RIL Q1FY27 Results LIVE: Revenue growth exceeds Rs 3 lakh crore; Mukesh Ambani says new energy, Jio IPO in focus

Reliance Industries; EBITDA climbed 10.1% to a record Rs 54,067 crore. Including that one-time gain in the year-ago base, however, EBITDA was down 6.8%.

Reliance Industries had opened the previous fiscal year with its highest-ever quarterly consolidated net profit, with the surge partly driven by a windfall gain of Rs 8,924 crore from the divestment of stake in Asian Paints, making the year-on-year comparison for the latest quarter a difficult one.

Reliance Industries said it continues to accelerate its new energy business.

The company plans to begin installation work at its Kutch renewable energy project after the monsoon. It aims to scale up installation to 55 MWp of solar capacity and 150 MWh of batteries every day by next year.

Reliance Industries has already produced around 1 GWp of HJT solar modules and is expanding annual manufacturing capacity to 20 GWp.

The battery business is also scaling up to 120 GWh of annual manufacturing capacity, with 40 GWh expected to be commissioned this year.

The company also said it has already signed a $3 billion green ammonia contract with Samsung C&T, marking another step in its clean energy expansion.

RIL's Q1 net profit came at Rs 20,946 crore, down 22.40% YoY, from Rs 26,994 crore reported in Q1FY26. This was on account of a one-time gain of Rs 8,924 crore from the sale of stake in Asian Paints in Q1FY26. On a sequential comparison, Q1FY27 profit is up significantly from Rs 16,971 crore in Q4FY26.

Speaking on the performance of Jio Platforms in Q1, RIL Chairman Mukesh Ambani said, "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% Y-o-Y. During the quarter, Jio Platforms 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."

The RIL Chairman, Mukesh Ambani, stated that "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."

"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,” Mukesh Ambani, CMD of Reliance Industries said.

Speaking on the retail business by Reliance Industries, "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."

He added, "The consumer products business is growing rapidly with the portfolio of FMCG brands gaining real traction with Indian consumers. RCPL has more than doubled its revenues as compared to the previous year."

Reliance Industries said the conglomerate has reported "double-digit revenue growth across key businesses."

O2C segment revenue grew 30%, Jio Platforms saw an increase of 12%, and retail segment revenue also grew 12%.

Reliance Industries' CMD, Mukesh Ambani said, "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."

"The consumer products business is growing rapidly with the portfolio of FMCG brands gaining real traction with Indian consumers. RCPL has more than doubled its revenues as compared to the previous year," Ambani added.

Reliance Retail reported revenue of Rs 90,408 crore in the June quarter, up 7.4% YoY. Adjusted for the demerger of the consumer brands business, revenue grew 11.6%.

Isha M. Ambani, Executive Director of Reliance Retail Ventures , said “Reliance Retail delivered resilient performance in Q1 FY27, with growth across the key consumptions baskets. Our continued investment in digital commerce underscores the transformative power of our digital platforms. Our expanding customer base, widest store network, and growing omni-channel capabilities position us well to continue fulfilling every need, every dream, for every Indian, every day."

RIL's O2C business update: Energy markets dislocation led to margin strength across products supported by superior asset configuration and operational flexibility.

Moreover, EBITDA was constrained by SAED related costs and under-recovery in fuel retail

Meanwhile the Oil and Gas busines saw strong contribution from liquids offset weak KG D6 gas volumes and prices

Reliance's O2C business revenue rose 30.4% YoY to a record Rs 2,01,803 crore, while EBITDA increased 17.2% to Rs 17,010 crore.

Mukesh Ambani said the company ensures fuel supply despite global disruptions, "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."

The company said higher crude premiums, freight and insurance costs, lower production due to planned maintenance and the reintroduction of the windfall tax affected profitability during the quarter.

Jio Platforms – Revenue came in at Rs 45,961 crore, up 12% YoY; EBITDA jumped 15.1% YoY

The telecom vertical recorded strong double-digit EBITDA growth led by subscriber momentum and margin expansion (+150 bps).

Moreover, subscriber base is now >533 million with 285 million on 5G network. The key drivers of the 20% growth are content, cloud compute, IoT and managed services.

Reliance's oil and gas business reported revenue of Rs 6,298 crore, up 3.2% YoY. EBITDA remained largely stable at Rs 4,973 crore, down 0.5% from a year ago.

The company said higher oil and condensate realisations and increased CBM production supported earnings, although lower gas production from KG-D6 weighed on performance.

Reliance Industries' consolidated recurring EBITDA rose 10.1% YoY to a record Rs 54,067 crore, while recurring PAT increased 6.1% to Rs 23,196 crore during the quarter. Capital expenditure stood at Rs 38,682 crore as Reliance continued investments in its O2C, new energy and consumer businesses.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries 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."

Reliance Industries' revenue grew 25.41% to Rs 3,11,850 crore in Q1FY27, up from Rs 2,48,660 crore reported in Q1FY26

Mukesh Ambani-led Reliance Industries (RIL) reported Q1FY27 consolidated net profit at Rs 20,946 crore, down 22.40% YoY, from Rs 26,994 crore reported in Q1FY26.

Equirus Securities believes Reliance Industries to outperform most companies in the oil and gas sector. The brokrage expect Reliance Industries' consolidated EBITDA to increase about 11.3% quarter-on-quarter and 14.5% year-on-year to Rs 49,118 crore in Q1FY27. Net profit is also expected to rise 19.3% sequentially and 13% from a year ago to Rs 24,593 crore. Revenue is estimated to grow 11.8% sequentially and 34.9% year-on-year to Rs 3.29 lakh crore, said Equirus Securities.

Jefferies expects Reliance Industries to report a Q1FY27 profit after tax (PAT) attributable to owners of Rs 19,846.8 crore, up 17% quarter-on-quarter (QoQ) but down 26% year-on-year (YoY). The brokerage expects the company's consolidated EBITDA to grow 10% YoY, driven by a 20% increase in the oil-to-chemicals (O2C) business and a 12% rise in the consumer business EBITDA. However, the upstream business EBITDA is likely to decline 21% YoY, according to Jefferies.

Jefferies said, “O2C Ebitda growth should be led by sharp expansion in petchem spreads and benefits to the SEZ refinery from higher GRM.” Retail revenue growth is expected to be 11% y-o-y with Ebitda growth of 8% y-o-y, it said.

Read more: RIL may improve profitability, sequential rebound in Q1

Kotak expects Reliance Industries' retail business EBITDA to grow 5.6% year-on-year but decline 2.6% on consolidated basis as compared to the previous quarter. The brokerage expect Reliance Retail’s EBITDA to be up 6.1% YoY.

The oil-to-chemicals (O2C) business is likely to post a 12.1% year-on-year and 12% sequential increase in EBITDA. Meanwhile, the exploration and production (E&P) business is expected to see an 11.3% decline in EBITDA from a year ago, although it may rise 5.7% from the previous quarter.

Read more: Mukesh Ambani-led RIL Q1FY27 today: Jio IPO to retail focus, West Asia impact – 5 key factors to watch

Investors will be watching the impact of the West Asia conflict war which has led to supply disruptions, along with elevated and volatile prices/margins. Kotak Institutional Equities said that "Q1FY27 will be impacted for all oil & gas names."

According to Nomura, "Refiners may enjoy strong cracks as oil products’ supply remains constrained."

The brokerage house highlighted that, "Refining margins are strong because of two reasons:

1) Ukraine’s drone campaigns have resulted in 50% of Russia’s refining capacity getting out of action. Russian refineries produce heavy diesel output like India, which impacts diesel cracks more than gasoline.

2) Hormuz shock hits oil products harder because bypass pipelines of Saudi Arab and the,UAE only carry crude, potentially blocking ~5-6mbpd of refined products." Nomura explained that "Refining margins may take longer to normalize even if crude oil prices stabilize lower because refinery runs take longer to scale up, and some refineries may require repair from damages incurred."

They have rated RIL a 'Buy'

RIL paid out its first dividend in 2003, which was Rs 5 per share. The company paid its highest dividend of Rs 13 per share in 2008 and 2009. In 2016 it last paid an interim dividend of Rs 10. 50 per share.

Over the past decade, Reliance Industries has been following a trend of paying out one final dividend. In FY26, it paid a final dividend of Rs 6 per share, while in FY25 it had paid a final dividend of Rs 5.50 per share.

The Mukesh Ambani led Reliance Industries is all set to announce its Q1FY27 results in the coming hours. Analysts expects healthy earnings from RIL despite the geopolitical hostilities in West Asia, which triggered a surge in oil prices in global markets.

The stock of Reliance Industries ended Friday's trading session at Rs 1,328.80, up over 2% from its previous close. Over the past one month, its share price has been trading flat, while over the past six months it has declined by 6%.

So far this year, RIL's stock has slipped by more than 15%.

Reliance Industries' net profit in Q4FY26 declined on a sequential basis as well, by nearly 9%, to Rs 16,971 crore.

Commenting on Q4FY26, Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries, said, "Throughout FY2025-26, we faced geopolitical disruptions, volatile energy prices, and shifting global trade patterns. These headwinds weighed on businesses across the world. The breadth of our portfolio and strong domestic orientation helped us navigate volatility in the external environment."

Reliance Industries's Q4FY26 saw a decline in net profit by more than 12% YoY at Rs 16,971 crore.

RIL consolidated revenue from operations in the previous quarter rises nearly 13% YoY at Rs 298,621 crore.

Reliance Industries board also recommended a dividend of Rs.6.00 per equity share in the previous quarter.