- Revenue races past ₹3.1 lakh crore as Reliance beats Street expectations despite lower reported profit
- Record EBITDA underscores resilience of oil-to-chemicals, Jio and retail businesses
- One-time gain in last year’s base masks robust underlying earnings momentum
- Mukesh Ambani bets on Jio IPO, new energy projects and AI-led digital expansion to fuel next growth cycle
- Investors cheer broad-based performance as India’s biggest conglomerate opens FY27 on a strong note
NE BUSINESS BUREAU
MUMBAI, JULY 17
India’s corporate bellwether has once again demonstrated why it remains the benchmark for diversified growth. Reliance Industries Ltd (RIL) opened FY27 with a blockbuster operating performance, posting record revenue and EBITDA while comfortably surpassing market expectations. Although the headline net profit appeared lower because last year’s quarter included a sizeable one-time exceptional gain, the company’s underlying earnings engine—from refining and petrochemicals to telecom and retail—continued to gather momentum, reinforcing investor confidence in Mukesh Ambani’s next phase of growth.
Reliance Industries reported a 25% year-on-year jump in consolidated revenue to more than ₹3.1 lakh crore, while recurring EBITDA climbed to an all-time high, driven by robust performances across its Oil-to-Chemicals (O2C), digital services and retail businesses. The diversified conglomerate comfortably outperformed analysts’ expectations despite a decline in reported net profit.
The company’s consolidated net profit stood at ₹20,946 crore, down 22.4% year-on-year. However, the decline was primarily due to an exceptional gain booked in the corresponding quarter last year from the sale of its stake in Asian Paints, making the comparison unfavourable. Excluding that one-off item, the company’s operating performance remained robust.
Oil-to-Chemicals emerged as one of the biggest growth drivers, benefiting from stronger refining margins, improved petrochemical spreads and higher operational efficiencies. The business continued to demonstrate resilience despite global geopolitical uncertainties and volatile energy markets.
Reliance Jio sustained its leadership in India’s telecom sector with healthy subscriber additions and higher customer spending.
Key highlights included:
- Subscriber base crossing 533 million
- Average Revenue Per User (ARPU) rising to ₹215.6
- Strong double-digit growth in operating earnings driven by expanding 5G adoption and increasing digital engagement.
Reliance Retail also continued to expand its footprint, although profitability remained under pressure due to investments in digital commerce and hyperlocal delivery infrastructure. Even so, the retail business maintained healthy revenue growth and remained a significant contributor to the group’s diversified earnings profile.
Mukesh Ambani Speaks
Chairman and Managing Director Mukesh D. Ambani said the company has made a strong start to FY27 with broad-based growth across businesses.
“Our businesses have delivered a strong start to FY27 with robust operating performance across all major segments. We remain confident of sustaining this growth momentum as we progressively commission our new energy projects and unlock further value through our digital businesses.”
He also expressed optimism about Reliance’s long-term growth roadmap, highlighting the phased rollout of the company’s new energy ecosystem and continued investments in digital technologies, including artificial intelligence and next-generation connectivity.
Analysts said Reliance’s diversified business model once again proved its strength, with growth across energy, telecom and retail cushioning external volatility. The Street also remains focused on the company’s planned Jio IPO and the commissioning of its new energy ventures, both of which are expected to serve as key value creators over the coming years.
