Reliance Industries started FY27 on a strong note supported by strong performance in its telecom, retail and oil-to-chemicals (O2C) businesses. All the three verticals delivered double-digit growth. Consumer businesses, led by Jio and Retail, contributed more than half of Reliance’s consolidated EBITDA during the quarter.
Commenting on the performance, Reliance Industries Chairman and Managing Director Mukesh Ambani said the company has made a steady start to FY27 despite geopolitical tensions and volatile commodity markets.
The Mukesh Ambani-led conglomerate reported a 24.5% year-on-year (YoY) rise in consolidated revenue to Rs 3.40 lakh crore in the June quarter. EBITDA rose 10.1% YoY to a record Rs 54,067 crore.
Here are 5 key highlights from Reliance Industries’ Q1FY27 performance
1. Jio Platforms Q1 profit rises 9.2%
Jio Platforms reported a 9.2%increase in profit after tax to Rs 7,764 crore. The growth was driven by sustained gains in subscriber market share, ARPU and sale of digital services.
Jio Platforms (JPL), the digital and telecom arm of Reliance Industries, posted revenue at Rs from operations at Rs 39,173 crore, increasing by 11.8% year-on-year (YoY).
“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% YoY,” Reliance Industries Chairman and Managing Director, Mukesh Ambani said in a statement.
During the quarter, Jio Platforms filed its DRHP with Sebi, which is a significant step towards its public listing, he added.
“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,” Ambani said.
Jio’s average revenue per user (ARPU) increased by 3.3% to Rs 215.6 from Rs 208.8 a year ago on a better subscriber mix and positive seasonality, partly impacted by promotional schemes for fixed broadband customers.
Its customer base increased by 7.1% YoY to 53.3 crore from 49.8 crore in the June 2026 quarter.
2. Reliance Retail crosses 396 million customers; Digital grocery orders jump 116%
Reliance Retail reported gross revenue of Rs 90,408 crore, up 7.4% YoY.
Excluding the impact of the consumer brands business restructuring, revenue grew 11.6% YoY.
The retailer’s registered customer base increased to 396 million, while quarterly transactions jumped 46% YoY to 568 million.
Reliance Retail now operates 20,169 stores across more than 7,000 towns. Grocery orders through digital platforms surged 116% YoY during the quarter.
However, EBITDA declined 1.1% YoY to Rs 6,309 crore, while profit after tax fell 14.1% YoY to Rs 2,805 crore due to continued investments in digital commerce and hyperlocal delivery.
The company said these investments are expected to support long-term growth, with a target to double operating EBITDA over the next three years.
3. O2C business clocks strong growth supported by higher refining margins
Reliance’s oil-to-chemicals (O2C) business reported a strong quarter, supported by higher refining and petrochemical margins.
Revenue increased 30.4% YoY to Rs 2.02 lakh crore, while EBITDA rose 17.2% YoY to Rs 17,010 crore, the highest in four years.
The company benefited from stronger fuel cracks, improved downstream margins and the cost advantage of ethane cracking. It also diversified crude sourcing from Russia and Latin America and redirected exports to higher-margin international markets.
However, profitability was partly impacted by domestic fuel retail under-recoveries, windfall tax-related costs and planned refinery maintenance.
4. Oil and gas business remains steady
Reliance’s oil and gas segment reported revenue of Rs 6,298 crore, up 3.2% YoY.
EBITDA remained largely stable at Rs 4,973 crore despite lower KG-D6 gas production and prices.
Higher crude oil prices and improved coal-bed methane (CBM) production helped offset the decline in gas volumes.
5. Reliance Industries spends Rs 38,682 crore on future growth
Capital expenditure for the quarter stood at Rs 38,682 crore, with the company citing continued investment in O2C expansion and new energy projects, alongside its consumer business infrastructure. Net debt stood at Rs 1,22,914 crore, with net debt-to-EBITDA at a conservative 0.57 times.
Conclusion
Reliance Industries said it continues to accelerate work on 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.
“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,” he added.
