Highlights| RIL Q1 profit surges to record highs after one-time gain from Asian Paints stake sale; Mukesh Ambani reiterates biz to double every 4-5 years

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “Reliance is committed to contribute to India’s growth journey through inclusive growth, technological innovation and leading energy transformation. The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4-5 years.”

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “Reliance’s Media business has emerged as a one-stop platform for entertainment, sports and news content from all over the world. We will continue to enhance our suite of offerings across genres to cater to the discerning Indian audience.”

JioStar’s Q1 performance was driven by a successful IPL season with strong growth across both TV and digital platforms. The quarter saw remarkable growth, achieving a subscriber base of 287 million during IPL on JioHotstar and reaching over 800 million people on TV during the quarter.

“With key launches, sustained leadership across markets, and a strategic entry into the FTA Hindi GEC space, the network further consolidated its position with a 35.5% Entertainment TV share,” it said.

RIL’s JioStar business recorded Q1 revenue at Rs 11,222 crore while the profit for the period stood at Rs 581 crore.

JioStar delivered the biggest ever IPL in terms of viewership and monetisation. The JioHotstar app hit 1.04 billion downloads on Android and averaged 460 million+ MAUs during the quarter.

The average price realized for KGD6 gas was $ 9.97/MMBTU in Q1FY26 vis-à-vis $9.27/MMBTU in Q1FY25. The average price realised for CBM gas was lower at $9.90/MMBTU in Q1FY26 vis-à-vis $11.59/MMBTU in Q1FY25.

Reliance Industries’ Oil and Gas (Exploration and Production) segment recorded quarterly revenue at Rs 6,103 crore ($712 million), down 1.2 per cent on-year, mainly on account of lower sales volume of KGD6 gas in line with natural decline in production. RIL, in the regulatory filing, said that revenue was also impacted by lower gas price for CBM gas and lower crude price realisation. This was partly offset by higher KGD6 gas price.

It posted Q1 EBITDA at Rs 4,996 crore ($583 million), down 4.1 per cent on-year on account of lower revenues coupled with higher operating costs due to maintenance activity.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “During the quarter, energy markets encountered heightened uncertainty, with sharp fluctuations in crude prices. Our O2C business delivered strong growth, with thrust on domestic demand fulfillment and offering value-added solutions through Jio-bp network. Performance was supported by improvement in fuel and downstream product margins. Natural decline in KGD6 gas production resulted in marginally lower EBITDA for Oil & Gas segment.”

RBML quarterly sales for HSD grew at 34.2 per cent and MS grew at 38.6 per cent on YoY basis as against industry sales volume growth rate of 1.3 per cent for HSD and 7.1 per cent for MS. RBML, operating under brand air-bp Jio, continued its robust sales clocking 172 TKL in Q1FY26 despite multiple disruptions during the quarter.

Reliance Industries announced that Reliance BP Mobility Limited (RBML), operating under brand Jio-bp, now operates a strong country-wide network of 1,991 fuel retail outlets as against 1,730 in Q1FY25.

Under Jio-bp Pulse, RBML has grown its network to 6,292 live charging points at 840 unique sites with industry leading charger uptime.

Further, RBML has expanded the CBG network to 100 sites under Clean N Green initiative, sourcing gas produced at RIL’s digestors. It is also accelerating the rollout of CNG outlets across its network, it said.

Reliance Industries chairman Mukesh Ambani says that the company’s business will double every 5 to 6 years.

He said, “The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4-5 years.”

RIL’s Oil to Chemicals (O2C) segment posted quarterly revenue at Rs 154,804 crore ($18.1 billion), down 1.5 per cent YoY. This, the company said, was due to fall in crude oil prices and lower volumes on account of planned shutdown. Quarterly EBITDA, meanwhile, stood at Rs 14,511 crore ($1.7 billion), up 10.8 per cent on-year, due to favourable margins on domestic fuel retail, improvements in transportation fuel cracks as well as PP & PVC deltas. This, RIL said, was partially offset by lower volumes due to planned turnaround, and decline in polyester chain margins.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “I am happy to share that Jio has scaled newer heights during the quarter including crossing 200 million 5G subscribers and 20 million home connects. Jio AirFiber is now the largest FWA service provider in the world, with a base of 7.4 million subscribers. Our Digital Services business consolidated its market position with a robust financial and operational performance. Through its differentiated offerings across mobility, broadband, enterprise connectivity, cloud and smart homes, Jio has positioned itself as the technology partner of choice for Indian consumers.”

Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “We have delivered a milestone quarter at Jio with our 5G and Home subscriber base crossing the 200 million and 20 million marks respectively. Jio continues to bring next generation services for its users with the launch of JioGames Cloud and JioPC bundle at affordable prices to drive adoption of digital services in India. Jio continues to create unparalleled technology infrastructure and is extending its leadership in 5G and fixed broadband. This will be pivotal in driving AI adoption in the country.”

Jio Platforms recorded a subscriber base of around 498 million with net addition of 9.9 million in Q1FY26. During the quarter, 5G subscribers crossed 200 million Home Connects went over 20 million.

Jio Platforms Ltd (JPL) reported Q1 revenue at Rs 41,054 crore, up 18.8 per cent YoY. The business vertical recorded profit for the period at Rs 7,110 crore, posting a growth of 24.8 per cent on-year. The quarterly EBITDA stood at Rs 18,135 crore, up 23.9 per cent YoY, driven by higher revenues and strong margin improvement.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “Retail’s business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics. We are focusing on strengthening the portfolio of own FMCG brands, which resonate with the tastes of Indian consumers. Our Retail business continues to enhance its ability to fulfill everyday as well as specialized needs of all customer cohorts, through a multi-channel approach.”

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said, “Reliance Retail delivered resilient performance during this quarter driven by our relentless focus on operational excellence, geographical expansion and sharper product portfolio. Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility.”

The company opened 388 new stores during the quarter in review, taking the total store count to 19,592 with area under operation at 77.6 million sq. ft. Reliance Retail’s registered customer base grew to 358 million, making it one of the most preferred retailers in the country. JioMart, meanwhile, continues to expand quick hyper local deliveries registering 68% QoQ growth and 175% YoY growth of daily orders.

RIL, in a regulatory filing said, Reliance Retail business delivered steady performance during the quarter with revenue of Rs 84,171 crore. “All segments performed well, with market leading performance in grocery and fashion. Consumer electronics and devices impacted because of the early onset of monsoons, recovery underway,” it said.

RIL’s retail arm, Reliance Retail Ventures Ltd (RRVL) reported Q1 revenue at Rs 84,171 crore, up 11.3 per cent on-year. The business vertical recorded EBITDA for the period at Rs 6,381 crore, up 12.7 per cent YoY. RRVL’s profit for the quarter stood at Rs 3,271 crore, up 28.3 per cent on-year.

Reliance Retail’s Profit After Tax (PAT) jumped by 28.3 per cent YoY in the first quarter of fiscal year 2026. The company posted a profit of Rs 3271 crore in Q1FY26, against a profit of Rs 2549 crore in Q1FY25.

Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said, “Reliance has begun FY26 with a robust, all-round operational and financial performance. Consolidated EBITDA for 1Q FY26 improved strongly from a year-ago period, despite significant volatility in global macros.”

Reliance Industries recorded finance costs growth of 18.9% YoY to Rs 7,036 crore ($820 million), largely due to operationalisation of 5G spectrum assets. Capital expenditure for the quarter ended June 30, 2025, meanwhile, was Rs 29,875 crore ($ 3.5 billion).

– Jio surpasses 200 million 5G subscribers, 20 million home connections

– Jio Platforms EBITDA up 24% YoY at Rs 18,135 crore, margin up 210 bps

– Reliance Retail EBITDA up 13% YoY at Rs 6,381 crore, industry leading EBITDA margin

– JioMart Quick hyper-local daily orders up 175% YoY and 68% QoQ

– Jio-bp Transportation fuels volumes up sharply by 35%, supporting O2C EBITDA growth

– JioHotstar delivers biggest ever IPL, averaged 460 million+ MAUs

Reliance Industries on Friday released its fiscal first quarter earnings report with consolidated profit at Rs 26,994 crore. This was 78.32 per cent higher than Rs 15,138 crore recorded during the corresponding quarter of FY25. It posted revenue from operations at Rs 248,660 crore, up 5.27 per cent on-year as against Rs 236,217 crore reported during the first quarter of the previous financial year.

Reliance Industries’ Oil and Gad Ebitda is expected to to decline in Q1FY26. The primary reason for it could be fall in production at Krishna Godavari Dhirubhai-6 block .

The Oil and Gas Ebitda could see a 10 per cent YoY decline, says Jefferies.

RIL is expected to announce its fiscal first quarter earnings report soon. Stay tuned.

Post the conclusion of the board meeting and intimation to the stock exchanges, the senior leadership team will host the press conference/ briefing on the Q1FY26 performance, at 8:00 pm.

Jio is expected to deliver strong net subscriber additions in Q1FY26E, supported by an ARPU uptick driven by an extra quarter day and continued premiumization benefits.

Fixed Wireless Access is likely to sustain its upward momentum, with healthy traction reflected in accelerating subscriber growth.

Q4FY25- Rs 43,832 crore

Q3FY25- Rs 43,789 crore

Q2FY25- Rs 39,058 crore

Q1FY25- Rs 38,765 crore

In the post result presentation by the management, the investors should watch out for any key announcements around Jio IPO plans of the company. Secondly, the investors must look at the company’s capex plans in the coming quarters.

The sustainability of margins is another key aspect to watch: the company plans to improve margins in retail and telecommunications in the coming quarters.