Jio Platforms Q2 Results: Profit Up 13.7% to ₹8,389 Crore in First Quarter as a Listed Company (Oct 30, 2026)

Jio Platforms Q2 results landed after market hours on Friday, October 30, and the first report card as a listed company is a steady one. Net profit for July-September FY27 came in at ₹8,389 crore, up 13.7% from ₹7,379 crore a year earlier, according to Business Standard. Nothing flashy. But for a stock that has been trading for barely three sessions, steady is what the market wanted to see.

Jio Platforms Q2 results: the headline numbers

Revenue from operations rose 11.4% year-on-year to ₹40,475 crore, from ₹36,332 crore, and 3.3% over the June quarter’s ₹39,173 crore. Profit was up 8% sequentially from ₹7,764 crore. EBITDA (operating profit before interest, tax, depreciation and amortisation) grew 16.6% year-on-year to ₹21,879 crore, and the EBITDA margin widened 250 basis points to 54.1%, CNBC-TV18 reported. That margin was 53.3% in the previous quarter.

Here’s the catch. Finance costs jumped 40.3% to ₹3,009 crore from ₹2,145 crore a year ago, per Business Standard. The company said higher finance costs after 5G assets were capitalised in March took some of the shine off profit growth, which is why the bottom line grew slower than EBITDA.

ARPU and subscribers

Average revenue per user (ARPU), the monthly revenue a telecom company earns from each subscriber, rose to ₹218.8. That is 1.5% higher than ₹215.6 in the June quarter and 3.5% above ₹211.4 a year ago. Jio said promotional 5G offers continue to hold ARPU back, while a better subscriber mix and higher usage helped, Livemint reported. For context, Livemint noted Bharti Airtel’s ARPU stood at ₹264 in the June quarter, so the gap is still wide.

On subscribers:

• Jio added 9.1 million users in the quarter, taking its base to 542.4 million. It had added 8.9 million in the June quarter.
• 5G users reached 300 million, up 66 million over 12 months. 5G now carries about 56% of wireless traffic.
• Fixed broadband crossed 30 million subscribers. JioAirFiber, at 15.1 million, drove more than 75% of fixed broadband additions over the past year.
• Monthly churn held at 1.6%, and data use per user was 44.2 GB a month.

Debt, IPO money and the road ahead

Net debt fell 78.6% year-on-year to ₹8,822 crore from ₹41,161 crore, according to Business Standard. The company told the exchanges that ₹27,500 crore of the IPO’s net proceeds has gone into prepaying external commercial borrowings of Reliance Jio Infocomm, with the rest for general corporate purposes.

On the analyst call, chief executive Pankaj Pawar said Jio sees room to add 340 million mobile broadband users in India over five years, including 240 million people still on 2G, and wants to take home broadband to 150 million households by FY31, Livemint reported. Management also told analysts that any international expansion will be very selective and asset-light, run as a managed-services partner rather than by building towers and fibre abroad.

What it means for the stock

Jio Platforms shares closed 1.1% higher at ₹1,437.50 on the NSE on Friday, before the numbers came out. That is about 28.5% above the IPO price of ₹1,119, per CNBC-TV18. We covered the debut in our Jio Platforms listing report and the heavy retail borrowing behind it in our MTF story.

With a market value of roughly ₹13 trillion, as Livemint put it, Jio is priced for long-term growth, and one quarter won’t settle that debate. The real swing factor is still tariffs. Without a price hike, sequential ARPU gains have stayed small, and that is the number we’d watch most closely next quarter. Parent Reliance reported the same evening; see our Reliance Q2 results piece for the group picture.

Disclaimer: This article is for information only and is not investment advice. Please consult a SEBI-registered adviser before making investment decisions.