Jio Platforms, India’s #1 telecom operator, reduced its cash capital expenditure by 22.8% to ₹34,184.3 crore in FY2026, while increasing investment in software and network capacity rights. Its technology priorities span mobile network infrastructure, AI systems, broadband equipment and proprietary digital platforms, according to Jio Platforms’ prospectus filed ahead of the public issue.
Cash capex declined from ₹44,268 crore in FY2025 and ₹53,509.6 crore in FY2024, representing a 36.1% reduction over two years, according to the company’s prospectus.
The figures highlight a changing investment mix within Jio’s digital services business. Network infrastructure continued to attract the largest allocation, while software and indefeasible rights of use (IRU) expenditure more than tripled.
Network cash expenditure fell 27.7% year on year, but remained equivalent to approximately 86% of total net cash capex in FY2026.
Jio Platforms said software and IRU spending increased 246.8%, reaching ₹3,108.4 crore. This combined category includes software and long-term infrastructure usage rights; the disclosure does not identify how much of the increase came from each component.
Platform, application development and intellectual property expenditure declined 34.6% to ₹1,515.1 crore. Submarine cable spending fell to ₹240.6 crore, while satellite infrastructure expenditure stood at ₹3 crore.
Capital Intensity Falls to 23.27% of Revenue
Jio’s cash capex represented 23.27% of revenue from operations in FY2026, compared with 34.53% in FY2025 and 48.84% in FY2024.
The decline indicates that capital spending absorbed a progressively smaller share of revenue. However, the company continues to identify network expansion, technology upgrades and infrastructure development as ongoing investment requirements.
June Quarter Cash Capex Drops 65%
The reduction continued in April–June 2026, the first quarter of FY2027, when cash capex declined 65.3% to ₹4,183.8 crore, from ₹12,048.1 crore a year earlier.
Network spending fell 77.6% to ₹2,518.7 crore, compared with ₹11,232.1 crore in April–June 2025.
Other technology categories recorded increases. Software and IRU investment rose 179.5% to ₹1,126.2 crore, while platform, application development and IP spending increased 44.5% to ₹535.2 crore.
Cash capex as a proportion of revenue fell to 10.68%, from 34.39% in the corresponding quarter.
Jio’s Technology Investment Priorities
Mobile Networks and Proprietary 5G Technology
Jio identifies radio access network equipment, core network infrastructure and active network elements as major capital expenditure priorities.
Its proprietary portfolio includes cloud-native RAN, 5G core and network management platforms. The company’s end-to-end 5G technology portfolio spans radio, core, automation and OSS/BSS solutions, supporting its broader technology development strategy.
The prospectus does not provide a separate allocation for 5G within network cash expenditure.
AI Infrastructure and Network Management
Jio’s stated investment areas include AI and machine learning infrastructure, operational support systems (OSS), business support systems (BSS) and digital services platforms.
These technologies support network operations, service management and digital offerings. Separate expenditure figures for AI, OSS and BSS are not disclosed, so the increase in software spending cannot be attributed entirely to AI.
Home Broadband and Customer Equipment
Capital expenditure also supports customer premises equipment, including JioFiber broadband devices, alongside related infrastructure and capabilities.
Jio’s technology portfolio includes UBR-based fixed wireless access solutions. The prospectus does not disclose a separate cash capex allocation for home broadband equipment or fixed wireless access.
Digital Platforms and Intellectual Property
Jio continues to invest in applications, digital platforms and proprietary technology, despite lower full-year expenditure in this category.
Reliance’s technology and intellectual property overview identifies homegrown 5G technology, fixed wireless access and AI-based offerings among Jio’s innovation areas.
The prospectus also outlines potential international expansion through partnerships with local operators. Technologies under consideration include cloud-native RAN, 5G core, OSS/BSS platforms, fixed wireless access solutions, devices and digital services platforms. Jio states that international monetisation of its technology stack had not yet commenced.
Lower Capex Expands EBITDA Surplus
Jio’s EBITDA less cash capex increased to ₹42,071.1 crore in FY2026, from ₹19,902 crore in FY2025, supported by higher EBITDA and lower cash capital expenditure. The measure reached ₹16,680.7 crore in April–June 2026, compared with ₹6,087 crore a year earlier.
BABURAJAN KIZHAKEDATH
