Reliance Industries Limited (RIL), led by billionaire Mukesh Ambani, has kicked off fiscal year 2026 with an extraordinary performance, reporting a staggering 78% year-on-year (YoY) increase in its Q1FY26 consolidated net profit, reaching Rs 26,994 crore. This remarkable achievement, driven by robust growth across its telecom, retail, and oil-to-chemicals (O2C) segments, has surpassed Street estimates of Rs 22,069 crore. With a one-time gain from the sale of its stake in Asian Paints contributing Rs 8,924 crore to other income, Reliance has set a new benchmark for quarterly earnings. This blog post dives into the key highlights of Reliance Industries Q1FY26 results, offering insights into the company’s stellar financial and operational performance, and why it continues to dominate as a market leader.
Unprecedented Profit Growth in Q1FY26
Reliance Industries reported a consolidated net profit of Rs 26,994 crore for the April-June 2025 quarter, a 78% jump from Rs 15,138 crore in the same period last year. Excluding the one-time gain from the sale of listed investments, the profit still grew by an impressive 25% YoY, showcasing the strength of its core operations. The company’s other income soared to Rs 15,119 crore, nearly quadrupling from Rs 3,983 crore in Q1FY25, largely due to the Asian Paints stake sale. However, finance costs rose by 18.9% YoY to Rs 7,036 crore, driven by the operationalization of 5G spectrum assets, while tax expenses increased by 11.7% to Rs 6,465 crore.
Revenue Growth and Operational Excellence
The company’s topline performance was equally robust, with consolidated revenue reaching Rs 2.73 lakh crore, up 6% from Rs 2.57 lakh crore in Q1FY25. This growth was fueled by double-digit increases in Jio Platforms and Reliance Retail, despite volatility in global markets. Reliance’s consolidated EBITDA (earnings before interest, tax, depreciation, and amortization) surged by 35.7% YoY to Rs 58,024 crore, with an EBITDA margin expanding by 460 basis points to 21.2%. This significant margin improvement reflects operational efficiencies and strong performances across key business segments.
Jio Platforms: Driving Digital Transformation
Jio Platforms (JPL), Reliance’s telecom arm, continued to lead the market with a subscriber base of 49.8 crore, adding 99 lakh subscribers in Q1FY26. The segment reported an 18.8% YoY revenue increase to Rs 41,054 crore, driven by strong subscriber growth in mobility and home services, as well as sustained momentum in digital services. Jio’s profit soared by 24.9% to Rs 7,110 crore, with EBITDA rising 23.9% to Rs 18,135 crore. The segment’s EBITDA margin expanded by 210 basis points to an impressive 51.8%, supported by a 14.9% YoY increase in average revenue per user (ARPU) to Rs 208.8 per subscriber per month.
Mukesh Ambani highlighted Jio’s milestones, including crossing 20 crore 5G subscribers and 2 crore home connects. Jio AirFiber, with 74 lakh subscribers, has emerged as the world’s largest fixed wireless access (FWA) service provider. Data traffic grew by 24% YoY to 54.7 billion GB, underscoring Jio’s dominance in India’s digital landscape.
Reliance Retail: Expanding Reach and Profitability
Reliance Retail Ventures delivered a stellar performance, with its customer base expanding to 35.8 crore and a total store count of 19,592 after opening 388 new stores in the quarter. The segment reported an 11.3% YoY revenue increase to Rs 84,171 crore and a 33.2% jump in profit to Rs 3,267 crore. EBITDA grew by 12.7% to Rs 6,381 crore, with the EBITDA margin improving by 20 basis points to 8.7%, a leading figure in the industry.
The retail segment saw strong growth in grocery and fashion, though consumer electronics faced challenges due to the early onset of monsoons. Recovery is underway, and Reliance Retail’s focus on operational excellence and market leadership continues to drive its success.
Oil-to-Chemicals: Resilience Amid Volatility
Despite fluctuations in global crude prices, the oil-to-chemicals (O2C) segment delivered a 10.8% YoY increase in EBITDA to Rs 14,511 crore, supported by favorable margins in domestic fuel retail and improvements in transportation fuel cracks, as well as polypropylene (PP) and polyvinyl chloride (PVC) deltas. The segment’s EBITDA margin expanded by 110 basis points to 9.4%. However, revenue dipped by 1.5% YoY to Rs 1.55 lakh crore due to lower crude oil prices and reduced volumes from a planned shutdown. The Jio-bp network, with 1,991 fuel retail outlets, bolstered domestic fuel placement, contributing to the segment’s resilience.
Oil & Gas: Steady Performance with Challenges
The oil and gas segment recorded a 1.2% YoY decline in revenue to Rs 6,103 crore, primarily due to lower sales volumes of KGD6 gas and reduced prices for coal bed methane (CBM) gas. The average price realized for KGD6 gas increased to $9.97 per MMBTU from $9.27, while CBM gas prices fell to $9.90 per MMBTU from $11.59. EBITDA declined by 4.1% to Rs 4,996 crore, with the margin contracting by 240 basis points to 81.9% due to higher operating costs from maintenance activities. KGD6 production fell by 7.9% to 63.9 BCFe, while CBM production rose by 21.7% to 2.8 BCFe.
JioStar: Capitalizing on Entertainment Demand
JioStar, Reliance’s media arm, reported record revenues of Rs 11,222 crore, with an EBITDA of Rs 1,017 crore and a profit of Rs 581 crore. The segment’s performance was driven by a successful Indian Premier League (IPL) season, with a subscriber base of 28.7 crore on JioHotstar and a TV reach of over 80 crore people. JioStar’s strategic entry into the free-to-air (FTA) Hindi general entertainment channel (GEC) space and a 35.5% entertainment TV share solidified its market leadership.
Capital Expenditure and Financial Position
Reliance’s capital expenditure (excluding spectrum costs) for Q1FY26 was Rs 29,875 crore, slightly up from Rs 28,785 crore in Q1FY25. The company maintained a strong financial position, with cash and cash equivalents at Rs 2.2 lakh crore, compared to Rs 1.92 lakh crore in Q1FY25. Outstanding debt increased to Rs 3.38 lakh crore from Rs 3.05 lakh crore, with net debt slightly rising to Rs 1.17 lakh crore from Rs 1.12 lakh crore.
Stock Performance and Future Outlook
Reliance shares outperformed the benchmark Nifty 50, rising 17.7% during the quarter, reflecting investor confidence in the company’s growth trajectory. Mukesh Ambani expressed optimism about Reliance’s future, stating that the performance of its businesses and growth initiatives positions the company to continue its track record of doubling every 4-5 years. This confidence is underpinned by Reliance’s diversified portfolio, strategic investments, and focus on innovation across its telecom, retail, and energy segments.
Why Reliance Industries Q1FY26 Results Matter
Reliance Industries’ Q1FY26 results highlight its ability to deliver exceptional financial and operational performance in a challenging global environment. The company’s diversified business model, spanning telecom, retail, energy, and media, has enabled it to achieve record-breaking profits and EBITDA. With Jio Platforms leading the digital revolution, Reliance Retail expanding its footprint, and the O2C segment navigating market volatility, Reliance continues to set the standard for corporate success in India.
For investors and stakeholders, these results signal Reliance’s resilience and growth potential. The company’s ability to exceed Street expectations, coupled with its strategic focus on emerging technologies and consumer-centric businesses, makes it a powerhouse in the Indian and global markets. As Reliance continues to innovate and expand, its Q1FY26 performance serves as a testament to its enduring leadership and vision for the future.
Reliance Industries Q1FY26 Financial and Operational Highlights
| Category | Q1FY26 Figures | YoY Growth/Change | Key Insights |
|---|---|---|---|
| Net Profit (Consolidated) | ₹26,994 crore | 78% increase | Driven by strong core performance and ₹8,924 crore gain from Asian Paints stake sale |
| Revenue (Consolidated) | ₹2.73 lakh crore | 6% increase | Boosted by Jio and Retail segments |
| EBITDA (Consolidated) | ₹58,024 crore | 35.7% increase | EBITDA margin improved to 21.2% |
| Other Income | ₹15,119 crore | 279% increase | Primarily from listed investment sales |
| Finance Cost | ₹7,036 crore | 18.9% increase | Reflects 5G spectrum operationalization |
| Tax Expense | ₹6,465 crore | 11.7% increase | Higher tax due to increased profit |
Jio Platforms Performance
| Metric | Q1FY26 | YoY Change | Highlights |
|---|---|---|---|
| Revenue | ₹41,054 crore | 18.8% increase | Strong growth in mobility and digital services |
| Net Profit | ₹7,110 crore | 24.9% increase | Supported by higher ARPU |
| EBITDA | ₹18,135 crore | 23.9% increase | Margin expanded to 51.8% |
| ARPU | ₹208.8 | 14.9% increase | Driven by premium plans |
| Subscriber Base | 49.8 crore | Added 99 lakh users | 20 crore+ 5G and 2 crore+ home connections |
| Jio AirFiber Users | 74 lakh | New milestone | World’s largest FWA service |
| Data Traffic | 54.7 billion GB | 24% increase | Driven by video and app consumption |
Reliance Retail Highlights
| Metric | Q1FY26 | YoY Change | Highlights |
|---|---|---|---|
| Revenue | ₹84,171 crore | 11.3% increase | Growth led by grocery and fashion |
| Net Profit | ₹3,267 crore | 33.2% increase | Strong cost control and scale benefits |
| EBITDA | ₹6,381 crore | 12.7% increase | Margin at 8.7% |
| Store Count | 19,592 | Added 388 stores | Nationwide retail expansion |
| Customer Base | 35.8 crore | Continued growth | India’s largest consumer reach |
Oil-to-Chemicals (O2C) Segment
| Metric | Q1FY26 | YoY Change | Details |
|---|---|---|---|
| Revenue | ₹1.55 lakh crore | 1.5% decrease | Affected by lower crude prices and volume |
| EBITDA | ₹14,511 crore | 10.8% increase | Benefited from favorable fuel and polymer margins |
| EBITDA Margin | 9.4% | 110 basis point increase | Operational resilience |
| Jio-bp Fuel Outlets | 1,991 | Stable network | Supports retail fuel expansion |
Oil and Gas Segment
| Metric | Q1FY26 | YoY Change | Key Details |
|---|---|---|---|
| Revenue | ₹6,103 crore | 1.2% decrease | Decline due to lower volumes and CBM prices |
| EBITDA | ₹4,996 crore | 4.1% decrease | Margin contracted to 81.9% |
| KGD6 Gas Price | $9.97/MMBTU | Increased from $9.27 | Price up, volume down 7.9% |
| CBM Production | 2.8 BCFe | 21.7% increase | Partially offsetting KGD6 decline |
JioStar Media and Entertainment
| Metric | Q1FY26 | Highlights |
|---|---|---|
| Revenue | ₹11,222 crore | Boosted by IPL and OTT growth |
| EBITDA | ₹1,017 crore | Solid margins from digital properties |
| Net Profit | ₹581 crore | TV reach exceeded 80 crore |
| JioHotstar Users | 28.7 crore | Strong growth in video streaming |
| TV Market Share | 35.5% | Leadership in Hindi GEC space |
Capital Expenditure and Financial Position
| Metric | Q1FY26 | Comparison (YoY) | Insights |
|---|---|---|---|
| Capital Expenditure | ₹29,875 crore | Up from ₹28,785 crore | Focus on digital infrastructure and retail |
| Cash & Equivalents | ₹2.2 lakh crore | Up from ₹1.92 lakh crore | Healthy liquidity position |
| Gross Debt | ₹3.38 lakh crore | Up from ₹3.05 lakh crore | Reflects funding of 5G and expansion |
| Net Debt | ₹1.17 lakh crore | Slight increase | Remains within comfortable range |
Stock Market Performance and Outlook
| Metric | Q1FY26 | Details |
|---|---|---|
| Share Price Movement | 17.7% increase | Outperformed benchmark indices |
| Investor Sentiment | Strong | Backed by robust earnings and future visibility |
| Chairman’s Outlook | Positive | Targeting to double in next 4–5 years |
| Long-Term Strategy | Diversified, tech-driven | Leadership in digital, retail, and energy |
Why These Results Matter
| Strategic Advantage | Explanation |
|---|---|
| Diversified Business Model | Ensures stability across sectors |
| Leadership in Key Sectors | Jio and Retail are market leaders |
| Strong Balance Sheet | Allows aggressive growth and investments |
| Innovation Focus | Investment in AI, 5G, and green energy |
| Consistent Value Creation | Proven ability to scale sustainably |
Frequently Asked Questions (FAQ) on Reliance Industries Q1FY26 Results
Q1. What is the net profit reported by Reliance Industries in Q1FY26?
A: Reliance Industries reported a consolidated net profit of ₹26,994 crore in Q1FY26, marking a massive 78% year-on-year (YoY) increase. This includes a one-time gain of ₹8,924 crore from the sale of its stake in Asian Paints. Even after excluding this gain, core profit still grew by 25% YoY, reflecting strong underlying performance.
Q2. How much revenue did Reliance generate in Q1FY26, and what drove this growth?
A: The company posted a consolidated revenue of ₹2.73 lakh crore, up 6% YoY. The increase was primarily driven by Jio Platforms and Reliance Retail, which saw double-digit growth, despite global market volatility.
Q3. What are the key highlights of Jio Platforms’ performance in Q1FY26?
A: Jio Platforms achieved:
- Revenue of ₹41,054 crore (18.8% YoY growth)
- Net profit of ₹7,110 crore (24.9% increase)
- EBITDA margin of 51.8%, up 210 basis points
- Subscriber base of 49.8 crore, including 20 crore 5G users
- ARPU of ₹208.8, rising 14.9% YoY
- Jio AirFiber emerged as the world’s largest FWA service provider with 74 lakh users
- Data consumption rose to 54.7 billion GB, a 24% YoY increase
Q4. How did Reliance Retail perform in Q1FY26?
A: Reliance Retail reported:
- Revenue of ₹84,171 crore (11.3% growth)
- Profit of ₹3,267 crore (33.2% increase)
- EBITDA of ₹6,381 crore, with margin improvement to 8.7%
- Expansion to 19,592 stores, adding 388 new outlets
- A customer base of 35.8 crore
The growth was fueled by strong sales in grocery and fashion, although consumer electronics faced a temporary dip due to early monsoons.
Q5. What was the performance of the Oil-to-Chemicals (O2C) segment in this quarter?
A: The O2C segment demonstrated resilience with:
- EBITDA of ₹14,511 crore (up 10.8% YoY)
- EBITDA margin at 9.4%, up 110 bps
- Revenue declined slightly by 1.5% YoY to ₹1.55 lakh crore due to lower crude prices and a planned shutdown
- Domestic fuel retail and polymer spreads helped maintain margin strength
- Jio-bp expanded to 1,991 fuel outlets, aiding market share
Q6. How did the Oil and Gas segment perform in Q1FY26?
A: This segment saw mixed results:
- Revenue declined 1.2% YoY to ₹6,103 crore
- EBITDA dropped 4.1% to ₹4,996 crore
- Margin fell to 81.9% due to higher maintenance costs
- KGD6 gas production fell 7.9%, while CBM production rose 21.7%
- Gas price realization improved to $9.97 per MMBTU for KGD6 gas
Q7. What were the achievements of JioStar (media & entertainment) in Q1FY26?
A: JioStar, the media arm, posted:
- Revenue of ₹11,222 crore
- EBITDA of ₹1,017 crore and net profit of ₹581 crore
- A highly successful IPL season, 28.7 crore users on JioHotstar
- Over 80 crore TV viewers reached across India
- Entered the FTA Hindi GEC segment with a 35.5% entertainment TV market share
Q8. How much did Reliance spend on capital expenditure in Q1FY26?
A: Reliance’s capital expenditure (excluding spectrum) stood at ₹29,875 crore, up slightly from ₹28,785 crore in Q1FY25. This was primarily invested in expanding telecom infrastructure, retail network, and new energy initiatives.
Q9. What is Reliance’s current debt position and liquidity status?
A: As of Q1FY26:
- Cash & equivalents: ₹2.2 lakh crore (up from ₹1.92 lakh crore)
- Gross debt: ₹3.38 lakh crore (from ₹3.05 lakh crore)
- Net debt: ₹1.17 lakh crore (slightly up from ₹1.12 lakh crore)
The company maintains a strong liquidity buffer, enabling continued investment in growth.
Q10. How did Reliance shares perform in the stock market in Q1FY26?
A: RIL shares surged 17.7% during the quarter, outperforming the Nifty 50 index. This reflects investor confidence in its consistent growth, strong financials, and ambitious future roadmap.
Q11. What are Mukesh Ambani’s comments on Reliance’s future strategy?
A: Mukesh Ambani expressed confidence in doubling Reliance’s business every 4–5 years, backed by strategic investments in digital, retail, green energy, and emerging technologies. He emphasized a sustainable, inclusive, and innovation-driven growth model.
Q12. Why are Reliance Q1FY26 results significant for investors and the market?
A: The Q1FY26 results underscore:
- Strength in core businesses (Jio, Retail, O2C)
- Record-breaking profit and EBITDA margins
- Ability to outperform expectations even amid global uncertainty
- A diversified, future-ready portfolio
This makes Reliance a benchmark of operational excellence and a long-term value generator in Indian and global markets.