platforms, said investing early in next-generation technology had been the base of Jio’s success over the past decade. He said the company would keep building its capabilities in satellite communications, 6G intellectual property and AI built into its core voice and data services.
Looking ahead, chief executive Pankaj Pawar said in a presentation after the results that India’s mobile broadband market could add 340 million customers over the next five years.
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