“I am pleased to note that we are steadily moving towards the listing of the Jio platform. This will mark a crucial milestone in its journey,” Ambani said in an earnings release, reinforcing expectations that the company is close to formal steps towards going public.
The comments come amid growing market anticipation around the IPO, which has been in the works for several years. After earlier plans were delayed due to market volatility linked to geopolitical tensions, Reliance is now likely to file draft papers in early May, including full-year FY26 financials.
Also Read: Reliance Industries Q4 Results: Profits down 13% YoY to Rs. 16,971 crores; Revenue grew by 13%
Jio platforms, which sit at the core of Reliance’s digital strategy, continue to deliver strong operational performance. In the March quarter, operating income rose 13% year-on-year to Rs. 44,928 crore, while net profit rose 13% to Rs. 7,935 crore, supported by subscriber growth and improved monetization.
Live events
Operating leverage remained strong with EBITDA growing 18% YoY, aided by margin expansion of 230 basis points. Average Revenue Per User (ARPU) increased to Rs. 214, reflecting better customer mix and higher engagement levels.
Data usage trends also remained strong, with per capita usage at 42.3 GB per month and total data traffic growing at around 35% year-on-year. Subscriber metrics were equally strong, with net additions of 9.1 million users during the quarter and holding steady at 1.7%.
Also Read: Reliance Retail Q4 Results: Cons PAT rises YoY to Rs. 3,563 crores; Revenue grew by 11%
Ambani said Jio continues to transform India’s digital ecosystem. “Strong full-year EBITDA growth of 19% was driven by continued traction across segments,” he said, adding that the company is positioning itself to play a bigger role in next-generation technologies.
“As we work to democratize access to AI tools and next-generation technology platforms, Jio is well-placed to shape how India communicates, computes and consumes content,” he noted.
The IPO is expected to be a major trigger for Reliance Industries, with investment banks valuing the Jio platform at around $180 billion. Depending on the final structure, the offering could raise around $4 billion, making it one of the largest listings in India’s history.
Brokerages are already factoring in the listing as a near-term catalyst. JM Financial has flagged the IPO along with a possible telecom tariff hike as important triggers for the stock.
However, the listing also raises structural questions around valuation. CLSA noted that while a separate listing would allow investors to value Jio independently, it could theoretically introduce a holding company discount on Reliance’s stake. But the brokerage argued that this risk could be limited.
Also Read: Reliance Jio Q4 Results: Cons PAT up 13% YoY to Rs. 7,935 crore, revenue up 13%; ARPU increased to Rs. 214
If Reliance sells a small stake — around 2.5% — Jio will have very little free float, potentially driving a scarcity premium. CLSA drew a parallel with companies like Hindustan Zinc, where limited liquidity has supported higher valuations relative to peers.
The brokerage also highlights that several emerging businesses in the Reliance ecosystem — including FMCG, digital media, AI, data centers and new energy — are not fully captured in the current valuation, leaving room for upside.
For Reliance, the Jio listing is more than a capital raising event. It is a strategic milestone in unlocking value from its digital business, which has evolved from a telecom operator to a comprehensive technology platform with connectivity, content and enterprise solutions.
With Ambani’s latest comments, the timeline seems to be solidifying. The market will now watch concrete steps like regulatory filings and final deal structure, which will determine the scale and timing of what is expected to be a landmark listing in India’s capital markets.
(You can now subscribe to our ETMarkets WhatsApp channel)