Winning Bizness Desk

Mumbai.Reliance Industries reported a mixed set of financial results for the first quarter of FY2026-27, with consolidated net profit declining 22.4% year-on-year even as revenue climbed to a record level on the back of robust performance across its core businesses. The company's consolidated net profit stood at Rs 20,946 crore during the April-June quarter, compared with Rs 26,994 crore in the corresponding period last year. However, on a sequential basis, profit rose 23% from Rs 16,971 crore reported in the January-March quarter, reflecting improved quarterly momentum across several businesses.

Business segments deliver mixed quarterly performance

Reliance's consolidated revenue grew 25% year-on-year to Rs 3.11 lakh crore from Rs 2.48 lakh crore in the same quarter last year. Compared with the previous quarter, however, revenue slipped around 4% from Rs 3.25 lakh crore. The conglomerate continued to draw strength from its diversified portfolio spanning Jio Platforms, Retail, Digital Services, Oil-to-Chemicals (O2C) and Oil & Gas.

Key financial highlights:

• Consolidated revenue rose 25% to Rs 3.11 lakh crore.
• Annual net profit declined 22.4% to Rs 20,946 crore.
• Quarterly profit increased 23% over the previous quarter.
• Revenue slipped 4% sequentially despite strong annual growth.

Jio expands subscriber base and boosts earnings

Reliance Jio remained one of the strongest contributors during the quarter. Its consolidated net profit increased 9.2% year-on-year to Rs 7,764 crore, while revenue climbed 12% to Rs 39,173 crore. Average Revenue Per User (ARPU) improved to Rs 215.6 from Rs 208.8 a year earlier, reflecting stronger monetisation. Jio's customer base expanded 7.1% to 53.3 crore subscribers, while average monthly data consumption per user touched 43.7 GB. Overall data traffic surged 26% from a year ago. The company said higher depreciation and interest costs arising from the capitalisation of 5G assets partly restricted profit growth despite healthy operating performance.

Other businesses continue steady expansion

Reliance's Oil-to-Chemicals business posted a sharp 30% increase in revenue to Rs 2.01 lakh crore. Oil & Gas revenue rose 3% to Rs 6,298 crore, while Digital Services recorded a 12% rise to Rs 46,900 crore. Retail revenue increased 7% to Rs 90,409 crore and the "Other Businesses" segment registered an impressive 69% jump to Rs 31,204 crore.

Other major business indicators:

• Reliance Retail's registered customer base reached 39 crore, up 10.6%.
• The company opened 577 new stores during the quarter.
• Total retail store count rose to 20,169 nationwide.
• Expansion continued across FMCG, digital commerce and organised retail.

What the results mean for consumers and investors

The quarterly performance signals continued investment in businesses that directly affect consumers. Jio is expected to further strengthen its 5G network and expand AirFiber and broadband connectivity into underserved areas, improving internet access for households, students and remote workers. Reliance Retail's aggressive expansion could bring more stores and affordable in-house consumer products to smaller cities, while continued investments in renewable energy projects may eventually support cleaner and potentially lower-cost energy solutions. Strong refinery operations are also expected to help maintain stable domestic fuel supplies.

Key takeaways:

• Faster rollout of Jio 5G and AirFiber services.
• More Reliance Retail outlets and wider product choices.
• Continued investments in solar, green hydrogen and clean energy.
• Expansion projects likely to generate fresh employment opportunities.
• Long-term investors may continue to view the company's diversified business model as a source of stability despite short-term market fluctuations.

Stock performance and company profile

Ahead of the quarterly earnings announcement, Reliance Industries' shares closed 2.48% higher at Rs 1,328 on Friday. The stock has gained around 2% over the past five trading sessions but remains down about 15% since the beginning of the year and nearly 10% over the past 12 months. The company's market capitalisation stands at approximately Rs 17.95 lakh crore. India's largest private-sector enterprise continues to operate across hydrocarbon exploration, petroleum refining and marketing, petrochemicals, advanced materials, renewable energy, digital services and retail, with its diversified business structure remaining the backbone of its long-term growth strategy.