Mumbai, July 18 : Reliance Industries Limited (RIL) opened the financial year 2026-27 with a resilient operational performance, reporting healthy revenue growth across its major business segments despite a decline in quarterly net profit. The company’s earnings reflected strong contributions from its Oil-to-Chemicals (O2C) operations and Jio digital services, while the year-on-year comparison was influenced by an exceptional gain recorded in the corresponding quarter of the previous fiscal.
For the quarter ended June 30, FY27, Reliance Industries posted a consolidated net profit of ₹23,196 crore, marking a decline of around 25 percent compared with the same period last year. However, the result comfortably exceeded market expectations, as analysts had projected a lower profit figure.
The decline in profit was largely attributed to the absence of a one-time gain of ₹8,924 crore earned from the sale of the company’s stake in Asian Paints during the first quarter of the previous financial year. Excluding this extraordinary item, the company’s core business performance remained robust.
Revenue Records Strong Double-Digit Growth
Reliance Industries registered a significant jump in consolidated revenue, which climbed 25 percent year-on-year to ₹3.1 lakh crore. The growth was powered by healthy demand across energy, telecom, and consumer-facing businesses.
The company’s Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) increased by 10 percent to ₹51,403 crore, reflecting stronger operating income across its diversified portfolio. Operating expenses also rose considerably to ₹2.9 lakh crore, primarily due to higher commodity prices, logistics costs, and expanding business operations.
Mukesh Ambani Expresses Confidence for FY27
Commenting on the quarterly performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said the company has started FY27 on a solid footing despite an uncertain global environment.
He noted that all major business verticals delivered healthy operational growth despite geopolitical uncertainties and fluctuations in international commodity prices. Ambani also expressed optimism regarding the company’s future expansion plans, particularly its investments in clean energy and the anticipated public listing of Jio.
According to him, Reliance remains focused on strengthening its leadership across energy, digital services, retail, and consumer businesses while simultaneously investing in long-term growth opportunities.
Oil-to-Chemicals Business Delivers Strong Performance
The Oil-to-Chemicals (O2C) segment remained one of the company’s largest earnings contributors during the quarter.
The division reported an EBITDA of ₹17,010 crore, reflecting an annual growth of 17 percent and accounting for nearly one-third of Reliance’s total operating profit.
Several factors contributed to the improved performance, including:
Strong refining margins in transportation fuels.
Better profitability in downstream petrochemical operations.
Increased sourcing of crude oil from Russia and Latin America.
Greater use of lower-cost ethane feedstock.
However, the segment also faced certain headwinds.
Higher crude oil prices, increased freight and insurance costs, and the government’s decision to reintroduce the special additional excise duty on petroleum products affected profitability. Additionally, maintaining stable domestic fuel prices despite global volatility exerted pressure on margins.
Jio Continues Digital Growth Story
Reliance Jio remained another major growth engine for the conglomerate.
The telecom and digital services business recorded EBITDA of ₹21,255 crore, registering an annual increase of 16 percent.
Improved subscriber quality, higher customer spending, and operational efficiencies helped expand margins during the quarter.
Average Revenue Per User (ARPU) improved to ₹216, supported by:
A healthier subscriber mix.
Seasonal increases in customer usage.
Higher consumption of digital services.
Broadband promotional offers partially offset some of these gains.
Jio ended June 2026 with 533 million subscribers, maintaining its position among the world’s largest telecom operators.
Network usage also continued to grow rapidly:
Mobile data traffic increased by 27 percent.
Voice traffic recorded a modest 2 percent rise.
The sustained growth highlights increasing dependence on digital connectivity across India.
Retail Business Maintains Revenue Expansion
Reliance Retail continued its expansion strategy, reporting an 8 percent rise in revenue during the quarter.
However, EBITDA remained largely unchanged at ₹6,309 crore, slipping marginally by around 1 percent.
The relatively flat profitability was attributed to:
Higher contribution from digital commerce channels.
Continued investments in logistics infrastructure.
Expansion of omnichannel retail capabilities.
Despite increased costs, the retail segment continued strengthening its nationwide footprint across grocery, fashion, electronics, and lifestyle categories.
Oil and Gas Operations Remain Stable
Reliance’s upstream oil and gas business delivered a steady operational performance.
The division reported EBITDA of ₹4,973 crore, remaining broadly stable compared with the corresponding quarter last year.
Stable production levels and efficient operations helped offset fluctuations in global energy markets.
Consumer and Media Businesses Show Mixed Results
Some of Reliance’s emerging businesses witnessed softer profitability during the reporting period.
Combined EBITDA from smaller operations—including media and consumer products—declined 28 percent to ₹1,856 crore.
Within the entertainment segment, however, JioStar delivered encouraging results.
The platform’s EBITDA increased 31 percent to ₹933 crore, supported by strong advertising revenue, growing subscriber engagement, and improved operating efficiencies.
Reliance Consumer Products also continued expanding its presence in the fast-moving consumer goods sector. While EBITDA figures were not disclosed, the company reported revenue of approximately ₹8,600 crore, representing modest annual growth.
Strong Balance Sheet Supports Future Investments
Reliance Industries maintained a healthy financial position at the end of the quarter.
The company reported:
Cash and cash equivalents of ₹2.46 lakh crore.
Net debt of ₹1.22 lakh crore.
Its strong liquidity comfortably exceeded outstanding net borrowings, providing ample flexibility for future expansion.
Reliance also had ₹27,389 crore worth of non-convertible debentures outstanding as of June 30, with a significant portion secured against certain movable assets.
The healthy balance sheet is expected to support the company’s ambitious capital investment plans.
Capital Expenditure Focused on Future Growth
During the quarter, Reliance invested ₹38,682 crore as capital expenditure.
The investments primarily supported:
Expansion of renewable and green energy projects.
Development of new energy manufacturing facilities.
Growth of digital infrastructure.
Retail network expansion.
Consumer business scaling initiatives.
These investments align with Reliance’s long-term strategy of building future-ready businesses while reducing dependence on traditional energy operations.