Reliance Industries Q1 Results: O2C, Jio Drive Drive Growths; But Why RILs Net Profit Dropped 22% YoY?

Also, Reliance highlighted that its PAT and share of profit/loss of associates and joint ventures cumulatively stood at Rs 23,196 crore, recording a 6% YoY growth, which also beats street estimates.

On the top-line front, Mukesh Ambani's giant posted a consolidated revenue of Rs 3,11,850 crore, witnessing a growth of 10.6% from the revenue of Rs 2,84,660 crore a year ago in the same quarter. Meanwhile, Q1FY27 revenue climbed by 11.6% from Rs 298,621 crore in the preceding quarter.

Meanwhile, Reliance's gross revenue surged by 24.5% YoY to Rs 340,257 crore, driven by robust growth across verticals.

On segment-wise, Reliance's Jio business posted 12% YoY revenue growth owing to continued subscriber market share gains, ARPU increase and strong growth in digital services. While Reliance Retail posted 7.4% YoY growth driven by ad-based growth across consumption baskets and scaling of Digital Commerce Platforms.

Reliance's O2C revenue soared by 30.4%, becoming an outperformer compared to other segments. This was largely driven by sharp increase in crude prices partially offset by lower production meant for sale.

Also, oil and gas segment revenue increased modestly by 3.2% YoY, due to higher realization on KG D6 oil / condensate and favourable exchange rate movement.

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."

In terms of operating profit, Reliance recorded 10.1% YoY growth to Rs 54,067 crore ($ 5.7 billion). The best performer was O2C business whose EBITDA surged by 17.2% YoY, followed by Jio's EBITDA growth of 15.1% YoY. However, Retail EBITDA growth decreased mildly by 1.1% YoY, while Oil and Gas segment EBITDA stood steady.

On the strong performance of O2C business, Ambani said, "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."

In the April-June 2026 quarter, global rating agency Moody's upgraded Reliance's foreign currency debt issuances to "Baa1," to which Ambani said it reflects "underlying strength of our cash flow and financial position."

Looking ahead, Ambani said, "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."

During the quarter, Reliance's CAPEX stood at Rs 38,682 crore ($ 4.1 billion). The company continued to make significant progress on projects in O2C and the New Energy business. The company is also investing in strengthening and expanding consumer business infrastructure and reach.

Lastly, Reliance's net debt has dropped to Rs 122,914 crore from the previous quarter of Rs 124,717 crore.