Jio Platforms Limited
RHP · filed 15 Oct 2026
Jio Platforms Limited is a telecommunications company that reported a revenue of Rs 1,46,885.3 crore and a profit after tax of Rs 30,064.3 crore in the latest fiscal year, with revenue growing at a CAGR of 15.79%. The company's draft prospectus highlights that its unified telecom licence is due for renewal in October 2033 and that a significant portion of its spectrum is valid until 2041-2042, carrying a high regulatory risk regarding successful renewal. Additionally, the company faces high operational risks due to its reliance on Reliance Retail Limited as the sole distributor of pre-paid connectivity services, which accounted for over 76% of its revenue, and the potential disruption of services under long-term agreements with the Promoter and Reliance Retail.
What stands out
Risk factor. The unified telecom licence held by RJIL is due for renewal in October 2033, and the majority of spectrum held is valid for 20 years, expiring between 2041 and 2042. There is no assurance that licences or spectrum will be successfully renewed or that the company will be able to bid for new spectrum
Risk factor. The company has entered into various agreements with the Promoter, Reliance Retail Limited, and Sanmina-SCI India Private Limited. Any disruption in the services under these agreements could have an adverse impact on the business, financial condition, and results of operations.
Risk factor. Reliance Retail Limited is the sole distributor of the company's pre-paid connectivity services, which constituted 76.37%, 77.88%, 77.08%, 78.57%, and 79.35% of consolidated Revenue from Operations for the three months ended June 30, 2026 and 2025, and Fiscals 2026, 2025, and 2024, respectively.
Low leverage. Debt-to-equity of 0.18x.
How the offer is structured
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL₹27.50k Cr
- General corporate purposes
Restated financials
Revenue
₹146.89k Cr
Latest fiscal year
Profit after tax
₹30.06k Cr
Revenue CAGR
15.8%
Debt / equity
0.18
PAT CAGR
18.5%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹109.56k Cr | ₹21.42k Cr | ||
| 2025 | ₹128.22k Cr | ₹26.11k Cr | ||
| 2026 | ₹146.89k Cr | ₹30.06k Cr |
Risks the company discloses
The unified telecom licence held by RJIL is due for renewal in October 2033, and the majority of spectrum held is valid for 20 years, expiring between 2041 and 2042. There is no assurance that licences or spectrum will be successfully renewed or that the company will be able to bid for new spectrum on satisfactory terms.(Regulatory)
The company has entered into various agreements with the Promoter, Reliance Retail Limited, and Sanmina-SCI India Private Limited. Any disruption in the services under these agreements could have an adverse impact on the business, financial condition, and results of operations.(Operational)
Reliance Retail Limited is the sole distributor of the company's pre-paid connectivity services, which constituted 76.37%, 77.88%, 77.08%, 78.57%, and 79.35% of consolidated Revenue from Operations for the three months ended June 30, 2026 and 2025, and Fiscals 2026, 2025, and 2024, respectively.(Operational)
The company has provided for potential liquidated damages aggregating to ₹106 million in its books of account for Fiscal 2026 for a delay in the 26 GHz spectrum band rollout obligations, which was on account of a hardware supply gap in radio equipment operating in this band.(Regulatory)
The company has long-term agreements with the Promoter for managed IT services. Any material breach of the agreement or statement of work issued as per the agreement may result in the termination of the arrangement by the Promoter, which could significantly impact the business, financial condition, and results of operations.(Operational)
The company has long-term agreements with the Promoter for business support services, including access to data centres, network infrastructure, human resources, and back-office services. Any disruption in these services could have an adverse impact on the business, financial condition, and results of operations.(Operational)
The company has long-term agreements with the Promoter to avail project execution services on an EPC basis for telecom projects. Although alternative providers exist, leveraging the relationship with the Promoter for EPC projects offers scale benefits, and any disruption could impact operations.(Operational)
The company has a long-term master agreement with Reliance Retail Limited for the supply of certain premise equipment and other devices. Any disruption in the supply of these devices could have an adverse impact on the business, financial condition, and results of operations.(Operational)
How this document reads, dimension by dimension
Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

