Jio and Airtel Kick Off FY27 With Robust Q1 Gains

India’s telecom sector kicked off FY27 with a powerful earnings season, as both Jio Platforms and Bharti Airtel reported double-digit revenue growth and rising profitability. The two industry leaders showcased different  strengths. While Jio leaned on scale and ecosystem expansion ahead of its landmark IPO, Airtel sharpened its edge with record postpaid additions and industry-leading Average revenue per user (ARPU). 

JPL

Jio Platforms Ltd (JPL), the parent of India’s largest telecom operator Reliance Jio, has posted a consolidated net profit of INR 7,764 crore for the first quarter of FY27, a 9.2 per cent rise year-on-year.

Revenue climbed 12 per cent to INR 45,961 crore. On a sequential basis, however, profits slipped from INR 7,935 crore in the previous quarter, weighed down by higher depreciation and finance costs linked to the 5G rollout.  

The company is preparing for what could be India’s biggest-ever public listing, with its initial public offering (IPO) expected to raise about INR 37,700 crore.

Calling the IPO a “milestone in Jio’s journey,” Reliance Industries chairman and managing director Mukesh Ambani said the listing would allow investors to participate in India’s digital growth story. “The Digital Services business continued its growth momentum during the quarter. Jio’s performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15 per cent Y-o-Y. During the quarter, Jio Platforms Limited filed its DRHP with SEBI, a significant step towards its public listing,” he said.

Jio’s ARPU stood at INR 215.6 in Q1FY27, inching up from INR 214 in the preceding quarter. On a year-on-year basis, ARPU rose 3.3 per cent from INR 208.8, driven by an improved subscriber mix and seasonal tailwinds. The company noted that promotional offers for fixed-broadband customers had a partial dampening effect.

“Jio has established itself as a deep tech company and demonstrated the velocity of innovation across multiple advanced technologies. This is underlined by our strong patent portfolio which has been recognised globally. We intend to use these technologies to offer an ever-expanding bouquet of services to every citizen of India and drive industry leading growth for many years to come. As we embark on our next phase of journey to be a publicly listed company in India, we will continue to maintain our deep tech focus and democratise access to digital connectivity and digital services in India and globally,” said Akash M Ambani, MD.

Total Fixed Broadband subscribers as of June 2026 stood at 28.6 million with ~8.6 million additions over the last 12 months, giving Jio a market share of over 43 per cent.

Airtel

Bharti Airtel reported a robust Q1FY27, with net profit rising 37.3 per cent year-on-year to INR 8,167 crore, supported by higher ARPU and strong postpaid growth. Revenues climbed 18.3 per cent to INR 58,539 crore, while EBITDA stood at INR 24,781 crore with margins at 60.1 per cent. The company’s net debt-to-EBITDA ratio improved to 1.17, reflecting stronger balance sheet health.

ARPU reached INR 264, up 9.2 per cent from INR 250 a year ago, marking the highest in the industry. Airtel added 1 million postpaid subscribers during the quarter, its best-ever addition, taking the total base to 30 million. Smartphone data users grew 7.5 per cent year-on-year, with 21.1 million new additions. The telco also introduced Postpaid Fast Lane, leveraging 5G network slicing for enhanced customer experience.

On the infrastructure front, Airtel deployed 1,579 towers in Q1 and 7,631 over the past year, alongside 14,540 broadband base stations. Fibre rollout extended by 45,171 km in the last year, strengthening its digital backbone.

The Africa business delivered 5.7 per cent growth in constant currency terms, with Airtel increasing its stake in Airtel Africa Plc to over 79 per cent through an EPS-accretive share swap.

Executive Vice Chairman and MD Gopal Vittal highlighted sequential India mobile revenue growth of 3.8 per cent, record postpaid additions, and industry-leading ARPU as key drivers of the quarter.

Their performance underscores the sector’s pivotal role in driving India’s digital economy.