Reliance Industries Limited (RIL), India’s most valuable corporation, today announced blockbuster results for the first quarter of FY 2025-26 (Q1 FY26), showcasing unprecedented growth across its consumer-centric pillars of Jio and Retail, bolstered by strategic financial gains. Under the leadership of Chairman Mukesh Ambani, RIL delivered its highest-ever quarterly consolidated net profit of ₹26,994 crore – a monumental 78% surge compared to ₹15,138 crore in Q1 FY25 and a robust 39% jump sequentially from ₹19,407 crore in Q4 FY25.
This stellar performance wasn’t just about one-offs. While a significant one-time gain of ₹8,924 crore from the sale of RIL’s stake in Asian Paints provided a major boost, the underlying business health shone through. *Excluding this exceptional item, the recurring profit still grew by a solid 25% year-on-year*, demonstrating the fundamental strength of RIL’s diversified operations.
Financial Snapshot:
- Consolidated Net Profit: ₹26,994 Cr (Up 78% YoY, 39% QoQ)
- Revenue from Operations: ₹2,48,660 Cr (Up 5.3% YoY)
- Gross Revenue: ₹2,73,252 Cr (Up 6% YoY)
- EBITDA: ₹58,024 Cr (Up 36% YoY)
- EBITDA Margin: 21.2% (Expanded by 460 basis points YoY)
- Capital Expenditure: ₹29,875 Cr ($3.5 Billion)
- Net Debt: ₹1,17,581 Cr (Marginally up QoQ)
Segment Deep Dive: Consumer Businesses Lead the Charge
- Jio Platforms: Digital Dominance Scales New Peaks
- Net Profit: ₹7,110 Cr (Up 25% YoY)
- Revenue: ₹41,054 Cr (Up 19% YoY)
- EBITDA: ₹18,135 Cr (Up 24% YoY); Margin at 51.8% (Up 210 bps YoY)
- ARPU: ₹208.8 (Up 15% YoY, 1.3% QoQ)
- Landmark Milestones: Crossed 200 million 5G subscribers (213 million) and 20 million home/broadband connections. JioAirFiber is now the world’s largest Fixed Wireless Access (FWA) service with 7.4 million subscribers.
- Subscriber Growth: Added 9.9 million net subscribers in Q1, taking the total base to 498.1 million. Data traffic surged 24% YoY to 54.7 billion GB.
- JioStar (Media): Leveraged a blockbuster IPL season, reporting record revenue of ₹11,222 crore and EBITDA of ₹1,017 crore. JioHotstar app downloads crossed 1 billion on Android, averaging over 460 million Monthly Active Users (MAUs).
- Reliance Retail: Unparalleled Reach and Growth
- Net Profit: ₹3,271 Cr (Up 28% YoY)Gross Revenue: ₹84,171 Cr (Up 11.3% YoY)EBITDA: ₹6,381 Cr (Up 13% YoY); Margin at 8.7% (Up 20 bps YoY)Expansion: Added 388 new stores, taking the total footprint to 19,592 stores across 77.6 million sq. ft.Customer Base: Grew to 358 million registered customers.FMCG Powerhouse: Consumer brands business achieved remarkable sales of ₹11,450 crore in just its second year, becoming India’s fastest-growing FMCG player.JioMart Hyperlocal: Daily orders surged 68% QoQ and 175% YoY, driven by the successful launch of AJIO Rush (4-hour delivery in 6 cities).
- Oil-to-Chemicals (O2C): Resilience Amidst Volatility
- Revenue: ₹1,54,804 Cr (Down 1.5% YoY due to lower crude prices & planned shutdown)
- EBITDA: ₹14,511 Cr (Up 10.8% YoY)
- Performance Drivers: Growth fueled by favourable domestic fuel retail margins (via expanding Jio-bp network: 1,991 outlets), improvements in transportation fuel cracks, and better PP & PVC margins. This partially offset lower volumes and softer polyester chain margins.
- Oil & Gas (Exploration & Production): Facing Natural Decline
- Revenue: ₹6,103 Cr (Down 1.2% YoY)
- EBITDA: ₹4,996 Cr (Down 4.1% YoY)
- Key Factors: Primarily impacted by the natural decline in KG D6 gas production volumes and lower realised prices for Coal Bed Methane (CBM) gas. Higher operating costs due to maintenance also contributed.
Leadership Vision: Doubling Ambition Reaffirmed
Mukesh Ambani, Chairman and Managing Director, attributed the success to robust all-round performance despite global macroeconomic volatility: “Reliance has begun FY26 with a robust, all-round operational and financial performance. Consolidated EBITDA for 1Q FY26 improved strongly from a year-ago period… Our O2C business delivered strong growth… Retail’s business performance was strong… Jio has scaled newer heights.”
Most significantly, Mr. Ambani projected immense confidence in RIL’s future trajectory, declaring: “The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4–5 years.”
Isha Ambani, Executive Director, Reliance Retail Ventures, highlighted the focus on operational excellence and technology: “Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility.”
Looking Ahead: Sustainable Growth and New Horizons
- New Energy: RIL reaffirmed it is on-track to commission its giga-factories over the next 4-6 quarters. Senior VP Karan Suri stated the business aims to become a self-funded platform through profitability and monetization, promising “perpetual, perennial growth for shareholders.”
- FMCG Focus: Strengthening the portfolio of in-house FMCG brands is a key priority.
- 5G & Digital Services: Jio continues to innovate (launching JioGames Cloud, JioPC) and deepen its technological infrastructure.
- Retail Expansion: Continued store expansion, omnichannel integration (like AJIO Rush), and scaling the FMCG juggernaut remain central.
Reliance Industries’ Q1 FY26 results are a testament to the successful execution of its strategy and the resilience of its diversified portfolio. While the Asian Paints stake sale provided a significant one-time lift, the core consumer businesses – Jio and Retail – delivered outstanding, sustainable growth, driving profitability and market leadership. Despite challenges in the upstream oil & gas segment, the O2C business demonstrated commendable resilience. With a clear vision articulated by Mukesh Ambani to double the company’s scale every 4-5 years and significant investments underway in New Energy and digital infrastructure, RIL is powerfully positioned for its next phase of growth, reinforcing its pivotal role in India’s economic journey.