Industry Overview

Digital becoming a growth engine for the economy
With ~950 million broadband users, India’s digital economy is growing at a remarkable pace, driving economic growth, employment, and sustainable development. According to Government of India estimates, digital economy is expected to grow at twice the pace of the overall economy and contribute to one-fifth of the national income by 2030. Key drivers of this growth include the rapid adoption of AI, cloud services, and the rise of global capability centres (GCCs) in the country. Jio is actively partnering with Government of India in its INDIAai mission to build a comprehensive AI ecosystem that democratises computer access and develops indigenous AI capabilities.

Broadband adoption accelerates with 5G and Fixed Wireless
Improving device ecosystem and the pan-India rollout of 5G have boosted digital adoption. Jio significantly expanded its 5G user base in India with high per capita data usage. According to Ericsson Mobility Report, 5G subscriptions in India are expected to reach around 970 million by the end of 2030, accounting for 74% of mobile subscriptions. The rollout of fixed wireless infrastructure has accelerated the growth of fixed broadband in the country. Fixed wireless technology with point-to-multi-point radios is taking services to currently underserved semi urban/rural areas. India’s fixed broadband user base is expected to grow multifold from the current 47 million premises over the next few years.

Regulatory Developments
The key regulatory developments during the year were as follows:

• Spectrum Auction was conducted in June 2024 and Jio enhanced its holdings in 1800 MHz band in Bihar and West Bengal. Jio’s spectrum footprint increased to 26,801 MHz (uplink + downlink), solidifying its leadership position.
• Government has issued the draft Rules under Digital Personal Data Protection Act, 2023 to protect the digital personal data of Indian citizens for consultation.
• TRAI issued revised guidelines under the Telecom Commercial Communications Customer Preference (Second Amendment) Regulations, 2025 to strengthen spam management.
• TRAI has released recommendations on Terms and Conditions for the Assignment of Spectrum for Satellite-Based Commercial Communication Services.

Business Performance

FINANCIAL PERFORMANCE

*EBITDA margin is calculated on Revenue from Operations

Revenue and EBITDA growth for the Digital Services business in FY 2024-25 were 15.9% and 14.7% Y-o-Y, led by impact of tariff hike in mobility, increasing penetration of the homes business and scale-up of digital platforms. Customer engagement on the Jio network remained robust, with average per capita data and voice usage at 33.6 GB and 1,027 minutes per month across overall subscriber base of 488.2 million for the quarter ending March 2025.

Jio has led every communication technology transition in India
In less than a decade, Jio has driven India’s transition from data darkness to data abundance. This has been enabled by Jio’s vision and ahead of the curve investments on 4G LTE pre-2016, Fiber-To-The-Home in 2018, Standalone 5G in 2022, and FWA in 2024. Resultantly, Jio is now the world’s largest data operator carrying over 17 exabytes of data traffic monthly with a ~60% share of wireless data traffic in India.

Jio continues to work on future communication technologies and is actively researching and developing 6G technology, aiming to be a global leader in its development and deployment. To augment our technology leadership in building terrestrial networks, Jio is also building its own Satellite communication platform and partnering with SpaceX to offer Starlink’s broadband internet services to its customers in India.

Jio strengthens market leadership across mobility and fixed broadband
As of March 2025, Jio had ~191 million 5G users on its network contributing ~45% of its wireless data traffic. Jio’s True5G network is the most awarded and shows a significant lead on performance and availability metrics across most network performance measurement platforms like OpenSignal and Ookla.

Jio has connected ~18 million homes as of the end of FY 2024-25 and has accounted for ~85% of the total new additions in the industry during the fiscal year. Jio’s AirFiber solution has been the primary reason for the acceleration in pace of home connects extending reach to all parts of the country, especially beyond the top 1,000 cities. Jio remains confident of connecting 100 million homes with a combination of Fiber and AirFiber broadband solutions bundled with digital TV and on‑demand entertainment.