2016
Jio 4G
An all-internet 4G network. Free calls, pay only for data.
What it achieved
First in India to 100 mn 4G customers, in under 180 days
RHP p.209, 249Know Your Company · 01
Jio Platforms. The network is the front door.
Launched in 2016, Jio now serves 533.3 million customers in India. It sells them the connection, then TV, cloud, apps and AI on top of it.
Jio, in one numberFrom the Jio Platforms RHP · October 2026
215.6
is what the average customer paid Jio a month, April to June 2026.
ARPU (average revenue per user), quarter to 30 June 2026 · RHP p.131
For every ₹100 tied up in the network and the rest of the business, this is what the business itself earned in a year, before interest and deferred tax. Money spent on networks and spectrum not yet switched on is left out.
It slipped over the three years: the money tied up grew faster than what it earned.
ROACE, restated · RHP p.132
- revenue in FY2026, up 14.6% (derived) · p.330
- 1,46,885 cr
- customers on 5G, June 2026 · p.201
- 284.9 mn
- homes on JioFiber or JioAirFiber · p.209
- 28.6 mn
- monthly app users, Apr–Jun 2026 · p.202
- 362.6 mn
Our read
A phone network turning itself into a platform.
Almost all of Jio's money still comes from connectivity: people paying for mobile and home internet. Everything else, from apps to AI, is built to make that connection worth more each month and harder to leave.
What could go wrong
- India's mobile market is fiercely competitive; Jio must keep winning new customers and holding on to the ones it has · RHP p.48
- Reliance Retail is the only distributor of its prepaid plans, which bring in most of its revenue (Chapter 8 has the share) · RHP p.32
- Almost all of its optic fibre comes from one supplier, Jio Digital Fibre; only the last mile is its own · RHP p.37
People keep using more data
Each customer uses a lot more data than two years ago. Heavier use is what makes the TV, cloud and app bundles on top worth selling.
Chapter 03How Jio changed mobile data in IndiaThe big 5G spend is behind it
Spending on the 5G build has passed its peak, so far more of each year's earnings is now left over as cash.
Chapter 08How Jio makes moneyDebt is shrinking against earnings
What Jio owes, less the cash it holds, has fallen sharply when set against a year's earnings.
Chapter 08How Jio makes money
Overview
Jio in one minute
Jio Platforms Limited (JPL) is the digital and telecom company of Reliance Industries. Jio built a 4G network that carried only internet traffic, made voice calls free and made data cheap, and that is how it became India's largest digital connectivity player. The prospectus calls it a technology platform rather than a phone company. The simplest way to read it is as six parts, each with its own colour, used the same way in every drawing below.
Jio on one page: six parts, one company
Each part of the business has its own colour, used the same way in every drawing below. Each cell says what the part is, what to watch, and which chapter covers it.
How to read it
Each cell is one part of Jio's business. The coloured tile is that part's colour for the rest of the report: blue is always the mobile network, mint always home broadband, and so on. The numbers live in the chapters; the link at the foot of each cell takes you to the one that covers that part.
Mobile and network
4G and 5G phone plans on Jio's own network.
What to watchWhether people move to 5G and pay more each month as they use more data.
Chapter03Home broadband
JioFiber by cable and JioAirFiber over the air.
What to watchHow fast AirFiber reaches the homes that cable does not.
Chapter04Apps and services
MyJio, JioTV+, JioSaavn, JioAICloud and JioGames.
What to watchThe apps come inside the plan, so watch whether they make the plan worth more.
Chapter05Business customers
Connectivity, cloud, IoT, messaging and security for companies.
What to watchWhether cloud, IoT and security grow beyond selling a connection.
Chapter06People, shops and partners
Staff, Jio Centres and Reliance Retail shops that sell and install.
What to watchHow much selling, installing and service moves to the app and AI.
Chapter07Data and technology
Its own 5G software, devices and the JioBrain AI.
What to watchWhether Jio can sell its own 5G and AI tools to other telecom companies abroad.
Chapter09
Three things to know
One company sits on top of another
Jio Platforms Limited is the holding company. Its main subsidiary, Reliance Jio Infocomm (RJIL), holds the telecom licence and the spectrum and runs the network.
Six parts to read, one business in the accounts
The six colours are a way to read Jio, not how it reports. The accounts show one business. Connectivity brings in substantially all of the revenue, and the apps and other products are bundled into it, so no part has a revenue figure of its own.
A year here runs April to March
When the prospectus says FY26 it means 1 April 2025 to 31 March 2026. The newest figures in this report are for April to June 2026, the first three months of the next year.
Looking at Jio as an investment? Our separate Jio Platforms IPO report covers the price, valuation, owners and risks.
The platform
Five layers, one platform
The prospectus draws Jio as five layers, one on top of the other. Start at the top, with what you touch: the apps and services. Under them is the network that carries them, then the app, TV box and shops where you sign up and get help, then what Jio learns from how people use it. At the bottom is the technology Jio built itself. Each layer holds up the one above.
Jio, layer by layer
Top: what customers use. Bottom: what Jio built. For each layer, what it does for you, one key fact, and who owns it.
How to read it
Start at the top: that is what you use. Each row holds up the row above it. On the left, what the layer does for you and what is in it. On the right, one key number and who owns that layer; a hollow dot means Jio shares or leans on someone else there. Colours match the rest of the report: purple apps, blue network, orange shops and partners, cyan data and technology. Customer insights is drawn in ink because it comes from every part at once.
Layer 05
Products and services
For youWhat you open and use: TV, music, games, cloud storage, a PC in the cloud and AI tools. For a company: Wi-Fi, cloud, connected devices and security.
- For people
- JioTV+ · JioSaavn · JioGames · JioAICloud · JioPC · Smart home
- For companies
- Managed Wi-Fi · Cloud · IoT · Messaging (CPaaS) · Security · Enterprise AI
Bundled
the apps come inside connectivity plans, so their own revenue is not shown separatelyp.200
Who owns it · shared
Jio owns and built its apps. Content, cloud and AI partners (Netflix, JioHotstar, Google, Microsoft) are non-exclusive and come up for renewal.p.198–199, 227
Layer 04
Digital connectivity
For youThe signal on your phone and the internet at home or at work. Everything above travels on it.
- Networks
- Jio 5G (standalone) · 4G · JioFiber · JioAirFiber
- Behind it
- Jio's own spread-out data centres · Fibre at 1,200+ facilities
99%+
of India's people can get Jio wireless broadbandp.198
Who owns it · Jio
Jio's own network. Cloud partners: Microsoft and Google Cloud.p.198
Layer 03
Phygital access
For youWhere you sign up, recharge, pay and get help: in the app, on the TV box, or at a shop near you.
Phygital = physical plus digital: the doors you come in through, online and in a shop.
- Digital
- MyJio app · Jio set-top box
- Physical
- Jio Centres (local back offices) · Jio Points (small shops in smaller towns)
Two tiers
a Jio Centre runs field staff, training and spare parts for its zone; the Jio Points near it report to itp.228
Who owns it · shared
The app and the TV box are Jio's. The shops sit on Reliance Retail premises.p.198
Layer 02
Customer insights
For youOffers and services that fit how you use Jio, and apps that learn what you like.
- Learns from
- Data use · What people watch and play · Which apps they use
- Used for
- Better products · Personal offers · AI help
A loop
more use makes more data, and Jio uses that data to improve its apps and the experiencep.198
Who owns it · Jio
Comes from the customers of RJIL (Reliance Jio Infocomm, Jio's main operating company).p.198
Layer 01
Own technology
For youWhy the network can stay cheap and new features arrive fast: Jio pays fewer outside vendors.
- Built in-house
- Network software · Devices · Operating systems · Apps · JioBrain AI
Top 20
the only Indian company among the world's top 20 patent filers (WIPO PCT ranking, 2025)p.197
Who owns it · shared
Patents are Jio's. The “Jio” name is owned by Reliance Industries and licensed to Jio; the licence can end if Reliance loses control of Jio.p.198–199
- Three layers lean on others: partners for content and cloud, Reliance Retail for shops, and Reliance Industries for the “Jio” name. Chapter 10 covers those links.
The base layer: people and patents
Jio's own product and technology team, and its patent applications, 30 June 2026
- Owning the stack means fewer outside vendors, lower costs and faster changes, the prospectus says.
- Percentages and the network-engineer count are derived from RHP totals.
Four things Jio built itself
Its own 5G, end to end
The only connectivity provider in the world with its own end-to-end 5G standalone stack, says the Analysys Mason report Jio commissioned. It made India the fifth country with home-grown 5G.p.197, 201
JioBrain runs the network
Jio's own AI predicts faults and shares out capacity in real time. The goal is Level 4 of the industry's six-level scale (0 to 5) for networks that run themselves.p.197, 199
JioBharat OS
A phone operating system that runs on cheap chips with little memory, so low-cost phones can still use digital services.p.197
UBR radio for AirFiber
Jio's own unlicensed-band radio (UBR) carries home internet through the air to a small box on the home, so no cable has to be laid.p.201–202
Mobile
How Jio changed mobile data in India
In 2016 most Indians were on 2G. Data was expensive, slow and sold separately from calls and SMS. Jio launched a network built only for the internet (calls travel as data, a technology called VoLTE), made calls free and charged only for data. This chapter shows what changed for India, what Jio launched next, and where its mobile business stands today.
India before Jio, and India now
Three measures of mobile data, before Jio launched in 2016 and in 2026. Figures for the whole industry.
How to read it
Each row compares one measure before Jio launched with today. The grey bar is before, the blue bar is now, both on the same scale within the row. For price, a shorter bar is better. These are figures for the whole industry, which the RHP shows to describe the change Jio led.
- over 130×
Data per person, a month
Mobile data per user in the March quarter of each year.
- 96.7% cheaper
Price of 1 GB of data
Average cost to the customer per GB. India's price now compares with ₹33.4 in China and ₹228.4 in the USA. p.160
- about 27×
Download speed
Blended speed across the industry, January 2016 and March 2026.
Ten years, one launch at a time
Each new product rode on the customers the last one brought in
How to read it
Turn the pages: each spread is one launch, in the year it began. The left page shows the product; the right page says what it is and what it achieved, with the RHP page. The colour marks the part of the business. The last page is still being built, not a business yet.
2017
JioPhone
A 4G feature phone with low-cost data plans.
What it achieved
By September 2017, Jio had 42.67% of India's broadband users
RHP p.249–250
2019
JioFiber
Fibre broadband to the home, up to 1 Gbps.
What it achieved
Start of the home business
RHP p.218, 2502021
JioPhone Next
An affordable smartphone on Pragati OS, a lighter version of Android.
What it achieved
Developed jointly with Google
RHP p.2502022
Jio 5G (standalone)
India's first standalone 5G network (it runs without leaning on 4G). Being standalone, it can carve one network into private lanes with their own speed and security, for a factory or cloud gaming (network slicing).
What it achieved
The fastest 5G rollout in the world
RHP p.184, 201, 206–207
2023
JioAirFiber · JioBharat
Home broadband by radio, with no cable to lay. JioBharat, a ₹799 4G phone that runs UPI payments, video and music, for people still on 2G.
What it achieved
Built to move feature-phone users off 2G
RHP p.213–215, 250
2024
JioAICloud
Cloud storage for photos, videos and documents.
What it achieved
AI face grouping and photo editing built in
RHP p.218, 250
2025
JioPC
A full computer on any TV, run from the cloud, pay as you go.
What it achieved
Delivered through the set-top box
RHP p.219, 250
Next
JioFrames · satellite
AI smart glasses in development. Satellite links for remote areas are being evaluated.
What it achieved
Not yet a business
RHP p.215, 219- Mobile
- Home
- Apps and services
- In development
2016, Jio 4G
More customers, each paying more
Jio's customers and what they pay and use, at each year-end and in the June 2026 quarter
How to read it
Pick a measure with the switch. Each is the RHP's own figure for the last three years and the June 2026 quarter. Customers are counted at the end of each period; ARPU, data use and churn are for the last quarter of each year (the exit quarter). In the customers chart, the blue part is customers on mobile broadband and the grey cap is everyone else (derived: total minus mobile broadband).
Customers · Million, at the end of each period
| FY24 | 481.8; On mobile broadband 469.7; Other customers (derived) 12.1 |
|---|---|
| FY25 | 488.2; On mobile broadband 469.8; Other customers (derived) 18.4 |
| FY26 | 524.4; On mobile broadband 496.3; Other customers (derived) 28.1 |
| Q1 FY27 | 533.3; On mobile broadband 503.6; Other customers (derived) 29.7 |
Almost all of Jio's customers are on mobile broadband. The small remainder has been growing; the RHP does not say who they are. A tariff rise in July to September 2024 lifted ARPU but also raised churn, so FY25 added only 6.4 million customers (derived: FY25 minus FY24).
Jio in mobile today
- Wireless broadband share
- 49.78%
- Of all wireless broadband users in India, June 2026p.198
- Net users added in FY26
- ~27 mn
- Active mobile users, about three times the next operator. A different measure from the reported customers in the chart abovep.214
- Aged 18 to 35
- ~43%
- Of Jio's mobile customers, June 2026p.203
- Data used in rural areas
- ~46%
- Of all data on the network, FY26 and Q1 FY27p.203
5G
- 5G cells in year one
- 1 mn+
- Deployed within a year of the October 2022 launch, with all of India covered in 15 monthsp.184
- Share of Jio's base on 5G
- 53%
- Derived: 5G customers divided by all customers, June 2026p.203
- Speed it allows
- 200+ Mbps
- Download speed on the standalone designp.206
Home
The home: fibre, AirFiber and the TV box
Far fewer Indian homes have fixed broadband than homes in China, South Korea, the UK, the USA, Japan, Canada or Brazil. One reason is cost: laying fibre is slow, because someone has to dig the street, get permissions and pull a cable up every building. Jio sells two ways round that, one by cable and one by radio. The home line then carries a second product: Jio's TV box.
Jio's homes grew 2.6 times in 27 months
Jio fixed broadband customers, million, end of each period · growth is our arithmetic (derived)
How to read it
Each column is the number of homes (and a few small offices) paying Jio for fixed broadband at that date. The columns are in time order, so the gaps are not equal: two full years, then three months, nine months and three months. The ruler under the axis shows each gap. Each value is printed on its column, and the RHP's own growth rates show above the chart; the times-over growth in the title is our arithmetic on the RHP's numbers.
Q1 FY2027LatestJun 2026Up 43.00% on June 2025
The years between columns are not equal; the strip under the axis shows each step.Changes (% or ×) are our calculation from the RHP figures.
Q1 FY2027: Jio home customers 28.6 mn
| Column | Jio home customers |
|---|---|
| FY2024 · Mar 2024 | 11.2 mn |
| FY2025 · Mar 2025 | 17.4 mn |
| Q1 FY2026 · Jun 2025 | 20.0 mn |
| FY2026 · Mar 2026 | 27.1 mn |
| Q1 FY2027 · Jun 2026 | 28.6 mn |
- JioAirFiber went on sale in September 2023, half way through FY2024, so all the growth in this chart came after itp.197.
- Customers here include a small number of business lines; the industry puts business at about 5% of all fixed broadbandp.168.
Half by cable, half by radio
Two ways into the home, then fixed broadband customers by company and technology, million
How to read it
One bar per company, in million fixed broadband customers. The solid part is a cable to the home (fibre, or older copper lines for some rivals); the lighter part is fixed wireless over 5G or radio. Switch between March and June 2026 to see the quarter's change. All of Jio's wired customers are on fibre.
JioFiber
A glass-fibre cable runs all the way into the home.
- Launched in 2019
- First in India to 10 mn fibre homes, in 51 months
JioAirFiber
Radio from Jio's 5G network, or from its own UBR radio (radio on airwaves that need no licence), reaches a small box on the home. No cable to lay.
- Launched September 2023
- India's largest fixed-wireless base
- First in India to offer home wireless over UBR radio
Fixed broadband customers by company and technology, 30 June 2026 (Q1 FY2027): Jio 28.6 mn (43.32% of customers): cable 14.6 mn, fixed wireless 14.0 mn; Bharti Airtel 14.9 mn (22.61% of customers): cable 11.1 mn, fixed wireless 3.8 mn; BSNL 4.5 mn (6.84% of customers): cable 4.5 mn, fixed wireless 0.0 mn; Other ISPs 17.5 mn (26.49% of customers): cable 17.5 mn, fixed wireless 0.0 mn.
Shares are of all fixed broadband customers in India, 30 June 2026 (Q1 FY2027). Another 0.5 mn customers are on other fixed wireless with no company split. Jio has about 1.9 times the customers of the next company and 78.62% of all 5G and radio home wireless.
Who is winning the new homes
- Share of new homes
- 61.73%
- of India's net additions, Apr–Jun 2026
- Since AirFiber began
- ~65%
- of net additions since September 2023
- Town and village
- 64% / 36%
- of Jio's new homes, urban / rural, Apr–Jun 2026
- Reach
- ~98%
- of India's pin codes covered
One box on the TV, many things to sell
The RHP calls the Jio set-top box a “digital gateway” into the home: how much it is used, and what runs on it, 30 June 2026
5.0hours a day
Average daily use of a Jio set-top box, April to June 2026p.202
On the box
- JioTV+Live TV and OTT (online streaming) services in one app, pre-installed on the box. These are the apps on the box itself, offered with JioFiber and JioAirFiber packages.Over 1,000 digital TV channels · 15 OTT servicesp.218
- JioGamesGames, played on the TV. Chapter 5 covers it.p.212
- JioPCA full PC or laptop experience on the TV screen, run from Jio's cloud.p.212
- JioStoreAn app store built into the box, for Jio's own apps and other companies'.p.212
- Smart homeConnected devices in the home controlled from one place.p.218
Jio Tele OS. Jio's own operating system for smart TVs. It puts the same services inside the TV itself, with no separate box.p.212
- Why it matters: the RHP calls each connected home a “multi-service digital platform”, with extra revenue to be earned on computing, games and entertainment. Each service sold on that screen is sold to a customer Jio has already paid to win.
Services
The apps and services on top
Jio's apps are rarely sold on their own. Most come inside a mobile or home plan, and the price of each is shown separately in the planp.217. Jio reports one business segment, so the prospectus gives no revenue for any single appp.200. What it does give is reach. The apps have one job: make a plan worth more, so customers pick bigger plans and leave less oftenp.211, 439.
Jio's apps reach hundreds of millions of people a month
Million, June 2026 quarter unless marked. The full bar is Jio's whole customer base, for scale.
How to read it
Each bar is one service. Its length is the number of people it reaches, measured against all of Jio's customers (the full grey track; Chapter 3 gives the count). Purple bars are Jio's own apps; orange bars are services that come inside a Jio plan. The bars count different things (monthly users, offers, season viewers, sign-ups), so do not add them up.
All Jio apps together362.6 mnmonthly active usersp.202
- Streaming offers in plans333.6 mn
video and music subscriptions given with plans, a monthp.209
IPL 2026 on the JioHotstar pack198.7 mnviewers over the seasonp.203
JioAICloud66.0 mnregistered usersp.218
- All Jio apps together counts users of MyJio, JioSaavn, JioAICloud, JioTV and JioTV+. A person on two apps counts twice; someone who opens JioSaavn, JioAICloud or JioTV inside MyJio counts once, as a MyJio userp.202.
- Each bar counts a different thing, so the bars do not add up to one total.
What Jio sells on top of the connection
Consumer services, grouped as in the RHP, with how each is paid for
How to read it
Read one row at a time. On the left is the group and how customers pay for it, as the RHP describes it. On the right are the services in that group, what each does, and its main number where the RHP gives one. Services marked Partner belong to other companies; Jio sells them inside its plans.
The front door
Where every service is found- MyJio app
Recharge, change plans and fix problems without calling anyone. Also a shop window for others: JioFinance, the app of the separately listed Jio Financial Services, sits inside it.
p.203, 211–212
Entertainment
Bundled with plans
JioTV+Live TV and streaming apps in one place. Built into the Jio box, and an app on other TV systems.
p.218
JioSaavnMusic streaming, run by Saavn Media, a Jio subsidiary. The RHP's industry report names it a leading audio app in India, alongside YouTube Music and Spotify.
100 mn+ songs · 16 languages · 15 genresp.173, 218, 267
JioGamesCasual games, game streaming and e-sports. Played on the TV through the Jio box and the cloud, with no console.
3,700+ titlesp.212, 218
- JioHotstarPartner
A partner, not part of Jio Platforms: it is run by Jiostar India, a Reliance Group company. Jio puts its subscription inside plans.
p.36, 211, 227
Cloud and productivity
Bundled, or bought on its own- JioAICloud
Launched 2024. Stores photos, videos and documents, with AI that groups faces and edits photos.
p.218
JioPCLaunched 2025. A full desktop computer on any TV through the Jio box, run from the cloud. Pick the storage and memory you need and pay as you go.
p.219
Smart home
Device sale or subscriptionJio box and JioHome
The set-top box has its own app store, JioStore, with Jio's and other companies' apps, and controls connected home devices from one screen.
p.200, 212, 218
AI products
Bundled with plansGoogle AI ProPartner
Free for 18 months on Jio's Unlimited 5G plans, offered with Reliance Intelligence.
p.203
Assistants and enterprise AI
AI assistants built with Jio Haptik. Jio also plans to sell business AI from the joint venture of Reliance Intelligence and a Meta subsidiary.
p.200, 203
JioFrames
Hands-free AI smart glasses to view and record content and make sense of things in real time. Still in development.
p.219
- The live TV channels, streaming apps and daily screen time on the Jio box are in the home chapter above.
Partners ride on Jio's plans, and Jio takes a share
The companies the RHP names as partners for bundles and cloud, and how a bundle earns
JioHotstarFor people
Streaming, put inside plans during IPL 2026
NetflixFor people
Streaming, put inside plans
GoogleFor people
Google AI Pro for people; Google Cloud for firms
MicrosoftFor firms
Azure cloud, edge and AI resold to firms
How a bundle pays Jio p.211
New customers
A wanted app in the plan brings people to Jio.
Bigger plans
Plans with streaming and sport push people to recharge higher, and the extras keep them from leavingp.439.
A share of the partner's money
Jio earns part of the partner's subscription and advertising revenue.
- Content partners, not apps on the TV box: the RHP's industry report says Jio has partnered with 15+ OTT (streaming) players to integrate their content at a lower effective price point through its digital connectivity plans for mobile and fixed broadbandp.173.
- The partnerships are non-exclusive (neither side is tied only to the other) and come up for renewalp.199, 227.
A live IPL match is also a network test
How Jio keeps a popular stream close to the viewer: its own content delivery network
A popular video or live match
The content Jio's network must carry to millions at once.
100+ nodes
Edge nodes near you
Copies are kept (cached) in local exchanges and data centres inside the 4G and 5G network.
Your phone or TV
Viewers are served from a nearby copy, so there is less delay (latency).
- Less load falls on the main internet backbone, so a popular video or a live match is not interrupted when traffic is heavyp.210.
- If one region gets too busy, Jio can shift traffic to the global nodes of other content networks, a hybrid set-upp.210.
- Jio built a media technology platform that JioHotstar uses alongside its own technologyp.204. Jio also sells this content delivery network to media firms for large live eventsp.221.
Enterprise
Jio for companies and governments
Companies buy from Jio the same building blocks that homes do, in a different package. The connection comes first. Cloud, software and security sit on top. More and more, Jio sells a managed service: it runs the whole set-up for a business and answers for the result.p.216–217, p.219–221
How far Jio already reaches into Indian business
Share of each industry the prospectus counts as a Jio customer, 30 June 2026
How to read it
Each bar is one industry. Its length is the share the prospectus gives for it: banks, states and union territories, airports, connected two-wheelers, or the top 10 IT companies. Logos under a bar are customers the prospectus names in that industry.
- Banksof private and public sector banks in India use at least one Jio service90%+
- State Bank of India
- HDFC Bank
- ICICI Bank
- Axis Bank
- DBS Bank
- Powerof states and union territories: their power distribution companies use Jio connectivity, IoT and messaging80%+
- Airportsof India's operational airports are connected by Jio75%+
- Airports Authority of India
- Electric two-wheelersof connected electric two-wheelers use Jio connectivity~45%
- IT servicesof the top 10 Indian IT companies in the Nifty IT index are customers8 of 10
What a company can buy from Jio, and who buys it
Four layers, sold one at a time or run together by Jio as a managed service
Layer 1
Connectivity
The line into the office, the shop and the plant.
Lines and networks
Mobile 4G and 5G, office broadband and AirFiber, leased lines (ILL), MPLS, VPN and SD-WAN.p.200, 216, 219
None named
Managed Wi-Fi
Jio supplies the devices, the cloud controller and the security, and the business pays as it uses it.p.219, 221
- Wipro
- Oberoi Group (EIH)
- LT Foods
Private 5G
A business's own slice of the 5G network, more secure than the public one. On trial in factories, warehouses and mines.p.221
Trials only so far
Layer 2
Cloud and compute
Renting computing power and storage instead of buying servers.
Private, public and hybrid cloud
One platform to run work across Jio's own cloud and others. Jio offers Microsoft Azure as a partner, works with Google Cloud, and links firms to several clouds at once.p.200, 217, 220
- LIC
- Indian Bank
Layer 3
Platforms
Software a business uses to talk to customers, track machines and sell ads.
JioCX messaging
SMS, WhatsApp, email, rich messages and voice to customers from one place, with the analytics.p.220
- UIDAI (Aadhaar)
- Bharat Petroleum
- Indian Oil
- Kotak Mahindra Bank
- Razorpay
- DTDC
- Union Bank of India
Jio Business Messaging
Rich messages (cards, carousels, video) on Android and iPhone. On most phones sold in India in the last three years they land in the phone's own SMS inbox.p.220
- CRED
- Times Internet
- Vahan.ai
- Kotak Mahindra Bank
JioThings (IoT)
Connected machines: smart meters, payment terminals, two- and four-wheelers, and charging stations, with tracking and maintenance alerts.p.200, 220
- JSW MG Motor
- Ola Electric
- Ather Energy
- TP Power Plus
- IntelliSmart
- Genus Power
JioAds
Targeted display, video and audio ads for brands and agencies, managed or self-serve.p.221
- Truecaller
- Arvind
- Prachar Communications
- Dentsu
Enterprise AI (JioBrain)
Jio's own AI, sold for forecasting, automation and network tuning.p.200
None named
Layer 4
Security
Keeping the network and the data safe.
Secure network
A quantum-safe network with unified threat management and zero-trust access, plus SD-WAN to run all of a firm's links from one place.p.200, 217, 221
None named
All four layers
Managed services
Jio takes all four layers and runs them end to end for one agreed result, including a managed network operations centre. The prospectus says this can build deeper ties and more value per customer than selling one product at a time.p.200, 216, 220
Words used here
- Leased line (ILL)
- A private internet line with guaranteed speed that the business does not share.p.200
- MPLS and SD-WAN
- Ways to link a firm's offices into one private network and steer its traffic.p.200
- VPN
- A private network built over shared lines, kept apart by encryption and security controls.p.200
- IoT
- Machines and sensors that send data over the network with little human help.p.200
- Zero-trust access
- Every user and device is checked every time, even inside the office network. Our plain meaning of a term the RHP uses.p.217, p.221
- The prospectus does not say how much Jio earns from businesses. Jio reports one segment, and connectivity is substantially all of its revenue; other products are bundled in.p.200
Ready-made packages for single industries
The examples the prospectus gives of Jio building for one kind of business
Hotels and hospitals
Connection and in-room entertainment in one package, plus live occupancy data, guest requests and feedback, and digital sales of services.p.221
- Oberoi Group (EIH)
- Apollo Hospitals
Logistics
Fleet tracking by location and route, driver-assistance safety features, driver analytics and maintenance warnings before a breakdown.p.221
- INOX Air Products
- VRL Logistics
- Chapter 05Exhibit 13, the content network
Media
A content delivery network for live events; Chapter 5 shows how it works.p.221
Next on the list is small business: Jio wants AirFiber to be the office line for India's small firms, with cloud, messaging and security sold on top.p.216–217
Chapter 09The size of that marketOperations
The machine behind it
A network is useless if people cannot buy it, install it and get it fixed. This chapter follows the machine in order: how Jio reaches a customer, how a home gets connected, what Jio owns and what it rents, and the airwaves underneath it all.
Three doors to the customer
Two digital, one physical, all feeding the same Jio account
How to read it
Each column is one way a customer meets Jio. The two digital doors (app and TV box) cost little per customer; the physical door needs shops and people. The strip below is the chain of command behind the shops, from the state office down to the person at your door.
MyJio app
Discover, buy, recharge and fix problems without calling anyone.
- 227.6 mn
- monthly users, Jun 2026 qtr
- 4.7 mn
- home leads, Jun 2026 qtr
- ~98%
- of JioAICloud logins come through MyJio
The TV box
Once it is installed at home, every new service is one click away on the big screen.
- JioStore
- built-in store for Jio and other apps
- JioPC
- a full PC on the TV screen, run from the cloud
- JioGames
- gaming with no console
People on the ground
Shops and local staff who sell, check ID, install and repair.
- 1,059
- Jio Centres
- 6,322
- Jio Points
- Freelance
- sales and JioFiber associates, trained by Jio
Behind the third door: the chain of command
State office
Runs a region
Jio Centre
Back office: hiring, training, stock and install kits
Jio Point
A small local shop in towns and villages
Associate
A freelance seller or installer, based at a Centre or Point, who comes to your door
- The prospectus calls this the 'fractal' method. India is split into clusters. Each cluster has a Jio Centre, each Centre serves several Jio Points, and all run the same way, so a new product can launch everywhere at once.
- Jio owns the TV box in each home, and its Jio Centres and Jio Points sit in Reliance Retail premises.
Who works at Jio
27,932 full-time employees by function, 30 June 2026
Point at or tab to a bar to compare it with Digital products & technology. Ratios and gaps are our arithmetic.
One home connection, start to finish
How the tools in the prospectus fit together on a single install
A lead comes in
Most start in the MyJio app or with a local associate.
MyJio produced about 20 million home leads in FY26.p.212
The 'digital twin' checks the building
Jio keeps a 3D copy of its towers, fibre and buildings. Before anyone visits, it marks each building, floor by floor, as feasible, planned or not feasible.
Used to plan roll-outs and get installs right the first time.p.210
An installer arrives with a ready kit
Standard 'kitbags' let trained local staff install the same way everywhere. AirFiber needs no cable dug into the ground.
The kits are kept at each Jio Centre, which also trains, certifies and signs up the installers.p.228
The network watches itself
JioGridX records 82 readings at each location, such as speed, coverage and traffic, and raises work orders. JioBrain, Jio's own AI, spots faults early. Towers tilt their antennas automatically to balance load.
Aim: level 4 on the TM Forum scale of self-running networks, which runs from 0 (manual) to 5 (fully self-running).p.199, 211, 214
Most problems are fixed by software
Self-service in MyJio, the HelloJio voice assistant in 12 languages and phone menus in 14 languages, with human agents behind them.
84% of service requests in the June 2026 quarter went through self-service or AI; most routine issues are fixed in under 3 hours.p.211, 228
Jio owns the gear, and has towers and fibre on long contracts
What Jio owns, what it rents on 30-year contracts, and who it partners with
Owns
The scarce, hard-to-copy parts.
All the active network gear
Radios, base stations, switches, servers, routers and the systems that run operations and billing, bought from suppliers on non-exclusive contracts. Jio also owns the last stretch of fibre to the customer.
Spectrum in all 22 circles
The right to use the airwaves, won at government auctions and usually valid for 20 years. Jio holds more than any other Indian operator; the next exhibit shows it band by band.
Its own network software
5G core, operations and billing systems, JioBharat OS, Jio Tele OS and the set-top box design.
Rents for decades
Long contracts with a few suppliers.
Access to 360,537 towers
Nearly half belong to Summit Digitel, once part of Jio as Reliance Jio Infratel, under a 30-year deal of December 2019 (first note below). Most of the towers are linked by fibre.
1.0 million+ route km of fibre
About 98% of Jio's fibre needs come from Jio Digital Fibre under a 30-year deal of September 2020. 30 million+ fibre-pair km, over 60% inside cities. The largest fibre network of any private Indian operator, says Analysys Mason.
Data centres and shop space
From Reliance Industries, Reliance Retail and other providers.
Partners with
Others who sell through Jio or with it.
Reliance Retail
Hosts the shops, signs up customers, checks ID and collects payments.
Microsoft and Google Cloud
Cloud for businesses; Jio resells Microsoft Azure.
JioHotstar and Netflix
Streaming bundled into Jio plans, not exclusive.
200+ carrier partners abroad
Subsea cables EIG, Falcon-Hawk, IMEWE, AAE-1, BBG and IAX; new landing stations being built at Digha and Machilipatnam.
- Summit Digitel owns 174,451 of these towers, about 48%derived. Jio is its anchor tenant and gets terms at least as good as any other customer'sp.37.
- Jio cannot end the tower and fibre contracts. If service falls short it can claim damages, paid as service credits. It must also make minimum payments, which count against its usage charges.
Jio's airwaves, band by band, and when they run out
MHz held across all 22 circles on 30 June 2026, and the year each licence ends
How to read it
One row per band, from low frequency (far reach) to high (big capacity). The number is the MHz Jio holds across all 22 circles. The bar splits that band by the year its licences end: orange runs out first, blue lasts longest. The dots rate reach and capacity from 1 to 5; that rating is our simplification of general radio physics, not an RHP figure.
- Held in all
- 26,800.8 MHzp.213
- Average life left
- 15.8 yearsp.213
- First to run out
- 440 MHz in 2030derived
700 MHz
5G · low band
Deep indoor 5G coverage, used together with the mid band.
440 MHz
1.6% of all derived
800 MHz
4G · low band
Wide 4G coverage.
450 MHz
1.7% of all derived
1,800 MHz
4G · mid band
The main 4G capacity band.
590.8 MHz
2.2% of all derived
2,300 MHz
4G · mid band
Extra 4G capacity in busy areas.
880 MHz
3.3% of all derived
3,300 MHz
5G · mid band
The main 5G band: speed and capacity.
2,440 MHz
9.1% of all derived
26 GHz
5G · millimetre wave
Huge capacity over a short range: used for AirFiber homes.
22,000 MHz
82% of all derived
- Low frequencies travel far and get inside buildings but carry little. High frequencies carry huge amounts of data, but only over short distances. That is why the biggest band, 26 GHz, reaches the shortest distance. Jio is the only Indian operator with 5G airwaves in all three ranges: 700 MHz, 3,300 MHz and 26 GHz.
- The early expiries are all in the 2,300 MHz band: one 20 MHz block in each of the 22 circles. All of Jio's 5G bands (700 MHz, 3,300 MHz, 26 GHz) end in 2042, so they sit wholly in the blue 2041–2044 part of the bars.
The network at work
- Radio cells
- ~5.7 mn
- Run by Jio, as of the RHP date
- Data carried, FY26
- 241.4 bn GB
- Up from 148.5 bn GB in FY24, 27.50% a year
- Energy per GB
- 0.06 kWh
- FY25; global average 0.27 kWh
Money
How Jio makes money
Strip away the platform language and Jio's revenue is close to one sum: how many customers it has, times what each pays a month (ARPU, average revenue per user). Almost all of the money is made by the telecom company, RJIL, and most of it is prepaid: 77.08% of FY26 revenue came from prepaid plans, and Reliance Retail is the only distributor of those plansp.441. When Jio and the other operators raised tariffs in the September 2024 quarter, ARPU rose but more people left, so customer growth slowed sharply in FY25p.42–43.
Revenue is customers times price
The telecom company RJIL, April to June 2026. RJIL made 87.74% of the group's FY26 revenue and 94.88% of its EBITDA, so this sum explains most of Jio.
How to read it
Read left to right. Multiply the average number of customers by what each paid a month (ARPU), then by the three months in the quarter. The last figure is our arithmetic; the line under it is what RJIL actually reported. They match because ARPU is itself defined as RJIL's revenue divided by customers; the point of the sum is to show the only two things that move revenue.
- 528.85 mnaverage customers in the quarterderived
- ₹215.6ARPU, a monthp.131
- 3months in the quarter
- ₹34,206 crour sumderived
RJIL's reported revenue, same quarter: ₹34,212 cr p.117 The sum lands within 0.02% of it derived. So revenue grows in only two ways: more customers, or more money from each.
Four ways to make the sum bigger
More customers
Hundreds of millions of Indians are still on 2G phones (see Chapter 9). The low-cost JioBharat phone and its cheap plans are built to move them to 4G and 5G.p.214–215
Higher price per customer
The prospectus names three causes: periodic tariff increases, customers choosing higher bundled plans, and rising incomes.p.215
More services per home
A home broadband customer with a TV box can be sold TV, games, a cloud PC and smart-home services through the same box.p.212
Business customers
Higher-value contracts: connectivity plus cloud, security and managed services.p.216–217
Where each ₹100 went in FY26
Out of every ₹100 of total income: revenue plus ₹1.92 of other income, mainly interest and gains on investments
Running the business
Day-to-day costs, paid as they happen
- Running the networkTower and fibre rent, power, maintenance₹23.03
- Other costsData centres, business support, consultancy and content₹9.65
- Licence fee and spectrum chargesPaid to the government on revenue₹7.82
- StaffSalaries and benefits₹4.44
- Selling and distributionAdvertising and the cost of signing up customers, spread over a customer's life₹3.05
- Access chargesPaid to other networks to connect calls₹1.09
Owning the network
The cost of what was built and bought
- DepreciationWear on the network, and spectrum spread over its life₹18.20
- InterestOn borrowings and spectrum paid for in instalments₹5.78
Tax
Almost all deferred: booked now, due later (first note below)
Profit
What is left for shareholders
- Of the ₹10,300 crore tax charge in FY26, only ₹118 crore was current tax. The rest is deferred: an accounting charge for tax that falls due once past losses and unused depreciation are used upp.444.
- Depreciation was ₹1,841 crore lower in FY26 because Jio now assumes certain network equipment lasts 18 years instead of 16p.448.
The building phase is ending
₹ crore a year: EBITDA against cash spent on network, spectrum and equipment (cash capex)
How to read it
Each year has two bars: what the business earned before interest, tax and wear (EBITDA), and the cash it spent building (capex). The gap between them is cash left over. In FY24 the two were almost equal; by FY26 capex was less than half of EBITDA. Tap a year to see the cash left and its share of EBITDA.
FY26Latest₹42,071 cr left · 55.17%
Changes (% or ×) are our calculation from the RHP figures.
FY26: EBITDA ₹76,255 cr, Cash capex ₹34,184 cr
| Column | EBITDA | Cash capex |
|---|---|---|
| FY24 | ₹54,959 cr | ₹53,510 cr |
| FY25 | ₹64,170 cr | ₹44,268 cr |
| FY26 | ₹76,255 cr | ₹34,184 cr |
- Cash left, Apr–Jun 2026
- 79.95%
- of EBITDA after capex; capex fell to 10.68% of revenuep.440–441
- Net debt
- ₹48,440₹9,539 cr
- March 2024 to June 2026; leaves out spectrum dues and leasesp.451
- Spectrum still owed
- ₹1,04,514 cr
- To the government in instalments, not counted as debt, June 2026p.451
Jio against Airtel and Vi
FY26, the year to 31 March 2026, as the RHP compares the three listed operators
How to read it
Each block is one measure, with one bar per company in its own colour; the bars in a block share one scale. Airtel is shown for its India business, except net leverage, which the RHP gives only for the whole group. Read the leverage block with its note: the three companies do not count debt the same way.
JioJio Platforms
Bharti AirtelIndia business
Vodafone IdeaWhole company
Customers
Million, 31 March 2026
Higher is better- 524.4 mn
- 482.4 mn
- 192.8 mn
ARPU
₹ a month per customer, January to March 2026
Higher is better- ₹214.0
- ₹257.2
- ₹174
Airtel's figure is its mobile ARPU; Vi's is blended across all its customers.
EBITDA margin
Profit before interest, tax and wear, as a share of revenue
Higher is better- 51.91%
- 58.55%
- 42.35%
EBIT margin
What is left after the wear on the network too (depreciation), before interest and tax
Higher is better- 33.36%
- 30.37%
- −6.92%
Jio's EBIT in FY26: ₹49,007 crore, up from ₹32,856 crore in FY24 (₹ million ÷ 10). Vi lost money at this level.
Net leverage
Net debt divided by a year's EBITDA, in times
Lower is better- 0.36x
- 1.36x
- 7.75x
Read with care. Not like for like. Jio leaves its deferred spectrum payments and its lease liabilities out of net debt; Airtel and Vi count deferred payments in theirs, and one of them counts leases toop.137, note 2. That is why Jio's leverage looks so low. Airtel's figure here is for its whole group.
- The RHP warns that peers may define these measures differently, so they are not strictly comparablep.135, p.139. It also gives return on capital employed for Jio and Airtel but not Vi; Jio's is on the cover of this report.
Three flywheels
How the company says growth is meant to feed itself
Technology
Scale pays for better technology, which wins more customers.
- More customers
- More money per customer
- More spending on network and tech
- Better products
back to step 1
Data
Usage tells Jio what to build and whom to offer it to.
- More customers
- More use of the network
- Better insight into needs
- Better products
back to step 1
Distribution
A huge audience brings partners, and partners bring more reasons to join.
- Large, engaged base
- Strong reach to sell others' services
- More partners
- More customers
back to step 1
Strategy
Where the next growth is meant to come from
The prospectus names five growth plans. Below, each plan sits next to the size of the room it aims at.p.214–217 The sizes and forecasts come from the Analysys Mason report that Jio commissioned and paid for, for this share sale only. Read them as that report's view, not as facts.p.25, 30
Five plans, and the room each one aims at
Each plan as the prospectus names it, with India today against the FY2031 forecast in the Analysys Mason report Jio paid for
How to read it
Each row is one of Jio's five growth plans. The bar is the whole market the Analysys Mason report (commissioned by Jio) expects by FY2031; the coloured part is how much of it exists today, so the striped part is the room left. The multiple on the right is our arithmetic: the forecast divided by today. Two plans have no India market size, and the row says so.
Plan 1p.214–215
More mobile users, and more money from each
Move people from basic 2G phones to 4G and 5G, and earn more per user through tariff rises, richer bundled plans and higher incomes.
The prospectus calls it: “Continue to add new mobility consumers and extend our market leadership”
Mobile broadband users in India
1.3×derivedIt was 1,021.4 mn by June 2026. By FY2031 the report forecasts 98.01% of all mobile customers on broadband. 261.0 mn users were still on 2G in June 2026.p.157–160
Mobile broadband ARPU, India
1.6×derivedARPU is average revenue per user a month. This is the industry average the report forecasts, not a Jio target.p.159, 161
Plan 2p.215–216
Connect many more homes
Sell JioFiber and JioAirFiber to more homes, then add TV, games and smart-home services on top.
The prospectus calls it: “Continue transforming digital connectivity and digital services at home”
Home broadband customers in India
2.3×derivedThat is from about 21% of homes in FY2026 to about 46% by FY2031.p.215
Plan 3p.216–217
Win more businesses, above all small ones
Use AirFiber as the office connection for small firms, then sell cloud, security and managed services to them and to big companies.
The prospectus calls it: “Expand and deepen our business customer base”
Business fixed broadband customers
over 8×derivedIndia has over 79 mn micro, small and medium firms; under 5% of them have fixed broadband. The business connectivity revenue pool is forecast to grow from ₹490–500 bn to ₹900–910 bn.p.171
Plan 4p.217
Sell Jio's technology to operators abroad
Offer the 5G core, radio network software, billing and network-running systems (OSS/BSS) and AirFiber radio kit to other operators, through partners, as a managed service, or by building new networks.
The prospectus calls it: “Monetise our platforms in overseas markets”
Not an India market. The report sizes three markets abroad for it: see Exhibit 29.
Plan 5p.217
Use AI across the network, then sell it
JioBrain, Jio's own AI engine, already plans capacity and predicts faults. Jio wants to offer it, with AI customer service, to telecom companies and other industries.
The prospectus calls it: “Leverage AI to build and deploy autonomous platforms across digital connectivity and other enterprise verticals”
The prospectus gives no market size for this plan.
The service markets Jio wants to sell more into
India, ₹ billion: FY2026 and the FY2031 forecast of the Analysys Mason report Jio paid for, with yearly growth.
How to read it
Each bar is one market in India. The grey part is its size in FY2026; the coloured part is what the report expects it to add by FY2031 (a forecast, not a result). The figure after “Today” is how much the market adds by FY2031: our arithmetic (derived), the forecast minus today. The pill is the yearly growth rate the report gives. Switch between markets sold to businesses and to consumers, and sort by size or by growth. Tap or point at a bar for every number.
All 7 together₹5,116 → ₹11,759 bn2.3× in five yearsour sum, matches the report's ~₹5.12 trillion
Point at, tab to or click a bar for all its numbers.
- All seven markets together are 1.48% of India's GDP. In the UK, Canada, Japan and South Korea, firms spend 3% to 5% of GDP on digital services.p.175
- Large firms already use 75% to 90% of core digital services. Small and medium firms use under 3%: that gap is what the report expects to close.p.175
Abroad: three markets for Jio's technology
The Analysys Mason report's estimate (paid for by Jio) of what operators outside India would spend to copy three things Jio built at home, and the yearly revenue that would follow. ₹ trillion.
How to read it
Each row is one product Jio could sell to operators abroad. The darker bar is what those operators (or, for phones, their customers) would spend once to roll it out; the lighter bar is the revenue a year it would bring them. Both bars share one scale. The line under each row says who the market is and what Jio has done at home that makes it credible.
Home broadband by radio (FWA)
357 mn new home connections
in 97 countries where under half of homes have fixed broadbandp.182–183
5G network kit
2,027 mn mobile customers
of 254 operators in 131 countries that have not launched 5Gp.184–185
Smart feature phones
729 mn users on 2G phones
outside India, many of them in Africa and developing Asiap.186–187
- Spend is what other operators (or, for phones, their customers) would pay once. Jio could win only a part of it, as a supplier.p.182–187
How to read these forecasts
A market is not Jio's revenue
Every size in this chapter is for all the companies in that market together. None of it is a forecast of Jio's own sales.
Abroad is a plan, not yet a business
Jio has built and run its networks in India. The prospectus calls overseas sales a possible future source of revenue.p.206, 217
Satellite is still being studied
Jio is weighing its own satellite network and ground stations for remote areas, and tie-ups with global satellite firms. The report expects satellite to stay a niche in India, because it cannot match home radio broadband on price.p.187, 215
Five years is a long forecast
Every FY2031 figure depends on prices, incomes and rules that can change. Read the gap between today and FY2031 as room, not a promise.
Group and dependencies
Who owns it and what it leans on
Jio Platforms is a Reliance company. Reliance Industries holds most of the shares, picks half the board, owns the "Jio" name and sells the prepaid plans through Reliance Retail. Meta and Google came in as partners in 2020. This chapter shows who owns what, who runs the company, where the IPO money goes and what could hurt the business.
Reliance owns two-thirds; Meta and Google come next
Share of all 8,93,90,30,830 equity shares before the IPO · 104 shareholders in all
How to read it
The long bar is the whole company. Each colour is one owner or group of owners; its length is their share. The rows below give each owner's exact share, from the RHP's list of everyone holding 1% or more. Reliance, Meta and Google are drawn in their own brand colours; the funds are grey.
Reliance
The parent
Reliance IndustriesPromoter, the parentReliance Industries Limited · 5,93,78,41,645 shares66.43%
Two technology partners
- MetaFacebook, Instagram, WhatsAppJaadhu Holdings, LLC (an affiliate of Meta Platforms) · 89,22,75,913 shares9.98%
- GoogleSearch, Android, cloudGoogle International LLC · 69,08,54,775 shares7.73%
Seven investment funds13.18% together · derived
- Public Investment FundSaudi Arabia's sovereign wealth fundThe Public Investment Fund · 20,69,31,899 shares2.31%
- KKRPrivate equity, USAOmicron Asia Holdings II Pte. Ltd. · 20,69,31,899 shares2.31%
- Vista Equity PartnersPrivate equity, USAVEPF VII AIV I Ltd. · 20,69,31,899 shares2.31%
- Silver LakeTechnology investor, USASLP Redwood Holdings Pte. Ltd. · 16,84,89,206 shares1.88%
- MubadalaAbu Dhabi state investorMIC Redwood 1 RSC Limited · 16,55,45,519 shares1.85%
- General AtlanticGrowth investor, USAGeneral Atlantic Singapore JP Pte. Ltd. · 12,01,20,900 shares1.34%
- ADIAAbu Dhabi state investorPlatinum Jasmine A 2018 Trust (Abu Dhabi Investment Authority) · 10,34,65,950 shares1.16%
Everyone else
- 94 other shareholdersEach holds under 1% · 23,96,41,225 shares · derived2.68%
- The IPO sells only new shares, up to 270 million of them.p.116 No current owner sells. If all are issued, Reliance's share falls to about 64.48% (derived, before employee options).
- In 2020, Jio Platforms raised ₹1,52,055 crore from 13 investors, Meta and Google among them.p.250
- Meta, Google and the 2020 fund investors each signed a shareholder agreement with extra rights, such as a vote on some decisions and first refusal on share sales. All these agreements end when the shares list.p.254–255
One parent, one engine, many small companies
Main companies by what they do, with Jio Platforms' holding in each
How to read it
Read the top row left to right (top to bottom on a phone): Reliance owns Jio Platforms, which owns all of the telecom company, RJIL. The four columns below are the smaller companies Jio Platforms owns, grouped by what they do. The figure beside each name is how much of it Jio Platforms holds.
- The parentReliance Industries LtdThe promoter, and the owner of most of the shares.
- The holding companyJio Platforms LtdFormed Nov 2019 · digital services, cloud, JioPC, managed services
- The engine · 100% ownedReliance Jio Infocomm Ltd (RJIL)Holds the telecom licence and all spectrum. Runs mobile, home and enterprise connectivity. Substantially all revenue. FY26 revenue ₹1,28,871 crore.
Technology makers
- Radisys groupOpen telecom software, USA and India100%
- Mimosa NetworksWireless broadband radios100%
- Jio EstoniaR&D100%
- Sankhyasutra LabsSimulation software99.91%
- Tesseract ImagingAR and VR100%
Apps and AI
- Saavn MediaJioSaavn music88.15%
- Jio HaptikConversational AI100%
- Reverie LanguageIndian-language tech84.56%
- Indiavidual LearningAI learning (Embibe)100%
- Jio MediaAI news aggregation100%
Business and security
- Jio ThingsEnterprise IoT100%
- Accops SystemsSecure remote access80.81%
- Surajya ServicesE-government services75.77%
Space and abroad
- Jio Satellite CommunicationsSatellite services100%
- Jio Space TechnologySatellite broadband51% JV
- RJIL UK, USA, SingaporeInternational voice and data100%
- Not inside Jio Platforms, despite the name: JioHotstar (JioStar), Jio Financial Services (listed separately), JioMart and Reliance Retail, Jio-bp, and Reliance Intelligence with its Meta joint venture. They use the 'Jio' brand under licence from Reliance Industries.
Brands inside the group
Reliance Industries
Promoter
JioSaavn
Saavn Media
Radisys
Telecom software
Mimosa
Wireless radios
Haptik
Conversational AI
Embibe
Indiavidual Learning
Reverie
Language tech
Accops
Secure access
SES
Partner in Jio Space Technology
Half the board is Reliance's, half is independent
The ten directors and the people who run the company day to day
How to read it
Each block in the strip is one board seat. Filled blocks are directors named by Reliance Industries, the outlined ones are independent directors, and the blue one is the Managing Director. The lists below name them, and the last row is the management team.
Named by Reliance 5 seats
- Mukesh D. AmbaniChairman, non-executive · Also Chairman and MD of Reliance Industries
- Akash M. AmbaniManaging Director · MD from 9 April 2026
- Isha M. AmbaniNon-executive
- Anant M. AmbaniNon-executive
- Manoj H. ModiNon-executive
Independent 5 seats, one woman
- Raminder Singh GujralIndependent director
- Shumeet BanerjiIndependent director
- Haigreve KhaitanIndependent director
- Dinesh H. KanabarIndependent director
- Zia J. ModyIndependent director
Runs it day to day
- Chief Executive OfficerPankaj PawarCEO from 24 March 2026p.312
- Group PresidentMathew OommenGroup CEO from October 2024; Group President from 19 June 2026p.312
- Chief Financial OfficerSaurabh SanchetiNamed as CFO in the RHPp.6
- Until listing, Reliance can name five to nine directors, and Meta and Google one each. Meta and Google have not named anyone.p.295
- Directors hold no shares in the company. The CEO and the Group President hold 90,000 shares each and the CFO 40,000, each under 0.01%.p.108
How much money moves inside the Reliance group
Related-party deals: business Jio does with its parent and sister companies
How to read it
Top: the value of prepaid recharge vouchers Jio sold to Reliance Retail in each year. Bottom: the six biggest other kinds of deals with group companies in FY26, longest bar first. 'In' is money Jio earns from the group; 'Out' is money it pays to the group. The share beside each row is the RHP's own.
Recharge vouchers sold to Reliance Retail ₹ crore
Reliance Retail buys the vouchers first. Jio counts the money as revenue only when a customer's plan is used, so the RHP does not show it as a share of revenue.p.81
Other money between Jio and the group, FY26 ₹ crore
- Sales to group companies InServices sold to Reliance Industries and other group companies · 4.23% of total income₹6,330
- Equipment bought OutProperty, plant, equipment and software bought from the group · 0.82% of total assets₹5,025
- Selling and distribution OutPaid to other Reliance group companies · 2.92% of total income₹4,374
- Professional fees OutMostly paid to Reliance Industries · 2.56% of total income₹3,839
- Network running costs OutNetwork operating costs paid within the group · 1.85% of total income₹2,776
- Content OutContent charges paid to group companies · 0.56% of total income₹836
- Reliance supplies data-centre space and power, and business support, at cost plus a margin.p.81–82
- After listing, new deals with the group need the Audit Committee's approval and may also need shareholders' approval. Reliance will still have significant influence.Risk factor 40 · p.61
Where the IPO money goes
The two uses the RHP names for the money from new shares
- Pay back the telecom company's loans earlyPrepays loans taken by RJIL, mostly foreign-currency term loans, all planned for FY27. p.116–117Up to ₹27,500 crore
- General corporate purposesOf the gross proceeds. Any money not needed for the loans also goes here, within the same cap. p.116–117At most 25%
- Jio says paying the loans early will cut its net debt and its interest costs, and make it easier to raise money later.p.117
- The issue price, the total raised and the cost of the issue are left blank in the RHP; they are fixed only at pricing.p.116
Main risks, and what the business leans on
Price fights and price rules
Rivals can undercut Jio's plans, and TRAI can set floors or ceilings on what operators charge.Risk factors 13, 21 · p.42–43, p.48
Paying for airwaves
Licences and spectrum run for fixed terms; renewing them or buying more at auction can cost large sums.Risk factors 1, 25 · p.30–31, p.51
Leaning on the Reliance group
Jio rests on agreements with its parent and sister companies: they house its shops, sign up its customers, host its servers in their data centres and supply other services. A break in any of these would hurt, and some of these companies may also compete with Jio.Risk factors 2, 3, 33 · p.31, p.33, p.57
A borrowed name
'Jio' belongs to Reliance Industries and is licensed royalty-free; the licence can end if RIL loses control of the company.Risk factor 7 · p.36, p.232
Rented towers and fibre
Towers and fibre ducts are rented from a few landlords on long contracts that Jio has no right to end; Chapter 7 has the numbers.Risk factor 8 · p.37
Court cases and disputed dues
The company, its parent and its directors face tax and regulatory cases, and claims it disputes may still have to be paid.Risk factors 19, 35 · p.47, p.59
Hacks and data leaks
A cyber attack could stop services and hurt trust; the RHP reports no successful attack in the periods it covers.Risk factor 9 · p.38
Paid-for industry numbers
Most market data in the RHP comes from a report Jio commissioned from Analysys Mason, with no assurance it is complete.Risk factor 36 · p.60
FAQ
Questions people ask about Jio's business
Short, plain answers to what readers ask most. Each one points to the chapter that explains it in full; the prospectus pages behind every answer are listed in chapter 12.
9 questions
The company
What does Jio Platforms do?
Jio Platforms is the digital and telecom company of Reliance Industries. Through its subsidiary Reliance Jio Infocomm it runs India's largest telecom network and its largest home broadband service. On top sit apps such as MyJio, JioTV+, JioSaavn and JioAICloud, and it sells connectivity, cloud, IoT (connected devices) and security to businesses.
Chapter 02Five layers, one platformIs Reliance Jio the same as Jio Platforms?
Not quite. Reliance Jio Infocomm (RJIL) is the telecom company: it holds the licence and the spectrum. Jio Platforms was set up in November 2019 and owns all of RJIL, along with other subsidiaries such as Saavn Media, Radisys and Jio Things. JioMart, JioHotstar and Jio Financial Services carry the Jio name, which belongs to Reliance Industries, but are not part of Jio Platforms.
Chapter 10Who owns it and what it leans onWho owns Jio Platforms?
Reliance Industries holds most of it. Meta (through Jaadhu Holdings) and Google are the next largest holders, and investors such as Silver Lake, KKR and Saudi Arabia's Public Investment Fund bought in during 2020.
Chapter 10Who owns it and what it leans onThe products
What is the difference between JioFiber and JioAirFiber?
JioFiber is a fibre-optic cable laid into your home. JioAirFiber sends home internet over the air, from Jio's 5G network or its own radio technology (UBR), to a small unit at the home, so no cable has to be dug in. AirFiber launched in September 2023.
Chapter 04The home: fibre, AirFiber and the TV boxHow many Jio customers use 5G?
A little over half of all Jio customers were on 5G in June 2026 (derived). Jio launched 5G in October 2022, and the Analysys Mason report in the RHP calls it the third largest 5G customer base in the world.
Chapter 03How Jio changed mobile data in IndiaDoes Jio own its towers and fibre?
Mostly not. The RHP says Jio "has access to" its towers and relies on a few tower companies for them; Summit Digitel alone owns close to half of them (derived), and Jio rents those on a 30-year agreement. About 98% of the fibre it needs comes from Jio Digital Fibre, also on a 30-year agreement; only the last-mile fibre, the final stretch to the customer, is its own. What Jio holds is its spectrum (the right to use radio waves), its radio equipment and the software that runs the network.
Chapter 07The machine behind itMoney and rivals
How does Jio make money?
Almost all of it comes from connectivity: people and firms paying for mobile and home internet plans. The RHP says connectivity is substantially all revenue; apps are bundled into plans and are not reported on their own. Most of it comes from prepaid plans, sold through Reliance Retail. A rough rule: revenue is close to customers × ARPU × 12.
Chapter 08How Jio makes moneyWhat is ARPU and how does Jio work it out?
ARPU is average revenue per user per month. Jio takes RJIL's revenue for the quarter, divides it by the average number of customers in that quarter, then divides by three.
Chapter 08How Jio makes moneyJio vs Airtel: how do the two compare?
Jio has more customers; Airtel earns more from each one and has the higher EBITDA margin (operating profit before depreciation, as a share of revenue). The comparison in the RHP comes from company reports and the Analysys Mason report that Jio commissioned.
Chapter 08How Jio makes moneySources
Sources, method and disclosures
Where every number comes from
Almost every figure comes from one document, the Red Herring Prospectus (RHP) of Jio Platforms Limited dated 14 October 2026. The list below shows which part of it each chapter reads from.
- Our Businessp.196–234Business model, products, network, operations, strategy
- Industry Overviewp.152–195Market data from the Analysys Mason report (commissioned by Jio)
- MD&A and non-GAAP measuresp.436–462Cost lines, EBITDA, cash capex, net debt
- Subsidiaries and corporate structurep.228–229, 256–292Group map and holdings
- Risk factorsp.30–71Dependencies on the Reliance Group, towers, brand
- Related parties, objects of the issue, historyp.80–86, 116–125, 249–255Group dealings, use of IPO money, key dates
Disclosures
- Research entity
- INVESTOLOGY · Rohit Singh · SEBI Registered Research Analyst, INH000015297.
- What this is not
- This is educational content about how a business works. It is not a research report on the security, not a recommendation to buy, sell or apply for shares in the IPO, and not a forecast.
- Market risk
- Investments in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns.
Method
- PagesEach part of the RHP this report reads from is listed here with its pages, such as p.196–234, so you can check any figure in the document. They are listed once, here, rather than beside every number.
- DerivedWhere we did the arithmetic ourselves (a sum, a share, a change), the figure is marked "derived". The inputs are still RHP figures.
- ForecastsMarket sizes, rankings and forecasts are the view of the Analysys Mason report that Jio commissioned and paid for, as quoted in the RHP. They are not our forecasts.
- DiagramsThe diagrams are our own redrawings of the RHP's diagrams, with the numbers placed beside the parts they describe.
Published 18 October 2026Data as of 30 June 2026Figures in ₹; FY = year to 31 MarchLogos and product pictures: Jio and the companies named, trademarks of their owners
Written by
Rohit Singh
Mr. Chartist · SEBI Registered Research Analyst, INH000015297
With 14+ years of experience in Indian financial markets, Rohit Singh (Mr. Chartist) is a SEBI Registered Research Analyst, Amazon #1 bestselling author, and the founder of Investology: a premium trading ecosystem trusted by a 1.5 Lakh+ strong community across India.
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