Following the historic merger of Reliance and Disney’s media assets, JioStar has demonstrated the power of its combined portfolio. In its Q3 FY26 earnings statement, the entity reported a sequential revenue increase and industry-leading margins, supported by a “stacked” content calendar across sports and entertainment
Financial Snapshot: Revenue and Profitability
JioStar’s financial performance reflects the successful integration of its digital and linear assets, maintaining strong profitability even in a competitive advertising market.
| Key Metric | Q3 FY26 (Actual) | Q2 FY26 (Sequential) |
| Gross Revenue | ₹8,010 Crore | ₹7,232 Crore |
| Operating Revenue | ₹6,896 Crore | ₹6,179 Crore |
| EBITDA | ₹1,738 Crore | – |
| EBITDA Margin | 28.1% | – |
| Profit After Tax (PAT) | ₹888 Crore | ₹1,322 Crore |
Note: For the nine-month period ended December 31, 2025, the company recorded a gross revenue of ₹26,464 crore.
Operational Highlights: Dominating the Screen
JioStar’s reach continues to be unmatched in the Indian ecosystem, with its television network and streaming platform seeing record engagement levels.
1. Digital Streaming (JioHotstar)
The unified platform, JioHotstar, has managed to sustain its massive user base even beyond the peak IPL season.
- Monthly Active Users (MAUs): Averaged 450 million in Q3, representing a 13% quarter-on-quarter growth.
- Entertainment Highs: The quarter saw the “highest-ever engagement” for entertainment, led by Bigg Boss across multiple languages and blockbuster film premieres like Lokah and Mirai.
- Sports Surge: Digital viewership for sports hit new peaks. The ICC Women’s World Cup final attracted 99 million digital viewers, matching the scale typically seen in marquee IPL matches.
2. Linear Television
The network’s television arm reached 830 million viewers, delivering over 60 billion hours of watch time during the quarter.
- Market Share: TV entertainment viewership share improved by 100 basis points year-on-year to 34.6%, placing JioStar close to the combined share of its next three largest competitors.
- Programming Strength: Growth was anchored by strong performance in Hindi and regional General Entertainment Channels (GEC).
Strategic Product Initiatives
The company highlighted several “AI-first” and product-led innovations that contributed to higher retention:
- AI-Led Content: The debut of Mahabharat: Ek Dharmayudh, an AI-enhanced series, saw strong adoption across regional languages.
- Product Features: Introduced “Meme the Moment” and multi-view sports formats to deepen user interaction during live broadcasts.
- Global Recognition: Several original series featured in IMDb’s Top 10 Indian series of the year, aiding subscriber acquisitions.
Conclusion
JioStar’s Q3 FY26 results validate the strategic rationale behind the Reliance-Disney merger. By controlling nearly 35% of the TV entertainment market and commanding 450 million monthly digital users, the entity has created a “definitive home” for both live sports and premium entertainment in India. As the company moves toward FY27, its focus on “unmatched monetisation” through a unified tech stack positions it as the dominant force in the South Asian media landscape.
