Jio Platforms (JPL), which became India's second-largest company by market value on its public debut Wednesday, posted a 14% increase in net profit to ₹8,387 crore in the September quarter, helped by improving 4G/5G subscriber mix and growth in digital services. Sequentially, profit climbed 8% at the company that completed the country's biggest IPO last week.
JPL crossed the 300 million 5G subscribers mark as its overall customer base increased to 542 million. Jio also crossed the ₹40,000-crore quarterly revenue threshold. It took six quarters to add ₹10,000 crore of sales over a three-month period, having crossed the ₹30,000 crore milestone in March 2025.
Jio Platforms rose 0.57% to close at ₹1,431.20 on the BSE on Friday .
Friday's earnings announcement is the first for Jio Platforms since its October 28 public debut, making it an early test whether the company's operating performance can sustain investor enthusiasm surrounding the blockbuster IPO.
"This week marked a historic moment in Reliance's value creation journey with Jio's record-setting listing on Indian bourses," Mukesh Ambani, chairman and managing director, Reliance Industries, said. "With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks."
The ₹30,213-crore offering was subscribed 22.19 times. Its shares ended their debut session 27% above the ₹1,119 issue price. As of Friday's close, Jio reached a market capitalisation of nearly ₹13.18 lakh crore, compared with nearest peer Bharti Airtel's ₹12.30 lakh crore.
Ambani added that Jio is now India's second largest company.
"I am proud to witness the rejuvenation of 'the equity cult' originally pioneered by our founder-chairman during the 1977 Reliance IPO," Mukesh Ambani said.
JPL, which holds Reliance Industries' telecom and digital businesses, maintained its steady streak of revenue growth driven by continued subscriber additions, higher revenue per user, growing content consumption, and rising 5G adoption.
Revenue from operations rose 11.4% to ₹40,475 crore while earnings before interest, tax, depreciation and amortisation (Ebitda) increased 16.6% to ₹21,879 crore. Its operating margin expanded 250 basis points from a year earlier to 54.1%.
One basis point is a hundredth of a percentage point.
"Ahead-of-the-curve investment on next-generation technologies has been the foundation of Jio's success over the past decade," said Akash Ambani, managing director, Jio Platforms.
"We would continue to build our capabilities across satellite communications, 6G intellectual property and AI embedded in our core voice and data services as we create lasting value for all our stakeholders."
The company added 9.1 million subscribers during the quarter, taking its total customer base to 542.4 million. Its 5G user base reached 300 million, with the technology now carrying 56% of its wireless data traffic.
Monthly average revenue per user (ARPU), a key profitability metric, improved to ₹218.8 from ₹215.6 in the June quarter and Rs 211.4 a year earlier. Rival Bharti Airtel reported ₹264 ARPU for June quarter and is yet to announce September-quarter results.
India's mobile broadband market could add 340 million customers over the next five years, Jio Platforms' chief executive Pankaj Pawar said in a post-earnings presentation.
