Mukesh Ambani-led Reliance Industries Ltd (RIL) is all set to announce its Q1FY26 results today (July 18). In a regulatory filing on July 11, RIL had said, “…a meeting of the Board of Directors of the Company is scheduled to be held on Friday, July 18, 2025, inter alia, to consider and approve the standalone and consolidated unaudited financial results of the Company for the quarter ended June 30, 2025.” The company further added that the management will hold an analyst meet, post Board Meeting to discuss the financial results for the quarter ended June 30, 2025.
According to analysts, RIL is expected to report a robust on-year performance, largely backed by its consumer-facing telecom and retail segments and a one-off gain from the Asian Paints stake sale. Per a poll conducted by Moneycontrol, Reliance Industries’ consolidated revenue for the fiscal first quarter is expected to be at Rs 2.46 lakh crore, posting a growth of 6 per cent on-year. Meanwhile, net profit is projected to surge 40 per cent YoY to Rs 21,233.1 crore and EBITDA is estimated to rise by 16 per cent.
Reliance Industries Q4FY25 performance
For the fourth quarter of FY25, RIL had posted a consolidated profit growth of 2.41 per cent to Rs 19,407crore in comparison to Rs 18,951crore recorded during the corresponding quarter of FY24. It posted revenue from operations at Rs 2,64,573 crore, up 9.91 per cent on-year.
RIL also recommended a dividend of Rs 5.50 per equity share of Rs 10 each for the financial year ended March 31, 2025. The conglomerate had also announced that the company board had approved the raising of funds through issuance of listed, secured / unsecured, redeemable non-convertible debentures up to Rs. 25,000 crore.
Revenue across key business verticals during Q4FY25:
Oil to chemicals: Rs 164,613 crore
Oil & Gas: Rs 6,440 crore
Retail: Rs 88,637 crore
Digital Services: Rs 40,861 crore
Reliance Industries Q1 results: Key expectations
The Rs 20 trillion market cap conglomerate is expected to post a steady performance in Q1 earnings with healthy on-year growth in profit aided by one-time post-tax gain of Rs 9,000 crore from the Asian Paints stake sale. Even stripping out the one-off, underlying profit growth for core segments is expected to remain robust.
Earlier in June, RIL had announced that it has sold a large part of its stake in Asian Paints through a block deal worth Rs 7,703 crore. The company offloaded 3.5 crore equity shares at Rs 2,201 per share through its subsidiary, Siddhant Commercials. This leaves RIL with the balance of 87 lakh equity shares of Asian Paints.
The company’s petrochemicals and refining business is expected to be under pressure, while telecom is likely to report its highest sequential growth, helping Mukesh Ambani’s conglomerate. Brokerage firms maintained that the company’s EBITDA is expected to rise by 15.4 per cent on-year and 2.1 per cent quarter-on-quarter, primarily fueled by a 19–20 per cent growth in the Oil-to-Chemicals (O2C), digital, and retail segments. However, they added, this will be partially offset by a weaker performance in the exploration and production (E&P) business. Goldman Sachs also projected RIL’s Q1 EBITDA to grow 15 per cent year-on-year, the highest in six quarters. “We expect Q2 Ebitda growth to accelerate to 20 per cent growth YoY on further strength in refining (lack of plant maintenance, lower crude premiums with increasing OPEC+ supply and strong diesel cracks),” Goldman Sachs said.
However, on a sequential basis, growth may be muted due to softness in the Exploration & Production (E&P) segment and a high base in Q4.
Reliance Industries Q1 results: Performance across verticals
Retail business: According to analysts, RIL’s retail segment is likely to maintain its strong momentum with EBITDA expected to accelerate to 19-21 per cent on-year and remain flat sequentially. The growth will be driven by network recalibration, store expansion, and higher revenue per square foot. Meanwhile, the segment will post YoY revenue growth of 20.8 per cent with an EBITDA margin of 7.6 per cent. According to Morgan Stanley, for FY26, Reliance Retail is expected to report a 17 per cent top-line growth, driven by traction in new fashion brands, in-house consumer brands, and quick commerce.
Jio business: Jio may see steady ARPU growth, possibly reaching Rs 208–209 per user, and subscriber addition (estimated 6.5–9 million), helping drive revenue growth in the mid-to-high single digits. Jio is expected to post revenue growth of 2.5– 3.4 per cent on-quarter. However, analysts pointed out that profit growth may be limited by increased depreciation and amortisation costs resulting from the capitalisation of 5G spectrum and fixed assets towards the end of FY25.
O2C business: RIL’s O2C business is expected to see EBITDA climb 16–20 per cent YoY, benefiting from strong global refining margins, increased domestic fuel sales, and improved chemical spreads. Analysts maintained that earnings could be hit by weaker refining margins and chemical spreads, despite stable crude prices.
The big picture: $50 billion vision, AI & new energy
Reliance Industries is preparing for its next major growth phase, aiming to generate an additional $50 billion in value from its current market capitalization of over $240 billion, with a strong focus on green energy and generative AI. A report by Morgan Stanley maintained that the Mukesh Ambani-led conglomerate, backed by strong cash flows and reinvention plan, could be entering its most transformational phase.
“We believe new energy and AI infrastructure will drive this next leg, funded by strong earnings from its existing energy business—which could outperform expectations. The consumer business also has solid valuation support,” the brokerage firm said.