Reliance Industries Limited (RELIANCE) Q1 25/26 earnings summary

Executive summary

• Achieved record net profit in Q1 FY26, driven by strong operational performance, diversified growth across digital, retail, energy, and new energy segments, and a significant gain from the sale of Asian Paints investment.

• Digital services and retail led revenue and EBITDA growth, while O2C faced headwinds from lower crude prices.

• New energy business progressing rapidly, with large-scale gigafactory construction and integrated value chain development.

• Retail and digital platforms continue to expand market share and customer base, leveraging proprietary technology and broad distribution.

• Maintained a strong balance sheet with disciplined capital allocation and net debt to EBITDA below 1.0x.

Financial highlights

• Consolidated revenue rose 6% year-over-year to ₹273,252 crore; Jio revenue up 19%, Retail up 11%, O2C down 1.5%.

• EBITDA reached ₹58,024 crore, up 36% year-over-year, including a one-time gain of ₹8,924 crore from Asian Paints share sale.

• Net profit surged 76.5% year-over-year to ₹30,783 crore, with recurring EBITDA and PAT up 15% and 25% respectively.

• Jio Platforms: Operating revenue ₹35,032 crore (+19% YoY), EBITDA ₹18,135 crore (+24% YoY), PAT ₹7,110 crore (+25% YoY).

• Retail: Revenue up 11.3% YoY to ₹84,172 crore, EBITDA up 13% YoY to ₹6,381 crore, margin up 20 bps to 8.7%.

Outlook and guidance

• Confident in doubling value by end of the decade, supported by strong balance sheet and cash flows.

• Retail and digital businesses expected to accelerate growth as store expansion and new services scale.

• New energy ecosystem to become self-funded and a perpetual growth engine, with full-scale operations in 4–6 quarters and 55 CBG plants targeted by year-end.

• O2C margins expected to remain constructive due to limited global refinery additions and sustained demand.

• Focus on expanding omni-channel retail, digital platforms, and green energy solutions.