Jio Platforms Limited Q2 FY27: ARPU Expected Near ₹219

Jio Platforms Limited is expected to show continued quarterly growth in Q2 FY27, with estimates pointing to ARPU of about ₹218-₹219 and subscriber additions as key drivers. However, figures circulating ahead of the October 30 board meeting differ materially on revenue and EBITDA, making the reported numbers and their definitions important for investors.

What do Jio Platforms' Q2 FY27 estimates say?

Jio Platforms is expected to post sequential growth in revenue, EBITDA and profit after tax, but the estimates provided ahead of the result announcement are not uniform. One ET Now estimate projects Q2 FY27 revenue of ₹35,100 crore, EBITDA of ₹19,200 crore and profit after tax of ₹7,400 crore.

A separate results preview places revenue from operations at ₹40,400 crore, up 11% year-on-year and 3% quarter-on-quarter, with EBITDA of ₹22,050 crore and net profit of ₹7,610 crore. The supplied material does not explain why the two sets of estimates use different revenue and EBITDA figures, so they cannot be treated as directly comparable until the company releases its results.

The common thread across both forecasts is moderate quarter-on-quarter expansion and a broadly stable operating margin. The higher revenue forecast also indicates an expectation of double-digit year-on-year growth, while the ₹35,100 crore estimate implies 2.6% sequential growth from the cited Q1 number.

Why is Jio Platforms' ARPU important in Q2 FY27?

Jio Platforms' ARPU is important because estimates expect it to rise from ₹215.60 in Q1 FY27 to roughly ₹218-₹219 in Q2. ARPU, or average revenue per user, is a central measure of how effectively a telecom operator converts its subscriber base into recurring revenue.

The supplied estimates link possible ARPU improvement to higher data consumption, customer additions and migration to premium services. A rise in ARPU alongside subscriber growth would support the revenue outlook, while a smaller-than-expected increase could affect the interpretation of the quarter even if subscriber numbers rise.

Jio Platforms previously reported ARPU of ₹211.4 for the July-September quarter of 2025-26, up 8.4% from ₹195.1 a year earlier. That reported increase was attributed to higher ARPU and traction in fixed wireless access through JioAirFiber, providing context for why the market is watching the latest ARPU figure closely.

How could subscriber additions influence Jio Platforms' results?

Jio Platforms' subscriber base could reach 541.3 million in Q2 FY27, compared with 533.3 million at the end of Q1 FY27, according to the estimates. The Q1 base included 285 million 5G users, making both overall additions and the mix of 5G customers relevant to revenue growth.

The preview also identifies home broadband expansion and one additional day in the quarter as possible supports for revenue. These factors matter alongside wireless additions because the company has reported a growing fixed broadband footprint and increasing JioAirFiber connections.

For the July-September quarter of 2025-26, Jio Platforms reported more than 506 million subscribers after adding 8.3 million customers in the period. It also said fixed broadband connections were around 23 million and JioAirFiber Homes stood at about 9.5 million, with more than one million new homes connected each month.

What should investors compare when Jio Platforms reports Q2 FY27 results?

Investors should compare the reported revenue definition, EBITDA margin, ARPU and subscriber additions against the different estimates circulating before the announcement. This is especially important because one estimate uses ₹35,100 crore for revenue while another forecasts revenue from operations of ₹40,400 crore.

The margin outcome will also be closely tracked. The ET Now estimate expects EBITDA margin to remain at 54.7%, while the other preview expects a slight sequential improvement to 54%-55%, meaning the reported level may matter more than a small variation in absolute EBITDA forecasts.

Operational disclosures could provide further context. Jio Platforms previously said total network data traffic rose 29.8% year-on-year to more than 58 exabytes in the July-September 2025-26 quarter, with 5G accounting for over half of wireless data usage. Updated commentary on data consumption, 5G users, fixed broadband and JioAirFiber can help explain whether growth is coming from scale, customer mix or monetisation.

Conclusion

Jio Platforms enters its Q2 FY27 result announcement with expectations of sequential gains in revenue, EBITDA, profit and ARPU. The expected move in ARPU towards ₹218-₹219 and the projected expansion of the subscriber base are the main operating measures behind the forecasts, while margins are expected to remain broadly steady.

The Board of Directors is scheduled to meet on Friday, October 30, 2026, to consider and declare the September-quarter results. The key next checks are the company-reported revenue basis, actual ARPU, subscriber additions and whether fixed broadband and JioAirFiber continue to support growth.