RIL Q1 Takeaways: What Mukesh Ambani said on Jio IPO and how Reliance Consumer doubled revenue

Reliance Industries' June-quarter numbers gave investors two clear takeaways from its consumer businesses. Jio Platforms has moved closer to its public listing, while Reliance Consumer Products more than doubled its revenue as Campa and Independence scaled up across India.

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

During the quarter, Jio Platforms filed its draft red herring prospectus with SEBI, marking a key step towards its public listing. Ambani said the IPO will be an important milestone in Jio’s journey and will allow investors to participate in India’s digital growth story.


“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.

Jio IPO moves closer

Jio Platforms reported a profit of Rs 7,764 crore in the first quarter, up 9% from a year earlier. The profit growth was slower than EBITDA growth because of higher finance costs and depreciation after 5G assets were capitalised.

Operating revenue rose 12% year-on-year to Rs 39,173 crore. The growth was driven by market share gains in subscribers, organic ARPU improvement and the scale-up of digital services.

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

EBITDA rose 15% year-on-year, helped by double-digit revenue growth and 150 basis points of margin expansion.

Jio’s average revenue per user increased to Rs 215.6 during the quarter. The company said the improvement was led by a better subscriber mix and positive seasonality, though it was partly offset by promotional schemes for fixed broadband customers.

Data usage remained strong. Per capita data consumption stood at 43.7 GB per month, while total data traffic rose 27% year-on-year in Q1.

The company also saw better customer retention. Monthly churn improved to 1.6%, while net subscriber additions stood at 8.9 million during the quarter.

For Reliance investors, Jio’s listing remains one of the biggest triggers. The IPO can help unlock value in the digital business and give the market a clearer standalone valuation for one of India’s largest telecom and digital platforms.

Reliance Consumer revenue doubles

Reliance Consumer Products Ltd also delivered a strong quarter. Gross revenue stood at more than Rs 8,600 crore in Q1, up 2.1 times from a year earlier.

The growth was led by daily essentials and beverages. Daily essentials, led by the Independence brand, delivered about Rs 3,200 crore in Q1 sales. Reliance said Independence has been recognised as one of India’s most trusted brands for 2026-27.

Beverages, led by Campa, delivered around Rs 2,900 crore in Q1 sales. The company said the beverages business achieved more than 50% of its FY26 sales in the first quarter itself and gained double-digit market share in key markets.

Other FMCG categories, including home and personal care, processed foods, confectionery and chocolates, have also started to deliver strong growth.

Distribution becomes the key growth engine

Reliance Consumer’s growth was supported by a rapid expansion in distribution. The company now has more than 5,000 distributors and reaches over 3 million retail outlets.

External channels contributed more than 80% of total sales in Q1, showing that the business is no longer dependent only on Reliance’s own retail network. That is important because FMCG scale depends heavily on general trade and wider distribution.

The company has also established an international presence across more than 40 markets.

Reliance Consumer’s performance shows that RIL is building a large FMCG platform in a short period. Campa has become the most visible piece of the strategy, but the company is also pushing into staples, packaged foods, personal care and other daily-use categories.

Overall RIL numbers

Reliance Industries reported consolidated net profit of Rs 20,946 crore for the first quarter, down 22% year-on-year. The decline was mainly because the year-ago period had an exceptional gain from the sale of the Asian Paints stake. In the same quarter last year, PAT stood at Rs 26,994 crore. The profit beat the Street expectations.

Revenue from operations rose 25% YoY to Rs 3.11 lakh crore from Rs 2.48 lakh crore.

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