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Jio Platforms Ltd.

DRHP · filed 21 Oct 2026

Draft filed

This is a draft. SEBI has not cleared it, there is no final price yet, and it may never become an IPO.

Jio Platforms Ltd. is a telecommunications company that reported consolidated revenue of Rs 1,46,885.3 crore and a net profit of Rs 30,049.1 crore in the latest fiscal year, with revenue growing at a CAGR of 15.79%. The IPO is structured as an offer for sale of shares by the promoter, Reliance Industries Limited. The company faces material regulatory risks regarding the renewal of its unified telecom licence in October 2033 and the expiry of spectrum between 2041 and 2042, which could impact its operations. Additionally, the company relies heavily on Reliance Retail Limited for pre-paid connectivity services, constituting over 76% of revenue, and faces medium-severity risks related to operational dependencies and potential capital expenditures for spectrum bidding.

What stands out

Risk factor. The unified telecom licence held by RJIL is due for renewal in October 2033, and spectrum held by RJIL is valid for a period of 20 years with the majority expiring between 2041 and 2042. Any inability to maintain or renew such licences or successfully bid for spectrum required for operations could h

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

₹30.05k Cr

Revenue CAGR

15.8%

Debt / equity

0.18

PAT CAGR

18.4%

Fiscal yearRevenueEBITDAPATNet worth
2024₹109.56k Cr₹21.42k Cr
2025₹128.22k Cr₹26.11k Cr
2026₹146.89k Cr₹30.05k Cr

Risks the company discloses

  • The unified telecom licence held by RJIL is due for renewal in October 2033, and spectrum held by RJIL is valid for a period of 20 years with the majority expiring between 2041 and 2042. Any inability to maintain or renew such licences or successfully bid for spectrum required for operations could have a material adverse impact on the business, financial condition and results of operations.(Regulatory)

  • The Department of Telecommunications (DoT) has imposed minimum rollout obligations with specified timelines. Non-compliance with such obligations may attract penalties and withdrawal of spectrum allocations. For Fiscal 2026, the Company has provided for potential liquidated damages aggregating to ₹106 million for a delay in the 26 GHz spectrum band rollout.(Regulatory)

  • The Company has entered into various agreements with the Promoter, Reliance Retail Limited and other Reliance Group entities for various aspects of its business. 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. The Company's revenue from pre-paid connectivity services 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 a long-term agreement with the Promoter for managed IT services that the Company provides to the Promoter. Any material breach of the agreement or statement of work issued as per the agreement may result in the termination of such 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 that the Promoter provides to the Company, including for access to its data centres, network infrastructure, human resources, and back-office.(Operational)

  • RJIL has entered into 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.(Operational)

  • Bidding for new spectrum or replacing existing spectrum with another spectrum could require significant capital expenditure, and there is no assurance that the Company would be successful in bidding for the spectrum. There is also uncertainty regarding the fees and costs of the grant and any limitations or other terms that may be imposed upon successful bids.(Financial)

How this document reads, dimension by dimension

growthrevenue CAGR 15.8%
balance sheetdebt/equity 0.18x
profitabilityprofitable in the latest year

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.

Figures are extracted automatically from the document filed with SEBI and may contain errors — the linked SEBI document is the authoritative record; analysed 16 Oct 2026.

Not investment advice

These lists are rules-based research, not buy recommendations. Rankings are generated from NSE & BSE data by a deterministic formula and do not account for your personal circumstances. For informational purposes only. Consult a SEBI-registered advisor before investing.