Jio IPO, new energy to power next phase of growth, says Mukesh Ambani after Reliance Q1 results
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Reliance Industries chairman and managing director Mukesh Ambani on Friday said the conglomerate has entered FY27 on a strong footing, expressing confidence that the phased commissioning of its new energy projects and the proposed initial public offering (IPO) of Jio Platforms will drive the company's next phase of growth.
"The start to FY27 gives me reason to be optimistic about the year ahead as we move forward with the phased commissioning of new energy projects and unlock value through the Jio IPO," Ambani said while announcing the company's June-quarter results.
The comments came as Reliance Industries reported a consolidated profit after tax of ₹20,946 crore for the quarter ended June 30, 2026, down 22.4% year-on-year due to the absence of the exceptional gain from the sale of its stake in Asian Paints, which had boosted earnings in the corresponding quarter last year. The oil-to-telecom conglomerate, however, posted record quarterly revenue of ₹3.40 lakh crore, up 24.5% from a year earlier, while EBITDA rose 10.1% to an all-time high of ₹54,067 crore.
Ambani said Reliance had made a "steady start" to FY27, with its diversified business portfolio continuing to demonstrate resilience 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," he said.
Jio Platforms remained the biggest earnings driver during the quarter. Ambani said the digital business continued to deliver strong growth across mobility, home broadband, and enterprise services, while highlighting the filing of Jio Platforms' draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
"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.
Reliance Retail also maintained its growth momentum across formats, supported by its omnichannel strategy. Ambani said Reliance Consumer Products Ltd (RCPL) more than doubled its revenue from a year ago, making it one of the group's fastest-growing businesses.
The oil-to-chemicals (O2C) business also delivered a strong performance despite a challenging global environment. Ambani attributed the growth to stronger transportation fuel cracks, improved downstream petrochemical margins, and operational agility that helped the company navigate supply-chain disruptions while ensuring uninterrupted fuel availability in the domestic market.
He also highlighted Moody's recent upgrade of Reliance's foreign currency debt rating to "Baa1", saying it reflected the company's strong balance sheet, robust cash generation, and financial strength.
"I remain confident in the underlying strength of our businesses and in the talent and commitment of our people," Ambani said.
After years of anticipation, Jio Platforms last month confidentially filed its draft papers for what is expected to be India's largest-ever IPO. The issue comprises entirely a fresh issue of up to 270 million equity shares with a face value of ₹10 each. While the company has not disclosed the issue size, market estimates peg the offering at around ₹37,700 crore.
According to the draft red herring prospectus (DRHP), Jio plans to utilise up to ₹27,500 crore from the net proceeds to repay or prepay borrowings at its key operating subsidiary, Reliance Jio Infocomm Ltd (RJIL).