Jio Platforms filed its DRHP on June 19, 2026 — a fresh issue of 27 crore shares, no OFS, 14 investment banks. Behind the headlines is a P&L that very few Indian companies can match: ₹1.47 trillion in revenue, a 51.9% EBITDA margin, and a PAT of ₹300 billion.
Here is where every rupee goes.
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[missing markdown anchor: Where Does ₹1.47 Trillion Go?]
Jio grew revenue at +15.8% CAGR between FY2024 and FY2026. EBITDA grew even faster — +17.8% CAGR — meaning margins expanded. PAT compounded at +18.5%, from ₹214 Bn to ₹300 Bn in two years.
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The margin story is consistent: EBITDA, EBIT, PBT and PAT margins all improved between FY2024 and FY2026. The EBIT margin moved from 30% to 33.4% as the D&A burden grew slower than EBITDA. PAT margin held at ~20.5%.
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Net Leverage fell from 0.88× in FY2024 to 0.36× in FY2026. Airtel sits at 1.36×. Vodafone Idea, structurally distressed, exceeds 10×. The IPO proceeds — ₹275,000 Mn earmarked for debt prepayment — will compress Jio's leverage further post-listing.
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ARPU rose from ₹181.7/month in FY2024 to ₹214.0/month in FY2026. Monthly data consumption per user surged from 28.7 GB to 42.3 GB — a 47% jump. Network usage is rising faster than ARPU, implying significant monetisation headroom as 5G and JioFiber scale.
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Before a single retail rupee enters, Jio's cap table already includes Meta, Google, Saudi PIF, KKR, Vista Equity, Silver Lake, Mubadala, ADIA, General Atlantic and TPG. RIL holds 66.43% and retains full control post-IPO.
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Source: Jio Platforms Limited DRHP, filed June 19, 2026. All financials from Restated Consolidated Financial Information. Shareholding as on date of DRHP filing. OpEx breakdown is approximate, derived from DRHP disclosures.