Jio Platforms Limited (JPL) reported a 13.7% year-on-year (YoY) increase in consolidated net profit to ₹8,387 crore in Q2 FY27, while revenue from operations grew 11.4% to ₹40,475 crore. EBITDA rose 16.6% to ₹21,879 crore, with the EBITDA margin expanding by 250 basis points to 54.1%.
The Jio Platforms Q2 FY27 Results mark the company's first quarterly earnings announcement following its stock market listing on 28 October 2026. Strong subscriber additions, higher average revenue per user (ARPU), growing digital services revenue and improved cash generation supported the quarter. However, higher finance costs following 5G asset capitalisation restricted net profit growth.
This Jio Platforms Q2 FY27 Results Analysis examines the company's financial performance, subscriber growth, profitability, cash flow, IPO developments and key factors investors should monitor.
Table of Contents
- Jio Platforms Q2 FY27 Results: Key Highlights
- Jio Platforms Q2 FY27 Financial Performance
- What Drove Jio's Revenue Growth?
- Jio Subscriber Growth and Operating Performance
- Why Did Jio's EBITDA Margin Expand?
- Jio Platforms Cash Flow and Capital Expenditure
- Jio Platforms IPO, Listing and Share Price
- Jio Platforms Valuation After IPO
- Jio Platforms vs Reliance Jio: Financial Comparison
- Key Risks and What Investors Should Monitor
- Jio Platforms Q2 FY27 Results: Investor Takeaway
The Jio Q2 FY27 Results reflected growth across revenue, operating profitability, subscriber additions and cash generation.
The company's EBITDA grew faster than revenue, indicating improving operating efficiency. At the same time, higher finance costs created a gap between operating profit growth and net profit growth.
Key highlights of the September 2026 quarter include:
-
Revenue growth: Consolidated revenue from operations increased 11.4% YoY to ₹40,475 crore.
-
Net profit: Consolidated profit after tax (PAT) rose 13.7% to ₹8,387 crore.
-
EBITDA growth: EBITDA increased 16.6% to ₹21,879 crore.
-
Margin expansion: EBITDA margin improved by 250 basis points to 54.1%.
-
ARPU improvement: Average revenue per user reached ₹218.8.
-
Subscriber additions: Jio added 9.1 million subscribers during the quarter, taking its total base above 542 million.
-
5G expansion: The company's 5G mobility subscriber base crossed 300 million.
-
Broadband growth: Fixed-broadband subscribers exceeded 30 million.
-
Free cash flow: H1 FY27 free cash flow, as defined by the company, increased 98% YoY to ₹32,130 crore.
These figures indicate that Jio's growth was supported by both an expanding customer base and improving revenue generation.
However, investors should distinguish between operating performance and bottom-line profitability, particularly as finance costs have increased following the capitalisation of 5G assets.
/content-assets/948aca062ba14bb0ab4dc64b566263ac.png)
To assess how Jio Platforms' revenue growth, margin expansion and post-IPO performance relate to its market valuation, check the Jio Platforms share price, historical charts and key valuation ratios.
The Jio Platforms Q2 FY27 Report shows double-digit growth in revenue, EBITDA and consolidated net profit compared with the September 2025 quarter.
The following tables summarise the company's consolidated financial performance during Q2 FY27 and Q2 FY26.
Jio Platforms Q2 FY27 Financial Results
| Financial Metric |
Q2 FY27 and YoY Growth |
| Revenue from operations |
₹40,475 cr (+11.4% YoY) |
| Gross revenue |
₹47,485 cr (+11.3% YoY) |
| EBITDA |
₹21,879 cr (+16.6% YoY) |
| EBITDA margin |
54.1% (+250 bps YoY) |
| Profit after tax |
₹8,387 cr (+13.7% YoY) |
Jio Platforms Q2 FY26 Financial Results
For a year-on-year comparison, the following table presents Jio Platforms' consolidated financial performance during Q2 FY26.
| Financial Metric |
Q2 FY26 |
| Revenue from operations |
₹36,332 cr |
| Gross revenue |
₹42,652 cr |
| EBITDA |
₹18,757 cr |
| EBITDA margin |
51.6% |
| Profit after tax |
₹7,375 cr |
Revenue Growth of 11.4%
Jio Platforms reported consolidated revenue from operations of ₹40,475 crore in Q2 FY27, compared with ₹36,332 crore in Q2 FY26.
This represents an increase of ₹4,143 crore, or 11.4% YoY.
Gross revenue also increased 11.3% from ₹42,652 crore to ₹47,485 crore.
Revenue growth was supported by:
-
Expansion in Jio's mobile subscriber base.
-
Higher average revenue per user.
-
Increased mobile data consumption.
-
Growth in fixed-broadband services.
-
Faster expansion in digital services revenue.
The combination of subscriber growth and improved revenue per customer suggests that Jio's expansion was not dependent solely on adding new users.
EBITDA Increases 16.6%
Jio Platforms' EBITDA increased from ₹18,757 crore in Q2 FY26 to ₹21,879 crore in Q2 FY27.
This represents a year-on-year increase of ₹3,122 crore, or 16.6%.
EBITDA grew faster than revenue, which increased 11.4% during the same period.
Consequently, the EBITDA margin expanded from 51.6% to 54.1%.
This indicates that Jio generated additional operating earnings without a proportionate increase in operating expenses.
For investors, the margin expansion is important because it demonstrates the operating leverage available from Jio's large telecom and digital infrastructure network.
Jio Platforms Q2 FY27 Net Profit Rises 13.7%
Jio Platforms reported consolidated net profit of ₹8,387 crore in Q2 FY27, compared with ₹7,375 crore in the corresponding quarter last year.
The increase of ₹1,012 crore represents 13.7% YoY growth.
However, net profit grew more slowly than EBITDA.
The difference was partly attributable to higher finance costs following the capitalisation of Jio's 5G assets in March 2026.
Once network assets are capitalised, the related accounting and financing costs become more visible in reported earnings.
This creates an important distinction in the Jio Platforms Q2 Earnings FY27:
Operating profitability improved faster than reported net profit, highlighting the impact of financing costs on bottom-line earnings.
Future profit growth will therefore depend not only on revenue and EBITDA expansion but also on finance costs, depreciation and balance-sheet management.
Jio's Q2 FY27 revenue growth was supported by its core connectivity business and faster-growing digital services operations.
While connectivity remained the principal revenue driver, digital services recorded a higher growth rate.
1. Connectivity Revenue Grows 11%
Jio's connectivity revenue increased approximately 11% YoY during Q2 FY27.
Growth was supported by subscriber additions, higher data consumption and improving revenue per user.
Jio added 9.1 million subscribers during the quarter while maintaining monthly churn at 1.6%.
The combination of subscriber additions and stable churn suggests that the company continued expanding its customer base without a significant deterioration in customer retention.
Increasing data usage also demonstrates growing utilisation of Jio's network infrastructure.
However, higher data consumption does not automatically translate into proportionate revenue growth, particularly when customers use bundled data plans.
2. Digital Services Revenue Increases 16%
Jio Platforms' digital services revenue increased 16% YoY, outperforming the connectivity business.
This suggests that businesses beyond traditional telecom connectivity are becoming an increasingly important component of the company's growth.
|
Business segment
|
Q2 FY27 YoY revenue growth
|
|
Connectivity
|
11%
|
|
Digital Services
|
16%
|
Digital services grew approximately five percentage points faster than connectivity.
For investors, this is relevant because Jio Platforms operates a broader digital ecosystem rather than functioning exclusively as a mobile network operator.
However, the available figures do not provide the absolute revenue contribution or profitability of the digital services segment.
As a result, the exact non-telecom revenue mix and its contribution to consolidated EBITDA cannot be calculated from the disclosed data.
Greater segment-level disclosure would help investors assess whether digital services can become a more substantial earnings contributor.
3. ARPU Improves to ₹218.8
Jio's average revenue per user reached ₹218.8 in Q2 FY27.
ARPU measures the average monthly revenue generated from each user and is an important indicator of telecom monetisation.
The improvement was supported by a better subscriber mix and higher usage.
However, promotional offers for fixed-broadband customers partially offset these gains.
This distinction matters because subscriber growth alone does not guarantee stronger profitability.
Jio's ability to increase revenue per user while retaining customers will remain an important factor in sustaining earnings growth.
Future ARPU performance will depend on subscriber mix, pricing decisions, promotional intensity and the adoption of higher-value services.
The Jio Platforms Q2 Results 2027 highlighted continued expansion in mobile connectivity, 5G adoption, fixed broadband and data traffic.
These operating indicators help explain the company's revenue growth and provide insight into the utilisation of its network infrastructure.
Key Subscriber and Network Metrics
|
Operating metric
|
Q2 FY27 performance
|
|
Total subscriber base
|
Over 542.4 million
|
|
Quarterly net subscriber additions
|
9.1 million
|
|
Trailing 12-month net additions
|
36 million
|
|
Monthly subscriber churn
|
1.6%
|
|
5G mobility subscribers
|
Over 300 million
|
|
Fixed-broadband subscribers
|
Over 30 million
|
|
Monthly data usage per user
|
44.2 GB
|
|
Total data traffic growth
|
22.1% YoY
|
|
ARPU
|
₹218.8
|
Mobile Subscriber Base Crosses 542 Million
Jio's total subscriber base exceeded 542.4 million during Q2 FY27.
The company added 9.1 million subscribers in the quarter and recorded 36 million net additions over the trailing 12 months.
Meanwhile, monthly churn remained stable at 1.6%.
For investors, these numbers indicate that Jio continued expanding its subscriber base while maintaining customer retention.
A growing subscriber base also provides opportunities to improve revenue through higher-value plans and additional digital services.
However, the financial benefit depends on how effectively Jio converts subscriber growth into higher ARPU and profitability.
5G Subscribers Cross 300 Million
Jio's 5G mobility subscriber base crossed 300 million during the September 2026 quarter.
This is a significant operational milestone given the company's substantial investment in 5G infrastructure.
The expansion of its 5G subscriber base indicates increasing adoption of the network.
It may also support better utilisation of existing infrastructure as more customers migrate to 5G services.
However, 5G subscriber growth does not necessarily mean an equivalent increase in revenue.
The key financial question is whether higher 5G adoption can support stronger ARPU, improved network efficiency and sustainable margins.
Fixed-Broadband Subscribers Exceed 30 Million
Jio's fixed-broadband subscriber base crossed 30 million in Q2 FY27.
The milestone reflects the company's continued expansion beyond mobile connectivity into home broadband services.
However, promotional offers in fixed broadband partially diluted the improvement in overall ARPU.
This creates a trade-off between customer acquisition and near-term monetisation.
For investors, the important indicators will be broadband subscriber retention, promotional spending, revenue per connection and profitability as the customer base expands.
Data Traffic Grows 22.1%
Jio reported 22.1% YoY growth in total data traffic.
Average monthly data consumption per user reached 44.2 GB.
The increase indicates that customers are consuming more data across Jio's network.
Higher network utilisation can support operating leverage when additional traffic is handled without a proportionate increase in operating costs.
However, continued traffic growth also requires investment in network capacity, infrastructure maintenance and technology upgrades.
Jio must therefore balance rising data demand with disciplined capital expenditure.
One of the most important developments in the Jio Platforms Q2 FY27 Results was the 250-basis-point expansion in EBITDA margin.
The margin increased from 51.6% in Q2 FY26 to 54.1% in Q2 FY27.
This improvement occurred because EBITDA grew faster than revenue.
EBITDA Margin Comparison
Q2 FY27
|
Metric
|
Q2 FY27
|
|
Revenue from operations
|
₹40,475 cr
|
|
EBITDA
|
₹21,879 cr
|
|
EBITDA margin
|
54.1%
|
Q2 FY26
|
Metric
|
Q2 FY26
|
|
Revenue from operations
|
₹36,332 cr
|
|
EBITDA
|
₹18,757 cr
|
|
EBITDA margin
|
51.6%
|
The company generated an additional ₹3,122 crore in EBITDA on incremental revenue of ₹4,143 crore.
This reflects strong operating leverage during the quarter.
Several developments supported the margin expansion.
Higher network utilisation: Subscriber additions and increasing data consumption helped Jio generate more revenue from its infrastructure.
Improving revenue per user: Higher ARPU supported revenue growth without requiring equivalent growth in subscriber acquisition.
Scale benefits: Jio's large customer base allowed incremental revenue to contribute more efficiently to operating earnings.
Digital services growth: The faster-growing digital services business provided an additional source of revenue expansion.
However, the disclosed figures do not establish the individual contribution of each factor to margin improvement.
Can Jio Sustain a 54.1% EBITDA Margin?
The sustainability of Jio's EBITDA margin will depend on its ability to maintain revenue growth while controlling operating costs.
Potential supporting factors include continued 5G adoption, premiumisation, fixed-broadband expansion and digital services growth.
However, broadband promotions, competitive pricing and additional network investment could affect future profitability.
Investors should also recognise that EBITDA margin excludes finance costs and depreciation.
Therefore, sustained EBITDA margin expansion does not automatically guarantee equivalent growth in net profit.
Jio Platforms reported a substantial improvement in free cash flow during the first half of FY27.
The company's reported free cash flow, defined as EBITDA less cash capital expenditure, increased 98% YoY to ₹32,130 crore in H1 FY27.
This is an important development because Jio has historically required significant investment in telecom infrastructure and network expansion.
What Does the Free Cash Flow Improvement Indicate?
The increase suggests that Jio's operating earnings are increasingly exceeding its cash capital expenditure requirements.
It also indicates improving cash generation following substantial investment in 5G infrastructure.
For investors, stronger cash generation can improve financial flexibility and support future investment requirements.
However, the company's reported free cash flow definition should be interpreted carefully.
EBITDA less cash capital expenditure is not equivalent to conventional free cash flow calculated from operating cash flow less capital expenditure.
The reported measure does not, by itself, establish the cash remaining after interest payments, taxes and working-capital movements.
Consequently, investors should assess Jio's cash flow alongside its financing obligations and future investment requirements.
Future Capital Expenditure Requirements
Although H1 FY27 free cash flow nearly doubled, Jio continues to operate in capital-intensive businesses.
Future investment areas include:
- Fixed-broadband network expansion.
- Artificial intelligence infrastructure.
- Satellite communications.
- Future mobile network technologies, including 6G.
- Additional network capacity and technology upgrades.
These investments could influence future cash generation.
The key issue is whether Jio can maintain operating earnings growth while keeping capital expenditure at sustainable levels.
Jio Platforms listed on the BSE and NSE on 28 October 2026, making Q2 FY27 its first quarterly earnings announcement as a publicly listed company.
The IPO raised ₹30,213 crore and was reported as India's largest IPO.
A substantial portion of the proceeds was allocated towards repayment of external commercial borrowings at Reliance Jio Infocomm.
Jio Platforms IPO Details
|
Particulars
|
Details
|
|
Company
|
Jio Platforms Limited
|
|
Stock exchanges
|
BSE and NSE
|
|
Listing date
|
28 October 2026
|
|
IPO size
|
₹30,213 crore
|
|
IPO proceeds allocated to debt repayment
|
₹27,500 crore
|
|
Share price on 30 October 2026
|
₹1,431.20
|
|
Market capitalisation before results
|
Approximately ₹13.18 lakh crore
|
|
Intraday share price on 2 November 2026
|
₹1,476
|
How Will IPO Proceeds Affect Jio's Debt?
Of the gross IPO proceeds, ₹27,500 crore was used to repay part or all of certain external commercial borrowings of Reliance Jio Infocomm.
This is relevant because lower borrowings can reduce future interest obligations.
A reduction in financing costs could support net profit growth, particularly as the company has already experienced higher finance costs following 5G asset capitalisation.
However, the extent of the benefit will depend on the borrowings repaid, remaining debt and subsequent financing requirements.
Investors should monitor future disclosures on net debt, interest expenses and cash flow.
Jio Platforms Share Price After Q2 FY27 Results
Jio Platforms shares closed at ₹1,431.20 on the BSE on 30 October 2026.
Following the earnings announcement, the stock rose as much as 3.1% to ₹1,476 on 2 November 2026.
The positive movement followed a quarter characterised by double-digit earnings growth, margin expansion and stronger cash generation.
However, short-term share price movements should not be treated as conclusive evidence of long-term valuation attractiveness.
Jio Platforms' post-IPO valuation is an important consideration because investors can now evaluate the company as a separately listed business.
Based on the reported market capitalisation of approximately ₹13.18 lakh crore before the results, the company commanded a substantial valuation relative to its quarterly earnings.
The following calculations use the reported market capitalisation and Q2 FY27 financials.
Indicative Valuation Metrics
|
Valuation metric
|
Indicative value
|
|
Market capitalisation
|
₹13.18 lakh cr
|
|
Q2 FY27 revenue
|
₹40,475 cr
|
|
Q2 FY27 PAT
|
₹8,387 cr
|
|
Annualised Q2 revenue
|
₹1,61,900 cr
|
|
Annualised Q2 PAT
|
₹33,548 cr
|
|
Price-to-sales (annualised Q2 basis)
|
Approximately 8.1x
|
|
Price-to-earnings (annualised Q2 basis)
|
Approximately 39.3x
|
Note: Annualised figures are calculated by multiplying Q2 FY27 revenue and PAT by four. These are illustrative run-rate calculations, not reported full-year results or company forecasts. The valuation multiples use the reported pre-results market capitalisation and are not updated for subsequent share price movements.
What Does the Valuation Indicate?
An indicative annualised P/E of approximately 39.3x suggests that investors are valuing Jio Platforms on expectations of continued earnings growth.
The valuation needs to be considered alongside the company's scale, operating margins, subscriber growth and cash generation.
However, several factors limit the usefulness of a single-quarter annualised valuation.
First, quarterly earnings may not accurately represent full-year profitability.
Second, finance costs and depreciation can influence reported earnings as network assets are capitalised.
Third, Jio Platforms includes digital services and other platform operations beyond its core telecom business.
Investors should therefore examine full-year earnings, debt-adjusted valuation, future capital expenditure and segment profitability before drawing conclusions.
An enterprise value-to-EBITDA comparison would also be useful, but a reliable calculation requires additional balance-sheet information, including net debt and cash.
Jio Platforms and Reliance Jio Infocomm are related businesses, but their reported financial figures are not identical.
Reliance Jio Infocomm represents the core telecom operating business, while Jio Platforms includes a broader group of digital and platform operations.
Within Reliance Industries' Q2 FY27 results, Reliance Jio reported operating revenue of ₹35,307 crore and EBITDA of ₹20,505 crore.
Jio Platforms reported higher consolidated revenue and EBITDA.
Q2 FY27 Financial Comparison
The following tables compare Jio Platforms and Reliance Jio's financial performance during Q2 FY27.
Jio Platforms Q2 FY27 Financial Performance
| Financial Metric |
Q2 FY27 and YoY Growth |
| Operating revenue |
₹40,475 cr (+11.4% YoY) |
| EBITDA |
₹21,879 cr (+16.6% YoY) |
Reliance Jio Q2 FY27 Financial Performance
| Financial Metric |
Q2 FY27 and YoY Growth |
| Operating revenue |
₹35,307 cr (+10.8% YoY) |
| EBITDA |
₹20,505 cr (+14.7% YoY) |
Jio Platforms reported ₹5,168 crore more revenue and ₹1,374 crore more EBITDA than Reliance Jio.
However, these differences should not be interpreted directly as the standalone revenue or EBITDA of digital services.
Consolidation adjustments and differences in reporting scope must also be considered.
How Does Reliance Industries' Performance Affect Jio Platforms?
Reliance Industries reported a sharp increase in overall Q2 FY27 profit, supported by Jio and a strong oil-to-chemicals business.
However, investors evaluating Jio Platforms should focus primarily on JPL's own consolidated results.
Reliance Industries' earnings include several businesses with different operating models, profitability drivers and capital requirements.
Consequently, group-level profit growth should not be treated as a direct indicator of Jio Platforms' financial performance.
Despite strong operating performance, Jio Platforms faces risks associated with capital expenditure, competition, pricing and financing costs.
The sustainability of its Q2 FY27 performance will depend on whether the company can convert subscriber growth and network scale into consistent earnings and cash generation.
Key Factors to Track
|
Area
|
What investors should monitor
|
|
ARPU
|
Growth beyond ₹218.8 and subscriber mix
|
|
Telecom tariffs
|
Industry pricing changes and customer retention
|
|
Subscriber growth
|
Net additions and monthly churn
|
|
Fixed broadband
|
Promotional intensity and profitability
|
|
Digital Services
|
Revenue growth and segment profitability
|
|
EBITDA margin
|
Sustainability of the 54.1% margin
|
|
Capital expenditure
|
Spending on broadband, AI and network infrastructure
|
|
Free cash flow
|
Cash generation after future investment requirements
|
|
Debt and finance costs
|
Impact of IPO-funded debt repayment
|
|
Competition
|
Pricing and subscriber trends across telecom operators
|
1. ARPU Growth and Tariff Changes
Jio's ARPU improved to ₹218.8 during Q2 FY27.
However, the company's ability to increase ARPU further will depend on pricing decisions, subscriber mix and competitive conditions.
Industry tariff increases could support revenue growth, but higher prices may also influence customer retention and usage behaviour.
Investors should monitor whether future ARPU gains are accompanied by stable subscriber additions and churn.
2. Fixed-Broadband Profitability
Jio crossed 30 million fixed-broadband subscribers, reflecting strong expansion in home connectivity.
However, promotional offers partially offset the improvement in ARPU.
The key risk is that aggressive customer acquisition spending could restrict near-term monetisation.
Future disclosures on broadband pricing, retention and profitability will be important in evaluating this business.
3. Digital Services Monetisation
Digital Services revenue grew 16% YoY, outperforming connectivity revenue growth.
This is encouraging for Jio's broader platform strategy.
However, the available data does not establish the segment's absolute revenue contribution or profitability.
Investors should monitor whether digital services growth translates into a larger and more sustainable contribution to consolidated earnings.
4. Capital Expenditure and Free Cash Flow
Jio's reported H1 FY27 free cash flow increased 98% to ₹32,130 crore.
However, the company continues to invest in broadband, AI infrastructure, satellite communications and future network technologies.
A renewed increase in capital expenditure could affect future cash generation.
Investors should therefore evaluate cash flow alongside capital expenditure commitments rather than relying exclusively on EBITDA growth.
5. Higher Finance Costs
Jio's net profit increased 13.7%, compared with EBITDA growth of 16.6%.
Higher finance costs following 5G asset capitalisation contributed to the difference.
Although IPO proceeds have been allocated towards debt repayment, the effect on future interest expenses remains to be seen.
A sustained improvement in net profit will require Jio to manage financing costs while continuing to expand its operations.
6. Competitive Intensity
Jio operates in a competitive Indian telecom market.
Pricing decisions by Bharti Airtel, Vodafone Idea's turnaround efforts and competition in fixed broadband could influence Jio's subscriber additions and revenue per user.
For investors, stable churn and ARPU growth will be important indicators of Jio's competitive position.
Jio Platforms delivered a strong first quarterly performance following its stock market listing, with consolidated revenue increasing 11.4% to ₹40,475 crore and net profit rising 13.7% to ₹8,387 crore.
The most significant development was the improvement in operating profitability. EBITDA grew 16.6%, while the EBITDA margin expanded by 250 basis points to 54.1%.
Subscriber additions of 9.1 million, ARPU of ₹218.8 and 22.1% growth in data traffic demonstrated continued momentum in the core connectivity business. Meanwhile, Digital Services revenue growth of 16% highlighted the expanding contribution of Jio's broader platform operations.
The near-doubling of H1 FY27 reported free cash flow also suggests improving cash generation following substantial investment in 5G infrastructure.
However, higher finance costs, broadband promotional pricing and future capital expenditure remain important considerations.
For long-term investors, the central question is whether Jio can convert its large subscriber base, improving operating margins and expanding digital ecosystem into sustained net profit and cash-flow growth.
The coming quarters will be important in assessing ARPU improvement, debt reduction, digital services profitability and the sustainability of Jio's post-IPO valuation.
Frequently Asked Questions
1. What are the key highlights of Jio Platforms Q2 FY27 Results?
Jio Platforms reported consolidated revenue of ₹40,475 crore in Q2 FY27, up 11.4% YoY. EBITDA increased 16.6% to ₹21,879 crore, while net profit rose 13.7% to ₹8,387 crore. The EBITDA margin expanded to 54.1%, and the total subscriber base crossed 542 million.
2. What was Jio Platforms' net profit in Q2 FY27?
Jio Platforms' consolidated net profit increased 13.7% year-on-year to ₹8,387 crore in Q2 FY27, compared with ₹7,375 crore in Q2 FY26. Profit growth was slower than EBITDA growth partly because of higher finance costs following the capitalisation of 5G assets.
3. What was Jio's ARPU in Q2 FY27?
Jio's average revenue per user reached ₹218.8 in Q2 FY27. The improvement was supported by a better subscriber mix and higher usage, although promotional offers in fixed broadband partially offset the gains.
4. Why did Jio Platforms' EBITDA margin increase in Q2 FY27?
Jio Platforms' EBITDA margin increased by 250 basis points from 51.6% in Q2 FY26 to 54.1% in Q2 FY27. The improvement was driven by operating leverage as revenue increased faster than operating costs, supported by subscriber growth, higher ARPU and network utilisation.
5. What was Jio Platforms' valuation after its IPO?
Jio Platforms had a reported market capitalisation of approximately ₹13.18 lakh crore before its Q2 FY27 results. Based on annualised Q2 FY27 net profit of ₹33,548 crore, its indicative P/E ratio was approximately 39.3x. This is a single-quarter run-rate valuation rather than a trailing 12-month P/E ratio.