Jio Platforms Ltd
DRHP · filed 19 Jun 2026
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 with a revenue of Rs 146885.3 crore and a profit of Rs 30052.7 crore, showing a revenue CAGR of 15.79%. The IPO consists of a fresh issue of Rs 2700 crore with no offer for sale. The company faces high regulatory risks regarding the renewal of its unified telecom licence and spectrum validity, as well as high operational risks related to network disruptions and the substantial capital investment required for 5G technology.
What stands out
Risk factor. The unified telecom licence held by RJIL is due for renewal on 29 October 2033, and spectrum held by RJIL is valid for a period of 20 years with majority of the spectrum expiring between 2041 and 2042.
Risk factor. Any inability to maintain or renew licences or successfully bid for spectrum required for operations, or inability to raise additional financing on satisfactory terms for these purposes, could have a material adverse impact on the business, financial condition and results of operations.
Risk factor. Any disruption to the network, passive infrastructure and technology could impair the ability to ensure consistent performance and deliver uninterrupted customer experience, which could have a material adverse impact on the business, financial condition and results of operations, and could lead to i
Primarily fresh capital. 100% of the offer is fresh issue, so most proceeds fund the company.
Low leverage. Debt-to-equity of 0.21x.
How the offer is structured
Fresh issue
₹2.70k Cr
New capital into the company
OFS share
0%
- Prepayment, in full or in part, of certain outstanding borrowings availed by the Material Subsidiary, namely, RJIL₹275.00k 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
0.21
EBITDA margin
51.9%
PAT CAGR
18.4%
| Fiscal year | Revenue | EBITDA | PAT | Net worth |
|---|---|---|---|---|
| 2024 | ₹109.56k Cr | ₹21.43k Cr | ||
| 2025 | ₹128.22k Cr | ₹26.12k Cr | ||
| 2026 | ₹146.89k Cr | ₹30.05k Cr |
Promoters, litigation & related parties
Related-party
0.8%
Share of revenue
Except as disclosed in this section, there are no outstanding litigation as of the date of this DRHP, pertaining to (i) criminal proceedings, including first information reports involving the Company, Promoter, Subsidiaries and Directors; (ii) actions taken by statutory and/or regulatory authorities against the Relevant Parties; (iii) claims related to direct or indirect taxes involving the Relevant Parties; and (iv) other pending litigation, including arbitration proceedings involving the Relevant Parties. Further, there are no pending litigation involving the Group Companies that have a material impact on our Company.
Risks the company discloses
The unified telecom licence held by RJIL is due for renewal on 29 October 2033, and spectrum held by RJIL is valid for a period of 20 years with majority of the spectrum expiring between 2041 and 2042.(Regulatory)
Any inability to maintain or renew licences or successfully bid for spectrum required for operations, or inability to raise additional financing on satisfactory terms for these purposes, could have a material adverse impact on the business, financial condition and results of operations.(Regulatory)
Any disruption to the network, passive infrastructure and technology could impair the ability to ensure consistent performance and deliver uninterrupted customer experience, which could have a material adverse impact on the business, financial condition and results of operations, and could lead to increased churn in the customer base.(Operational)
Network outages can arise from equipment delays or failures, shortages of spares, power or fuel constraints, natural disasters, software defects, fibre cuts, inadequate redundancy, weak disaster recovery capabilities and partner staff unavailability.(Operational)
The transition from 4G to 5G networks and the anticipated evolution towards next-generation technologies requires substantial and ongoing capital investment in spectrum acquisition, network equipment and related infrastructure.(Operational)
Satellite-based connectivity has been touted as the potential next disruptor in digital connectivity technology, and there is no assurance that the competitive advantages currently enjoyed vis-à-vis this technology would continue in the future.(Competitive)
If we are unable to respond to changes in technology and the evolving demands of our customers, we may face technological obsolescence, which would have a material adverse impact on the business, financial condition and results of operations.(Competitive)
Natural disasters and extreme weather events, such as tropical cyclones, can cause network downtime and necessitate increased repair and restoration costs, and may lead to disruption in service delivery including recharges, customer support, distributor servicing, customer activation and billing.(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.

