JioStar, the joint venture formed between Reliance and Disney, reported its Q4 FY2025-26 results on Friday, April 24, 2026, showcasing a record-breaking scale in revenue and viewership despite a sequential compression in profit margins.
The company posted a gross revenue of ₹9,784 crore for the March quarter, fueled largely by a “blockbuster” cricket season featuring both the TATA IPL 2026 and the ICC Men’s T20 World Cup.
1. Q4 FY26 Financial Snapshot
The fourth quarter was a period of high-volume growth for JioStar, though profitability saw a dip due to the massive content and marketing costs associated with back-to-back global cricket events.
| Metric | Q4 FY2026 Performance | Change (vs. Q3) |
| Gross Revenue | ₹9,784 Crore | ▲ 22.15% |
| Revenue from Ops | ₹8,372 Crore | ▲ 21.39% |
| EBITDA | ₹827 Crore | ▼ 36.53% |
| Profit After Tax (PAT) | ₹419 Crore | ▼ 52.82% |
| EBITDA Margin | 9.9% | (from 18.9% in Q3) |
2. Full-Year Performance (FY26)
FY26 marked the first full financial year for JioStar as a merged entity. The results underscore its status as India’s dominant media and entertainment powerhouse.
- Annual Gross Revenue: ₹36,248 Crore (a 228% jump from the shorter FY25 reporting period).
- Annual Profit After Tax: ₹3,210 Crore.
- Operational Efficiency: Annual EBITDA margin stood at 15.7%, nearly double the 8.1% recorded in the previous year.
3. Key Operational Drivers
The quarter’s results were primarily driven by a massive “Race for Attention” won through sports and AI-led digital innovation.
The Cricket Engine
- World Record Viewership: The ICC Men’s T20 World Cup 2026 final set a new global benchmark for live event streaming, reaching a peak concurrency of 72.5 million users on the JioHotstar app.
- IPL Outreach: The opening weekend of the TATA IPL 2026 reached over 515 million viewers across television and digital platforms combined.
Dominant Reach
- Television: JioStar maintained its leadership with a 34.2% viewership share, reaching approximately 810 million people nationwide.
- Digital Growth: JioHotstar averaged 500 million monthly active users (MAUs) during the quarter.
- AI Integration: The platform launched AI-led content discovery in partnership with OpenAI, alongside new in-app commerce features that allow users to shop during live events.
4. Market Impact
While the revenue growth was celebrated by analysts, the margin contraction (from 18.9% to 9.9%) highlighted the heavy financial toll of sports broadcasting rights. Investors are now watching to see how the company utilizes its massive user data to improve ad-targeting and recoup these high acquisition costs in FY27.