Reliance Q1 Results: Profit up 16% sans one-time income vs same quarter last year — 5 key highlights

Reliance Q1 results: Mukesh Ambani-led oil-to-telecom-to-retail conglomerate, Reliance Industries (RIL), on Friday, 17 July, reported a 22.40% year-on-year (YoY) fall in its consolidated net profit (attributable to owners of the company) to ₹20,946 crore for the April-June quarter of the financial year 2026-27 (Q1FY27).

In the corresponding quarter of the previous financial year, the company's profit was ₹26,994 crore.

However, sequentially, or on a quarter-on-quarter (QoQ) basis, RIL's Q1FY27 profit rose by 23.42% from ₹16,971 crore in Q4FY26.

The year-on-year profit was impacted by a high base, as the corresponding quarter last year included a one-time gain of ₹8,924 crore from the sale of the company's stake in Asian Paints. Excluding this exceptional income, the company's Q1 net profit grew 15.9%.

On the top line, the revenue from operations for the June quarter of FY27 rose by 25.41% YoY and 4.43% QoQ to ₹3,11,850 crore.

In the same quarter of FY26 (Q1FY26), Reliance's revenue was ₹2,48,660 crore, while in Q4FY26, it was ₹2,98,621 crore.

RIL's consolidated EBITDA at ₹54,067 crore rose by 10.1% YoY and 11.3% QoQ, while EBITDA margin slipped 210 bps YoY but increased 100 bps QoQ to 15.9%.

The company's outstanding debt declined to ₹3,69,705 crore from ₹3,74,421 crore by the end of Q4FY26.

“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," Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

"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,” said RIL Chairman.

One-off gain impacts year-on-year comparison

Despite reporting revenue from operations above ₹3 lakh crore for the first time, Reliance Industries' net profit declined on a year-on-year basis largely due to the high base of the corresponding quarter last year. The June quarter of FY26 had included a one-time gain from the sale of the company's stake in Asian Paints, which had significantly boosted earnings.

Excluding that exceptional gain, the underlying operational performance remained supported by strong growth in the oil-to-chemicals (O2C), digital services and retail businesses.

Reliance Q1 results 2026: 5 key highlights

Let's take a look at the key takeaways of Reliance's Q1 results for FY27:

1. Jio Platforms: Strong performance continues

Continued gains in subscriber base, organic ARPU (average revenue per user) growth and scale-up of digital services drove Jio Platforms' earnings in Q1FY27.

Jio Platforms' revenue from operations rose by 11.8% YoY to ₹39,173 crore, while profit saw a 9.2% YoY rise to ₹7,764 crore. EBITDA jumped 15.1% YoY, and EBITDA margin climbed 150 bps YoY.

ARPU increased to ₹215.6 from ₹208.8 YoY and ₹214 QoQ 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 26.9% YoY during Q1FY27.

"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," said RIL Chairman.

"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 said.

2. Reliance Retail: Profit declines; margin pressure persists

The retail segment's profit dropped 14.2% YoY to ₹2,806 crore, while revenue from operations increased by 8.2% YoY. EBITDA declined 1.1% YoY, and EBITDA margin shrank 80 bps YoY due to the growing contribution of digital commerce to revenue and associated infrastructure investments, which increased fixed costs, as per the company.

Reliance Retail's total store count increased to 20,169 by Q1FY27 from 20,160 by the end of Q4FY26.

"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," said RIL Chairman.

3. Oil-to-chemicals (O2C): Clocks record quarterly revenue due to a sharp increase in crude oil prices

Segment's revenue increased by 30.4% YoY to ₹2,01,803 crore, mainly due to a sharp increase in crude oil prices by 54.1% YoY. It was partially offset by lower production due to the planned turnaround.

EBITDA increased by 17.2% YoY, but EBITDA margin declined 100 bps YoY.

"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," said Ambani.

4. Oil and gas: Revenue back in green, but margin pressure continues

The segment's revenue in Q4FY26 declined by 8.9% YoY to ₹5,867 crore, mainly due to lower gas price realisation in KGD6 and CBM, and lower gas volume in the KGD6 field.

However, in Q1FY27, revenue from the segment saw a mild growth of 3.2% YoY to ₹6,298 crore, mainly on account of higher oil/condensate price realisation from KG D6, higher gas price realisation and production from CBM as compared to Q1FY26, coupled with favourable exchange rate movement.

EBITDA and EBITDA margin declined 0.5% and 290 bps, respectively, in YoY terms.

5. JioStar business: Solid revenue, profit growth

The segment's revenue from operations increased by 14% YoY to ₹10,946 crore, while profit jumped 14.5% YoY to ₹665 crore. Strong growth in subscription revenue and digital entertainment ad revenue contributed to the revenue growth.

EBITDA also increased by 3.1% YoY to ₹1,049 crore, but EBITDA margin declined by 100 bps to 9.6%.

JioHotstar reported its highest-ever average monthly active users (MAUs) of 53 crore during the June quarter, driven by a strong uptick in viewership across sports and entertainment.