JioStar FY26: Revenue at Rs 36,248 crore despite soft TV ad income

While JioStar reported strong subscription growth across digital and TV, along with record digital advertising revenues driven by CTV, the gains were offset by continued softness in linear TV advtg

by Aditi Gupta
Published: Apr 27, 2026 9:19 AM | 2 min read

JioStar reported a total revenue of ₹36,248 crore for FY26, primarily driven by digital ad revenue and subscription growth across digital and TV platforms.
Revenue trends showed a peak of ₹11,222 crore in Q1, followed by ₹7,232 crore in Q2, and growth to ₹9,784 crore in Q4, despite a decline in profitability in the latter half of the fiscal year.
Profit fell significantly from ₹1,322 crore in Q2 to ₹419 crore in Q4, while EBITDA also decreased from ₹1,738 crore in Q2 to ₹827 crore in Q4, indicating a decline in earnings quality.
The company experienced strong subscription growth and record digital advertising revenues, but faced challenges due to weak linear TV advertising and FMCG-led ad spending, affecting overall profitability.

JioStar reported total revenue of ₹36,248 crore for FY26, driven by strong digital ad revenue, across sports and entertainment and subscription revenue across digital & TV through the year.

While the first quarter of FY 26, which had a sports property like IPL, recorded revenue of ₹11,222 crore, the second quarter reported ₹7,232 crore in revenue.

In Q3, the company's revenue grew to ₹8,010 crore and rose a further 22.1% to ₹9,784 crore in Q4 ending March 31, 2026.

Profitability, however, diverged sharply from revenue trends. The first quarter reported a profit of ₹581 crore. In Q2 the profit stood at ₹1,322 crore. This trend reversed in the second half, with profit falling 32.8% to ₹888 crore in Q3 and dropping a further 52.8% to ₹419 crore in Q4, underscoring the fragility of earnings.

The EBITDA trajectory mirrors this pattern. In Q1, EBITDA stood at ₹1,017 crore. In Q2 it went up to ₹1,738 crore, before declining 25.0% to ₹1,303 crore in Q3 and 36.5% to ₹827 crore in Q4. Margins in Q1 and Q2 stod at 10.6% and 28.1%, then moderated to 18.9% in Q3 and fell to 9.9% in Q4.

This reflects a business in transition. While JioStar reported strong subscription growth across digital and television, along with record digital advertising revenues driven by connected TV and improved monetisation, these gains were offset by continued softness in linear TV advertising. The sustained weakness in FMCG-led ad spending, particularly in the entertainment segment, continues to weigh on overall earnings quality.

For FY25, which covers the truncated period from November 14, 2024 to March 31, 2025, JioStar reported revenue of ₹11,032 crore and operating revenue of ₹9,497 crore. Profit for the period stood at ₹229 crore, while EBITDA was ₹774 crore, translating to an 8.1% margin. Depreciation was ₹330 crore and finance costs were ₹201 crore, reflecting the cost structure during the initial phase of operations post-formation.

Taken together, FY26 shows that while JioStar is building scale on the back of digital and subscription revenues, profitability remains highly sensitive to shifts in revenue mix.