JioStar, the joint venture between Reliance and Disney, reported its full-year FY2025-26 financial results on Friday, April 24, 2026. The company posted a consolidated net profit of ₹3,210 crore, establishing itself as a powerhouse in India’s media and entertainment landscape.
This milestone comes following the merger of Reliance’s media business and Disney’s India operations, making FY26 the first full year of operations for the integrated entity.
1. FY26 Annual Financial Snapshot
The company’s annual performance was driven by a record-breaking sports calendar and the scale of its digital platform, JioHotstar.
| Metric | FY2025-26 Actual | Status |
| Gross Revenue | ₹36,248 Crore | All-time High |
| Revenue from Operations | ₹31,048 Crore | Strong momentum |
| EBITDA | ₹4,885 Crore | Industry-leading |
| Profit After Tax (PAT) | ₹3,210 Crore | New Record |
2. Q4 FY26 Highlights (January–March 2026)
While the full-year results were strong, the fourth quarter saw a “margin squeeze” due to the massive content and marketing costs associated with the ICC Men’s T20 World Cup and the launch of the IPL 2026.
- Q4 Revenue: ₹9,784 crore (Gross), up 22% from Q3.
- Q4 Profit: ₹419 crore, a sequential decline from ₹888 crore in Q3, reflecting the heavy investment in sports broadcasting rights.
- Peak Concurrency: The T20 World Cup Final set a global record with 72.5 million peak concurrent viewers on JioHotstar.
3. Operational Reach & Dominance
JioStar has leveraged its combined assets to capture more than a third of the Indian entertainment market.
- Television Reach: The network maintained a 34.2% viewership share, reaching over 810 million viewers nationwide.
- Digital Scale: JioHotstar averaged 500 million monthly active users (MAUs) during the March quarter.
- IPL Momentum: The opening weekend of TATA IPL 2026 reached over 515 million viewers across both linear TV and digital platforms.
- AI Innovation: The platform integrated AI-led content discovery via OpenAI and introduced in-app commerce features for live sports.
4. Market Sentiment
Analysts note that while the high cost of sports rights impacted quarterly margins (9.9% in Q4 vs 18.9% in Q3), the annual EBITDA margin of 15.7% remains healthy for a merged entity in its first year. The surge in Connected TV (CTV) ad revenue is expected to be the primary driver of profitability in FY27.