Reliance Jio Q1 Preview: PAT, subscriber growth, ARPU, Jio Platforms IPO roadmap in focus
Reliance Jio Q1 preview: Analysts expect double-digit revenue and EBITDA growth driven by ARPU gains, subscriber additions, 5G expansion and the upcoming Jio Platforms IPO.
- Jul 17, 2026,
- Updated Jul 17, 2026 12:25 PM IST
Jio Platforms Q1 results preview: Mukesh Ambani-led Reliance Industries Ltd (RIL) is set to announce its results for the quarter ended June 2026 on Friday, July 17. Alongside its consolidated numbers, the company is also expected to report standalone earnings for IPO-bound Jio Platforms.
Brokerages expect Reliance Jio to post another steady quarter, helped by healthy subscriber additions, improving average revenue per user, or ARPU, and continued traction in its 5G fixed wireless access and broadband businesses. Revenue and operating profit are seen rising in double digits year-on-year, with investors likely to track ARPU trends, subscriber growth, 5G expansion and the Jio Platforms IPO roadmap.
Centrum Broking expects Reliance Jio to report revenue of Rs 34,236.9 crore, up 10.9 per cent year-on-year and 2.6 per cent quarter-on-quarter. It sees Ebitda at Rs 18,650.6 crore, up 11.7 per cent year-on-year and 3 per cent quarter-on-quarter, with margins rising 21 basis points to 54.5 per cent. Net profit is estimated at Rs 7,530.9 crore, up 12.2 per cent year-on-year but down 2.9 per cent sequentially.
The brokerage said the subscriber base is expected to rise by 7 million quarter-on-quarter, while ARPU is likely to increase 1 per cent on steady 5G fixed wireless additions and the higher number of days in the quarter. It added that Reliance Jio has covered 90 per cent of districts with 5G services and remains focused on adding more 5G devices to its network, while seeing strong traction in 5G FWA and fixed broadband additions.
Motilal Oswal has pencilled in revenue of Rs 34,200 crore, up 10.9 per cent, and Ebitda of Rs 18,600 crore, with margins at 54.4 per cent for the quarter. Net profit is seen at Rs 7,370 crore, up 9.8 per cent year-on-year, with PAT margins at 21.5 per cent. It has assigned a value of Rs 505 to RIL's stake in Jio Platforms.
The brokerage expects 2.6 per cent quarter-on-quarter revenue growth, driven by continued momentum in home broadband and one extra day in the quarter. It has built in 1 per cent quarter-on-quarter growth in blended ARPU to Rs 216, along with net additions of 8.7 million overall subscribers and 7 million wireless subscribers. It said Jio Platforms IPO valuations and listing timelines remain key monitorables.
Antique Stock Broking said Reliance Jio's Ebitda could rise 2.4 per cent quarter-on-quarter, supported by subscriber additions of 7 million and a marginal improvement in ARPU to Rs 215 from Rs 214 in 4QFY26. It added that Jio could partly offset weaker upstream performance for the quarter.
Elara Capital said Reliance Jio continues to add subscribers and is set to deliver mid-single-digit top-line growth. It also noted that the company has introduced new short-validity plans of 30 days and 28 days, along with cricket and gaming data packs, to lift ARPU.
PL Capital expects Ebitda to increase 3.6 per cent sequentially, driven by a 1 per cent rise in ARPU to Rs 215 and strong subscriber growth of 7-8 million.
In the run-up to the results, Jio Platforms has filed its draft red herring prospectus with the Securities and Exchange Board of India on June 19, 2026, the day it held its annual general meeting (AGM). The proposed public issue is a fresh issue of up to 27 crore equity shares, and the proceeds are earmarked for repayment of Reliance Jio's debt.
Equirus Securities expects Reliance Industries to post a strong quarter, with Jio's momentum continuing through ARPU gains and subscriber additions. Across brokerages, the main factors to watch remain ARPU and subscriber growth, telecom price hikes, 5G expansion, capex updates, and Jio Platforms' IPO valuations and listing timelines.
Jio Platforms Q1 results preview: Mukesh Ambani-led Reliance Industries Ltd (RIL) is set to announce its results for the quarter ended June 2026 on Friday, July 17. Alongside its consolidated numbers, the company is also expected to report standalone earnings for IPO-bound Jio Platforms.
Brokerages expect Reliance Jio to post another steady quarter, helped by healthy subscriber additions, improving average revenue per user, or ARPU, and continued traction in its 5G fixed wireless access and broadband businesses. Revenue and operating profit are seen rising in double digits year-on-year, with investors likely to track ARPU trends, subscriber growth, 5G expansion and the Jio Platforms IPO roadmap.
Centrum Broking expects Reliance Jio to report revenue of Rs 34,236.9 crore, up 10.9 per cent year-on-year and 2.6 per cent quarter-on-quarter. It sees Ebitda at Rs 18,650.6 crore, up 11.7 per cent year-on-year and 3 per cent quarter-on-quarter, with margins rising 21 basis points to 54.5 per cent. Net profit is estimated at Rs 7,530.9 crore, up 12.2 per cent year-on-year but down 2.9 per cent sequentially.
The brokerage said the subscriber base is expected to rise by 7 million quarter-on-quarter, while ARPU is likely to increase 1 per cent on steady 5G fixed wireless additions and the higher number of days in the quarter. It added that Reliance Jio has covered 90 per cent of districts with 5G services and remains focused on adding more 5G devices to its network, while seeing strong traction in 5G FWA and fixed broadband additions.
Motilal Oswal has pencilled in revenue of Rs 34,200 crore, up 10.9 per cent, and Ebitda of Rs 18,600 crore, with margins at 54.4 per cent for the quarter. Net profit is seen at Rs 7,370 crore, up 9.8 per cent year-on-year, with PAT margins at 21.5 per cent. It has assigned a value of Rs 505 to RIL's stake in Jio Platforms.
The brokerage expects 2.6 per cent quarter-on-quarter revenue growth, driven by continued momentum in home broadband and one extra day in the quarter. It has built in 1 per cent quarter-on-quarter growth in blended ARPU to Rs 216, along with net additions of 8.7 million overall subscribers and 7 million wireless subscribers. It said Jio Platforms IPO valuations and listing timelines remain key monitorables.
Antique Stock Broking said Reliance Jio's Ebitda could rise 2.4 per cent quarter-on-quarter, supported by subscriber additions of 7 million and a marginal improvement in ARPU to Rs 215 from Rs 214 in 4QFY26. It added that Jio could partly offset weaker upstream performance for the quarter.
Elara Capital said Reliance Jio continues to add subscribers and is set to deliver mid-single-digit top-line growth. It also noted that the company has introduced new short-validity plans of 30 days and 28 days, along with cricket and gaming data packs, to lift ARPU.
PL Capital expects Ebitda to increase 3.6 per cent sequentially, driven by a 1 per cent rise in ARPU to Rs 215 and strong subscriber growth of 7-8 million.
In the run-up to the results, Jio Platforms has filed its draft red herring prospectus with the Securities and Exchange Board of India on June 19, 2026, the day it held its annual general meeting (AGM). The proposed public issue is a fresh issue of up to 27 crore equity shares, and the proceeds are earmarked for repayment of Reliance Jio's debt.
Equirus Securities expects Reliance Industries to post a strong quarter, with Jio's momentum continuing through ARPU gains and subscriber additions. Across brokerages, the main factors to watch remain ARPU and subscriber growth, telecom price hikes, 5G expansion, capex updates, and Jio Platforms' IPO valuations and listing timelines.