Reliance Industries Q1 results: Profit drops 22.4% to ₹20,946 crore; revenue jumps 24.5%

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported a 22.4% year-on-year (YoY) decline in its consolidated net profit attributable to the owners of the company to ₹20,946 crore for the quarter ended June 30, 2026, compared with ₹26,994 crore in the year-ago period.

The decline in profit was primarily due to the absence of the exceptional gain from the sale of the company's stake in Asian Paints, which had boosted earnings in the corresponding quarter last year. On a sequential basis, however, net profit rose 23.4% from ₹16,971 crore reported in the March quarter (Q4 FY26).

Consolidated revenue from operations rose 24.5% YoY to a record ₹3.40 lakh crore in Q1 FY27 from ₹2.73 lakh crore in the same period last year, the company said.

On the operating front, EBITDA increased 10.1% to an all-time high of ₹54,067 crore during the April-June quarter, while the EBITDA margin declined by 210 basis points to 15.9% from 18% in Q1 FY26.

Made a steady start to FY27, says Mukesh Ambani

Commenting on the results, Chairman and Managing Director Mukesh Ambani said Reliance had made a steady start to FY27 despite geopolitical tensions and volatile commodity markets.

"Our diverse business portfolio has once again demonstrated its resilience in a quarter marked by continuing geopolitical tensions and volatile commodity markets," Ambani said.

Highlighting the company's digital business, Ambani said Jio continued to deliver strong growth across mobility, home broadband, and enterprise services, while noting that Jio Platforms had filed its draft red herring prospectus (DRHP) with SEBI during the quarter.

"The upcoming IPO will be an important milestone in Jio's journey and will give investors an opportunity to participate in India's digital growth story," he said.

Ambani also said Reliance Retail continued to deliver resilient growth across formats, while Reliance Consumer Products (RCPL) more than doubled its revenue compared with the previous year. He added that the company remains optimistic about FY27 as it begins the phased commissioning of its new energy projects and works towards unlocking value through the proposed Jio IPO.

Jio Platforms emerges as biggest earnings driver

Segment-wise, Reliance's telecom arm, Jio Platforms, remained the biggest earnings driver, reporting a record quarterly EBITDA of ₹20,865 crore, up 15.1% year-on-year, with its EBITDA margin expanding 150 basis points to 53.3%. Jio's subscriber base crossed 533 million during the quarter, including more than 285 million True5G users.

The oil-to-chemicals (O2C) business also delivered a strong performance, with EBITDA rising 17.2% year-on-year to ₹17,010 crore, aided by stronger transportation fuel cracks and improved downstream margins despite higher feedstock costs and planned maintenance shutdowns.

Reliance Retail Ventures reported revenue of ₹90,408 crore, up 7.4% year-on-year, driven by broad-based consumption growth and the continued scaling of its digital commerce platforms. However, EBITDA declined 1.1% to ₹6,309 crore as the company continued investing in its digital commerce business.

Capital expenditure during the quarter stood at ₹38,682 crore as Reliance continued investing across its O2C, new energy, digital, and consumer businesses. Net debt improved sequentially to ₹1.23 lakh crore, while the net debt-to-EBITDA ratio stood at 0.57.

Ahead of the earnings announcement, Reliance Industries shares gained 2.59% to close at ₹1,326.50 on the BSE, taking the company's market capitalisation to nearly ₹17.95 lakh crore.