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Management Discussion and Analysis

Media and Entertainment

Reliance cemented its leadership position in India's Media & Entertainment sector as its core pillars - JioStar, Jio Studios, and Network18 - delivered record-breaking metrics in viewership, engagement and monetisation. JioStar further fortified its stronghold across linear and digital platforms, emerging as a primary destination for entertainment and sports consumption at scale. Network18 widened its lead in the news cycle. Jio Studios set new box-office benchmarks by delivering India's highest grossing film of all time. Reliance's leadership is built on decades of creative excellence, deep audience trust, and an unrivalled pulse on the evolving Indian consumer.

Strategic Objective

The Company's goal is to be the primary entertainment destination for every Indian - anytime, anywhere - delivering world-class stories, news, events & experiences, powered by a best-in-class technology platform and a culture that challenges status quo and unlocks infinite possibilities.

Retail Store
TV
0%

Industry-leading TV viewership share
across Entertainment genres

0 Million

Daily Active Users on JioStar TV
channels in FY 2025-26, across
Entertainment & Sports

SPORTS
0 Million

Peak concurrency (global record)
achieved on JioHotstar during
T20 World Cup 2026

0 Million

ICC T20 World Cup Reach (TV + Digital)

DIGITAL PLATFORM
0 Million

Average MAUs of JioHotstar in
FY 2025-26, 48% growth over last year.
Sustained across sports & non-sports
months

0%

Connected TV penetration

0 Billion+

App downloads on Google play

0 Billion+

Interactions across interactivity
features such as voting, chat, memes,
Jeeto Dhan Dhana Dhan in CY25


0

People

NEWS
#1

TV News network in India with
leadership in national and regional
markets

#1

Moneycontrol is India's No. 1 news,
data and analytics destination for
business and markets, with industry-leading
engagement metrics


JIO STUDIOS

40%+ of India box office in FY 2025-26

Dhurandhar franchise, highest grossing Indian film ever, has delivered `3,000 crore+ worldwide

0+ Awards

Across categories and content, marking unprecedented wins

Industry Overview

Indian Media and Entertainment sector grew 9.1% Y-o-Y in 2025 to reach ₹ 2.78 trillion.

Digital Emerges as the Undisputed Growth Engine

Digital media breached ₹ 1,00,000 crore in revenues for the first time in 2025. Digital Ad grew 26% to ₹ 94,700 crore, accounting for 63% of total ad spend. Indians spent 1.2 trillion hours on their phones in 2025, with 59% devoted to media and entertainment, cementing online video as the engine of long-term segment growth. The digital ecosystem is more converged, data-led and commerce-integrated - poised for exponential growth.

Large-Screen Experience redefined by Connected TVs

While linear TV continues to deliver unmatched reach, rapid growth of CTV is redefining the large screen experience. With CTV households reaching 68 million in 2025, powered by rapid broadband proliferation, CTV ad revenues have surged 42% to ₹ 9,900 crore. Advertisers increasingly shifting budgets towards measurable, targeted large-screen formats.

Sports is a Key Catalyst for Digital Adoption

Live sports produced the biggest audience moment in streaming history- JioHotstar delivered 72.5 million concurrent streams during the ICC Men's T20 World Cup final, a new global record. In an on-demand world, sports compels millions to show up simultaneously - driving advertiser demand, platform investment and digital adoption at scale.

Source: EY-FICCI M&E Report March 2026

Business Performance

Financial Performance

(₹ Crore) FY 2025-26 FY 2024-25* Y-o-Y Change
Value of Sales and Services 40,682 20,696 96.6%
Revenue from Operations 34,917 17,762 96.6%
EBITDA 5,842 1,833 218.7%
EBITDA margin** 16.7% 10.3% 640 bps
*Includes JioStar for the period November 14, 2024 - March 31, 2025
**EBITDA margin is calculated on Revenue from Operations

Entertainment

JioStar has reinforced its status as India's premier entertainment powerhouse, achieving unparalleled scale and cultural resonance across every major language and genre.

In the high-stakes Hindi GEC (Pay) segment, the network commanded a 48% market share, claiming 7 of the top 10 shows. A defining highlight was the return of Kyunki Saas Bhi Kabhi Bahu Thi - Season 2, which delivered record viewership and became the biggest fiction launch in five years across TV and Digital. The network continued to dominate high-impact reality programming, with Colors sweeping the top three non-fiction spots led by Laughter Chefs 3, Bigg Boss S19, and Pati Patni Aur Panga.

JioStar's regional footprint remains equally formidable, with market-leading positions in general entertainment genre across Marathi (54%), Malayalam (49%), Kannada (46%), Bangla (43%), Telugu (40%) and Tamil (34%). JioStar's Kids, English, and Youth portfolios retained their #1 position.

On the Digital front, JioHotstar continues to pioneer the future of streaming. Bigg Boss saw a staggering 40% growth in watch time across editions, while the platform's first AI-led show, Mahabharat: Ek Dharmayudh, garnered exceptional multi-language traction. With an extensive library of international content alongside their dubbed local language versions and acclaimed originals like Special Ops Season 2 and Criminal Justice: A Family Matter, JioStar remains the definitive destination where stories are consumed at scale.

Sports

JioStar remains India's premier Sports aggregator reaching a billion screens with over 250 days of live action. By merging cutting-edge technology with content innovation, JioStar has delivered a step-change in fan engagement and interactivity across mobile, connected TV, and linear platforms; delighting both consumers and advertisers.

IPL 2025 set the gold standard, with the Finals drawing 426 million viewers and achieving a digital record of 237 million live viewers for any T20 match. Notably, women now account for 47% of IPL viewership on Star Sports, highlighting cricket's expanding demographic appeal.

The Women's World Cup emerged as a cultural phenomenon with digital viewership growing by 10x as compared to the previous edition. The Final garnered 185 million viewers, matching the scale of marquee IPL fixtures and establishing women's cricket as a mainstream property.

T20 World Cup 2026 set a world-record 72.5 million peak concurrency, becoming one of the most-watched ever. IPL 2026 saw a record opening weekend reaching 515 million+ viewers across TV and digital, reinforcing the massive popularity of live cricket in India and JioStar's position as the home of cricket.

This momentum extends beyond cricket; strong growth in engagement across Wimbledon, US Open and Pro Kabaddi League reinforces JioStar as a year-round multi-Sports destination.

By setting new performance benchmarks, JioStar is deepening Sports fandom and reshaping how India watches and engages with the magic of Sports.

Digital Platform

During the year, JioHotstar solidified its reign as India's premier digital entertainment ecosystem, scaling to an average of a massive 451 million monthly active users. Engagement was consistent throughout the year, establishing JioHotstar as a default entertainment destination.

This year's, strategic mandate was improving monetisation and platform excellence. By overhauling platform discovery and personalisation, JioHotstar achieved superior recommendation accuracy and sharper audience targeting. These capabilities were reinforced by a strong and diversified content slate across entertainment, sports, and continued investments in AI across the value chain, including the launch of conversational discovery through a strategic partnership with OpenAI to redefine search and content discovery.

The platform also launched ‘Tadka', a micro-content hub with 100+ shows, and introduced integrated in-app commerce during IPL-26, enabling viewers to seamlessly order food while watching IPL, thereby turning passive viewers into active consumers.

Network18 fortified its leadership position as India's #1 news network. TV network achieved record viewership share of 14.1%. Digital portfolio maintained its leadership, reaching around 300 million people per month across platforms. The network also amplified its efforts to diversify into non-news segments, to build new growth levers for the future.

The network reinforced its leadership in national markets through its flagship channels - News18 India, CNN News18, and CNBC TV18, supported by strong content and brand equity. Its pan-India presence was further bolstered by clear leadership in key regional markets, including Marathi, Bengali, and Kannada.

Network18's digital news portfolio was India's leading online news publisher, driven by marquee brands like Moneycontrol, CNBCTV18, News18, and Firstpost. Moneycontrol Pro continued to be recognised as India's largest paid digital news subscription platform and Moneycontrol Super Pro, the premium subscription product, saw encouraging response from customers. Moneycontrol's fintech business grew substantially to establish itself as one of the leading digital-first service platforms. Firstpost continued to be India's top destination for global news, crossing 9 million subscribers on YouTube. Network18 also established a clear leadership in terms of reach and engagement on third party platforms, particularly YouTube.

SCOT Analysis

Strengths

  • Pre-eminent multi-platform scale across television, digital, sports and news, anchored by JioStar, Network18 and Jio Studios.
  • Deep understanding of the consumer and content eco-system ensures the ability to deliver breakout hits.
  • A best-in-class technology platform ensures a seamless consumer experience at scale.

Opportunities

  • Emerging formats such as micro-dramas are unlocking new engagement and monetisation avenues.
  • AI-led optimisation across content creation and production offers structural efficiency gains.
  • Integration of commerce within the streaming ecosystem opens incremental participation in India's expanding digital commerce landscape.

Challenges

  • Heightened competition continues to exert upward pressure on content costs.
  • Audience fragmentation necessitates platform-agnostic and multi-format content strategies.
  • Content piracy continues to present a persistent risk.

Threats

  • Rapid technological advancement and shifting consumer behaviour demand sustained innovation to maintain competitiveness.

Outlook

AI will define the next era of entertainment and, as India's largest Media & Entertainment platform, Reliance has the responsibility to lead this transformation - reimagining everything from script to screen and from idea to experience. AI is not being viewed merely as a driver of business efficiency; rather, it is being embedded into the core of operations to help shape the next era of entertainment and build deeper fan engagement. Focus remains on strengthening leadership on the large screen, enabling the transition from linear to connected TVs, differentiating the mobile offering through interactivity, voice and vertical video, and enhancing the personalisation engine. JioStar will continue to be the ‘home of sports' in India and bring to life some of the most loved stories from around the world. As the customer value proposition continues to evolve, active efforts are underway to expand monetisation models beyond traditional advertising and subscription streams.

Record-smashing, Era-defining Year for Jio Studios

- India's No. 1 Content Studio

In eight short years, Jio Studios, the content arm of RIL, has produced stories that have set new box office records and connected with audiences in a manner that has redefined Indian cinema. Consistently profitable since inception, Jio Studios has firmly positioned itself as the No. 1 content studio, representing creativity, scale and disruption.

FY 2025-26 saw Jio Studios release the record smashing spy action thrillers Dhurandhar and Dhurandhar: The Revenge (together the Dhurandhar franchise), creating new benchmarks in box office, release strategy, monetisation models and customer engagement, globally.

Never before in the world, let alone India, had a film franchise been conceived, financed and shot as two parts and released so close to each other (December 2025 and March 2026). This conviction from Jio Studios disrupted the storytelling landscape and created history. The first part on its own created a record to become the highest grossing Indian film of all time. The film saw an unprecedented run of 15 straight weeks till the second part hit the cinema screens amid massive anticipation and smashed records set by the first part.

  • Dhurandhar franchise raked in record setting ₹3,000 crore+ in gross revenues worldwide
  • Achieved an unprecedented 40%+ of India box office
  • Dhurandhar: The Revenge - the highest grossing film of all time in India (₹1,300 crore+)
  • Dhurandhar: The Revenge - Top 10 global box office charts 2026 across Hollywood films (₹440 crore+)
  • Highest ever footfalls in India (7.5 crore+)
  • 300%+ ROI for the franchise
  • Music albums of the franchise both ranked #1 on India Spotify and Apple Music charts for several weeks and made it to the Top 5 Global Spotify chart, generating over 40 billion views and streams across YouTube and leading music streaming platforms.

Additionally, Jio Studios monetised 4 theatrical films, 3 direct-to-digital films and 4 web originals, across languages and platforms, including Baramulla, which received massive critical acclaim and ranked Top 3 among Netflix’s non‑English films and Bhagwat Chapter 1: Rakshas, on ZEE5, which went on to become one of the most viewed films on the platform. Jio Studios films once again swept over 200+ awards across categories, demonstrating the popularity as well as critical acclaim.

Dhurandhar
0 Billion+

Box office worldwide


ONLY FILM TO CROSS
0 Billion+

Net in India


#1

Non-English film on Netflix (Global)


Ranked #5

on IMDb Global Most Popular Movie 2026


Top 10 Global Box Office 2026

Dhurandhar: The Revenge ranks alongside major Hollywood films


0 Million+

Theatre Footfalls

Jio Studios has achieved the unique distinction of having the highest grossing film three years in a row with Stree2 in 2024, Dhurandhar in 2025 and Dhurandhar: The Revenge in 2026, demonstrating consistency and undisputed leadership.

In line with its consolidation strategy, Jio Studios recently acquired 50.1% stake in India’s most globally recognised production house Sikhya Entertainment, multiple Academy Award® winner, true to its vision of ‘India to the World’. The collaboration brings together Jio Studios’ scale and vision with Sikhya’s globally resonant, culturally rooted storytelling.

Looking ahead, Jio Studios will continue to expand its presence in the entertainment value chain with a technology first approach including AI as well as extend its distribution footprint globally, by cultivating meaningful alliances and partnerships. Jio Studios looks to expanding India’s soft power in shaping India centric narratives that will resonate with global audiences.

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