Mukesh Ambani Signals Steady Progress on Jio Platforms IPO

Mumbai | 28 April 2026 

Reliance Industries Chairman and Managing Director Mukesh Ambani has signalled steady progress on the much-awaited initial public offering of Jio Platforms. 

In Reliance Industries’ Q4FY26 earnings statement, Ambani said the company is “advancing steadily towards the listing of Jio Platforms.” The IPO is expected to be among the biggest public offerings in the Indian stock market and the first by Reliance Industries in over two decades. The update offered no specific dates on the draft red herring prospectus filing or the listing window. 

How Did Jio Platforms Perform in Q4FY26? 

Jio Platforms revenue grew 12.6% year on year to ₹38,259 crore in the March quarter, according to PL Capital Research’s Q4FY26 update on Reliance Industries. 

Key operating metrics for the quarter: 

• Total subscriber base reached 524.4 million, up from 488.2 million a year earlier 

• Net subscriber addition of 9.1 million during the quarter 

• Average revenue per user stood flat quarter on quarter at ₹214 

• Total data traffic rose 35% year on year 

• Per capita data consumption grew to 42.3 GB per month 

• Fixed broadband subscribers stood at 27.1 million, with market share of around 43% 

EBITDA margin at Jio Platforms’ telecom business expanded 145 basis points year on year to 54.3%. 

Why Does the Jio Platforms IPO Matter for Investors? 

Reliance Industries last brought a group company to public markets over two decades ago. The Jio Platforms listing will give public investors direct exposure to one of India’s largest digital and telecom businesses, with a subscriber base of 524.4 million and Q4FY26 revenue of ₹38,259 crore. 

Read the full Q4FY26 report on Reliance Industries here. 

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