Reliance Industries shares opened marginally lower at ₹1,327.70 on Monday before recovering to trade at ₹1,345.90, up just 0.04% from Friday's close of ₹1,327.20, as investors weighed the company's record quarterly earnings reported after the last trading session. According to The Hindu BusinessLine, the stock opened at ₹1,317.20, touched a morning high of ₹1,345.90, and a low of ₹1,314.90, with healthy volume of over 55 lakh shares traded valued at ₹740.85 crore. All 14 brokerages available on the stock have a 'buy' or equivalent recommendation with an average target price of ₹1,691, representing a 28% premium to the stock's current market price. The multinational conglomerate is expected to report a 5% year-on-year rise in consolidated bottom line to ₹190 billion, with consolidated revenues projected to jump 29% YoY to ₹3.15 trillion despite facing cost and logistical challenges during the period due to the West Asian military conflict. Earnings before interest, depreciation and amortisation are seen at ₹457 billion, up 6.5% year-on-year, with brokerages expecting on-year operating profit growth across the conglomerate's oil-to-chemicals, retail, and digital verticals.
Reliance Industries delivered its highest-ever quarterly EBITDA of ₹54,067 crore for Q1 FY27, up 10.1% year-on-year, and net profit of ₹23,196 crore, up 6.1%, demonstrating robust operational performance across its diversified business portfolio. According to The Hindu BusinessLine, revenue jumped 24.5% to ₹3,40,257 crore, driven by strong double-digit growth across Oil-to-Chemicals, Jio Platforms, and retail businesses. Goldman Sachs noted O2C likely beat market expectations, rising 17% quarter-on-quarter despite elevated crude premiums and fuel marketing under-recoveries, with the outlook into the second quarter looking more constructive. Nomura called it a 'record first quarter' with O2C EBITDA at a four-year high of ₹17,010 crore, while CLSA noted the consolidated EBITDA beat estimates by 3% and flagged strong momentum in FMCG and media. Macquarie flagged upside risk to consensus estimates for Jio and retail, with management targeting a doubling of retail EBITDA over three years.
Jio Platforms emerged as a key growth driver, with revenue from operations rising 12% YoY to ₹45,961 crore in Q1 FY27, from ₹35,032 crore in Q1 FY6. The telecom arm's net profit increased 9% YoY to ₹7,764 crore, supported by higher ARPU, subscriber additions and digital services growth. Average Revenue Per User (ARPU) stood at ₹215.6 during the quarter, up from ₹208.8 reported in the same period last year and ₹214 in Q4 FY6, driven by an improved subscriber mix and favourable seasonality, though partly offset by promotional offers for fixed broadband customers. EBITDA increased over 15% YoY to ₹20,865 crore, while EBITDA margin improved 150 basis points to 53.3%. The company added 8.9 million net subscribers during the quarter, taking its total subscriber base to over 533 million, including 285 million 5G users. Per capita data consumption stood at 43.7 GB per month, driving a 26.9% YoY increase in data traffic to 69.4 billion GB. During the quarter, Jio Platforms Limited filed its DRHP with SEBI, a significant step towards its public listing.
Reliance Retail Ventures reported 7.4% YoY revenue growth to ₹90,408 crore, with adjusted revenue increasing 11.6% YoY driven by double-digit growth across grocery, fashion and lifestyle segments. According to The Hindu BusinessLine, the retail arm opened 252 new stores during the quarter, taking its network to 20,169 outlets with 78.4 million sq. ft. retail area. The registered customer base grew to 396 million (11% YoY), making Reliance Retail one of the most preferred retailers in the country. Grocery Digital commerce continued to scale rapidly with average daily orders up 116% YoY, the business witnessed 8% YoY growth in unique customers served across retail formats with 568 million transactions recorded during the quarter, up 46% YoY. Oil-to-Chemicals business posted 30.4% YoY revenue increase to record ₹2,01,803 crore, supported by stronger transportation fuel cracks and improved downstream margins. The Oil and Gas segment recorded 3.2% YoY revenue growth to ₹6,298 crore, aided by higher KG-D6 crude oil realisations. As reported by Business Standard, Oil-to-Chemicals delivered strong performance during the quarter, supported by all-time high middle distillate cracks and improved downstream petrochemical deltas.
Reliance Industries demonstrated strong financial discipline by reducing its outstanding debt to ₹3.69 lakh crore as of Q1 FY27 end, compared with ₹3.74 lakh crore at the end of Q4 FY26. According to Mint, Mukesh D. Ambani, Chairman and Managing Director, stated that "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." The company's consolidated EBITDA stood at ₹54,067 crore, up 10.1% from a year earlier and 11.3% higher than the previous quarter, though the EBITDA margin contracted 210 basis points year-on-year while improving 100 basis points sequentially to 15.9%. Jio Platforms surged into the global top 20 in the latest Patent Co-operation Treatment (PCT) rankings released by the World Intellectual Property Organisation (WIPO), climbing 320 places on the list for year 2025, with its patent portfolio focused on next-generation digital technologies including 5G, AI, and cloud-native platforms. Motilal Oswal believes that the peak of the company's capex is now behind it, which is expected to lead to healthy free cash flow generation of around ₹90,000 crore over FY26-28 and a corresponding decline in consolidated net debt.
