Jio Platforms Limited FY26 revenue rose 34%, profit 40%

Jio Platforms Limited reported FY26 revenue from operations of Rs 146,885.3 crore and profit for the year of Rs 30,049.1 crore, respectively 34.1% and 40.3% above FY24. Finance costs more than doubled over the same two-year period to Rs 8,653.4 crore, but the increase in income exceeded the rise in expenses in rupee terms.

Did Jio Platforms' FY26 revenue rise 34% and profit rise 40%?

Yes. Jio Platforms' revenue from operations rose 34.1% between FY24 and FY26, while profit for the year increased 40.3% over the same two-year period. The comparison differs from the FY26 year-on-year change, when revenue grew 14.6% from FY25 and profit grew 15.1%.

Jio Platforms' FY26 profit before tax was Rs 40,353.1 crore, up Rs 5,225.8 crore from Rs 35,127.3 crore in FY25. Tax expense rose to Rs 10,300.4 crore from Rs 9,007.0 crore, while the effective tax rate decreased marginally to 25.52% from 25.64%, resulting in profit after tax of Rs 30,052.7 crore before the small share of profit from associates and joint ventures.

How did Jio Platforms grow profit despite higher finance costs?

Jio Platforms grew total income by Rs 20,426.1 crore in FY26, exceeding the Rs 15,200.3 crore increase in total expenses. Revenue from operations increased Rs 18,666.9 crore to Rs 146,885.3 crore, while other income rose Rs 1,759.2 crore to Rs 2,873.8 crore.

Services generated gross value of Rs 169,134.9 crore in FY26, compared with Rs 149,087.3 crore in FY25, and sales value rose to Rs 3,182.3 crore from Rs 1,182.9 crore. After deducting goods and services tax, or GST, recovered of Rs 25,431.9 crore, Jio Platforms reported revenue from operations of Rs 146,885.3 crore. Its accounting policy recognises revenue when control of promised goods or services transfers to customers, including interconnection charges for use of its network by other telecom operators.

Total expenses increased 16.1% to Rs 109,406.0 crore in FY26. Network operating expenses rose 3.4% to Rs 34,492.4 crore, depreciation and amortisation increased 12.9% to Rs 27,248.9 crore, and other expenses increased 42.7% to Rs 14,450.5 crore. Other expenses included rent of Rs 3,906.5 crore, content charges of Rs 1,734.8 crore and subscription fees of Rs 1,850.1 crore.

The resulting Rs 5,225.8 crore increase in profit before tax was larger than the Rs 3,748.3 crore rise in finance costs. This outcome depended on Jio Platforms adding Rs 18,666.9 crore of operating revenue and Rs 1,759.2 crore of other income while maintaining expense growth below the income increase in absolute rupee terms.

Why did Jio Platforms' finance costs more than double from FY24?

Jio Platforms' finance costs rose 113.8% from Rs 4,047.6 crore in FY24 to Rs 8,653.4 crore in FY26. The FY26 total was also 76.4% above FY25, led by interest expense of Rs 7,303.3 crore, up from Rs 3,796.4 crore in FY25, while interest on lease liabilities rose to Rs 1,350.1 crore from Rs 1,108.7 crore.

The financial statements do not allocate the finance-cost increase among individual loans, leases or spectrum obligations. The cash-flow reconciliation shows total borrowings declined to Rs 70,781.0 crore at March 31, 2026 from Rs 73,060.3 crore a year earlier, following a Rs 7,113.9 crore cash-flow reduction partly offset by Rs 4,834.6 crore of foreign-exchange movements and other changes. Closing borrowings alone therefore do not explain the movement in finance costs.

Jio Platforms had deferred payment liabilities payable to the Department of Telecommunications of Rs 104,513.7 crore at March 31, 2026, including Rs 99,551.7 crore classified as non-current. These liabilities include spectrum acquired in the March 2021 auction at 7.30% interest, the August 2022 auction at 7.20%, and the July 2024 auction at 8.65%. The July 2024 spectrum liability of Rs 876.3 crore is payable in 18 annual instalments beginning in August 2026.

Finance costs directly attributable to qualifying assets can be capitalised under Jio Platforms' accounting policy rather than immediately recorded in profit or loss. The company capitalised Rs 613.7 crore of finance cost into additions to property, plant and equipment, spectrum and development assets in FY26, down from Rs 1,057.9 crore in FY25. The disclosures do not state how much of the increase in reported finance costs resulted from this lower capitalisation.

What do cash flows and the asset base show about Jio Platforms' expansion?

Jio Platforms generated net operating cash flow of Rs 77,556.3 crore in FY26, up 13.8% from Rs 68,155.7 crore in FY25. Cash generated from operations before tax was Rs 77,846.4 crore, including operating profit before working-capital changes of Rs 73,638.4 crore and a Rs 3,541.0 crore increase from trade and other payables.

Investment spending moderated during FY26. Expenditure on property, plant and equipment, spectrum and other intangible assets fell 22.8% to Rs 34,255.3 crore from Rs 44,349.4 crore in FY25, and net cash used in investing activities decreased to Rs 43,500.9 crore from Rs 63,726.4 crore. Net financing cash flow changed to an outflow of Rs 25,419.0 crore in FY26 from an inflow of Rs 1,093.3 crore in FY25.

The asset base remained substantial at March 31, 2026. Property, plant and equipment stood at Rs 250,991.6 crore, compared with Rs 187,270.9 crore a year earlier, while spectrum and other intangible assets totalled Rs 221,917.3 crore, compared with Rs 167,662.8 crore. Spectrum amortisation rose to Rs 7,479.1 crore in FY26 from Rs 5,974.0 crore in FY25, consistent with the accounting policy of amortising spectrum over its remaining validity period.

For the three months ended June 30, 2026, Jio Platforms reported revenue from operations of Rs 39,172.9 crore, up 11.8% from the corresponding 2025 period, and profit for the period of Rs 7,764.1 crore, up 9.2%. Finance costs rose 41.6% to Rs 2,979.9 crore in that quarter, showing that financing expenses remained elevated after FY26.

Conclusion

Jio Platforms' FY26 performance shows that the 34.1% revenue increase and 40.3% profit increase apply to the two years since FY24, not to FY26 alone. Over that period, finance costs rose 113.8%, yet higher operating revenue and other income produced a Rs 11,541.1 crore increase in profit for the year.

The next results will show whether income growth continues to cover higher interest, depreciation, spectrum amortisation and operating expenses. Jio Platforms has disclosed that instalments on its July 2024 spectrum liability begin in August 2026, while its restated consolidated financial information was prepared for a proposed initial public offer; these are the disclosed developments to watch next.