Reliance Industries LimitedQ1 FY27 Results & Financial Update
Reliance Industries Limited: Q1 FY27 consolidated results and company financials – revenue ₹311,850.00 Cr, PAT ₹23,196.00 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Reliance Industries Q1 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
The Board of Jio Platforms approved the Draft Red Herring Prospectus to be filed with SEBI, marking a milestone for the company's public listing.
Rapid scaling of Retail and Digital businesses helped meet the commitment to double RIL's EBITDA over five years, rising from ₹97,580 crore in FY21 to ₹2,07,911 crore in FY26.
01 · Business model
What does Reliance Industries do?
Reliance Industries spans digital services, retail, oil-to-chemicals, oil and gas, media and new-energy investments. That mix makes a single headline number less useful than usual because different businesses can be moving at very different speeds.
The group release separates recurring operating performance from investment-related items, which matters for a quarter where the year-ago comparison contained a large investment-sale gain.
02 · Financial snapshot
Current quarter vs the two useful baselines
| Metric | Q1 FY27 | Year-ago | Previous quarter |
|---|---|---|---|
| Revenue from operations | ₹311,850.00 Cr | ₹248,660.00 Cr | ₹298,621.00 Cr |
| Total income | ₹318,400.00 Cr | ₹263,779.00 Cr | ₹303,068.00 Cr |
| Recurring consolidated EBITDA | ₹54,067.00 Cr | ₹49,100.00 Cr | ₹48,588.00 Cr |
| Profit before tax | ₹30,630.00 Cr | ₹28,222.00 Cr | ₹27,195.00 Cr |
| PAT incl. associates & JVs | ₹23,196.00 Cr | ₹21,859.00 Cr | ₹20,589.00 Cr |
| EBITDA margin | 15.90% | 18.00% | 14.90% |
03 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue from operations increased materially on both YoY and QoQ comparisons.
What drove margins
Jio Platforms EBITDA margin improved by 190 basis points YoY to reach 51.9% in FY26.
Jio Platforms EBITDA grew 18.8% YoY to ₹76,255 crore ($8.0 billion), with EBITDA margin improving by 190 basis points to 51.9%.
Reliance Retail gross revenue reached ₹3,70,026 crore ($39.0 billion) with EBITDA up 7.9% YoY to ₹27,033 crore ($2.9 billion) and profit after tax rising 12% to ₹13,838 crore ($1.5 billion).
RCPL absorbed rising raw material and packaging costs entirely within the business to maintain product accessibility and affordability.
Jio Platforms EBITDA grew 18.8% to ₹76,255 crore ($8.0 billion), with EBITDA margin improving by 190 basis points to 51.9%, and Profit After Tax crossing ₹30,000 crore.
Jio Platforms EBITDA margin improved by 190 basis points to 51.9%, with Profit After Tax crossing ₹30,000 crore ($3.2 billion).
04 · Demand, customers & order book
Where demand is coming from
Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% YoY, with per capita data usage reaching 42.3 GB per month.
Reliance Retail processed 1.93 billion transactions, up 39% YoY, driven by the growth of quick commerce and large-basket shopping.
Home connections via JioAirFiber are growing at a rate of up to 60,000 per day, with over 90% of installations completed within 24 hours.
JioMart scaled quick commerce across 3,100+ stores in 1,200+ cities and 5,100+ PIN codes, with average daily orders growing 3.6 times YoY and repeat orders growing more than six-fold.
Jio user base crossed 524 million, with 5G subscribers exceeding 268 million and 77 million net additions during the year.
JioAirFiber reached 13 million connected homes, with home connections growing up to 60,000 per day.
Reliance Retail registered customer base reached 387 million (up 11% YoY), processing 1.93 billion transactions (up 39% YoY).
Jio user base crossed 524 million, 5G subscribers reached 268 million, JioAirFiber connected homes reached 13 million, and Reliance Retail registered customers grew 11% YoY to 387 million.
Reliance Retail processed 1.93 billion transactions (up 39% YoY), while JioMart quick commerce average daily orders grew 3.6 times YoY across 3,100+ stores in 1,200+ cities.
JioAirFiber reached 13 million connected homes, with home connections growing at up to 60,000 per day and over 90% of installations completed within 24 hours.
Per capita data usage reached 42.3 GB per month on Jio's network.
JioHotstar averaged 451 million Monthly Active Users during the year, with live concurrency reaching a world-record 72.5 million during the T20 World Cup.
Jio user base crossed 524 million, with 5G subscribers exceeding 268 million (77 million net additions during the year) and JioAirFiber connected homes reaching 13 million.
JioHotstar averaged 451 million Monthly Active Users during the year, crossed one billion downloads, and recorded global concurrency peaks including 72.5 million concurrent viewers.
05 · Segments, products & geography
Which parts of the business are doing the work
Geography and market mix
KG-D6 gas production was nearly 26 MMSCMD (representing ~30% of India's natural gas production) alongside oil production of ~18,000 barrels per day; 23 out of 40 multilateral CBM wells were completed in the second campaign.
Reliance contributes over 40% of India's entire compressed biogas production, targeting 55 plants producing ~1,100 tonnes per day by end of FY27, and 1 million tonnes annually over five years.
KG basin gas production was nearly 26 MMSCMD, representing about 30% of India's total natural gas production.
Reliance signed a USD 3 billion long-term supply agreement with Samsung C&T for green ammonia, representing one of the largest green ammonia off-take contracts globally.
06 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Reliance's total capex stood at ₹1,44,271 crore ($15.2 billion) for FY26, bringing the five-year cumulative capex to ₹6,48,428 crore ($68.4 billion).
Solar PV cell and module manufacturing lines at Jamnagar are commissioned and operational, producing nearly 1 GW of Heterojunction Technology (HJT) modules with ALMM listing achieved.
Reliance Intelligence is building India's sovereign AI backbone in Jamnagar powered by clean energy, with the first 120 megawatts commissioned by the end of 2026 and an initial fleet of advanced NVIDIA GB300 GPUs deployed.
Reliance Intelligence is building sovereign AI infrastructure in Jamnagar powered by clean energy, with the first 120 megawatts commissioned by end of 2026 and an initial fleet of advanced NVIDIA GB300 GPUs equivalent to over 75,000 H100 GPUs on inference basis, scaling to over 200,000.
Equipment for the first phase of the 40 GWh annual BESS and Cell Giga Factory is delivered on-site with plans scaled up to 120 GWh annual capacity; the Kutch renewable energy hub aims for peak installation rates of 55 MWp solar and 150 MWh battery containers per day.
Peak installation rate targets for the Kutch renewable energy hub are set at 55 MWp of solar modules and 150 MWh of battery containers per day.
Solar PV cell and module manufacturing lines are operational with nearly 1 GW of HJT modules produced; first phase of 40 GWh BESS and Cell Giga Factory is on track for commissioning with commitment to scale to 120 GWh.
Solar PV cell and module manufacturing lines are operational with nearly 1 GW of HJT modules produced; Kutch renewable energy hub is targeting a peak installation rate of 55 MWp of solar modules and 150 MWh of battery containers per day.
Building sovereign AI backbone in Jamnagar powered by clean energy (first 120 MW commissioned by end of 2026) alongside an initial fleet of advanced NVIDIA GB300 GPUs equivalent to over 75,000 H100 GPUs on an inference basis, scaling to over 200,000 H100 equivalents.
Equipment for the initial phase of the 40 GWh annual BESS and Cell Giga Factory has been delivered, and commitment has been made to scale capacity up to 120 GWh annually.
07 · Reported developments
What changed operationally
Reliance Retail crossed 20,160 stores across 78 million square feet in FY26, with gross revenue reaching ₹3,70,026 crore ($39.0 billion), up 11.8% YoY, and registered customer base growing 11% to 387 million.
Reliance Consumer Products Limited (RCPL) doubled its revenue in a single year, achieving gross revenue of ₹22,000 crore ($2.3 billion) in FY26.
Reliance Retail crossed 20,160 stores across 78 million square feet, with registered customers reaching 387 million and total transactions growing 39% YoY to 1.93 billion.
Consolidated revenues rose 9.8% YoY to ₹11,75,919 crore ($124.0 billion) and net profit increased 17.8% YoY to ₹95,754 crore ($10.1 billion) in FY26.
Reliance Retail gross revenue reached ₹3,70,026 crore ($39.0 billion, up 11.8% YoY) with EBITDA up 7.9% to ₹27,033 crore, crossing 20,160 stores across 78 million square feet.
Reliance Retail gross revenue reached ₹3,70,026 crore ($39.0 billion, up 11.8% YoY), EBITDA grew 7.9% to ₹27,033 crore ($2.9 billion), and Profit After Tax rose 12% to ₹13,838 crore ($1.5 billion), crossing 20,160 total stores.
Reliance Consumer Products Limited (RCPL) doubled revenue in FY26 to ₹22,000 crore ($2.3 billion), with Campa achieving ₹4,700+ crore in gross sales and Independence reaching ₹2,600 crore in revenue.
Jio user base crossed 524 million, 5G subscribers surpassed 268 million with 77 million net additions during the year, and total network data traffic reached 241 exabytes (up 30.8% YoY).
Gross revenue reached ₹3,70,026 crore ($39.0 billion), up 11.8% YoY; EBITDA grew 7.9% to ₹27,033 crore ($2.9 billion); registered customers reached 387 million; and total store count crossed 20,160 across 78 million square feet.
08 · Pressure points & risks
What is not going smoothly
Geopolitical friction, conflict in West Asia, and disruptions in March 2026 around the Strait of Hormuz drove up raw material and packaging costs, jumped freight rates, surged insurance costs, and impacted O2C margins despite maintaining near-full refinery throughput.
March 2026 Middle East conflicts and Strait of Hormuz disruptions caused physical crude and product barrels to command a premium, freight rates to jump, and insurance costs to surge, impacting margins.
Geopolitical headwinds drove up raw material and packaging costs and disrupted global supply chains, which were absorbed entirely within the business.
09 · Cash flow & balance sheet
Profit is one thing. Cash and funding tell another part of the story.
Reliance's global credit rating was steadily improved by S&P to A- and by Moody's to Baa1, placing both ratings two notches above India's sovereign credit rating.
Reliance contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, bringing cumulative contributions over the last five years to over $100 billion.
Reliance contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, taking cumulative contributions over the last five years past ₹9.78 lakh crore ($100 billion).
Reliance contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, bringing cumulative five-year contributions past ₹9.78 lakh crore.
RIL contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, bringing cumulative 5-year contributions to over $100 billion.
Capital allocation & funding
Reliance's CSR expenditure in FY26 stood at ₹2,248 crore ($237 million), maintaining the highest spend by a single Indian company.
10 · Management guidance & targets
What management is targeting from here
From FY27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance as solar modules and battery factories commission.
Management expressed absolute confidence in the ability to more than double consolidated EBITDA over the next five years.
RCPL's near-term ambition is to reach ₹1 lakh crore ($10.5 billion) in revenue by FY30.
Reliance aims to become an anchor institution for developing a globally competitive, multi-sector export hub, targeting $125-150 billion in exports by 2032.
Targeting to migrate all subscribers to 5G by 2030 while advancing India's leadership in 6G standards.
Targeting 20 GW per annum of fully integrated solar capacity and 3 million metric tonnes of green hydrogen equivalent green chemicals capacity over the next 10 years.
Reliance aims to enable $125-150 billion in exports by 2032.
Target is to migrate all Jio subscribers to 5G by 2030.
Reliance aims to become an anchor institution for developing a multi-sector export hub, targeting $125 billion to $150 billion in exports by 2032.
11 · Management call deep dive
What management said on the conference call
Operating takeaways
24 key pointsJioAirFiber reached 13 million connected homes, with home connections growing at up to 60,000 per day, and over 90% of installations completed within 24 hours.
From FY27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance as solar modules and battery factories commission.
Reliance's CSR expenditure in FY26 stood at ₹2,248 crore ($237 million), maintaining the highest spend by a single Indian company.
Total data traffic on Jio's network in FY26 stood at 241 exabytes, growing 30.8% YoY, with per capita data usage reaching 42.3 GB per month.
Reliance Retail processed 1.93 billion transactions, up 39% YoY, driven by the growth of quick commerce and large-basket shopping.
Reliance's total capex stood at ₹1,44,271 crore ($15.2 billion) for FY26, bringing the five-year cumulative capex to ₹6,48,428 crore ($68.4 billion).
Solar PV cell and module manufacturing lines at Jamnagar are commissioned and operational, producing nearly 1 GW of Heterojunction Technology (HJT) modules with ALMM listing achieved.
Reliance Intelligence is building India's sovereign AI backbone in Jamnagar powered by clean energy, with the first 120 megawatts commissioned by the end of 2026 and an initial fleet of advanced NVIDIA GB300 GPUs deployed.
Jio Platforms EBITDA margin improved by 190 basis points YoY to reach 51.9% in FY26.
Reliance's global credit rating was steadily improved by S&P to A- and by Moody's to Baa1, placing both ratings two notches above India's sovereign credit rating.
Reliance contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, bringing cumulative contributions over the last five years to over $100 billion.
Management expressed absolute confidence in the ability to more than double consolidated EBITDA over the next five years.
RCPL's near-term ambition is to reach ₹1 lakh crore ($10.5 billion) in revenue by FY30.
Reliance aims to become an anchor institution for developing a globally competitive, multi-sector export hub, targeting $125-150 billion in exports by 2032.
Reliance Intelligence is building sovereign AI infrastructure in Jamnagar powered by clean energy, with the first 120 megawatts commissioned by end of 2026 and an initial fleet of advanced NVIDIA GB300 GPUs equivalent to over 75,000 H100 GPUs on inference basis, scaling to over 200,000.
Reliance signed a landmark $3 billion long-term supply agreement with Samsung C&T for green ammonia, validating the commercial competitiveness of its green hydrogen platform.
KG-D6 gas production was nearly 26 MMSCMD (representing ~30% of India's natural gas production) alongside oil production of ~18,000 barrels per day; 23 out of 40 multilateral CBM wells were completed in the second campaign.
Home connections via JioAirFiber are growing at a rate of up to 60,000 per day, with over 90% of installations completed within 24 hours.
JioMart scaled quick commerce across 3,100+ stores in 1,200+ cities and 5,100+ PIN codes, with average daily orders growing 3.6 times YoY and repeat orders growing more than six-fold.
Equipment for the first phase of the 40 GWh annual BESS and Cell Giga Factory is delivered on-site with plans scaled up to 120 GWh annual capacity; the Kutch renewable energy hub aims for peak installation rates of 55 MWp solar and 150 MWh battery containers per day.
Jio Platforms EBITDA grew 18.8% YoY to ₹76,255 crore ($8.0 billion), with EBITDA margin improving by 190 basis points to 51.9%.
Reliance Retail gross revenue reached ₹3,70,026 crore ($39.0 billion) with EBITDA up 7.9% YoY to ₹27,033 crore ($2.9 billion) and profit after tax rising 12% to ₹13,838 crore ($1.5 billion).
Reliance contributed ₹2,16,472 crore ($22.8 billion) to the national exchequer in FY26, taking cumulative contributions over the last five years past ₹9.78 lakh crore ($100 billion).
Targeting to migrate all subscribers to 5G by 2030 while advancing India's leadership in 6G standards.
12 · Key Q&A
The quarter, answered directly
What does Reliance Industries do?
Reliance Industries spans digital services, retail, oil-to-chemicals, oil and gas, media and new-energy investments. That mix makes a single headline number less useful than usual because different businesses can be moving at very different speeds.
What is the clearest takeaway from Q1 FY27?
The Board of Jio Platforms approved the Draft Red Herring Prospectus to be filed with SEBI, marking a milestone for the company's public listing.
What drove revenue or demand?
Revenue from operations increased materially on both YoY and QoQ comparisons.
What mattered most for margins or profitability?
Jio Platforms EBITDA margin improved by 190 basis points YoY to reach 51.9% in FY26.
What changed operationally beyond the headline numbers?
Reliance's total capex stood at ₹1,44,271 crore ($15.2 billion) for FY26, bringing the five-year cumulative capex to ₹6,48,428 crore ($68.4 billion).
What is management guiding or targeting from here?
From FY27 onward, New Energy will begin contributing meaningfully to Reliance's financial performance as solar modules and battery factories commission.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
How segment growth and margins evolve across Jio, Retail and O2C.
- 02
Whether EBITDA growth catches up with the faster revenue growth.
- 03
Net debt and capex as new-energy and consumer investments progress.
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Use Nivata’s plain-English guides to understand the accounting terms used in this brief before interpreting them.