Jio Platforms cuts net debt to Rs 9,539.1 crore by June 2026

Jio Platforms Limited cut net debt to Rs 9,539.1 crore at 30 June 2026 from Rs 48,440 crore at 31 March 2024, despite higher gross debt. Cash and marketable securities reached Rs 51,833.1 crore, allowing Jio Platforms to report a net gearing ratio of 0.03 times, compared with 0.17 times.

How did Jio Platforms cut net debt by June 2026?

Jio Platforms cut net debt because cash and marketable securities increased more than gross debt between 31 March 2024 and 30 June 2026. Gross debt was Rs 61,372.2 crore at 30 June 2026, up Rs 7,023.3 crore from Rs 54,348.9 crore at 31 March 2024. Cash and marketable securities rose by Rs 45,924.2 crore over the same period, from Rs 5,908.9 crore to Rs 51,833.1 crore.

Net debt is gross debt less cash and marketable securities in Jio Platforms' capital-management table. On that stated measure, Jio Platforms reduced net debt by Rs 38,900.9 crore between 31 March 2024 and 30 June 2026, or about 80%. The reduction depended on reported cash and marketable securities remaining sufficient to offset most gross borrowings.

The reported net-debt series fell after reaching Rs 45,273.4 crore at 31 March 2025. Net debt declined to Rs 27,579.2 crore at 31 March 2026 and then fell by a further Rs 18,040.1 crore during the three months to 30 June 2026. Cash and marketable securities at 30 June 2026 represented about 84% of Rs 61,372.2 crore of gross debt.

What does the 0.03-times net gearing ratio measure?

Jio Platforms' 0.03-times net gearing ratio means reported net debt of Rs 9,539.1 crore equalled roughly 3% of total equity of Rs 343,795.0 crore at 30 June 2026. Jio Platforms defines net gearing as net debt divided by total equity in its restated consolidated statement of assets and liabilities.

The ratio declined from 0.17 times at 31 March 2024 to 0.13 times at 30 June 2025, 0.08 times at 31 March 2026 and 0.03 times at 30 June 2026. Net debt fell by Rs 38,900.9 crore from March 2024, while total equity increased by Rs 65,508.6 crore over the same period.

The measure is narrower than all obligations reported in the financial-instruments disclosures. At 30 June 2026, Jio Platforms also reported lease liabilities of Rs 12,168.2 crore, other financial liabilities of Rs 27,709.7 crore and deferred payment liabilities of Rs 104,513.7 crore. These categories are not included in the stated gross-debt and net-debt calculation, so the 0.03-times ratio is Jio Platforms' defined capital-management measure rather than a measure of every liability.

What does the debt maturity profile say about refinancing needs?

Jio Platforms had Rs 12,399.9 crore of borrowings due within 12 months at 30 June 2026 under its maturity profile. The total comprised Rs 6,965.2 crore due in less than three months, Rs 2,137.8 crore due in three to six months and Rs 3,296.9 crore due in six to 12 months.

The maturity profile reported Rs 62,153.3 crore of total borrowings at 30 June 2026, compared with Rs 61,372.2 crore of gross debt in the capital-management table. The maturity disclosure says its non-current borrowing figure includes Rs 765.3 crore of unamortised finance charges, while the current balance includes a Rs 15.8 crore commercial-paper discount. The two disclosures therefore use presentations that should not be treated as identical definitions.

Most contractual borrowing maturity was beyond one year. Jio Platforms allocated Rs 34,679.0 crore to one to three years, Rs 9,474.1 crore to three to five years and Rs 5,600.3 crore beyond five years, totalling Rs 49,753.4 crore. The amount due within 12 months was below the Rs 51,833.1 crore cash and marketable-securities balance, although Jio Platforms does not state that all such liquidity is earmarked for maturities.

Which financial risks and commitments could affect the position?

Jio Platforms' borrowings remained exposed to foreign-currency and floating-rate structures, while derivatives were used to manage those exposures. At 30 June 2026, foreign-currency borrowings were Rs 39,553.7 crore in US dollars, Rs 5,058.7 crore in Japanese yen and Rs 6,883.2 crore in euros. Forward contracts reported offsets of Rs 39,853.8 crore, Rs 5,058.7 crore and Rs 6,882.9 crore respectively for those currencies.

Interest-rate exposure was concentrated in non-current floating-rate borrowings. Jio Platforms reported Rs 54,421.7 crore of non-current floating-rate borrowings, including current maturities, at 30 June 2026, compared with Rs 1,225.4 crore of non-current fixed-rate borrowings and Rs 6,506.2 crore of current borrowings. Jio Platforms also reported Rs 11,918.2 crore of foreign-currency interest-rate swaps that pay fixed rates, with hedge maturities from March 2027 to March 2028.

Capital commitments rose to Rs 9,038.9 crore at 30 June 2026 from Rs 5,828.4 crore at 31 March 2024. These commitments are estimated contracts remaining to be executed on capital account that have not been provided for. Jio Platforms also reported contingent liabilities of Rs 1,468.8 crore at June 2026 and stated that claims or disputed liabilities were not likely to have a material effect because demands were expected to be denied or substantially reduced.

Conclusion

Jio Platforms' deleveraging was driven by liquidity accumulation rather than an absolute reduction in gross debt. From 31 March 2024 to 30 June 2026, cash and marketable securities increased by Rs 45,924.2 crore while gross debt increased by Rs 7,023.3 crore, reducing net debt to Rs 9,539.1 crore and net gearing to 0.03 times.

The next measure to watch is whether the Rs 51,833.1 crore cash and marketable-securities balance remains high relative to borrowing maturities and the Rs 9,038.9 crore of capital commitments. Jio Platforms' disclosed capital-management framework calls for diversified funding sources, spread maturities, management of interest-rate and foreign-exchange risks, and adjustments for macroeconomic and financial-market conditions.