Reliance Industries has reiterated that Reliance Jio is preparing for its long-awaited public listing. During the company’s Q1 FY27 earnings announcement, Chairman and Managing Director Mukesh Ambani described the upcoming IPO as an important milestone in Jio’s growth journey.
“The upcoming IPO will be an important milestone in Jio’s journey and will give investors an opportunity to participate in India’s digital growth story,” Ambani said.
The IPO has been under discussion for several years. While market participants had expected the listing earlier, global geopolitical uncertainties and market conditions delayed the company’s plans. Although Reliance has not announced an official IPO date, Jio is widely expected to debut on Indian stock exchanges before the end of FY27.
Apart from the IPO update, Jio continued to report strong operational performance. The telecom operator’s subscriber base has grown to 533 million, making it one of the world’s largest telecom service providers. Jio also remains India’s leading 5G operator. The company said more than 285 million subscribers are now using its standalone (SA) 5G network.
Unlike non-standalone (NSA) networks that depend partly on existing 4G infrastructure, standalone 5G uses a dedicated 5G core. This enables lower latency, improved network performance, and supports advanced services for consumers and enterprises.
Financially, Jio posted a net profit of ₹7,764 crore during Q1 FY27, while gross revenue increased to ₹45,961 crore. The company’s EBITDA margin improved to 53.3%, up 1.5 percentage points year-on-year, reflecting stronger operational efficiency. Jio’s home broadband business also maintained its growth momentum, adding 8.6 million fixed broadband connections during the last 12 months.
What Changed?
The latest quarter brought several notable developments for Jio.
| Segment | Latest Update |
|---|---|
| IPO | Mukesh Ambani reaffirmed Jio’s upcoming public listing. |
| Subscribers | Crossed 533 million users. |
| 5G | More than 285 million subscribers are now on Jio’s 5G network. |
| Profitability | EBITDA margin improved to 53.3%. |
| Broadband | Added 8.6 million fixed broadband users in the past year. |
Why This Matters
Jio’s IPO is expected to be one of India’s largest public offerings.
The listing will allow investors to directly invest in India’s biggest telecom operator instead of gaining exposure only through Reliance Industries.The company also enters the public market with a strong business. It has completed nationwide 5G deployment, continues to grow its broadband business, and is expanding digital services beyond connectivity.
Who Is Affected?
Retail Investors
The IPO could provide an opportunity to invest directly in Jio’s telecom and digital business.
Existing Reliance Shareholders
A separate listing may unlock additional value by giving Jio an independent market valuation.
Jio Customers
The IPO is not expected to affect mobile or broadband plans. Customers can expect business operations to continue as usual.
Telecom Industry
A publicly listed Jio with access to additional capital could intensify competition in 5G, broadband, enterprise connectivity, and digital services.
Comparison Table
| Metric | Q1 FY27 |
| Total Subscribers | 533 Million |
| 5G Users | 285 Million+ |
| Net Profit | ₹7,764 Crore |
| Gross Revenue | ₹45,961 Crore |
| EBITDA Margin | 53.3% |
| Fixed Broadband Additions | 8.6 Million |
| Expected IPO Timeline | Before end of FY27 |
Expert Analysis
Jio is approaching its IPO from a position of financial and operational strength. Subscriber growth remains healthy, 5G adoption continues to accelerate, and broadband additions are contributing to higher revenues. At the same time, improving EBITDA margins indicate better operating efficiency.
While these factors strengthen Jio’s investment story, investors should wait for the official IPO documents, which will reveal important details such as valuation, issue size, shareholding structure, and use of proceeds.
Conclusion
Reliance Jio continues to strengthen its position as India’s largest telecom operator with robust subscriber growth, expanding 5G adoption, and improving financial performance. Mukesh Ambani’s latest comments indicate that the long-awaited IPO is now firmly on the company’s roadmap.
If the listing takes place before the end of FY27 as expected, it will not only mark a significant milestone for Jio but also become one of the most closely watched IPOs in the Indian market.
