Jio's big test even before IPO
Jio Platforms' Q1 report card has a familiar telecom problem.
Jio Platforms is set declare its June quarter earnings on Friday, the first since filing for its blockbuster IPO, with a familiar problem—growth without raising tariffs.
India’s largest telecom operator by user base is set to post another steady quarter, driven by strong subscriber additions, rising data usage and broadband expansion. Revenue is expected to rise about 3% sequentially, while average revenue per user may inch up to ~₹217, largely due to premiumisation rather than price hikes.
That strategy is becoming harder to sustain. India’s telecom operators are increasingly relying on customers upgrading from 2G to 4G and 5G, or moving to higher-value plans. Rising entry-level smartphone prices, however, could slow that migration, limiting future ARPU growth. Jio’s 5G promotions and the absence of tariff hikes have also kept revenue growth in check, even as rival Bharti Airtel Ltd. continues to command a higher ARPU.
The earnings carry added significance because they come just weeks after Jio filed for what could become India’s biggest IPO, expected to raise ₹32,000-35,000 crore. Investors will be looking beyond quarterly numbers for clues on the IPO timeline, future tariff hikes and the company’s ambitions in AI, cloud services, fixed wireless broadband and satellite internet.
The results will offer an early glimpse into whether Jio’s long-term growth story is compelling enough to justify the market’s lofty expectations. Read more.
EARNINGS WATCH
Wipro Ltd. kicked off FY27 with a mixed quarter, reporting modest profit growth and double-digit revenue growth, even as its core IT services business remained under pressure. While large deal wins improved, margins narrowed and the company guided for flat to slightly weaker revenue growth in the September quarter, signalling that the demand environment remains challenging.
MARKET WATCH
India’s stock market ended little changed today, with a rise in IT stocks offsetting a post-results drop in key financial firms, while an escalating crisis in West Asia kept investors at bay.
India’s benchmark Nifty 50 shed 0.02% to 24,072.75, while the BSE Sensex was flat at 77,186.87. Nine of the 16 major sectors logged gains while the broader small-caps and mid-caps fell 0.1% and 0.4%, respectively.
🔗 Key factors that drove India’s stock market today
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SNEAK A PEEK
Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in the morning edition.
They built AI long before it became fashionable. But being ahead of time and a deal they couldn’t accept left Mad Street Den’s founders with a painful choice. This is a story of ambition, vision, failure, and resilience—and why their biggest success may still lie ahead. Read more.
MINT MONEY
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