Mukesh Ambani-led Reliance Industries Ltd reported a consolidated net profit of ₹23,196 crore for the first quarter of FY27, marking a 25% year-on-year decline from ₹31,196 crore in the corresponding quarter last year. According to reports from The Times of India, the drop was primarily attributed to an exceptional gain arising from the sale of its stake in Asian Paints during the corresponding quarter last year. Revenue from operations showed strong growth, rising 25% year-on-year to ₹3.11 lakh crore in the June quarter, compared with ₹2.48 lakh crore in the same quarter last year. The company also reported ₹23,196 crore in PAT and share of profit/loss of associates and joint ventures, recording a 6% YoY growth and beating street estimates of ₹18,550 crore.
Quarterly EBITDA increased 10% from a year earlier to ₹51,403 crore, while expenses rose 27% year-on-year to ₹2.9 lakh crore, as reported by The Times of India. Finance costs rose 18% from a year earlier to ₹8,337 crore, largely reflecting higher liability balances and the capitalisation of 5G assets. Capital expenditure during the quarter ended June 2026 stood at ₹38,682 crore ($4.1 billion), funding in part its green energy build-out and consumer business expansion. The company's gross revenue surged 24.5% YoY to ₹340,257 crore, driven by robust growth across verticals.
The core Oil-to-Chemicals (O2C) business reported exceptional performance with 30.4% year-on-year revenue growth, becoming an outperformer compared to other segments. This was largely driven by a 54.1% year-on-year rise in crude oil prices, although it was partly offset by lower production resulting from a planned turnaround. EBITDA from the segment rose 17.2% compared with the same period last year, supported by all-time high middle distillate cracks and improved downstream petrochemical deltas. The business also benefited from diversification of its crude basket, efficient placement of products in supply-deficit markets and favourable economics from ethane cracking. Stronger transportation fuel and downstream margins, higher crude sourcing from Russia and Latin America, and lower-cost ethane feedstock drove the gain, though higher crude, freight and insurance costs weighed on margins.
Jio Platforms reported a 16% rise in EBITDA to ₹21,255 crore for the quarter ended June 2026, supported by strong revenue growth and a 150 basis point margin expansion. According to The Times of India, the digital and telecom arm had posted a PAT of ₹7,110 crore in the corresponding quarter last year. Revenue from operations for the quarter rose 11.8% year-on-year to ₹39,173 crore, compared with ₹35,032 crore in the June 2025 quarter. The Jio business posted 12% YoY revenue growth owing to continued subscriber market share gains, ARPU increase and strong growth in digital services. ARPU increased further to ₹216 with better subscriber mix and positive seasonality, partly impacted by promotional schemes for fixed broadband customers. Jio, launched in 2016, had 533 million customers as of June 30, making it the world's second-largest telecom operator by subscribers. Data traffic grew 27% while voice traffic increased 2%.
Chairman and Managing Director Mukesh Ambani stated that Reliance has made a steady start to FY27, with all businesses delivering strong operating performance. As reported by The Times of India, Ambani noted that the diverse business portfolio demonstrated resilience in a quarter which witnessed continuing geopolitical tensions and volatile commodity markets. He also highlighted that Jio Platforms submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) during the quarter, describing it as a major step towards the company's proposed public listing. Global rating agency Moody's upgraded Reliance's foreign currency debt issuances to "Baa1", reflecting the underlying strength of the company's cash flow and financial position. The company's cash balance of ₹2.46 lakh crore comfortably covered net debt of ₹1.22 lakh crore, with ₹20,000 crore of non-convertible debentures backed by security over movable assets. Reliance Industries shares jumped more than 2% on Friday morning as investors awaited the quarterly results.
