Jio Platforms uses Rs 27,500 crore for subsidiary debt prepayment

Jio Platforms Limited used Rs 27,500 crore of net proceeds from its Rs 30,188 crore initial public offering to prepay principal on certain borrowings of material subsidiary Reliance Jio Infocomm Limited. Shares listed on October 28, 2026, alongside 2Q FY27 EBITDA growth of 16.6% to Rs 21,879 crore.

How did Jio Platforms use its IPO proceeds?

Jio Platforms used Rs 27,500 crore of net IPO proceeds to prepay, fully or partly, the principal outstanding on certain external commercial borrowings of Reliance Jio Infocomm Limited. The company said the remaining net proceeds would be used for general corporate purposes, in line with the objects of the issue set out in its prospectus.

Jio Platforms completed the IPO and listed its equity shares on the National Stock Exchange of India and BSE on October 28, 2026. The company issued 27 crore fresh shares with a face value of Rs 10 each at Rs 1,119 per share, including a securities premium of Rs 1,109; gross proceeds after an employee discount of Rs 54 per share were Rs 30,188 crore.

The disclosed prepayment is equivalent to most of the stated gross proceeds, although Jio Platforms specified that the Rs 27,500 crore came from net proceeds. The release does not identify the external commercial borrowing facilities, quantify the balance available for general corporate purposes, or state a timetable for deploying that balance.

How did Jio Platforms' 2Q FY27 earnings change?

Jio Platforms reported gross revenue of Rs 47,485 crore in 2Q FY27, up 11.3% year on year, while EBITDA, or earnings before interest, tax, depreciation and amortisation, increased 16.6% to Rs 21,879 crore. The company attributed operating revenue growth to subscriber additions, higher average revenue per user and growth in digital services.

Jio Platforms' EBITDA margin, calculated on revenue from operations, rose by 250 basis points to 54.1% from 51.6% a year earlier. Profit after tax increased 13.7% to Rs 8,387 crore, trailing EBITDA growth as finance costs rose 40.3% to Rs 3,009 crore following the capitalisation of 5G assets in March 2026.

For 1H FY27, Jio Platforms recorded revenue from operations of Rs 79,648 crore and EBITDA of Rs 42,744 crore, compared with Rs 71,364 crore and Rs 36,892 crore in 1H FY26. Depreciation rose 14.0% year on year to Rs 7,611 crore in 2Q FY27, reflecting the higher asset base associated with 5G infrastructure.

How many customers does Jio Platforms serve?

Jio Platforms had a customer base of 542.4 million in 2Q FY27, up 7.1% from 506.4 million in 2Q FY26 and 9.1 million above 1Q FY27. Net customer additions were 9.1 million, compared with 8.3 million a year earlier, while monthly churn was 1.6%, versus 1.9% in 2Q FY26.

Jio Platforms' monthly average revenue per user reached Rs 218.8 in 2Q FY27, from Rs 215.6 in 1Q FY27 and Rs 211.4 a year earlier. The company said promotional schemes for fixed-broadband customers offset the effect of a better subscriber mix and increased usage.

Data traffic rose 22.1% year on year to 71.3 billion gigabytes in 2Q FY27, exceeding the 7.1% growth in the customer base. Monthly data consumption per customer increased to 44.2 GB from 38.7 GB, while voice traffic was 1.52 trillion minutes, compared with 1.50 trillion minutes in 2Q FY26.

How large are Jio Platforms' 5G and broadband operations?

Jio Platforms had 300 million 5G users as of September 2026, an increase of 66 million over 12 months. The company said 5G accounted for about 56% of total wireless traffic, providing a network context for the 22.1% increase in quarterly data traffic.

Fixed-broadband subscribers reached 30.0 million as of September 2026 after 7.3 million additions over the preceding 12 months. Jio AirFiber had 15.1 million subscribers and accounted for more than 75% of Jio Platforms' fixed-broadband additions in that period.

Jio Platforms said connectivity revenue grew 11% and digital-services revenue grew 16% year on year in 2Q FY27. It did not disclose separate revenue or EBITDA amounts for those two businesses, but reported that their combined performance contributed to the 250-basis-point expansion in EBITDA margin.

What products and technology plans has Jio Platforms disclosed?

Jio Platforms showcased Jio Call Agent and JioFrames at India Mobile Congress 2026. Jio Call Agent can transcribe and summarise calls for participants and act as a concierge without an application download or additional number, while JioFrames include voice assistance, hands-free calling, live translation across 12 languages and Unified Payments Interface payments.

Jio Platforms added Final Fantasy VII, Cricket26, War Thunder and Mafia II to JioGames during the quarter, with JioGames Pro Pass plans starting at Rs 48. The company also introduced JioShield during its 10th-anniversary activities, offering location, safety and SOS alerts, screen-time controls, application controls and low-battery alerts.

Managing Director Akash M Ambani said Jio Platforms would continue building capabilities in satellite communications, 6G intellectual property and artificial intelligence embedded in core voice and data services. The release gives no investment amount, rollout schedule or revenue target for those stated plans.

Conclusion

Jio Platforms has identified subsidiary debt prepayment as the principal disclosed use of its new equity capital, with Rs 27,500 crore directed to certain external commercial borrowings after the Rs 30,188 crore IPO. The transaction accompanied 16.6% EBITDA growth, a 542.4 million customer base and 300 million 5G users as of September 2026.

The next disclosed matters to watch are the use of the remaining net IPO proceeds for general corporate purposes and management's plans for satellite communications, 6G intellectual property and artificial intelligence services. Operationally, Jio Platforms' future disclosures can show whether Jio AirFiber, with 15.1 million subscribers, continues to account for most fixed-broadband additions.