Reliance Jio, the digital arm of Reliance Industries Limited (RIL), continued its growth trajectory in the October–December 2025 quarter. The company’s performance was bolstered by a steady migration of users to 5G plans and a robust expansion of its fixed wireless access (FWA) service, JioAirFiber.
Financial Performance: Double-Digit Topline Growth
Jio Platforms Limited (JPL) reported a healthy increase in both revenue and profitability, maintaining its lead in the Indian telecom sector.
| Key Metric | Q3 FY26 (Actual) | YoY Growth |
| Gross Revenue | ₹43,683 Crore | +12.7% |
| Revenue from Operations | ₹37,262 Crore | +12.7% |
| EBITDA | ₹19,303 Crore | +16.4% |
| EBITDA Margin | 51.8% | +170 bps |
| Net Profit (PAT) | ₹7,629 Crore | +11.2% |
Operational Highlights: The 5G and Data Revolution
Jio’s operational metrics reflect a maturing 5G ecosystem, with more than half of its wireless data traffic now being carried over the 5G network.
- ARPU Expansion: The Average Revenue Per User (ARPU) rose to ₹213.7 (rounded to ₹214 in previews), up 5.1% year-on-year. This growth was driven by a better subscriber mix and higher data engagement, though partially offset by unlimited 5G promotional offers.
- 5G Milestone: The 5G subscriber base crossed 253 million, now accounting for roughly 53% of total wireless traffic.
- Data Consumption: Per capita data consumption surged to 40.7 GB per month, reflecting a 34% year-on-year growth in total data traffic.
- Subscriber Additions: The company added 8.9 million net subscribers during the quarter, bringing its total user base to 515.3 million.
Fixed Broadband and JioAirFiber
Jio has solidified its position as a dominant player in the home broadband market, capturing a significant share of incremental additions.
- JioAirFiber: The FWA service became the first of its kind globally to surpass 10 million subscribers, ending the quarter with a base of 11.5 million.
- Connected Premises: Total connected premises with fixed broadband increased to 25.3 million.
- Market Share: Jio now holds a 41% market share in the Indian fixed broadband segment.
“Jio’s over 500 million subscriber base… will empower Reliance Intelligence to achieve its aim to make India not just AI-enabled but AI-empowered—where every citizen and enterprise can harness AI tools to create, innovate and grow.” — Mukesh D. Ambani, Chairman & MD, RIL.
Conclusion
Jio’s Q3 FY26 results underscore a transition from a “volume-led” to a “value-led” growth model. While subscriber additions remain healthy, the true story lies in the 170 bps EBITDA margin expansion and the rapid adoption of 5G. As the company prepares for its anticipated IPO in the first half of 2026, its focus on high-ARPU 5G users and fixed-line expansion provides a robust foundation for valuation.
