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

Executive summary

• Achieved record net profit in Q1 FY26, driven by strong operational performance and a significant gain from the sale of Asian Paints investment.

• Delivered diversified growth across digital, retail, energy, and new energy businesses, with digital services and retail leading revenue and EBITDA growth.

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

• Significant progress in new energy ecosystem, with gigafactories and integrated value chains nearing operationalization.

Financial highlights

• Consolidated revenue rose 6% year-over-year to ₹273,252 crore; EBITDA up 36% year-over-year to ₹58,024 crore.

• Net profit surged 76.5% year-over-year to ₹30,783 crore, including a one-time gain from Asian Paints investment sale.

• Recurring EBITDA and PAT grew 15% and 25% year-over-year, 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 improved to 8.7%.

Outlook and guidance

• On track to double group value by the end of the decade, with continued investments in digital, retail, and new energy businesses.

• New energy ecosystem to become a self-funded, perpetual growth engine within 4–6 quarters, targeting 55 CBG plants by year-end.

• Retail and Jio expected to accelerate growth as streamlining and major CapEx cycles conclude.

• Anticipate margin expansion in retail and digital as scale and operating leverage improve.