Jio IPO filed, FY26 records set, Reliance targets EBITDA doubling in five years
Consolidated revenue crosses ₹1,175,919 crore, EBITDA ₹207,911 crore, Jio Platforms files DRHP; management outlines five growth pathways.
What's new
- Jio Platforms filed DRHP with SEBI for IPO.
- FY26 consolidated EBITDA at ₹207,911 crore, PAT ₹95,754 crore.
- Retail gross revenue ₹370,026 crore, transactions up 39% to 1.93 billion.
- RCPL revenue doubled YoY to ₹22,000 crore; Campa sales ₹4,700+ crore.
Themes from the call
Demand
Jio subscriber base reached 524 million, with 77 million 5G net adds; retail transactions grew 39% driven by quick commerce via JioMart (3,100+ stores).
Margins
Jio EBITDA margin improved 190 bps to 51.9% on pricing power and operating scale; retail EBITDA stood at ₹27,033 crore.
Capital allocation
FY26 capex ₹144,271 crore; Jio IPO proceeds to fund growth; New Energy battery giga-factory first phase (40 GWh) commissioned, scaling to 120 GWh; $3 billion green ammonia contract signed.
Guidance watch
- Chairman Mukesh Ambani expressed absolute confidence in more than doubling consolidated EBITDA over five years, anchored in five growth pathways.
- Jio IPO timeline not specified beyond DRHP filing; New Energy capacity milestones awaited.
Risk flags
- Geopolitical volatility in West Asia disrupts energy supplies and raises costs.
- New Energy giga-scale execution (120 GWh battery capacity) involves technology and capital intensity challenges.
- Jio IPO success depends on market conditions and investor appetite for telecom assets.
Key quotes
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"I am absolutely confident in our ability to double, indeed more than double, our consolidated EBITDA over the next five years."
— Mukesh Ambani, Chairman
The brief
Reliance Industries capped FY26 with record numbers and a major capital market move. Consolidated revenue rose 9.8% to ₹1,175,919 crore, EBITDA hit ₹207,911 crore (doubled from FY21), and PAT reached ₹95,754 crore. The headline event was Jio Platforms filing its draft red herring prospectus with SEBI, setting the stage for the largest IPO in Indian history. Chairman Mukesh Ambani laid out a five-pathway growth architecture — True 5G migration, Jio AirFiber fixed broadband, SME enterprise digitisation, AI-for-all, and proprietary tech exports — with a pledge to more than double EBITDA in five years.
Jio Platforms delivered revenue of ₹146,885 crore (+14.6%), EBITDA margin of 51.9% (up 190 bps), and PAT crossing ₹30,000 crore. The subscriber base reached 524 million, with 268 million on 5G and 77 million net adds. Reliance Retail posted gross revenue of ₹370,026 crore (+11.8%) and EBITDA of ₹27,033 crore. Transactions surged 39% to 1.93 billion, driven by quick commerce via JioMart (3,100+ stores in 1,200+ cities). RCPL doubled revenue to ₹22,000 crore, with Campa becoming the fourth-largest cold drink brand at ₹4,700+ crore sales.
New Energy is moving from blueprint to factory. The Jamnagar giga-complex has operationalised solar HJT modules and commissioned the first phase of a 40 GWh battery factory, with plans to reach 120 GWh. A $3 billion green ammonia contract with Samsung C&T signals export ambition. Meanwhile, Reliance is building sovereign AI infrastructure at Jamnagar, targeting 200 lakh H100-equivalent GPU capacity, with partnerships including Google and Meta.
The generational transition is nearly complete — Isha, Akash, and Anant heading key verticals — and the 'Five S' institutional model is in place. Risks remain: geopolitical volatility in West Asia, New Energy execution at giga-scale, and Jio IPO pricing in uncertain markets. But the numbers and conviction from management are hard to dismiss. Reliance is placing a big bet on Jio's IPO and New Energy. The numbers support the confidence, but execution is the multiplier.
Reliance is placing a big bet on Jio's IPO and New Energy. The numbers support the confidence, but execution is the multiplier.