With 524 million customers and 268.5 million on 5G, Jio steps out of Reliance's results
For years, anyone wanting to know how Jio was doing had to look inside Reliance Industries ' quarterly results. That is about to change. Once Jio Platforms is listed on the stock exchanges, it will report its numbers on its own, and investors will be able to follow the telecom business as a separate company for the first time.
The starting numbers are already on the table. Reliance Jio Infocomm , Jio Platforms' main telecom company, had 524.4 million customers as of March 31, 2026, according to an ICICI Direct analysis1 of the company's offer document. Of these users, 268.5 million were on Jio's 5G network by March 2026, as per a report in the Daily Pioneer2.
The company's IPO papers also lean on outside research. According to Upstox3, the draft prospectus cites an industry report by consulting firm Analysys Mason, which says Jio's pan-India reach and its large and highly engaged customer base set it apart from other players in the country.
These numbers sit within a much bigger shift in how India uses the internet. Speaking at the Jio IPO media meet on October 15, Uday Kotak, chairman of Kotak Investment Banking, said India has gone from fewer than 1 crore 4G customers to 100 crore 4G and 5G customers in 10 years, turning from a "data-scarce nation" into a “data-abundant” one. Kotak, who spoke on behalf of Jio Platforms and the bankers managing the issue, said Jio's entry gave people much lower prices and helped make connectivity available to all.
Kotak also put Jio's own customer base at 53 crore, a figure Akash Ambani, managing director of Jio Platforms, repeated when he addressed the media. According to Ambani, Jio built this base over the past decade and now carries more than 60% of India's digital traffic .
He also shared how much data each user consumes. As per Ambani, the average Jio user now uses 43.7 GB of data every month. Beyond mobile, he said Jio has around 30 million home broadband customers , with its network reaching nearly 40 million homes out of roughly 300 million households in the country. He said 40% of new home broadband additions were coming from outside tier-I and tier-II cities, helped by Jio's wireless technology for the last stretch of the connection.
Akash Ambani then turned to the company's earnings. He said Jio Platforms' revenue had grown from about Rs 1.09 lakh crore to more than Rs 1.46 lakh crore over three years, an annual growth rate of 15.8%. Over the same period, its EBITDA, or operating profit, rose from around Rs 54,000 crore to over Rs 76,000 crore, according to Akash Ambani. He added that the company's EBITDA margin stood at 53.3% in the June quarter.
Until now, figures like these reached the public as part of Reliance's larger results. As a listed company, Jio will put out its subscriber numbers, data use and network spending separately.
The issue itself is a large one. According to Kotak, it will raise Rs 30,188 crore at the upper end of the price band, making it India's largest IPO ever. He also said that once Jio is listed, the Reliance group will become India's largest conglomerate by listed market value.
For Jio's customers, nothing changes on their phone screens. What changes is how much the public gets to see. With the listing close, Jio's growth will soon be tracked in the open, quarter after quarter, and how its 5G users, data consumption and earnings move from here will be there for every customer and investor to follow.
References:
https://www.icicidirect.com/research/equity/finace/everything-to-know-about-jio-platforms-ipo https://dailypioneer.com/news/slug-lite/jio-ipo-reliance-jios-growth-story-and-public-market-expectations?year=2026 https://upstox.com/news/market-news/ipo/jio-platforms-ipo-likely-to-launch-this-month-a-look-at-its-strengths-and-risks-from-rhp/article-201751/
The starting numbers are already on the table. Reliance Jio Infocomm , Jio Platforms' main telecom company, had 524.4 million customers as of March 31, 2026, according to an ICICI Direct analysis1 of the company's offer document. Of these users, 268.5 million were on Jio's 5G network by March 2026, as per a report in the Daily Pioneer2.
The company's IPO papers also lean on outside research. According to Upstox3, the draft prospectus cites an industry report by consulting firm Analysys Mason, which says Jio's pan-India reach and its large and highly engaged customer base set it apart from other players in the country.
These numbers sit within a much bigger shift in how India uses the internet. Speaking at the Jio IPO media meet on October 15, Uday Kotak, chairman of Kotak Investment Banking, said India has gone from fewer than 1 crore 4G customers to 100 crore 4G and 5G customers in 10 years, turning from a "data-scarce nation" into a “data-abundant” one. Kotak, who spoke on behalf of Jio Platforms and the bankers managing the issue, said Jio's entry gave people much lower prices and helped make connectivity available to all.
Kotak also put Jio's own customer base at 53 crore, a figure Akash Ambani, managing director of Jio Platforms, repeated when he addressed the media. According to Ambani, Jio built this base over the past decade and now carries more than 60% of India's digital traffic .
He also shared how much data each user consumes. As per Ambani, the average Jio user now uses 43.7 GB of data every month. Beyond mobile, he said Jio has around 30 million home broadband customers , with its network reaching nearly 40 million homes out of roughly 300 million households in the country. He said 40% of new home broadband additions were coming from outside tier-I and tier-II cities, helped by Jio's wireless technology for the last stretch of the connection.
Akash Ambani then turned to the company's earnings. He said Jio Platforms' revenue had grown from about Rs 1.09 lakh crore to more than Rs 1.46 lakh crore over three years, an annual growth rate of 15.8%. Over the same period, its EBITDA, or operating profit, rose from around Rs 54,000 crore to over Rs 76,000 crore, according to Akash Ambani. He added that the company's EBITDA margin stood at 53.3% in the June quarter.
Until now, figures like these reached the public as part of Reliance's larger results. As a listed company, Jio will put out its subscriber numbers, data use and network spending separately.
The issue itself is a large one. According to Kotak, it will raise Rs 30,188 crore at the upper end of the price band, making it India's largest IPO ever. He also said that once Jio is listed, the Reliance group will become India's largest conglomerate by listed market value.
For Jio's customers, nothing changes on their phone screens. What changes is how much the public gets to see. With the listing close, Jio's growth will soon be tracked in the open, quarter after quarter, and how its 5G users, data consumption and earnings move from here will be there for every customer and investor to follow.
References:
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