JioStar reports healthy EBITDA in Q3 FY26

JioStar posted a solid EBITDA performance despite a challenging macroeconomic backdrop, supported by robust subscription growth across both digital and television platforms and record-high digital entertainment revenues fuelled by connected TV (CTV) and focused content monetisation, said Kevin Vaz, CEO – Entertainment, JioStar.

Speaking during an earnings call following the announcement of the company’s third-quarter financial results, Vaz noted that the television advertising market continues to face pressure due to reduced spending by FMCG and consumer electronics companies. However, he pointed out that December showed positive signs of recovery following GST-related disruptions.

“Our operating revenue for the quarter stood at a strong Rs 6,896 crore, with an EBITDA of Rs 1,303 crore. This reflects a healthy EBITDA performance despite a tough macroeconomic environment, along with strong subscription revenue growth across both digital and TV.

The TV advertising market remains challenging due to cutbacks in FMCG and consumer electronics spends. That said, post-GST, the month of December showed encouraging signs of recovery, and we are hopeful this trend will continue. It is also important to note that a year-on-year comparison is not entirely fair, as the merger only came into effect from November 14 in the previous quarter. Despite macroeconomic pressures, we have maintained strong momentum,” Vaz said. He added that linear TV market share increased by 100 basis points to 34.6%, matching the combined share of the next three networks.

JioStar reported revenue of Rs 8,010 crore in Q3 FY26 and Rs 26,464 crore for the nine-month period ending FY26. In comparison, the company had posted revenue of Rs 7,232 crore in Q2 FY26.

Revenue from operations for Q3 FY26 came in at Rs 6,896 crore, up from Rs 6,179 crore in Q2 FY26. For the nine-month period from April 1, 2025, to December 31, 2025, operating revenue totalled Rs 22,676 crore.

For FY25—which JioStar defines as the period from November 14, 2024, following the completion of the Disney Star and Reliance merger, to March 31, 2025—the company recorded gross revenue of Rs 11,032 crore.

Profit after tax (PAT) for Q3 FY26 stood at Rs 888 crore, compared to Rs 1,322 crore in Q2 FY26. For the nine-month period ending December 31, 2025, JioStar reported a PAT of Rs 2,791 crore.

On the operational front, JioStar said its television network reached more than 830 million viewers, delivering over 60 billion hours of watch time during the quarter. Its streaming platform, JioHotstar, averaged 450 million monthly active users (MAUs), marking a 13% quarter-on-quarter increase and nearly matching levels seen in the IPL-heavy Q1 FY26.

Vaz said JioHotstar continued to grow sequentially, driven by strong performance across both entertainment and sports content. “This quarter featured some of our biggest entertainment shows, and they performed exceptionally well on the platform,” he said. He added that franchises such as Bigg Boss, which aired simultaneously in Hindi and four southern languages, delivered “one of our highest-ever ad revenues” and contributed to a 40% rise in digital watch time.

He also noted that original titles such as Search, starring Konkona Sen, and Mrs. Deshpande with Madhuri Dixit ranked among the top-performing OTT shows, as per Ormax ratings. Recent Malayalam and Telugu film premieres, including Lokah and Mirai, were the most watched titles in their respective categories.

Vaz highlighted that the company’s first AI-led content experiment, Mahabharat, emerged as “one of our best launches,” recording double the viewership of its previous top-performing shows and achieving the highest levels of engagement and monetisation on the network.

On the sports front, Vaz pointed to a sharp surge in women’s cricket viewership, noting that live watch time for the Women’s World Cup was ten times higher than the previous edition held in 2024. Viewership increased fourfold, with peak concurrency reaching 21 million. He added that the final match attracted audiences comparable to men’s cricket and on par with an IPL game.

“Kabaddi doubled its viewers and watch time, reinforcing its status as the second-largest sport after cricket. Men’s bilateral series saw around 55% growth in watch time and viewership compared to pre-merger levels, while Pro Kabaddi League watch time rose by approximately 120% year-on-year,” he said.

Operationally, Vaz reiterated that JioHotstar’s average monthly active users stood at 450 million, reflecting a 13% increase over the previous quarter. “We successfully converted many cricket viewers to entertainment content and retained them on the platform quarter after quarter,” he said. Entertainment watch time rose 15%, driven by new seasons of Bigg Boss and strong Hindi and regional programming, while record monetisation was supported by a stronger CTV mix and an expanded advertiser base.

On the film business, Vaz said Avatar: Fire and Ash emerged as one of the biggest Hollywood releases of 2025, grossing over Rs 200 crore in its first 15 days, aided by innovative marketing and distribution strategies from JioStar.