Reliance Industries Reports Record Q1 EBITDA as Jio and O2C Businesses Drive Growth

Reliance Industries Ltd (RIL) reported a strong start to FY27 , posting record quarterly core earnings, with growth led by its Oil-to-Chemicals (O2C) and Digital Services (Jio) businesses despite global geopolitical uncertainties and volatile commodity markets.

The company’s consolidated revenue for the April-June 2026 quarter (Q1 FY27) increased 25.4% year-on-year to ₹3.12 lakh crore . Excluding a one-time gain of ₹8,924 crore from investment sales in the previous year, Reliance’s EBITDA rose 10.1% to a record ₹54,067 crore , while recurring profit after tax increased 6.1% to ₹23,196 crore .

Including the exceptional gain in the year-ago period, reported profit attributable to shareholders stood at ₹20,946 crore , reflecting a decline due to the high base effect.

Jio Platforms Ltd (JPL) remained a key growth engine, delivering record EBITDA of ₹20,865 crore , up 15.1% year-on-year . The digital services arm reported revenue of ₹45,961 crore , with its subscriber base crossing 533 million , including 285 million True 5G users . Jio’s fixed broadband subscriber base rose to 28.6 million , while total data consumption increased 27% to 69 exabytes . The company also filed its Draft Red Herring Prospectus (DRHP) with SEBI for the proposed public listing of Jio Platforms.

The O2C business posted a strong recovery, with EBITDA rising 17.2% to ₹17,010 crore , supported by improved refining margins, record middle distillate cracks and better petrochemical spreads. The segment, however, faced challenges from higher feedstock costs and planned maintenance shutdowns.

Reliance Retail Ventures Ltd (RRVL) recorded revenue growth of 7.4% to ₹90,408 crore , while EBITDA stood at ₹6,309 crore amid continued investments in digital commerce platforms. The retail network expanded to 20,169 stores , with the customer base reaching 396 million .

The oil and gas business reported stable performance, with EBITDA at ₹4,973 crore , supported by higher coal bed methane output and improved oil realisations.

The company invested ₹38,682 crore during the quarter, while internal cash generation of ₹41,254 crore fully funded capital expenditure. Mukesh Ambani , Chairman and Managing Director of Reliance, said the company’s businesses demonstrated resilience and expressed confidence in future growth driven by Jio’s listing, new energy projects and consumer-focused expansion .