Jio IPO on the Horizon as Ambani Signals Progress amid Reliance's Mixed Q4 Results

Reliance Industries Chairman Mukesh Ambani has reaffirmed that the listing of Jio Platforms is progressing, describing it as a "defining milestone" for the telecom and digital services company. The announcement, made alongside the conglomerate's fourth-quarter results, has renewed market anticipation around what could become India's largest-ever IPO.

"I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone," Ambani said in the quarterly press release.

Reliance is now likely to file draft papers as early as May, incorporating full-year FY26 financials. Earlier timelines had been pushed back owing to market volatility linked to geopolitical tensions.

The listing plans have also received a regulatory boost. The Finance Ministry recently eased IPO norms, allowing companies with a post-issue valuation exceeding ₹5 lakh crore to dilute just 2.5% stake, down from the earlier 5% requirement. The move is widely seen as a key enabler for Jio's public market debut, allowing it to list while limiting equity dilution. Investment banks have valued Jio Platforms at around $180 billion, with the offering potentially raising close to $4 billion.

Mixed Bag for Reliance In Q4

Reliance Industries reported a 13% year-on-year (YoY) decline in consolidated net profit for the quarter ending March 2026, which came in at ₹16,971 crore, reflecting pressure on overall profitability. However, consolidated revenue from operations rose 13% year-on-year to ₹2.94 lakh crore, compared to ₹2.61 lakh crore in the same quarter last year, pointing to resilient top-line growth.

EBITDA for the quarter stood at ₹44,141 crore, up marginally by 1% from ₹43,832 crore a year ago. EBITDA margins, however, contracted by 180 basis points to 15%, from 16.8% in Q4 FY25. The company also declared a dividend of Rs 6 per share for its shareholders.

Jio's Strong Operational Show

Jio Platforms turned in a robust quarter, with operating revenue rising 13% year-on-year to ₹44,928 crore and net profit growing 13% to ₹7,935 crore, backed by subscriber additions and improving monetisation.

EBITDA grew 18% year-on-year, aided by margin expansion of 230 basis points. Average revenue per user climbed to ₹214, reflecting a better customer mix and stronger engagement.

Data consumption remained healthy, with per capita usage at 42.3 GB per month and total data traffic growing around 35% year-on-year. The platform added 9.1 million net subscribers during the quarter, with churn holding steady at 1.7%.

The anticipated IPO is widely expected to serve as a significant trigger for Reliance Industries, and if it proceeds as planned, would rank among the largest listings in India's capital market history.