How Jio Studios became a key earnings driver for Reliance

For years, Reliance Industries Ltd. (RIL) has relied on its energy, telecom and retail businesses to drive growth. But in FY26, a relatively smaller division delivered one of the conglomerate’s standout success stories. Jio Studios, the content production arm within Reliance’s media and entertainment business, emerged as a significant contributor to earnings growth, powered largely by the record-breaking success of the Dhurandhar franchise.

The impact was visible in Reliance’s numbers. The company’s Media & Entertainment business reported revenue of ₹40,682 crore in FY26, a 96.6% year-on-year jump, while EBITDA soared 218.7% to ₹5,842 crore, making it one of the fastest-growing segments within the Mukesh Ambani-led conglomerate. Reliance attributed the surge to record levels of viewership, engagement and monetisation across its media platforms.

At the centre of that performance was Jio Studios. The studio, which Reliance describes as India’s No.1 content studio, delivered what could be one of the most profitable content franchises in Indian cinema history. Its twin releases—Dhurandhar and Dhurandhar: The Revenge—not only rewrote box-office records but also demonstrated how intellectual property can be monetised across theatrical, streaming, music and advertising ecosystems.

How did Dhurandhar become a blockbuster business for Reliance?

According to Reliance’s annual report, the Dhurandhar franchise generated over ₹3,000 crore in worldwide gross revenues and accounted for more than 40% of India’s box-office collections during the year. The sequel, Dhurandhar: The Revenge, emerged as the highest-grossing film in Indian cinema history, crossing ₹1,300 crore in collections and breaking several domestic and global records.

The franchise’s significance goes beyond headline box-office numbers. Reliance disclosed that the films delivered a return on investment exceeding 300%. The two films attracted more than 7.5 crore viewers, while their music albums topped streaming charts and generated over 40 billion views and streams across platforms such as YouTube and Spotify.

For a conglomerate that increasingly sees content as a strategic asset, the success validates Reliance’s integrated media play and underscores the growing financial significance of content franchises such as Dhurandhar. 

Why is content becoming a strategic growth engine for RIL?

Unlike traditional film studios that rely primarily on theatrical revenues, Reliance monetises content across multiple touchpoints. The company owns content production through Jio Studios, distribution through JioStar and JioHotstar, broadcast networks through Star’s television channels, and digital platforms that benefit from higher engagement and advertising revenue. The result is a flywheel where a successful film drives revenue across several parts of the ecosystem.

The annual report notes that Jio Studios also monetised four theatrical releases, three direct-to-digital films and four web originals during FY26. Films such as Baramulla ranked among Netflix’s top non-English titles, while Bhagwat Chapter 1: Rakshas became one of the most-viewed films on ZEE5. Collectively, Jio Studios’ content slate won more than 200 awards during the year.

What makes the Dhurandhar story particularly significant is the scale of execution. Reliance says the two-part franchise was conceived, financed and shot together before being released within a span of a few months, creating sustained audience momentum and maximising monetisation opportunities. The first film remained in theatres for 15 weeks before the sequel arrived, helping maintain consumer engagement across the franchise lifecycle.

Jio Studios’ performance suggests that Reliance’s bet on content is paying off. The studio has now delivered India’s highest-grossing film for three consecutive years—Stree 2 in 2024, Dhurandhar in 2025 and Dhurandhar: The Revenge in 2026.

To strengthen its content pipeline further, Reliance recently acquired a 50.1% stake in Sikhya Entertainment, the Oscar-winning production house behind globally acclaimed Indian stories. The move signals that Reliance sees content not merely as entertainment but as a scalable business capable of generating long-term shareholder value.

For investors, the message is becoming clearer. While telecom, retail and energy continue to anchor Reliance’s earnings, blockbuster storytelling is increasingly emerging as another growth engine. And in FY26, no story illustrated that better than Dhurandhar.