Jio's Spectrum Dues Drop 4% to ₹1.04 Trillion Ahead of IPO Plans in FY26

Reliance Jio's Payment Liability to DoT Stands at ₹1.04 Trillion

New Delhi: Reliance Jio's payment liability to the department of telecommunications (DoT) stood at ₹1.04 trillion as of March-end, marking a 4.2% decline from the same period last year. This reduction is attributed to the company clearing earlier instalments, according to Reliance Industries Ltd's FY26 annual report.

The liability remains substantial, primarily due to Reliance Jio's historically aggressive spectrum acquisition strategy. Notably, during the 2022 5G auction, the company secured radio frequencies worth ₹88,000 crore. Reliance Jio is India's largest telecom operator by market share and accounts for most of Jio Platforms' business, which is currently in the process of filing its draft red herring prospectus (DRHP) for the initial public offering (IPO).

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The deferred payment liability related to spectrum acquired in the July 2024 auction is at ₹876 crore, payable in 18 equal annual instalments, commencing from August 2026. The DoT did not conduct any spectrum auctions in FY26, missing the annual schedule approved by the Union cabinet in the 2021 telecom reforms.

In February, the telecom regulator cleared the way for the next spectrum auction by putting airwaves worth over ₹2 trillion on the block, while recommending steep cuts in reserve prices to improve participation from cash-strained operators. The same is under consideration by the DoT.

As Jio evolves into a global technology leader, the company is taking deliberate steps to strengthen its institutional framework, enhance transparency, and prepare it for the opportunities ahead. Reliance Industries chairman and managing director Mukesh Ambani highlighted this commitment in the company's annual report.

As of March-end, the value of spectrum of Reliance Jio was at ₹1.88 trillion compared with ₹1.47 trillion in the year-ago period. Jio had 524 million users as of March-end, with over 268 million 5G users. The company has been focusing on creating intellectual property pertaining to next-generation digital technologies, particularly 5G and 6G.

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In FY26, Jio filed approximately 3,476 new patents. The company reported a 14.7% increase in revenue from operations to ₹1.72 trillion. Its net profit for the full year was at ₹30,053 crore, a growth of 15%. Ebitda for the full year rose 19% to ₹76,255 crore, attributed to traction in mobility, home broadband, and enterprise services.

The company reiterated its plan to export its indigenously developed technologies. "After large-scale development of 5G and FWA stack in India, Jio, as a managed services provider, would provide its proprietary network technologies in select international markets in partnership with local operators," the company said in the annual report.

As of March-end, Jio had 74,822 employees, down from 94,523 in the year-ago period.