- Consolidated Revenue at ₹ 340,257 crore, up 24.5% Y-o-Y
- Record quarterly Consolidated EBITDA on recurring basis at ₹ 54,067 crore, up 10.1% Y-o-Y Record quarterly Consolidated PAT on recurring basis at ₹ 23,196 crore, up 6.1% Y-o-Y
- JPL Record EBITDA at ₹ 20,865 crore, up 15.1% Y-o-Y JPL Record EBITDA margin at 53.3%, up 150 bps Y-o-Y
- Jio total subscriber base of over 533 million with 285 million Jio True5G subscribers JPL emerged as one of the fastest rising innovators globally as per PCT Rankings of WIPO
- Robust O2C performance with EBITDA up 17.2% Y-o-Y at ₹ 17,010 crore
CONSOLIDATED FINANCIAL HIGHLIGHTS
(₹ in crore)
| Sr. | Particulars | 1Q FY27 | 4Q FY26 | 1Q FY26 | % chg. Y-o-Y | FY26 |
| No. | ||||||
| 1 | Gross Revenue | 3,40,257 | 3,25,290 | 2,73,252 | 24.5 | 11,75,919 |
| 2 | EBITDA | 54,067 | 48,588 | 49,100 | 10.1 | 2,07,911 |
| 3 | EBITDA margin (%) | 15.9 | 14.9 | 18 | (210 bps) | 17.7 |
| 4 | Depreciation | 15,100 | 14,808 | 13,842 | 9.1 | 57,688 |
| 5 | Finance Costs | 8,337 | 6,585 | 7,036 | 18.5 | 27,061 |
| 6 | Profit Before Tax | 30,630 | 27,195 | 28,222 | 8.5 | 1,23,162 |
| 7 | Tax Expenses | 7,629 | 6,579 | 6,465 | 18 | 27,552 |
| 8 | Profit After Tax | 23,001 | 20,616 | 21,757 | 5.7 | 95,610 |
| 9 | Share of Profit/(Loss) of Associates & JVs | 195 | -27 | 102 | – | 144 |
| 10 | Profit After Tax and Share of Profit/(Loss) of Associates & JVs | 23,196 | 20,589 | 21,859 | 6.1 | 95,754 |
| 11 | Capital Expenditure# | 38,682 | 40,560 | 29,875 | 1,44,271 | |
| 12 | Outstanding Debt | 3,69,705 | 3,74,421 | 3,38,432 | 3,74,421 | |
| 13 | Cash & Cash Equivalents | 2,46,791 | 2,49,704 | 2,20,851 | 2,49,704 | |
| 14 | Net Debt | 1,22,914 | 1,24,717 | 1,17,581 | 1,24,717 | |
| 15 | Net Debt to EBITDA* | 0.57 | 0.64 | 0.6 | 0.6 |
1Q FY26 EBITDA excludes ₹ 8,924 crore being proceeds of profit from sale of listed investments for comparison
Inclusive of ₹ 8,924 crore in 1Q FY26, Y-o-Y EBITDA is lower by 6.8% and Profit After Tax and Share of Profit/(Loss) of Associates & JV is lower by 24.6%
# Excluding amount incurred towards spectrum
* Annualized
Quarterly Performance (1Q FY27 vs 1Q FY26)
Gross Revenue increased by 24.5% Y-o-Y to ₹ 340,257 crore ($ 35.9 billion).
- JPL revenue increased by 12.0% Y-o-Y driven by continued subscriber market share gains, ARPU increase and strong growth in digital services.
- RRVL revenue increased by 7.4% Y-o-Y to ₹ 90,408 crore, led by broad-based growth across consumption baskets and scaling of Digital Commerce Platforms with increasing contribution to revenue. Gross revenue adjusted for RCPL demerger grew at 11.6% Y-o-Y.
- Oil to Chemicals (O2C) revenue increased by 30.4% Y-o-Y. This was largely driven by sharp increase in crude prices partially offset by lower production meant for sale.
- Oil and Gas segment revenue increased by 3.2% Y-o-Y with higher realization on KG D6 oil / condensate and favourable exchange rate movement. Increased CBM gas production and realisation further aided growth; partly offset by lower KG D6 gas production and price realisation.
EBITDA increased by 10.1% Y-o-Y to ₹ 54,067 crore ($ 5.7 billion).
- JPL EBITDA increased by 15.1% Y-o-Y driven by strong revenue growth, operating leverage and margin expansion of 150 bps.
- RRVL EBITDA decreased 1.1% Y-o-Y to ₹ 6,309 crore with an EBITDA margin of 7.9%. Margin moderation of 80 bps reflects investment in Digital Commerce.
- O2C EBITDA increased by 17.2% Y-o-Y due to stronger transportation fuel cracks and favourable downstream margin. Earnings were impacted by costlier feedstock sourcing and lower production due to planned turnaround.
- Oil and Gas segment EBITDA stable on Y-o-Y basis aided by strong contribution from improved realization on KG D6 liquids.
Depreciation increased by 9.1% Y-o-Y to ₹ 15,100 crore ($ 1.6 billion), largely on account of higher depreciation in Digital Services with capitalisation of 5G assets.
Finance Costs increased by 18.5% Y-o-Y to ₹ 8,337 crore ($ 881 million), largely due to higher liability balances and capitalisation of 5G assets.
Tax Expenses increased by 18.0% Y-o-Y at ₹ 7,629 crore ($ 806 million).
Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 6.1% Y-o-Y to
₹ 23,196 crore ($ 2.5 billion).
Capital Expenditure for the quarter ended 30th June 2026, stood at ₹ 38,682 crore ($ 4.1 billion). The Company continued to make significant progress on projects in O2C and New Energy business. The Company is also investing in strengthening and expanding consumer business infrastructure and reach.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “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.
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% Y-o-Y. 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.
Reliance Retail delivered resilient growth this quarter, with steady performance across all consumption formats and channels. Our omni-channel presence continues to serve millions of Indian consumers and I am confident that it is well placed to benefit from India’s long term consumption growth.
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.
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. Our teams navigated this difficult environment with operational agility and ensured adequate availability of essential fuels and materials in the domestic markets.
During the quarter, Moody’s Ratings upgraded our foreign currency debt issuances to “Baa1”, reflecting underlying strength of our cash flow and financial position. I remain confident in the underlying strength of our businesses and in the talent and commitment of our people. The start to FY27 gives me reason to be optimistic about the year ahead as we move forward with phased commissioning of new energy projects and unlock value through the Jio IPO.”
Leave a Reply