Reliance Industries Q1 FY26: Triple‑Engine Growth Powers Record Results
Mumbai, July 18, 2025
In a landmark quarterly performance, Reliance Industries Ltd. (RIL) reported a consolidated net profit of ₹26,994 crore for the first quarter of the financial year 2025–26 (Q1 FY26), marking a massive 78% year-on-year (YoY) jump. The sharp rise, led by robust growth across telecom, retail, and oil-to-chemicals (O2C) segments, as well as a one-time capital gain from strategic divestments, has made this the highest-ever quarterly profit posted by the company.
Financial Summary
Net Profit (PAT): ₹26,994 crore, up from ₹15,138 crore in Q1 FY25
Gross Revenue: ₹2,73,252 crore, YoY increase of 6%
EBITDA: ₹58,024 crore, up 36% YoY
EBITDA Margin: 21.2% (vs. 16.6% last year)
The company also benefited from a one-time gain of ₹8,924 crore due to its stake sale in Asian Paints, contributing significantly to the bottom-line.
Jio Platforms: Digital Expansion in Overdrive
Reliance Jio, the digital arm of RIL, delivered strong performance backed by increased 5G adoption and growing subscriber base.
Revenue: ₹41,054 crore (↑19% YoY)
Net Profit: ₹7,110 crore (↑25% YoY)
EBITDA: ₹18,135 crore, with margin exceeding 52%
ARPU (Average Revenue per User): ₹208.8
5G subscribers: Crossed the 200 million mark
The management also announced rapid adoption of JioAirFiber, expanding high-speed broadband access across tier-2 and tier-3 cities.
Reliance Retail: Strong Consumer Sentiment
Retail operations, spanning grocery, fashion, and digital commerce, posted healthy growth:
Revenue Growth: 11.3% YoY
EBITDA Margin: Held steady in double digits
Quick commerce (JioMart): Sales up 68% quarter-on-quarter
Challenges: AC and appliance demand impacted by early monsoon
The retail network continues to be India’s largest and fastest-growing, with sustained investments in supply chain infrastructure.
Oil-to-Chemicals (O2C): Margin Resilience
Despite global volatility in crude oil prices and planned plant shutdowns, the O2C segment showed operational strength:
Revenue: Marginally down by 1.5%
EBITDA Margin: Improved due to product placement strategies and Jio-BP synergies
Petrochemical demand: Stable, though margins remain under pressure
Reliance is strategically shifting focus towards high-value specialty chemicals and new materials under this division.
New Energy & Emerging Businesses
Although still in the nascent revenue stage, RIL’s New Energy initiatives continued to receive focus:
Planned Capex: ₹75,000 crore investment lined up for green hydrogen, solar PV, and energy storage
AGM (August 2025): Expected to announce progress on giga-factories and strategic partnerships
JioPC & JioGames: Emerging areas with early traction in the market
Market & Analyst Reactions
The Street responded positively to the earnings beat:
Brokerages like CLSA have reaffirmed ‘Outperform’ ratings with target prices around ₹1,650
Analysts hailed it as a “turnaround quarter” after a muted FY25 performance
Positive cues include high digital margins, growing retail share, and expected IPOs for Jio & retail arms
Management Outlook
Mukesh Ambani, Chairman and MD of Reliance Industries, said:
“Our performance in Q1 reflects the strength of our multi-engine growth model. We continue to invest in the future, especially in digital platforms, retail networks, and the transition to green energy.”
The management emphasized the upcoming AGM will unveil further strategic direction for consumer businesses, IPO timelines, and energy transformation plans.
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