Jio Platforms Q1 preview: Revenue, PAT, ARPU growth in focus for Reliance's IPO-bound arm
Reliance Jio Q1 results preview: Check brokerage estimates for revenue, EBITDA, profit, ARPU, subscriber additions, 5G growth and key monitorables ahead of earnings.
- Jul 16, 2026,
- Updated Jul 16, 2026 1:17 PM IST
Reliance Jio Q1 results preview: Mukesh Ambani-led Reliance Industries (RIL) is set to announce its results for the quarter ended on June 2026 on Friday, July 17. The company will also announce its standalone earnings for the IPO-bound digital entity Jio Platforms, along with consolidated results.
Reliance Jio is expected to report another steady quarter, driven by healthy subscriber additions, improving ARPU and continued momentum in its 5G fixed wireless and broadband businesses. Revenue and operating profit are likely to grow in double digits year-on-year, while investors will closely watch ARPU trends, subscriber growth, 5G expansion and Jio Platforms' IPO roadmap.
Centrum Broking is expecting Reliance Jio to clock a revenue of 34,236.9 crore, up 10.9 per cent YoY and 2.6 per cent QoQ. Ebitda came in at Rs 18,650.6 crore, up 11.7 per cent YoY and 3 per cent QoQ, while margins are seen increasing 21 bps to 54.5 per cent for the quarter. Net profit is likely to come in at Rs 7,530.9 crore, up 12.2 per cent YoY but down 2.9 per cent QoQ.
"Subscriber base is expected to increase by 7 million QoQ, while ARPU expected to grow by 1 per cent QoQ led by steady 5G FWA addition and higher number of days in the quarter. Reliance Jio has covered 90 per cent districts with 5G services and focus is on adding more 5G devices to their network. Jio is also seeing strong traction in terms of 5G FWA and fixed broadband addition," it adds.
Motilal Oswal pencils Reliance Jio's revenue to come in at Rs 34,200 crore, up 10.9 per cent, while Ebitda is seen at Rs 18,600 crore with margins of 54.4 per cent for the quarter. Net profit is seen at Rs 7,370 crore, up 9.8 per cent YoY with PAT margins coming in at 21.5 per cent for the quarter. It has given a Rs 505 value to RIL's stake in Jio Platforms.
"It expects 2.6 per cent QoQ revenue growth driven by continued momentum in home broadband and one extra day QoQ. Build in 1 per cent QoQ growth in blended ARPU to Rs 216 and 8.7 million and 7 million overall and wireless subscriber net adds. Jio Platforms IPO valuations and listing timelines remain the key monitorables," it added.
Reliance Jio's EBITDA is likely to increase 2.4 per cent QoQ, supported by subscriber additions of 7 million and a marginal improvement in ARPU to Rs 215 (vs. INR 214 in 4QFY26) said Antique Stock Broking. It believes that Jio may partly offset by weaker upstream for the quarter.
Reliance Jio's Ebitda is expected to rise 3.6 per cent QoQ, driven by a 1 per cent increase in ARPU to Rs 215, supported by strong subscriber growth of 7-8 million, PL Capital.
Reliance Jio continue to add subscribers and it is set to deliver mid -single digit, top-line growth. Reliance Jio has introduced new plans in short validity periods of 30 days and 28 days. Cricket and gaming data packs have been introduced to rev up ARPU, said Elara Capital in its recent note.
Reliance Industries' digital arm Jio Platforms has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 19, 2026, the day it held its 49th annual general meeting (AGM) post listing. It is a fresh-issue only IPO of up to 27 crore equity shares. Proceeds are earmarked to repay debt of Reliance Jio.
Telecom players like Reliance Jio, continue to gain market share, supported by higher customer stickiness, improving financial performance, and favourable market conditions, said Axis Securities.
"We believe this momentum is likely to continue, driven by the 5G rollout, tariff hikes, strategic alliances, and robust cash flows. While competitive intensity has moderated due to market consolidation, challenges such as high debt levels for weaker players and regulatory obligations persist," it added.
Equirus Securities is expecting RIL to post a strong quarter with continued momentum in Jio through ARPU gains and subscriber additions. It has cited ARPU and subscriber base growth, price hikes in telecom and capex updates as the key things to watch out for.
Reliance Jio Q1 results preview: Mukesh Ambani-led Reliance Industries (RIL) is set to announce its results for the quarter ended on June 2026 on Friday, July 17. The company will also announce its standalone earnings for the IPO-bound digital entity Jio Platforms, along with consolidated results.
Reliance Jio is expected to report another steady quarter, driven by healthy subscriber additions, improving ARPU and continued momentum in its 5G fixed wireless and broadband businesses. Revenue and operating profit are likely to grow in double digits year-on-year, while investors will closely watch ARPU trends, subscriber growth, 5G expansion and Jio Platforms' IPO roadmap.
Centrum Broking is expecting Reliance Jio to clock a revenue of 34,236.9 crore, up 10.9 per cent YoY and 2.6 per cent QoQ. Ebitda came in at Rs 18,650.6 crore, up 11.7 per cent YoY and 3 per cent QoQ, while margins are seen increasing 21 bps to 54.5 per cent for the quarter. Net profit is likely to come in at Rs 7,530.9 crore, up 12.2 per cent YoY but down 2.9 per cent QoQ.
"Subscriber base is expected to increase by 7 million QoQ, while ARPU expected to grow by 1 per cent QoQ led by steady 5G FWA addition and higher number of days in the quarter. Reliance Jio has covered 90 per cent districts with 5G services and focus is on adding more 5G devices to their network. Jio is also seeing strong traction in terms of 5G FWA and fixed broadband addition," it adds.
Motilal Oswal pencils Reliance Jio's revenue to come in at Rs 34,200 crore, up 10.9 per cent, while Ebitda is seen at Rs 18,600 crore with margins of 54.4 per cent for the quarter. Net profit is seen at Rs 7,370 crore, up 9.8 per cent YoY with PAT margins coming in at 21.5 per cent for the quarter. It has given a Rs 505 value to RIL's stake in Jio Platforms.
"It expects 2.6 per cent QoQ revenue growth driven by continued momentum in home broadband and one extra day QoQ. Build in 1 per cent QoQ growth in blended ARPU to Rs 216 and 8.7 million and 7 million overall and wireless subscriber net adds. Jio Platforms IPO valuations and listing timelines remain the key monitorables," it added.
Reliance Jio's EBITDA is likely to increase 2.4 per cent QoQ, supported by subscriber additions of 7 million and a marginal improvement in ARPU to Rs 215 (vs. INR 214 in 4QFY26) said Antique Stock Broking. It believes that Jio may partly offset by weaker upstream for the quarter.
Reliance Jio's Ebitda is expected to rise 3.6 per cent QoQ, driven by a 1 per cent increase in ARPU to Rs 215, supported by strong subscriber growth of 7-8 million, PL Capital.
Reliance Jio continue to add subscribers and it is set to deliver mid -single digit, top-line growth. Reliance Jio has introduced new plans in short validity periods of 30 days and 28 days. Cricket and gaming data packs have been introduced to rev up ARPU, said Elara Capital in its recent note.
Reliance Industries' digital arm Jio Platforms has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on June 19, 2026, the day it held its 49th annual general meeting (AGM) post listing. It is a fresh-issue only IPO of up to 27 crore equity shares. Proceeds are earmarked to repay debt of Reliance Jio.
Telecom players like Reliance Jio, continue to gain market share, supported by higher customer stickiness, improving financial performance, and favourable market conditions, said Axis Securities.
"We believe this momentum is likely to continue, driven by the 5G rollout, tariff hikes, strategic alliances, and robust cash flows. While competitive intensity has moderated due to market consolidation, challenges such as high debt levels for weaker players and regulatory obligations persist," it added.
Equirus Securities is expecting RIL to post a strong quarter with continued momentum in Jio through ARPU gains and subscriber additions. It has cited ARPU and subscriber base growth, price hikes in telecom and capex updates as the key things to watch out for.