Reliance Retail Q1 Revenue Rises 7% to ₹90,408 Crore as Grocery, Fashion & Electronics Drive Growth

Reliance Industries Ltd. (RIL), India's largest listed company, reported a strong start to FY27 with record quarterly earnings despite global macroeconomic volatility and disruptions across energy markets. The Mukesh Ambani-led conglomerate posted its highest-ever recurring quarterly EBITDA and record quarterly profit, supported by robust performances from its Oil-to-Chemicals (O2C), Jio Platforms, and consumer businesses.

The June quarter once again highlighted Reliance's diversified business model, with strong contributions from its digital, retail, and energy businesses helping offset pressure in select segments.

Reliance Industries Q1 FY27 Highlights

Particulars	Q1 FY27	YoY Change
Revenue	₹3,40,257 crore	+24.5%
EBITDA	₹54,067 crore	+10.1%
Profit Before Tax	₹30,630 crore	+8.5%
Net Profit (PAT)	₹23,196 crore	+6.1%
Finance Cost	₹8,337 crore	+18.5%
Depreciation	₹15,100 crore	+9.1%

Source: Reliance Industries Q1 FY27 Investor Presentation

Record Quarterly Performance Despite Global Challenges

Reliance said the quarter was impacted by one of the biggest energy market disruptions globally, yet the company managed to deliver record profitability through operational flexibility and diversified earnings.

Key highlights include:

• Revenue increased 25% year-on-year.
• Highest-ever recurring quarterly EBITDA of ₹54,067 crore.
• Net profit reached a record ₹23,196 crore.
• Consumer businesses contributed more than 50% of consolidated EBITDA.
• Strong balance sheet continued to support investments in new energy, digital commerce and infrastructure.

Oil-to-Chemicals Business Emerges as Biggest Growth Driver

The O2C segment remained Reliance's largest earnings engine during the quarter.

O2C Performance

Metric	Q1 FY27	YoY Change
Revenue	₹2,01,803 crore	+30.4%
EBITDA	₹17,010 crore	+17.2%

The business benefited from:

• Record middle-distillate refining margins.
• Higher petrochemical spreads.
• Improved ethane cracking economics.
• Better crude sourcing diversification.
• Export optimization across international markets.

However, profitability was partially impacted by fuel retail under-recoveries and SAED-related costs.

Jio Platforms Continues Double-Digit Growth

Jio remained one of Reliance's strongest growth engines, delivering healthy subscriber additions and improved profitability.

Jio Platforms Financial Performance

Metric	Q1 FY27	YoY Change
Gross Revenue	₹45,961 crore	+12%
Operating Revenue	₹39,173 crore	+11.8%
EBITDA	₹20,865 crore	+15.1%
EBITDA Margin	53.3%	+150 bps
PAT	₹7,764 crore	+9.2%

Operational Highlights

Jio strengthened its market leadership with:

• Over 533 million mobile subscribers.
• Around 285 million 5G users.
• 28.6 million broadband connections.
• Industry-leading Fixed Wireless Access (FWA) business.
• ARPU increased to ₹215.6.
• Monthly data consumption reached 43.7 GB per user.

Reliance Retail Delivers Growth Despite Margin Investments

Reliance Retail continued expanding its nationwide footprint while investing aggressively in digital commerce and hyperlocal delivery.

Retail Financial Performance

Metric	Q1 FY27	YoY Change
Gross Revenue	₹90,408 crore	+7.4%
Net Revenue	₹79,745 crore	+8.2%
EBITDA	₹6,309 crore	-1.1%
EBITDA Margin	7.9%	-80 bps
PAT	₹2,805 crore	-14.1%

Management attributed lower profitability to planned investments aimed at rapidly scaling digital commerce.

Retail Expansion Continues

Reliance Retail now has:

• 20,169 stores
• Presence across 7,000+ towns
• 396 million registered customers
• 568 million quarterly transactions, up 46% YoY

JioMart and Digital Commerce Show Strong Momentum

Digital commerce remained a major focus area.

Highlights include:

• Grocery digital daily orders surged 116% YoY.
• Digital grocery revenue contribution rose to 13.4%.
• Active seller base increased 26%.
• Service now spans nearly 5,500 pin codes.

Reliance said FY27 will focus on scaling online operations while improving unit economics before monetisation.

Consumer Electronics and Fashion Continue Growing

Reliance Retail also reported strong momentum across key consumption categories.

Consumer Electronics

• Same-store sales grew 16%.
• Strong demand for ACs, laptops, smartphones and appliances.
• ResQ services revenue increased 27%.

Fashion & Lifestyle

• Same-store growth of 4%.
• AJIO Rush orders jumped 136% sequentially.
• SHEIN crossed 30 million app installs.
• Digital commerce share in apparel reached 27.3%.

Oil & Gas Business Remains Stable

Reliance's upstream Oil & Gas business reported:

Metric	Q1 FY27	YoY Change
Revenue	₹6,298 crore	+3.2%
EBITDA	₹4,973 crore	-0.5%

The business benefited from stronger oil prices, although lower KG-D6 gas production weighed on earnings.

Segment-Wise EBITDA Performance

Business	EBITDA	YoY Growth
Oil-to-Chemicals	₹17,010 crore	+17.2%
Digital Services	₹21,255 crore	+16.1%
Retail	₹6,309 crore	-1.1%
Oil & Gas	₹4,973 crore	-0.5%

Strong Balance Sheet Supports Expansion

Reliance maintained a healthy balance sheet while continuing heavy investments.

• Capex during Q1 stood at ₹38,682 crore.
• Net debt declined to ₹1,22,914 crore.
• Net Debt-to-EBITDA remained at just 0.60x.

The company said capital expenditure continues across new energy, digital commerce, retail expansion and O2C projects.

What Investors Should Watch Going Forward

The June-quarter results reinforce Reliance's diversified earnings profile, with Jio and O2C driving profitability while Retail focuses on long-term digital expansion.

Investors will now closely monitor:

• Jio Platforms IPO progress.
• Retail margin recovery.
• Growth in JioMart and hyperlocal delivery.
• New energy business commercialization.
• Demand outlook for petrochemicals and refining.

Final Take

Reliance Industries has delivered another quarter of strong execution, posting record recurring EBITDA and the highest-ever quarterly net profit despite global volatility. While near-term investments have weighed on retail margins, the company's diversified portfolio, leadership in telecom, dominant refining business, and continued investments in future growth areas position it well for long-term expansion.

What was Reliance Industries' net profit in Q1 FY27?

Reliance reported a record consolidated net profit of ₹23,196 crore, up 6.1% year-on-year.

How much revenue did Reliance Industries generate in Q1 FY27?

The company reported consolidated revenue of ₹3,40,257 crore, a 24.5% increase over the previous year.

How did Jio perform in Q1 FY27?

Jio Platforms posted ₹45,961 crore in gross revenue and ₹20,865 crore EBITDA, supported by over 533 million subscribers.

Why did Reliance Retail margins decline?

Margins were impacted by planned investments in digital commerce, hyperlocal delivery infrastructure, and omnichannel expansion.

Which business contributed the most to earnings growth?

Oil-to-Chemicals and Digital Services were the biggest contributors, with EBITDA growing 17.2% and 16.1%, respectively.