Reliance Industries Q1 PAT grows 6% YoY; revenue climbs 25%

The company's consolidated net profit increased 6.12% YoY and 12.66% QoQ to Rs 23,196 crore in Q1 FY27. The figure includes the share of profit from associates and joint ventures.

Gross revenue rose 24.50% YoY and 4.60% QoQ to Rs 3,40,257 crore in the June 2026 quarter.

Profit before tax stood at Rs 30,630 crore in Q1 FY27, up 12.63% vs Q4 and 8.53% vs Q1 FY26.

EBITDA increased 10.12% YoY and 11.28% QoQ to Rs 54,067 crore, while EBITDA margin stood at 15.9%, compared with 18.0% in Q1 FY26 and 14.9% in Q4 FY26.

On the cost front, depreciation increased 9.09% YoY to Rs 15,100 crore, largely due to higher depreciation in Digital Services following the capitalisation of 5G assets. Finance costs rose 18.49% YoY to Rs 8,337 crore owing to higher liability balances and the capitalisation of 5G assets. Tax expense increased 18% YoY to Rs 7,629 crore.

Operationally, Jio Platforms' revenue increased 12.0% YoY, while EBITDA rose 15.1% YoY on strong subscriber additions, ARPU improvement and growth in digital services. Jio Platforms also filed its draft red herring prospectus (DRHP) with SEBI during the quarter, marking a key milestone towards its proposed initial public offering.

Reliance Retail Ventures reported a 7.4% YoY increase in revenue to Rs 90,408 crore, led by broad-based growth across consumption categories and digital commerce. EBITDA declined 1.1% YoY to Rs 6,309 crore, with margin moderation reflecting continued investment in digital commerce.

The Oil-to-Chemicals (O2C) business posted a 30.4% YoY increase in revenue and 17.2% YoY growth in EBITDA, supported by stronger transportation fuel cracks and improved downstream margins despite higher feedstock costs and planned maintenance shutdowns.

The Oil and Gas business recorded 3.2% YoY revenue growth, aided by higher realisations from KG-D6 crude oil and condensate, favourable exchange rates and increased CBM gas production.

Capital expenditure stood at Rs 38,682 crore during the quarter as the company continued investments in O2C, new energy projects and expansion of its consumer businesses.

Chairman and managing director Mukesh D. Ambani said all businesses delivered strong operating performance despite geopolitical tensions and volatile commodity markets. He said the company remains on track with the phased commissioning of its new energy projects and expects the proposed Jio IPO to unlock long-term value.

Consolidated Jio Platforms Limited ('JPL')

Jio Platforms reported a strong performance in Q1 FY27, with revenue rising 12.0% YoY to Rs 45,961 crore and EBITDA increasing 15.1% YoY to a record Rs 20,865 crore. EBITDA margin expanded 150 basis points to an all-time high of 53.3%.

Average revenue per user (ARPU) improved to Rs 215.6, supported by a better subscriber mix and seasonal factors, partly offset by promotional offers for fixed broadband customers. Monthly churn improved to 1.6%, while the company added 8.9 million net subscribers during the quarter, taking its total subscriber base to over 533 million, including 285 million 5G users. Per capita data consumption stood at 43.7 GB per month, driving a 26.9% YoY increase in data traffic to 69 exabytes.

Digital services revenue grew 20% YoY, led by content, cloud computing, IoT and managed services, while connectivity revenue rose 11% YoY. Over the past 12 months, Jio added more than 73 million 5G subscribers and 8.6 million fixed broadband customers, while also emerging as one of the fastest-rising innovators globally in the World Intellectual Property Organization's (WIPO) Patent Cooperation Treaty (PCT) rankings.

Consolidated Reliance Retail Ventures Limited ('RRVL')

Reliance Retail Ventures reported 7.4% YoY growth in revenue to Rs 90,408 crore in Q1 FY27. Adjusted for the demerger of its consumer brands business, revenue increased 11.6% YoY, driven by double-digit growth across grocery, fashion and lifestyle, and consumer electronics. EBITDA declined 1.1% YoY to Rs 6,309 crore, while EBITDA margin moderated by 80 basis points to 7.9%, reflecting the growing contribution of digital commerce and continued infrastructure investments.

During the quarter, the company opened 252 stores, taking its network to 20,169 outlets with a retail area of 78.4 million sq. ft. Its registered customer base grew 10.6% YoY to over 396 million, while transactions surged 46.0% YoY to 568 million. Grocery digital commerce continued to scale rapidly, with average daily orders rising 116% YoY, and the number of unique customers served across retail formats increased 8.5% YoY.

Oil To Chemicals ('O2C') Segment

The Oil-to-Chemicals (O2C) business reported a 30.4% YoY increase in revenue to a record Rs 2,01,803 crore in Q1 FY27, driven primarily by a 54.1% YoY rise in crude oil prices, partly offset by lower production during a planned turnaround. EBITDA rose 17.2% YoY to Rs 17,010 crore, supported by stronger transportation fuel cracks, improved downstream petrochemical margins, crude basket diversification, efficient product placement in deficit markets and favourable ethane cracking economics. However, earnings were partly impacted by higher crude premiums, elevated freight and insurance costs, under-recoveries from maintaining domestic fuel prices, and the reintroduction of the Special Additional Excise Duty (SAED) on diesel, petrol and aviation turbine fuel. Jio-bp expanded its fuel retail network to 2,221 outlets across the country.

Oil And Gas (Exploration and Production) Segment

The Oil and Gas (Exploration and Production) business reported 3.2% YoY growth in revenue to Rs 6,298 crore in Q1 FY27, supported by higher oil and condensate realisations from the KG-D6 block, increased CBM gas production and realisations, and favourable exchange rate movements. The gains were partly offset by lower KG-D6 gas production and lower gas price realisations. EBITDA declined 0.5% YoY to Rs 4,973 crore.

During the quarter, the average realised price for KG-D6 gas fell to $8.89/MMBTU from $9.97/MMBTU a year ago, while the average realised price for CBM gas increased to $12.0/MMBTU from $9.90/MMBTU. Average production from KG-D6 stood at 24.8 MMSCMD of gas and approximately 16,721 barrels per day of oil and condensate.

Jiostar Business

JioStar reported a 14% YoY increase in revenue from operations to Rs 10,946 crore in Q1 FY27, while EBITDA from operations grew 30.7% YoY to Rs 933 crore, driven by strong subscription revenue, higher digital entertainment advertising and operating leverage. JioHotstar recorded its highest-ever average monthly active users (MAUs) of 530 million, up 15% YoY, supported by strong engagement across sports and entertainment.

IPL 2026 became the biggest-ever T20 event, reaching 1.2 billion viewers across digital and linear television, including 700 million on digital alone. JioStar retained its leadership in television entertainment with a 34% viewership share, reaching over 810 million viewers nationwide.

The company's microcontent platform Tadka crossed 100 million active users within two months of launch, while entertainment watch time on JioHotstar increased 16% YoY. During the quarter, JioStar also introduced AI-powered multilingual voice search through its OpenAI partnership and integrated Swiggy's in-app food ordering service during IPL 2026, expanding user engagement and commerce capabilities.

Reliance Industries is India's largest private sector company with businesses spanning digital services, retail, oil-to-chemicals, exploration and production, new energy and consumer products.

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