Quarterly Financial Results
Reliance Industries Q1 FY27 Results: Revenue Surges 25% to ₹3.40 Lakh Crore; EBITDA and PAT Hit Record High
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- Reliance Industries Limited (RIL) reported record consolidated financial performance for the quarter ended June 30, 2026 (Q1 FY27).
- Revenue increased 24.5% YoY to ₹3,40,257 crore, while recurring EBITDA reached an all-time high of ₹54,067 crore.
- Profit After Tax (PAT) rose 6.1% YoY to ₹23,196 crore, supported by strong performances across Oil-to-Chemicals (O2C), Jio Platforms, Retail, and other consumer businesses despite heightened global macroeconomic volatility.
PRICE-SENSITIVE TRIGGER
Event: Reliance Industries announced its unaudited consolidated financial results for Q1 FY27 along with its analyst presentation.
Type: Quarterly Financial Results
Impact: Positive
Immediate Effect: The company delivered record quarterly EBITDA and PAT alongside broad-based revenue growth across its energy and consumer businesses, reinforcing operational resilience and earnings momentum despite challenging global market conditions.
financials:
Metrics:
- Revenue: ₹3,40,257 crore (+24.5% YoY)
- EBITDA: ₹54,067 crore (+10.1% YoY)
- Profit Before Tax (PBT): ₹30,630 crore (+8.5% YoY)
- Profit After Tax (PAT): ₹23,196 crore (+6.1% YoY)
- Finance Cost: ₹8,337 crore (+18.5% YoY)
- Depreciation: ₹15,100 crore (+9.1% YoY)
- Tax Expense: ₹7,629 crore (+18.0% YoY)
Segment Performance:
- Oil-to-Chemicals (O2C)
- Revenue: ₹2,01,803 crore (+30.4% YoY)
- EBITDA: ₹17,010 crore (+17.2% YoY)
- Oil & Gas
- Revenue: ₹6,298 crore (+3.2% YoY)
- EBITDA: ₹4,973 crore (-0.5% YoY)
- Jio Platforms
- Revenue: ₹45,961 crore (+12% YoY)
- EBITDA: ₹20,865 crore (+15.1% YoY)
- Reliance Retail
- Revenue: ₹90,408 crore (+12% YoY)
- EBITDA: ₹6,309 crore (-1.1% YoY)
- JioStar
- Revenue: ₹12,799 crore (+14.1% YoY)
- EBITDA: ₹933 crore (+30.7% YoY)
- Reliance Consumer Products (RCPL)
- Revenue: ₹8,600 crore (2.1x YoY growth)
Highlight:
- Reliance posted its highest-ever quarterly recurring EBITDA of ₹54,067 crore and PAT of ₹23,196 crore, driven by strong earnings across both its energy and consumer businesses.
What Happened ?
Reliance Industries reported record quarterly financial performance despite heightened macroeconomic uncertainty and volatility in global energy markets. Revenue growth was led by robust contributions from the Oil-to-Chemicals business, continued subscriber expansion at Jio Platforms, and sustained demand across Reliance Retail.
Consumer businesses contributed more than half of the group’s consolidated EBITDA, while disciplined capital allocation and strong operating cash flows continued to support investments in new energy, digital commerce, and retail expansion.
key details
Business Performance:
Oil-to-Chemicals (O2C)
- Benefited from elevated middle distillate cracks and stronger downstream chemical spreads.
- Ethane cracking continued to provide cost advantages over naphtha.
- Diversified crude sourcing reduced dependence on Middle Eastern supplies.
- Cargo optimization improved export realizations.
- Planned refinery turnaround and SAED-related costs partially offset earnings growth.
Oil & Gas:
- Stable operating performance supported by reliable upstream operations.
- Higher crude oil prices helped offset weaker KG-D6 gas production and pricing.
Jio Platforms:
- Revenue increased 12% YoY.
- EBITDA grew 15.1% YoY.
- Subscriber base exceeded 533 million.
- Around 285 million users are now on the 5G network.
- Fixed broadband subscriber base reached 28.6 million.
- Digital Services revenue grew nearly 20% YoY through Cloud, IoT, Managed Services and Content offerings.
- Maintained leadership in Fixed Wireless Access with over 78% market share.
Reliance Retail:
- Revenue increased 12% YoY.
- Growth driven by Grocery, Consumer Electronics and Fashion.
- Continued investments in hyperlocal delivery infrastructure affected near-term profitability.
- Digital commerce expansion remained a strategic focus.
Media:
- JioStar recorded strong revenue and EBITDA growth supported by continued traction in sports and entertainment content.
FMCG:
- RCPL more than doubled revenue compared to the previous year.
- Continued investment in manufacturing capacity and consumer brand expansion.
Balance Sheet:
- Capital expenditure stood at ₹38,682 crore during the quarter.
- Net debt reduced to ₹1,22,914 crore.
- Net Debt to EBITDA remained at a comfortable 0.60x, reflecting a conservative capital structure.
Risk Analysis
Summary:
- While operating performance remained robust, several external and business-specific factors continue to influence future profitability.
Key Risks:
- Global energy market volatility.
- Lower refining volumes due to planned maintenance.
- SAED-related costs impacting O2C profitability.
- Under-recovery in domestic fuel retailing.
- Margin pressure from ongoing investments in hyperlocal retail delivery.
- Continued capital expenditure in new energy and digital infrastructure.
Worst Case:
- A prolonged decline in refining margins, weaker energy demand, or slower monetization of retail and digital investments could moderate future earnings growth.
Risk Level: Medium
Company Commentary
- Record quarterly performance achieved despite macroeconomic volatility.
- Consumer businesses now contribute more than half of consolidated EBITDA.
- Strong operating cash flows continue to fund growth investments.
- Continued investment in New Energy, Digital Commerce and Data Centres.
- Operational agility enabled the company to respond effectively to changing market conditions.
- Strong balance sheet supports future expansion across business verticals.
Official Exchange Filing: Reliance Industries Limited
