New Delhi, Jul 17 (PTI) Reliance Industries Ltd, India’s most valuable company, reported record quarterly core profit and EBITDA for the June quarter, powered by strong performances across its oil-to-chemicals and telecom businesses.
Its consolidated revenue rose 25.4 per cent year-on-year to Rs 3.12 lakh crore, the oil-to-telecom conglomerate said in a statement.
On a recurring basis – stripping out a one-off Rs 8,924 crore gain from the sale of listed investments in the year-ago quarter – EBITDA climbed 10.1 per cent to a record Rs 54,067 crore, while profit after tax rose 6.1 per cent to a record Rs 23,196 crore.
Including that one-time gain in the year-ago base, however, EBITDA was down 6.8 per cent, and profit attributable to owners of the company fell 22 per cent year-on-year to Rs 20,946 crore, underscoring how last year’s exceptional item flattened the comparison, even as underlying operations strengthened.
The resilient earnings came in a quarter marred by elevated crude prices following the Iran war. The supply-chain disruptions that followed the war led the company to raise LPG production by diverting streams it otherwise used to produce value-added petrochemicals.
Core earnings in the oil-to-chemicals business, which includes its twin refining assets and petrochemical plants, rose 17.2 per cent from a year earlier.
Telecom business continued to be a key driver, reporting a core earnings growth of 15.1 per cent, a 533-million strong subscriber base and expanding revenues from technology investments.
Retail business, however, was muted due to continued investment in digital commerce platforms.
Profits in April-June – the first quarter of 2026-27 fiscal – were also impacted by higher finance costs and depreciation, following the capitalisation of 5G assets.
Jio Platforms Ltd (JPL) reported record EBITDA of Rs 20,865 crore, up 15.1 per cent year-on-year, with margins expanding 150 basis points to 53.3 per cent. The unit’s subscriber base topped 533 million, including 285 million on Jio’s True5G network.
In the quarter’s biggest corporate milestone, Jio Platforms filed its draft red herring prospectus with India’s markets regulator Sebi, formally kicking off the process toward what is expected to be one of the country’s largest-ever public listings.
Chairman Mukesh Ambani said Jio’s mobility, home broadband and enterprise businesses “remained strong, driving healthy earnings growth of 15 per cent Y-o-Y”, and called the DRHP filing “a significant step towards its public listing” that would “give investors an opportunity to participate in India’s digital growth story”.
The oil-to-chemicals (O2C) business delivered EBITDA growth of 17.2 per cent to Rs 17,010 crore, aided by what Reliance described as all-time high middle distillate cracks and improved downstream petrochemical margins, even as the unit contended with costlier feedstock and a planned maintenance turnaround.
Reliance Retail (RRVL) posted more muted results: revenue rose 7.4 per cent to Rs 90,408 crore, but EBITDA slipped 1.1 per cent to Rs 6,309 crore, with margin contracting 80 basis points to 7.9 per cent – a moderation the company attributed to continued investment in its digital commerce platforms.
Reliance’s consumer packaged goods arm, RCPL, more than doubled revenue from a year earlier.
The oil and gas segment posted 3.2 per cent revenue growth on higher KG-D6 realisations, with EBITDA broadly stable year-on-year.
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.
“Reliance has made a steady start to FY27, with all businesses delivering strong operating performance,” Ambani said, adding that the portfolio had “once again demonstrated its resilience in a quarter which witnessed continuing geopolitical tensions and volatile commodity markets”.
He said the quarter left him “confident in the underlying strength of our businesses” and “reason to be optimistic about the year ahead” as the company moves toward new energy project commissioning and the Jio listing.
Reliance 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.
The company said it invested Rs 38,682 crore during Q1 across businesses, with internal cash generation of Rs 41,254 crore fully funding capital expenditure. Net debt remained broadly stable at Rs 1.23 lakh crore at the end of June.
Digital Services remained the biggest growth engine, with Jio Platforms reporting a 12 per cent increase in revenue to Rs 45,961 crore while EBITDA rose 15.1 per cent to Rs 20,865 crore. EBITDA margin expanded 150 basis points to 53.3 per cent.
Jio’s subscriber base crossed 533.3 million, including 285 million 5G users, while fixed broadband subscribers increased to 28.6 million.
JioAirFiber strengthened its leadership with more than 14 million subscribers.
Average revenue per user (ARPU) improved to Rs 215.6, up 3.3 per cent year-on-year, while data consumption continued to surge. Total data traffic grew 27 per cent to 69 exabytes during the quarter.
The company said growth in digital services significantly outpaced its traditional connectivity business, led by cloud computing, content, IoT and managed services.
Reliance’s O2C business delivered one of its strongest performances in recent years as improving global refining margins boosted profitability.
Segment EBITDA rose 17.2 per cent to a four-year high of Rs 17,010 crore, helped by transportation fuel cracks rising between 2.5 times and 4.5 times year-on-year, record middle distillate margins, and improved downstream chemical spreads.
The gains were partly offset by windfall taxes on transport fuels, under-recoveries in domestic fuel retailing and planned maintenance shutdowns that reduced production volumes by nearly 10 per cent.
Reliance’s Jio-bp fuel retail network expanded to 2,221 outlets during the quarter.
Reliance Retail reported a revenue of Rs 90,408 crore, up 7.4 per cent year-on-year. Adjusted for the demerger of Reliance Consumer Products Ltd, gross revenue grew 11.6 per cent.
EBITDA slipped marginally by 1.1 per cent to Rs 6,309 crore as investments in digital commerce compressed margins by 80 basis points to 7.9 per cent.
The retail business added 252 stores during the quarter, taking its total network to 20,169 outlets spanning 78.4 million square feet.
Its registered customer base expanded 10.6 per cent to 396 million, while quarterly transactions jumped 46 per cent to 568 million.
The growth was driven by the grocery, consumer electronics and fashion sectors.
JioMart’s average daily orders more than doubled from a year earlier, while Ajio Rush recorded 136 per cent sequential growth in orders.
JioStar reported EBITDA of Rs 1,049 crore, up 3.1 per cent, while JioHotstar averaged a record 530 million monthly active users during the quarter.
The company said IPL 2026 reached a combined audience of 1.2 billion across television and digital platforms.
Reliance’s oil and gas business reported EBITDA of Rs 4,973 crore, broadly unchanged from a year earlier.
Higher production and realisations from coal bed methane and increased oil and condensate output partly offset lower gas production and realisations from the KG-D6 block, which continues to witness natural production decline. PTI ANZ BAL
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