Jio's first quarter as a listed company: profit up 14%

Key Facts

Leader	New role	Previously	Effective	Replaces	Source
Akash Ambani	Managing Director, Jio Platforms — presented the company's first quarterly results as a listed company	Jio Platforms listed on 28 October 2026 after a record ₹30,188 crore IPO	Q2 FY27 results for the July–September quarter, announced 30 October 2026	Not applicable — an earnings report, not a leadership change	Jio Platforms Q2 FY27 filing, reported by Upstox, The Hindu BusinessLine and ETTelecom

The record

The numbers come from the company’s Q2 FY27 filing for the July–September quarter. Net profit attributable to owners was ₹8,389 crore against ₹7,379 crore a year earlier, and up 8% sequentially from ₹7,765 crore in the June quarter. Revenue from core operations (less GST recovered) grew 11.4% to ₹40,475 crore from ₹36,332 crore, and 3.3% sequentially from ₹39,173 crore. EBITDA of ₹21,879 crore compares with ₹18,757 crore a year earlier; the company attributed part of the margin story to operating leverage, while noting that EBITDA growth was partly offset by higher finance costs from 5G asset capitalisation in March 2026. Net margin expanded 40 basis points to 20.7%.

On the operating side, ARPU rose to ₹218.8 from ₹215.60 in the June quarter — the company said promotional schemes for fixed broadband customers partly offset a better subscriber mix and increased usage. The 5G subscriber base reached 300 million, up 66 million over twelve months, and total fixed broadband subscribers stood at 30.0 million, up 7.3 million over the year. Monthly churn was stable at 1.6%, with net subscriber additions of 9.1 million in the quarter. Total subscribers stood at 542.4 million at the end of September, up 7.1% year on year, and data traffic reached 71.3 billion GB, up 22%.

The listing context matters. Jio Platforms listed on the exchanges on Wednesday 28 October at ₹1,358 per share, a premium to the ₹1,119 upper-band issue price, and closed Friday at ₹1,431.30, valuing the company at over ₹13.18 lakh crore. Managing Director Akash Ambani told the Q2 earnings call — his first quarterly results call with investors — that the IPO drew demand of over ₹7.5 lakh crore, 24.5 times subscribed, and said the company expects to create even greater value over the next decade than in its first ten years. He pointed to multiple growth engines across mobility, home, enterprise and international markets, and to a full-stack technology capability backed by deep engineering expertise. Reliance Industries Chairman Mukesh Ambani described the IPO as a defining milestone for the company.

Why this matters

First results after a blockbuster listing are a credibility test. A listing can be priced on a story; a quarter is priced on delivery. Jio’s Q2 passes the operating tests that matter for a telecom: ARPU rising, churn stable, 5G scale still compounding, and broadband adding subscribers at a pace that diversifies the business beyond mobile. The 54.1% EBITDA margin is the number competitors will study — it shows how much of each revenue rupee survives as operating profit even as 5G capital costs flow through finance charges. With shares in focus on Monday 2 November, the market’s verdict on this quarter will set the tone for how India’s largest-ever IPO is judged in its first months as a listed company.

What this signals — analysis

The listing was the event; this quarter is the evidence. A 54.1% EBITDA margin with rising ARPU says the operating machine, not just the IPO story, is doing the work. Two things to watch from here: whether broadband’s momentum continues to diversify revenue away from pure mobility, and whether listed-company discipline — quarterly scrutiny, disclosure, guidance — sustains that margin through the next tariff cycle. For leaders, the lesson is about sequencing: Jio built the network, the subscriber base and the technology stack before asking public markets to price them, and the first listed quarter rewards that order.

For context, see the Leadership Moves archive for other verified leadership changes.

Frequently asked questions

How did Jio Platforms perform in its first quarter as a listed company?

Q2 FY27 net profit rose 14% year on year to ₹8,389 crore, on revenue from operations of ₹40,475 crore, up 11.4%. EBITDA rose 16.6% to ₹21,879 crore and margin expanded 250 basis points to 54.1%.

What were Jio's subscriber numbers in Q2 FY27?

Total subscribers stood at 542.4 million at the end of September, up 7.1% year on year. 5G subscribers crossed 300 million, fixed broadband reached 30 million, net additions were 9.1 million in the quarter and monthly churn was stable at 1.6%.

What was Jio's ARPU in Q2 FY27?

Average revenue per user improved to ₹218.8, from ₹215.60 in the June quarter, helped by a better subscriber mix and increased usage, partly offset by promotional schemes for fixed broadband customers.

When did Jio Platforms list, and at what price?

Jio Platforms listed on 28 October 2026 at ₹1,358 per share, against an upper-band issue price of ₹1,119, after a record ₹30,188 crore IPO. It closed Friday at ₹1,431.30, valuing the company at over ₹13.18 lakh crore.

What did Akash Ambani say about the IPO?

Managing Director Akash Ambani told the Q2 earnings call that the IPO drew demand of over ₹7.5 lakh crore, 24.5 times subscribed, and said the company expects to create even greater value over the next decade than in its first ten years.