Reliance Industries Limited (RELIANCE) Q1 26/27 earnings summary

Executive summary

• Achieved record results in Q1 FY27 amid macro volatility, with consolidated revenue rising to ₹340,257 crore, up 25% year-over-year, led by O2C, Digital Services, and Retail.

• Highest ever quarterly recurring EBITDA at ₹54,067 crore (+10.1% YoY) and net profit at ₹23,196 crore (+6.1% YoY), driven by O2C and Jio Platforms.

• Consumer businesses contributed over 50% of consolidated EBITDA, supported by robust cash flows and a strong balance sheet.

• Total comprehensive income for the quarter was ₹26,463 crore.

• Results reviewed and approved by the Audit Committee and Board on July 17, 2026.

Financial highlights

• Consolidated revenue rose 24.5% YoY to ₹340,257 crore; EBITDA up 10.1% YoY to ₹54,067 crore; net profit up 6.1% YoY to ₹23,196 crore.

• O2C revenue up 30.4% YoY to ₹201,803 crore; Jio Platforms revenue up 12% YoY to ₹45,961 crore; Retail revenue up 12% YoY to ₹90,409 crore.

• JPL PAT up 9% YoY to ₹7,764 crore; RRVL PAT down 14% YoY to ₹2,805 crore.

• Retail EBITDA at ₹6,309 crore (-1.1% YoY), with margin pressure from digital commerce investments.

• Finance cost increased 19% and depreciation up 9% due to Jio asset capitalization.

Outlook and guidance

• Focus on scaling New Energy, data centers, and digital commerce, leveraging strong cash flows.

• Retail aims to double operating EBITDA over three years by scaling online, expanding own brands, and improving unit economics.

• O2C expects refinery margins to remain robust amid tight balances and strong summer demand.

• New Energy segment progressing on giga-factory ecosystem, targeting 20 GWp solar and 120 GWh battery capacity.

• Board and Audit Committee maintain focus on operational performance and compliance.