Mumbai, October 23 (Udaipur Kiran) — Reliance Jio, India’s largest telecom operator, continues to strengthen its home broadband business, driven by the deployment of UBR (Unlicensed Band Radio) technology that uses unlicensed spectrum. The company has been adding over one million users every month, thanks to the rapid adoption of its Fixed Wireless Access (FWA) services powered by UBR.
According to a report by Jefferies, Jio’s ability to leverage UBR for FWA services has provided a strong growth edge in expanding its broadband footprint across urban and semi-urban markets. The report added, “We lower our ARPU assumptions by 1% and expect Jio’s ARPU to rise at an 11% CAGR to ₹272 over FY25–28, led by three tariff hikes of 10% each in the third quarters of FY26, FY27, and FY28.”
Jefferies further expects Jio’s operating margins to expand to 58% by FY28, supported by scale efficiencies and operating leverage. This could result in 21% compound annual growth in EBITDA during FY25–28.
Jio also continues to lead India’s 5G revolution, with a 5G user base of 234 million as of the end of Q2 FY26 — the highest for any telecom operator in the country. The company is expected to see further margin improvement as 5G becomes a directly monetised service, beyond being bundled with high-data plans.
For the quarter ending September 2025, Jio reported a net profit of ₹7,379 crore, up from ₹6,539 crore a year earlier, marking a 14.6% year-on-year rise in operating revenue.
The company’s Average Revenue Per User (ARPU) stood at ₹211.4 at the end of the quarter, compared to ₹195.1 in the same period last year. However, analysts believe that ARPU growth will remain limited without tariff revisions. According to JP Morgan, Jio’s ARPU may reach around ₹214 by the March 2026 quarter if no tariff hikes are implemented.
Jio has also confirmed that it does not plan to increase tariffs in the near future, focusing instead on expanding its broadband and 5G ecosystems through network efficiency and subscriber growth.
Bhupendra Singh Chundawat is a seasoned technology journalist with over 22 years of experience in the media industry. He specializes in covering the global technology landscape, with a deep focus on manufacturing trends and the geopolitical impact on tech companies. Currently serving as the Editor at Udaipur Kiran, his insights are shaped by decades of hands-on reporting and editorial leadership in the fast-evolving world of technology.