Robust O2C performance with EBITDA up 17.2% Y-o-Y at Rs17,010 crore
FinTech BizNews Service
Mumbai, July 17, 2026: Reliance Industries Limited today announced its Q1 FY27 results.
Quarterly Performance (1Q FY27 vs 1Q FY26)
• Gross Revenue increased by 24.5% Y-o-Y to Rs 340,257 crore ($ 35.9 billion).
o JPL revenue increased by 12.0% Y-o-Y driven by continued subscriber market share gains, ARPU increase and strong growth in digital services.
o RRVL revenue increased by 7.4% Y-o-Y to Rs 90,408 crore, led by broad-based growth across consumption baskets and scaling of Digital Commerce Platforms with increasing contribution to revenue. Gross revenue adjusted for RCPL demerger grew at 11.6% Y-o-Y. o Oil to Chemicals (O2C) revenue increased by 30.4% Y-o-Y. This was largely driven by sharp increase in crude prices partially offset by lower production meant for sale.
o Oil and Gas segment revenue increased by 3.2% Y-o-Y with higher realization on KG D6 oil / condensate and favourable exchange rate movement. Increased CBM gas production and realisation further aided growth; partly offset by lower KG D6 gas production and price realisation.
• EBITDA increased by 10.1% Y-o-Y to Rs 54,067 crore ($ 5.7 billion).
o JPL EBITDA increased by 15.1% Y-o-Y driven by strong revenue growth, operating leverage and margin expansion of 150 bps.
o RRVL EBITDA decreased 1.1% Y-o-Y to Rs 6,309 crore with an EBITDA margin of 7.9%. Margin moderation of 80 bps reflects investment in Digital Commerce.
o O2C EBITDA increased by 17.2% Y-o-Y due to stronger transportation fuel cracks and favourable downstream margin. Earnings were impacted by costlier feedstock sourcing and lower production due to planned turnaround.
o Oil and Gas segment EBITDA stable on Y-o-Y basis aided by strong contribution from improved realization on KG D6 liquids.
• Depreciation increased by 9.1% Y-o-Y to Rs 15,100 crore ($ 1.6 billion), largely on account of higher depreciation in Digital Services with capitalisation of 5G assets.
• Finance Costs increased by 18.5% Y-o-Y to Rs 8,337 crore ($ 881 million), largely due to higher liability balances and capitalisation of 5G assets.
• Tax Expenses increased by 18.0% Y-o-Y at Rs 7,629 crore ($ 806 million).
• Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 6.1% Y-o-Y to Rs 23,196 crore ($ 2.5 billion).
• Capital Expenditure for the quarter ended 30th June 2026, stood at Rs 38,682 crore ($ 4.1 billion). The Company continued to make significant progress on projects in O2C and New Energy business. The Company is also investing in strengthening and expanding consumer business infrastructure and reach.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “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. 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 of 15% Y-o-Y. During the quarter, Jio Platforms Limited filed its DRHP with SEBI, a significant step towards its public listing. The upcoming IPO will be an important milestone in Jio’s journey and will give investors an opportunity to participate in India’s digital growth story.
Reliance Retail delivered resilient growth this quarter, with steady performance across all consumption formats and channels. Our omni-channel presence continues to serve millions of Indian consumers and I am confident that it is well placed to benefit from India’s long term consumption growth.
The consumer products business is growing rapidly with the portfolio of FMCG brands gaining real traction with Indian consumers. RCPL has more than doubled its revenues as compared to the previous year.
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. Our teams navigated this difficult environment with operational agility and ensured adequate availability of essential fuels and materials in the domestic markets.
During the quarter, Moody's Ratings upgraded our foreign currency debt issuances to "Baa1", reflecting underlying strength of our cash flow and financial position.
I remain confident in the underlying strength of our businesses and in the talent and commitment of our people. The start to FY27 gives me reason to be optimistic about the year ahead as we move forward with phased commissioning of new energy projects and unlock value through the Jio IPO.”
OIL TO CHEMICALS (“O2C”) SEGMENT
Record Quarterly Revenue at Rs 201,803 crore ($ 21.3 billion), up 30.4% Y-o-Y Quarterly EBITDA at Rs 17,010 crore ($ 1.8 billion), up 17.2% Y-o-Y Jio-bp operates a strong country-wide network of 2,221 fuel retail outlets
Quarterly Performance (1Q FY27 vs 1Q FY26)
• Segment Revenue for 1Q FY27 increased by 30.4% Y-o-Y to Rs 201,803 crore ($ 21.3 billion) mainly due to sharp increase in crude oil prices by 54.1% Y-o-Y partially offset by lower production due to planned turnaround. • Segment EBITDA for 1Q FY27 is higher by 17.2% Y-o-Y to Rs 17,010 crore ($ 1.8 billion) due to sharp increase in transportation fuel cracks and downstream margins. O2C segment performance was also supported by crude basket diversification, efficient product placement in deficit markets and favourable ethane cracking economics. Multiple headwinds curtailed margin capture including high crude premiums on physical barrels along with higher freight and insurance costs. Further, to protect domestic consumers, RIL diverted propane / butane to boost LPG output and held domestic fuel prices at retail outlets, leading to under recoveries in fuel retailing. Reintroduction of SAED on Diesel, MS and ATF has adversely impacted margins from domestic business.
Jio-bp update
• Reliance BP Mobility Limited (RBML) (operating under brand Jio-bp) operates a country-wide network of 2,221 outlets (vs 1,991 in 1Q FY26) and continues to expand its network. • Jio-bp navigated the Middle East crisis while ensuring fuel availability across its network safeguarding national fuel supply throughout Q1 FY27, even as the industry-wide shock compressed margins.
Anant M. Ambani, Executive Director, Reliance Industries Limited, said "Our Energy business delivered a stellar performance in a backdrop of macro challenges arising out of the largest energy market dislocation. The results reflect the inherent strength of deeply integrated O2C operations and our agile response to changes in the market environment. Along with delivering a superior financial performance, I am particularly proud of the efforts our business undertook to protect Indian consumers with uninterrupted supply of essential fuels. We are excited by the growth prospects of the new energy business and the role it will play in ensuring energy independence for India in the coming years."
