JioStar, the media and entertainment joint venture between Reliance Industries and The Walt Disney Company, reported a 10.1% year-on-year increase in revenue from operations to ₹6,806 crore for the second quarter of financial year 2026-27 (Q2 FY27). The company had generated ₹6,179 crore in the corresponding quarter last year. However, profit after tax declined 13.2% to ₹1,147 crore from ₹1,322 crore, reflecting pressure on operating profitability and a challenging television advertising environment.
Its digital streaming platform, JioHotstar, averaged approximately 440 million monthly active users during the quarter, representing 10% growth from 400 million a year earlier. Subscription revenue and digital entertainment advertising supported the company’s revenue growth, while sports coverage and original programming helped attract viewers. The results highlight JioStar’s growing digital reach, even as traditional television advertising continues to face pressure.
Key Takeaways
- Revenue from operations: ₹6,806 crore, up 10.1% year-on-year.
- Gross revenue: ₹7,944 crore, up 9.8%.
- Profit after tax: ₹1,147 crore, down 13.2%.
- EBITDA from operations: ₹1,372 crore, down approximately 10.5%.
- Total EBITDA: ₹1,502 crore, down 13.6%.
- EBITDA margin: 22.1%, compared with 28.1% a year earlier.
- JioHotstar monthly active users: Approximately 440 million, up 10%.
- Digital entertainment watch time: Increased more than 15% year-on-year.
JioStar Q2 Revenue Grows 10.1% to ₹6,806 Crore
JioStar reported revenue from operations of ₹6,806 crore in Q2 FY27, compared with ₹6,179 crore in Q2 FY26.
Gross revenue increased 9.8% to ₹7,944 crore from ₹7,232 crore in the year-ago quarter.
The growth came despite a weak advertising environment, particularly in linear television. Higher subscription revenue across digital and television platforms, alongside stronger digital entertainment advertising, helped support the company’s performance.
Sports advertising also contributed to revenue, supported by international cricket and other major sporting events during the quarter.
JioStar operates a large media portfolio covering television channels, digital streaming, sports broadcasting, entertainment production and advertising. Its business combines the former media operations of Reliance Industries and Disney’s India business.
The company’s revenue growth shows that digital subscriptions and advertising are becoming increasingly important to its overall business model.
JioStar Profit Falls 13.2% to ₹1,147 Crore
Despite revenue growth, JioStar’s profit after tax declined to ₹1,147 crore in Q2 FY27 from ₹1,322 crore in Q2 FY26.
Its EBITDA from operations fell approximately 10.5% to ₹1,372 crore from ₹1,533 crore in the year-ago quarter.
Total EBITDA declined 13.6% to ₹1,502 crore from ₹1,738 crore.
The company’s EBITDA margin contracted by 600 basis points to 22.1%, compared with 28.1% a year earlier.
Investment income also declined 36.6% to ₹130 crore from ₹205 crore. This contributed to the reduction in total EBITDA.
Depreciation increased approximately 4% to ₹336 crore, while finance costs declined nearly 70% to ₹27 crore.
The results indicate that higher revenue did not translate into higher earnings. The company faced pressure from its operating performance and lower investment income.
JioStar Q2 FY27 Financial Performance
| Financial metric | Q2 FY26 | Q2 FY27 | Change |
|---|---|---|---|
| Gross revenue | ₹7,232 crore | ₹7,944 crore | +9.8% |
| Revenue from operations | ₹6,179 crore | ₹6,806 crore | +10.1% |
| EBITDA from operations | ₹1,533 crore | ₹1,372 crore | -10.5% |
| Total EBITDA | ₹1,738 crore | ₹1,502 crore | -13.6% |
| EBITDA margin | 28.1% | 22.1% | -600 bps |
| Profit before tax | ₹1,326 crore | ₹1,139 crore | -14.1% |
| Profit after tax | ₹1,322 crore | ₹1,147 crore | -13.2% |
Figures are based on reported quarterly financial results. EBITDA from operations excludes investment income, while total EBITDA includes it.
JioHotstar Reaches 440 Million Monthly Active Users
JioHotstar averaged approximately 440 million monthly active users (MAUs) during Q2 FY27, up 10% from around 400 million in the corresponding quarter last year.
This makes the platform one of the world’s largest streaming services by monthly audience.
The growth came despite the quarter falling outside the main IPL viewing period. New entertainment content, sports programming and the platform’s expanding distribution helped maintain audience engagement.
JioStar reported that digital entertainment watch time increased more than 15% year-on-year.
The company also said mobile subscription users were given access to connected television viewing, bringing additional viewers to larger screens.
Connected TV becomes an important growth channel
Connected television (CTV) is emerging as an important part of JioHotstar’s advertising and subscription strategy.
JioStar said the platform had achieved near-complete reach across India’s connected TV universe. The average connected TV viewer watched approximately three times as much content as a mobile viewer.
The company also introduced limited CTV access for mobile-plan users, allowing them to watch content on television screens for up to two hours every month.
This strategy could help JioHotstar increase engagement and attract advertisers looking to reach audiences on larger screens.
Connected TV advertising is particularly important because it combines the reach of television with the targeting and measurement capabilities associated with digital platforms.
Sports and Entertainment Content Support Viewership
Sports remained an important part of JioStar’s content strategy during the quarter.
Its portfolio included the India-England international cricket series, Wimbledon, the US Open and the ongoing Premier League season.
The company said the England-India series became its biggest-ever bilateral overseas cricket series on JioHotstar.
Sports content helps streaming platforms attract large audiences within a limited period. It also creates opportunities for premium advertising and sponsorship deals.
Beyond sports, JioStar continued investing in entertainment programming across Hindi and regional languages.
Its television networks introduced new shows, while JioHotstar expanded its digital catalogue with original content and entertainment formats.
The company’s micro-content hub, Tadka, also continued expanding its catalogue with new short-form programming across different genres.
JioHotstar Expands Internationally
The September quarter also marked the international relaunch of JioStar’s digital destination under the JioHotstar brand in Singapore, the United Kingdom and Canada.
The move extends the company’s digital entertainment presence beyond India and provides an opportunity to serve Indian audiences living overseas.
International expansion could create additional subscription and advertising opportunities, particularly among viewers interested in Indian films, television shows, regional entertainment and sports.
However, the company will need to compete with established global streaming services and regional platforms in these markets.
The success of the international strategy will depend on content availability, pricing, distribution partnerships and the ability to attract paying subscribers.
Television Advertising Remains Under Pressure
While digital advertising and subscriptions supported revenue growth, linear television advertising continued to face a challenging environment.
Traditional television advertising has been affected by changes in audience measurement, shifting consumer behaviour and the migration of advertisers towards digital platforms.
JioStar said digital entertainment advertising recorded strong growth during the quarter, supported by improved monetisation on connected televisions.
Subscription revenue also increased across digital platforms and linear television.
The company did not disclose separate revenue figures for each advertising and subscription category. Therefore, the exact contribution of digital advertising, television advertising and subscriptions to overall revenue growth cannot be determined from the reported figures.
The difference in performance between digital and traditional television highlights the changing economics of India’s media industry.
The Bigger Picture
JioStar’s Q2 FY27 results reflect the growing importance of digital streaming in India’s entertainment business. Revenue increased 10.1%, supported by subscription income and digital advertising, while JioHotstar reached approximately 440 million monthly active users. The platform’s growing connected TV audience and strong entertainment watch time provide additional opportunities for advertising and subscription monetisation.
However, the decline in profit and EBITDA margins shows that audience growth alone does not guarantee stronger financial performance. Pressure on linear television advertising, lower investment income and operating costs affected earnings. JioStar’s long-term performance will depend on converting its large audience into sustainable revenue while managing content, sports rights and distribution costs.
Looking Ahead
JioStar is likely to continue investing in original programming, live sports, regional entertainment and connected TV distribution. Its international expansion under the JioHotstar brand could also provide new opportunities to reach Indian audiences overseas. The company will need to balance these investments with the cost of acquiring premium content and maintaining its digital infrastructure.
Investors and media industry observers will monitor monthly active users, subscription growth, digital advertising revenue, EBITDA margins and profitability in the coming quarters. JioHotstar’s 440 million monthly users provide significant reach, but the next challenge is to turn that audience into stronger and more consistent earnings.
Frequently Asked Questions
1. What was JioStar’s revenue in Q2 FY27?
JioStar reported revenue from operations of ₹6,806 crore in Q2 FY27, representing 10.1% growth from ₹6,179 crore in Q2 FY26.
2. What was JioStar’s profit in Q2 FY27?
JioStar reported profit after tax of ₹1,147 crore, down 13.2% from ₹1,322 crore in the year-ago quarter.
3. How many monthly users does JioHotstar have?
JioHotstar averaged approximately 440 million monthly active users during Q2 FY27, up 10% year-on-year.
4. Why did JioStar’s profit decline despite revenue growth?
The decline was accompanied by lower EBITDA from operations, reduced investment income and a contraction in the EBITDA margin to 22.1% from 28.1%.
5. What drove JioStar’s revenue growth?
Higher subscription revenue across digital and television platforms, stronger digital entertainment advertising and sports advertising supported revenue growth.
6. Is JioHotstar expanding internationally?
Yes. During the September 2026 quarter, JioStar relaunched its digital destination under the JioHotstar brand in Singapore, the United Kingdom and Canada.
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