RIL Q1 Results: Revenue up 25% YoY to Rs 3.11 lakh crore, profit beats Street estimates

Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday managed to beat Street expectations as its revenue from operations increased 25% year-on-year (YoY) to Rs 3.11 lakh crore in the June quarter as against Rs 2.48 lakh crore a year ago. The profit, however, fell 22% YoY to Rs 20,946 crore due to an exceptional item that came about due to sale of Asian Paints stake in the comparable period last year.

RIL's all business segments reported double-digit growth and EBITDA during the quarter increased by 10% YoY to Rs 54,067 crore.

"Reliance has made a steady start to FY27, with all businesses delivering strong operating performance. Our diverse business portfolio has once again demonstrated its resilience in a quarter which witnessed continuing geopolitical tensions and volatile commodity markets," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.

Depreciation during the first quarter rose 9% YoY to Rs 15,100 crore, largely on account of higher depreciation in Digital Services with capitalisation of 5G assets. Finance Costs increased by 18% YoY to Rs 8,337 crore ($ 881 million), largely due to higher liability balances and capitalisation of 5G assets.

Capital Expenditure for the quarter ended June 2026, stood at Rs 38,682 crore ($ 4.1 billion). The company said continues to make significant progress on projects in O2C and New Energy business. It is also investing in strengthening and expanding consumer business infrastructure and reach.

Segment performance - Jio Platforms

Jio Platforms reported at profit of Rs 7,764 crore in the first quarter, which rose 9% YoY with EBITDA growth offset by higher finance costs and depreciation charge due to 5G asset capitalisation.

Operating revenue for the quarter increased 12% YoY to Rs 39,173 crore driven by continued gains in subscriber market share, organic ARPU growth and scale up of digital services. EBITDA jumped 15% YoY driven by strong double digit revenue growth and margin expansion of 150 bps.

ARPU for the quarter increased further to Rs 215.6 with better subscriber mix and positive seasonality partly impacted by promotional schemes for fixed broadband customers. Per capita data consumption was 43.7 GB/month with total data traffic growth of 27% YoY during Q1.

Also Read: Reliance Retail Q1 results: Quick-commerce spends drag PAT 14% YoY to Rs 2,806 crore; revenue rises 7%

Monthly churn improved further to 1.6% with net subscriber addition of 8.9 million during the quarter.

"The digital services business continued its growth momentum during the quarter. Jio’s performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth of 15% YoY," Ambani said.

During the quarter, Jio Platforms Limited filed its DRHP with Sebi, a significant step towards its public listing. "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," Ambani further said.

Oil-to-Chemicals (O2C) business

The company's mainstay oil-to-chemicals business saw revenue growth of 30% YoY to Rs 2.01 lakh crore ($ 21.3 billion) mainly due to sharp increase in crude oil prices by 54.1% YoY partially offset by lower production due to planned turnaround.

Segment EBITDA for Q1 is higher by 17% YoY to Rs 17,010 crore ($ 1.8 billion) due to sharp increase in transportation fuel cracks and downstream margins.

O2C segment performance was also supported by crude basket diversification, efficient product placement in deficit markets and favourable ethane cracking economics.

The company said multiple headwinds curtailed margin capture including high crude premiums on physical barrels along with higher freight and insurance costs. Further, to protect domestic consumers, RIL diverted propane / butane to boost LPG output and held domestic fuel prices at retail outlets, leading to under recoveries in fuel retailing. Reintroduction of SAED on Diesel, MS and ATF has adversely impacted margins from domestic business.

"The O2C business delivered strong performance during the quarter, supported by all-time high middle distillate cracks and improved downstream petrochemical deltas. This was achieved despite a challenging global energy market backdrop with disrupted supply chains," Ambani said.

Reliance Retail

The fast expanding retail business reported a 14% decline in its profit at Rs 2,806 crore in the first quarter, while revenue rose 7% to Rs 90,408 crore.

Gross revenue was up 12% YoY (adjusted for demerger of Consumer Brands business) with double digit underlying growth across Grocery, Fashion & Lifestyle and Consumer Electronics consumption baskets.

EBITDA from operations was at Rs 5,935 crore, down 2% YoY. EBITDA margin from operations at came in at 7.4%.

The overall segment EBITDA fell 1% YoY to Rs 6,309 crore, while EBITDA margins stood at 7.9%. RIL said margin moderation of 80 bps reflects growing contribution of Digital Commerce in revenue and associated infrastructure investments increasing fixed cost.

Also Read: Reliance Jio Q1 Results: IPO-bound telco’s net profit rises 9% YoY to Rs 7,764 crore; ARPU climbs to Rs 215.6

"The consumer products business is growing rapidly with the portfolio of FMCG brands gaining real traction with Indian consumers. RCPL has more than doubled its revenues as compared to the previous year," Ambani said.

During the quarter, 252 stores opened during the quarter taking the total store count to 20,169 and area at 78.4 million sq ft. The registered customer base grew to 396 million (11% YoY), making Reliance Retail one of the most preferred retailers in the country.

Grocery Digital commerce continued to scale rapidly with average daily orders up 116% YoY. The business witnessed 8% YoY growth in unique customers served across retail formats. 568 million transactions recorded during the quarter, up 46% YoY.

Oil and Gas

In this segment, first quarter revenue was higher by 3% YoY, mainly on account of higher oil/condensate price realization from KG D6, higher gas price realization and production from CBM as compared to previous year quarter coupled with favourable exchange rate movement. This was partially offset by lower gas production and lower gas price realisation from KGD6.

The average price realised for KGD6 gas was $8.89 per MMBTU in Q1 as against $9.97 per MMBTU in last year quarter. The average price realised for CBM gas was $12 per MMBTU in the first quarter, compared with $9.9 per MMBTU in Q1 of FY26.

EBITDA for the business is marginally down by 0.5% to Rs 4,973 crore on YoY basis.

JioStar

JioStar achieved a strong 31% YoY growth in EBITDA from operations, despite a challenging macro environment. JioHotstar averaged 530 million MAUs, its highest ever, during the quarter. IPL 2026 became the biggest ever T20 event with a combined reach of 1.2 billion across Digital and Linear TV. Microcontent hub and Tadka crossed 100 million users within two months of launch.

Ambani said the start to FY27 gives him reason to be optimistic about the year ahead as the company moves forward with phased commissioning of new energy projects and unlock value through the Jio IPO.