Jio Platforms’ quarterly profit rose 13.7% as revenue and operating earnings expanded, while higher finance costs tied to 5G asset capitalization tempered the gains after its recent listing.
Reliance Industries said in its Oct. 30 results release that Jio Platforms Limited earned ₹8,387 crore for the three months ended Sept. 30, compared with ₹7,379 crore a year earlier. The quarter ended before Jio’s Oct. 28 debut, making this its first results release as a listed company. Revenue from operations increased 11.4% to ₹40,475 crore.
EBITDA, or earnings before interest, taxes, depreciation and amortization, rose 16.6% to ₹21,879 crore. The EBITDA margin reached 54.1%, 250 basis points above the year-earlier level. Reliance said connectivity revenue grew 11% and digital-services revenue rose 16%.
Finance costs increased 40.3% year over year to ₹3,009 crore, while depreciation rose 14% to ₹7,611 crore. Reliance linked the higher finance costs to 5G asset capitalization in March 2026 and said they offset some EBITDA-driven profit growth.
Jio had 542.4 million customers at Sept. 30 after adding 9.1 million during the quarter. Average monthly revenue per user (ARPU) rose 3.5% year over year to ₹218.8, while monthly data use increased 14.2% to 44.2 GB per customer. Its 5G subscriber base reached 300 million, and 5G accounted for about 56% of wireless traffic.
At 12:22 a.m. ET (05:22 UTC) Monday, Nov. 2, LiveMint reported that Jio shares opened at ₹1,465 and reached ₹1,475. It cited a previous close of ₹1,431, putting the reported high about 3% higher. An Upstox page showed different figures labeled for Nov. 2: an open of ₹1,410.10 and a high of ₹1,439.90, despite listing its latest price update as Oct. 30.
Motilal Oswal Financial Services reiterated its Buy rating and raised its target price to ₹1,515 from ₹1,350 in a Nov. 1 research note. The brokerage cited expected cash-flow growth and debt reduction, while warning that free float below 3% could contribute to near-term volatility. Its forecast of a possible 15% smartphone tariff increase was the brokerage’s expectation, not a company announcement.
Reliance said Jio’s fresh issue comprised 270 million shares priced at ₹1,119 each. It reported using ₹27,500 crore in net proceeds to prepay external commercial borrowings of Reliance Jio Infocomm Limited.
