Quarterly Financial Results
Reliance Industries Q1 FY27 Results: Revenue Climbs 24.5% YoY to ₹3.40 Lakh Crore; Records Highest-Ever Quarterly EBITDA and PAT
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- Reliance Industries Limited (RIL) reported a strong start to FY27, delivering record quarterly recurring EBITDA and Profit After Tax (PAT) alongside a 24.5% year-on-year increase in consolidated revenue.
- Growth was supported by strong performances across Jio Platforms, Oil-to-Chemicals (O2C), and steady retail operations, while the company also highlighted progress toward the proposed Jio IPO and continued investments in new energy projects.
PRICE-SENSITIVE TRIGGER
Event: Reliance Industries announced its consolidated and standalone unaudited financial results for the quarter ended 30 June 2026.
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect: The company reported record recurring EBITDA and PAT, supported by broad-based business growth across Digital Services, O2C and Retail, reinforcing operational strength despite geopolitical volatility and higher commodity prices.
financials:
Metrics:
- Revenue: ₹340,257 crore (+24.5% YoY)
- EBITDA: ₹54,067 crore (+10.1% YoY)
- EBITDA Margin: 15.9% (down 210 bps YoY)
- PAT: ₹23,196 crore (+6.1% YoY, including share of associates & JVs)
- Profit Before Tax: ₹30,630 crore (+8.5% YoY)
- Finance Cost: ₹8,337 crore (+18.5% YoY)
- Tax Expense: ₹7,629 crore (+18.0% YoY)
- Capital Expenditure: ₹38,682 crore
- Outstanding Debt: ₹369,705 crore
- Cash & Cash Equivalents: ₹246,791 crore
- Net Debt: ₹122,914 crore
- Net Debt to EBITDA: 0.57x
Segment Performance:
- Jio Platforms
- Revenue: ₹45,961 crore (+12.0% YoY)
- EBITDA: ₹20,865 crore (+15.1% YoY)
- EBITDA Margin: 53.3%
- Reliance Retail
- Revenue: ₹90,408 crore (+7.4% YoY)
- EBITDA: ₹6,309 crore (-1.1% YoY)
- EBITDA Margin: 7.9%
- Oil-to-Chemicals (O2C)
- Revenue: ₹201,803 crore (+30.4% YoY)
- EBITDA: ₹17,010 crore (+17.2% YoY)
- EBITDA Margin: 8.4%
Highlight:
- Reliance delivered its highest-ever recurring quarterly EBITDA of ₹54,067 crore and recurring PAT of ₹23,196 crore while consolidated revenue crossed ₹3.40 lakh crore for the first time.
What Happened ?
Reliance Industries began FY27 with strong operating momentum across its diversified businesses. Consolidated revenue increased 24.5% year-on-year, driven primarily by higher Oil-to-Chemicals revenue amid elevated crude prices, continued subscriber and digital services growth at Jio Platforms, and resilient consumer demand across Reliance Retail.
The company continued significant investments in Digital Services, Retail infrastructure and New Energy projects while maintaining a comfortable leverage profile. Management also confirmed that Jio Platforms has filed its Draft Red Herring Prospectus (DRHP) with SEBI, marking an important milestone toward its planned public listing.
key details
Business Performance:
- Consolidated revenue grew 24.5% YoY to ₹340,257 crore.
- Jio Platforms delivered double-digit revenue and EBITDA growth through subscriber additions, ARPU expansion and higher digital services adoption.
- Reliance Retail continued to expand its customer base, store network and digital commerce ecosystem.
- Oil-to-Chemicals benefited from stronger transportation fuel cracks and improved downstream margins despite higher feedstock costs.
- Capital expenditure remained elevated at ₹38,682 crore, supporting O2C, consumer businesses and new energy investments.
Operational Highlight:
- Jio Platforms
- Subscriber base crossed 533 million.
- True5G subscribers reached 285 million.
- Data traffic increased 26.9% YoY.
- ARPU improved to ₹215.6.
- Jio Platforms entered the global Top-20 PCT patent rankings published by WIPO.
- Reliance Retail
- Registered customer base reached 396 million.
- Quarterly transactions rose to 568 million.
- Total store count expanded to 20,169.
- Grocery Digital Commerce daily orders increased 116% YoY.
- Oil-to-Chemicals
- EBITDA increased 17.2% YoY.
- Exports grew 40.9% YoY.
- Crude basket diversification helped mitigate supply disruptions.
- Planned refinery turnaround was completed during the quarter.
Note:
- Retail profitability remained under pressure due to continued investments in Digital Commerce infrastructure, while O2C operations navigated geopolitical disruptions through diversified crude sourcing and optimized product placement.
Risk Analysis
Summary:
- Reliance’s diversified portfolio continues to provide resilience; however, external macroeconomic and industry-specific risks remain relevant.
Key Risks:
- EBITDA margin contracted by 210 basis points despite higher revenue.
- Finance costs increased due to higher borrowings and continued 5G asset capitalization.
- Retail margins moderated as digital commerce investments continued.
- O2C operations faced higher freight, insurance and feedstock costs amid geopolitical disruptions.
- Reintroduction of Special Additional Excise Duty (SAED) affected domestic fuel marketing margins.
- Commodity price volatility and global energy market uncertainty remain ongoing risks.
Worst Case:
- Extended geopolitical disruptions or prolonged weakness in refining and petrochemical margins could pressure profitability despite strong business diversification.
Risk Level: Medium
Company Commentary
- Chairman Mukesh D. Ambani said Reliance has started FY27 with strong operating performance across all businesses despite geopolitical uncertainty.
- Management highlighted Jio Platforms’ DRHP filing as a significant milestone toward its proposed IPO.
- Reliance expects phased commissioning of new energy projects during FY27.
- The company remains confident about long-term growth across Digital Services, Retail, O2C and Consumer businesses.
- Management stated that continued investments are aimed at unlocking long-term shareholder value.
Official Exchange Filing: Reliance Industries Limited
