
Reliance Jio Q4 preview: Subscriber additions seen steady, tariff delay may cap growth
Subscribe to enjoy similar stories.NEW DELHI: Telecom operator Reliance Jio Infocomm is expected to post steady subscriber additions for the March quarter (Q4FY26), but the absence of tariff hikes and a shorter quarter are likely to cap growth, a trend analysts expect across the sector.Reliance Jio, the telecom arm of Jio Platforms, will report its fiscal fourth-quarter earnings on 24 April alongside parent Reliance Industries Ltd.“Reliance Jio is expected to add 5 million subscribers q-o-q (quarter-on-quarter) to 520 million, with Arpu (average revenue per user) likely to grow by 1% q-o-q to ₹216/month, led by 5G FWA (fixed wireless access) addition,” brokerage house Centrum said in a note dated 5 April.Arpu, a key industry metric that tracks average revenue earned per user, is seen inching up modestly as operators lean on premiumization rather than price hikes.On a standalone basis, Centrum estimates Jio will report ₹33,529 crore revenue from operations, up 2.4% sequentially and 11.7% year-on-year. Net profit is projected to rise 2.8% quarter-on-quarter and 11% annually to ₹7,371 crore.Reliance Jio, India’s largest telecom operator by market share, accounts for the bulk of Jio Platforms’ business.
In the December quarter, it reported steady growth, with revenue rising 11.8% year-on-year and net profit up 10.7%.The March quarter is seasonally weaker, with February having fewer days, while delays in tariff increases have further limited upside. Jio, however, ruled out near-term tariff hikes in its previous earnings call, signalling confidence in organic Arpu growth led by rising 5G usage.Analysts say that in the absence of pricing action, telecom operators are relying on premiumization—migration from 2G to 4G/5G and from
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