Archive · 12 Oct 2026
Jio Platforms’ Cash Flow Rises as Leverage Falls Ahead of IPO
Jio Platforms is preparing for a possible IPO, which is when a company offers shares to the public.
Its financial position improved between FY24 and FY26.
It made more money from its business and reported higher profit.
It also generated much more cash after paying for capital spending.
The company’s net leverage ratio, a measure related to debt, went down.
Jio plans to use some IPO proceeds to repay borrowings at its telecom subsidiary.
It is also looking to earn more from its existing customers and expand broadband and technology services.
An analyst said the next phase will involve monetising the business while exercising more discipline in spending.
Jio Platforms’ net leverage ratio fell to 0.36 times in FY26 from 0.88 times in FY24.
Cash generated after capital expenditure climbed to Rs 42,071 crore in FY26, from Rs 1,449 crore in FY24.
Revenue from operations increased to Rs 1.47 lakh crore and profit after tax to Rs 30,049 crore in FY26.
The proposed fresh share issue is intended partly to repay borrowings of Reliance Jio Infocomm and partly for general corporate purposes.
Jio is pursuing growth in subscriber monetisation, 5G technology, home broadband and possible overseas technology partnerships.
- Who
- Jio Platforms Ltd and its telecom subsidiary, Reliance Jio Infocomm Ltd.
- What
- Jio Platforms reported stronger cash generation, lower net leverage and improved financial results ahead of a proposed IPO.
- When
- The report was published on October 12, 2026; the financial comparisons cover FY24 and FY26.
- Where
- India; the company also described potential overseas opportunities for its network technology.
- Why
- The proposed IPO and financial improvements come as Jio shifts from heavy network investment towards monetisation and new revenue streams.
Customer Value
Company Monetisation
Balancing affordable services and revenue
Customer Value
Consumers benefit from unlimited data and affordable services, creating what the analyst described as substantial customer surplus.
Company Monetisation
The analyst said operators will seek to address the gap between the value customers receive and the revenue companies generate.
- Net leverage ratio
- 0.36 times in FY26, down from 0.88 times in FY24
- Cash after capital expenditure
- Rs 42,071 crore in FY26, compared with Rs 1,449 crore in FY24
- Revenue from operations
- Rs 1.47 lakh crore in FY26, up from Rs 1.10 lakh crore in FY24
- Profit after tax
- Rs 30,049 crore in FY26, up from Rs 21,423 crore in FY24
- ARPU
- Rs 214 in FY26, compared with Rs 181.7 in FY24
- Fixed broadband customers
- 27.1 million at the end of FY26; reported market share was 42.6%
- Patent applications
- 6,817 filed by Jio Platforms and subsidiaries as of March 2026; 1,009 had been granted globally