Reliance Industries Reports Strong Q1 FY27 Results, Revenue Rises 25% to Rs 3.4 Lakh Crore

Mumbai: Reliance Industries Ltd (RIL) reported a strong performance for the June quarter (Q1 FY27), with healthy growth across its Oil-to-Chemicals (O2C), Digital Services and Retail businesses helping the company navigate a challenging global energy environment.

The Mukesh Ambani-led conglomerate recorded its highest-ever recurring operating profit and recurring quarterly net profit. However, reported net profit was lower on a year-on-year basis as the corresponding quarter last year included a one-time gain from the sale of its stake in Asian Paints.

The company’s consolidated revenue rose 25% year-on-year to Rs 3.40 lakh crore. Recurring EBITDA increased 10.1% to a record Rs 54,067 crore, while profit before tax grew 8.5% to Rs 30,630 crore. Recurring profit after tax (before minority interest) climbed 6.1% to an all-time high of Rs 23,196 crore.

Reliance invested Rs 38,682 crore during the quarter, with operating cash flows fully supporting its capital expenditure. Net debt remained largely stable at Rs 1.23 lakh crore.

Commenting on the results, Chairman and Managing Director Mukesh Ambani 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.”

Jio remains the key growth driver

Jio Platforms continued to lead Reliance’s earnings growth during the quarter, backed by rising data usage and expanding digital offerings.

Revenue from the digital services business increased 20% year-on-year, supported by strong growth in cloud computing, content, Internet of Things (IoT) and managed services. EBITDA rose 15% to Rs 20,865 crore, while margins improved to 53.3%.

The telecom business ended the quarter with 533.3 million subscribers, including 285 million 5G users. Data consumption remained robust, with total traffic rising 27% year-on-year to 69 exabytes. Fixed broadband subscribers increased to 28.6 million, while average revenue per user (ARPU) improved 3.3% to Rs 215.6.

Reliance said JioAirFiber continued to be the world’s largest fixed wireless access service, crossing 14 million subscribers. Over the past year, the company added more than 73 million 5G users and 8.6 million fixed broadband customers.

Its media business also performed strongly. JioHotstar reported its highest-ever quarterly engagement, averaging 530 million monthly active users, while IPL 2026 emerged as the biggest T20 tournament across television and digital platforms. Media EBITDA rose 3.1% to Rs 1,049 crore.

Retail business continues to expand

Reliance Retail maintained steady growth during the quarter, driven by strong demand across grocery, consumer electronics and fashion.

Retail revenue increased 7.4% year-on-year to Rs 90,408 crore. Excluding the impact of the demerger of Reliance Consumer Products Ltd (RCPL), gross revenue grew 11.6%.

EBITDA slipped 1.1% to Rs 6,309 crore as margins narrowed to 7.9% due to continued investments in expanding its digital commerce business.

The company added 252 new stores during the quarter, taking its retail network to 20,169 outlets. Customer transactions rose 46% year-on-year to 568 million, while its registered customer base grew to 396 million.

Digital commerce remained one of the fastest-growing segments, with grocery orders more than doubling. Ajio Rush, Shein and JioMart continued to expand rapidly, with JioMart now serving nearly 5,500 PIN codes across more than 1,200 cities.

O2C business posts strong recovery

Reliance’s Oil-to-Chemicals (O2C) business rebounded strongly during the quarter, supported by better transportation fuel cracks and improved downstream chemical margins.

O2C EBITDA rose 17.2% year-on-year to Rs 17,010 crore, its highest level in four years.

The business benefited from stronger margins on gasoline, diesel and aviation turbine fuel (ATF). However, gains were partly offset by windfall taxes on fuels, under-recoveries in domestic fuel retailing and lower production due to planned refinery maintenance.

The Jio-bp fuel retail network also expanded during the quarter, reaching 2,221 outlets across India.

Oil & Gas business stays stable

Reliance’s Oil & Gas business delivered a stable performance, reporting EBITDA of Rs 4,973 crore.

Higher condensate production from the KG-D6 block and increased coal-bed methane (CBM) output supported earnings. However, lower gas price realisations, natural decline in KG-D6 gas production and higher government levies weighed on overall performance.

During the quarter, KG-D6 gas price realisation fell 10.8% year-on-year, while CBM price realisation rose 21.2%.

Ahead of the earnings announcement, Reliance Industries shares gained 2.4% to close at Rs 1,327.20 apiece on the NSE. DeshGujarat