Mukesh Ambani-led Reliance Industries Ltd (RIL), India's most valuable company, posted its highest-ever quarterly core profit and EBITDA for the June quarter, supported by robust performances from its oil-to-chemicals and telecom businesses, according to a company statement reported by Business Today.
Financial Highlights
The oil-to-telecom conglomerate reported a 25.4% year-on-year increase in consolidated revenue to Rs 3.12 lakh crore. Excluding the one-time gain of Rs 8,924 crore from the sale of listed investments recorded in the corresponding quarter last year, recurring EBITDA rose 10.1% year-on-year to a record Rs 54,067 crore. On the same basis, profit after tax increased 6.1% to an all-time high of Rs 23,196 crore.
However, when the exceptional gain booked in the year-ago quarter is included in the comparison, EBITDA declined 6.8% year-on-year, while profit attributable to the company's owners fell 22% to Rs 20,946 crore. The comparison reflects the impact of last year's one-off item, despite stronger performance in the underlying businesses. Reliance had posted its highest-ever quarterly consolidated net profit in the previous year's first quarter, aided in part by an exceptional gain of Rs 8,924 crore from the sale of its stake in Asian Paints.
| Metric | Reported (incl. one-off) | Excl. one-off (recurring) | YoY Change (recurring) |
|---|---|---|---|
| Revenue | Rs 3.12 lakh crore | - | +25.4% |
| EBITDA | - | Rs 54,067 crore | +10.1% |
| Net Profit (attributable) | Rs 20,946 crore | Rs 23,196 crore | +6.1% |
| Depreciation | Rs 15,100 crore | - | +9% |
| Finance Costs | Rs 8,337 crore | - | +18% |
| Capital Expenditure | Rs 38,682 crore ($4.1 billion) | - | - |
Depreciation expense during the first quarter climbed 9% year-on-year to Rs 15,100 crore, mainly due to higher depreciation in the Digital Services business following the capitalisation of 5G assets. Finance costs rose 18% from a year earlier to Rs 8,337 crore ($881 million), largely reflecting higher liability balances and the capitalisation of 5G assets. Capital expenditure during the quarter ended June 2026 stood at Rs 38,682 crore ($4.1 billion).
Segmental Performance
RIL’s core Oil-to-Chemicals (O2C) business reported a 30% year-on-year increase in revenue to Rs 2.01 lakh crore ($21.3 billion) during the quarter. The growth was primarily driven by a 54.1% year-on-year rise in crude oil prices, although it was partly offset by lower production resulting from a planned turnaround. EBITDA from the segment rose 17% compared with the same period last year to Rs 17,010 crore ($1.8 billion), supported by a sharp improvement in transportation fuel cracks and stronger downstream margins.
According to the company, the O2C business also benefited from diversification of its crude basket, efficient placement of products in supply-deficit markets and favourable economics from ethane cracking.
Jio Platforms reported a 9.2% year-on-year rise in profit after tax to Rs 7,764 crore for the quarter ended June 2026, supported by continued growth in subscriber market share, higher average revenue per user (ARPU) and increased sales of digital services. The digital and telecom arm had posted a PAT of Rs 7,110 crore in the corresponding quarter last year.
"The Digital Services business continued its growth momentum during the quarter. Jio’s performance across mobility, home broadband and enterprise services remained strong, driving healthy earnings growth..."
Outlook and Commentary
"Reliance has made a steady start to FY27, with all businesses delivering strong operating performance. Our diverse business portfolio has once again demonstrated its resilience in a quarter which witnessed continuing geopolitical tensions and volatile commodity markets," said Mukesh Ambani, Chairman and Managing Director, Reliance Industries, in a statement.
The company said it continues to make substantial progress across its Oil-to-Chemicals and New Energy projects, while also investing in expanding and strengthening the infrastructure and reach of its consumer businesses.
Mukesh Ambani further commented on the O2C business: "The O2C business delivered strong performance during the quarter, supported by all-time high middle distillate cracks and improved downstream petrochemical deltas. This was achieved despite a challenging global energy market backdrop with disrupted supply chains."
The strong quarterly performance, driven by record EBITDA and robust revenue growth, underscores RIL's diversified portfolio resilience amid geopolitical and commodity market volatility. Investors and analysts will watch for the company's continued progress in New Energy projects and consumer business expansion as the fiscal year progresses. The next milestone will be the company's Q3 FY27 results, typically announced in January 2027.
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