Mukesh Ambani-led RIL surprises with stellar performance in Q1 FY26; strong show by Jio, retail, and a one-time income gain boosts profit
Mumbai, July 18, 2025 — Reliance Industries Limited (RIL), India’s most valuable company by market capitalization, announced its Q1 FY26 results, reporting a massive 78% year-on-year (YoY) jump in consolidated net profit to ₹26,994 crore, up from ₹15,138 crore in Q1 FY25.
The results beat Street estimates of ₹22,069 crore by a wide margin, driven by a one-time gain from the sale of its stake in Asian Paints and robust performance across retail and digital services.
Key Highlights: Reliance Q1 FY26 Earnings
Consolidated net profit: ₹26,994 crore, up 78% YoY
Revenue from operations: ₹2,48,660 crore, up 5.3% YoY
EBITDA: ₹58,024 crore, up 36% YoY
EBITDA margin: 21.2% vs 16.6% in Q1 FY25
One-time income: ₹8,924 crore from stake sale in Asian Paints
Retail segment growth: 11.3% YoY revenue increase
Jio Platforms EBITDA: 23.9% YoY increase
5G subscribers: Crossed 200 million
Jio AirFiber subscribers: 7.4 million, now largest FWA provider globally
RIL’s Consolidated Financial Performance: Strong Start to FY26
Profit Boosted by Strategic Stake Sale
The significant boost in RIL’s net profit during Q1 FY26 is primarily attributed to a one-time other income of ₹8,924 crore resulting from the sale of its stake in Asian Paints. This strategic divestment strengthened the bottom line and positioned RIL ahead of analysts’ expectations.
Revenue and EBITDA Growth Remains Robust
RIL’s consolidated revenue from operations stood at ₹2,48,660 crore, marking a 5.3% increase YoY from ₹2,36,217 crore in Q1 FY25. The company’s EBITDA surged by 36% YoY to ₹58,024 crore from ₹42,748 crore, demonstrating strong operational performance across core verticals.
EBITDA margin improved significantly to 21.2%, up 460 basis points from 16.6% a year ago.
Operational efficiencies and strong performance in Jio Platforms and Retail Ventures contributed to the expansion.
Reliance Retail Ventures Limited (RRVL): Market-Leading Performance
Revenue and EBITDA Growth in Retail Segment
Reliance Retail continued its strong growth trajectory in Q1 FY26. According to the company’s filing:
Revenue increased by 11.3% YoY
EBITDA rose by 12.7% YoY
Segmental Growth Drivers
Grocery and Fashion segments recorded market-leading performance
Expansion in multi-channel strategy improved customer access and convenience
The company is enhancing customer experience across all cohorts, from daily essentials to specialized products
CMD’s Comment on Retail
Mukesh Ambani, CMD of Reliance Industries, said:
“Reliance Retail is steadily enhancing its ability to fulfill the everyday as well as specialized needs of all customer cohorts, through a multi-channel approach.”
Jio Platforms: Strong Digital Growth and Operational Efficiency
Jio Q1 FY26 Performance at a Glance
Jio Platforms, the digital services arm of RIL, posted impressive results:
EBITDA up 23.9% YoY
210 basis points margin expansion
Growth led by strong ARPU (Average Revenue Per User) and operational efficiencies
Subscriber Growth Milestones
5G subscribers crossed 200 million
Home connections crossed 20 million
Jio AirFiber emerged as the largest Fixed Wireless Access (FWA) provider globally, with 7.4 million subscribers
Digital Expansion Continues
The company continues its rapid expansion of Jio True 5G
Accelerated rollout of Jio AirFiber in Tier 2 and 3 cities
Focus on providing affordable digital solutions for both urban and rural India
Oil to Chemicals (O2C): Marginal Decline Due to External Headwinds
Revenue Declines Slightly on Crude Price Correction
The Oil to Chemicals (O2C) business, a major revenue generator for RIL, saw a marginal YoY decline in revenue:
Revenue dipped by 1.5% YoY
Drop attributed to:
Falling crude oil prices
Lower volumes due to planned maintenance shutdowns
Domestic Demand Supports Segment
Despite the global weakness, the segment was supported by:
Increased domestic placement of transportation fuels
Strategic collaboration through Jio-BP network
Oil & Gas Segment: Revenue Decline Due to Lower Volumes and Prices
Factors Contributing to Revenue Drop
Revenue fell by 1.2% YoY
Decline due to:
Lower sales volume of KGD6 gas
Natural decline in production
Lower CBM gas and crude oil price realization
Partial Offset from Gas Price Realization
The revenue dip was partly offset by improved gas price realization from KGD6 block
Commentary from Mukesh Ambani: Vision for the Future
RIL’s Chairman Highlights Future Growth Engines
In his post-earnings commentary, Mukesh Ambani highlighted:
The multi-channel strategy of Reliance Retail as a core pillar of its consumer-centric growth
Digital services as the fastest-growing arm of RIL, with an aim to empower every Indian
The group’s commitment to operational excellence and customer satisfaction
Analyst Take: What the Q1 FY26 Numbers Mean for Investors
RIL’s Performance Beats Expectations
Market analysts had estimated a net profit of ₹22,069 crore; actual profit exceeded that by over ₹4,900 crore
The one-time gain coupled with strong operational metrics has made Q1FY26 a blockbuster quarter
Future Growth Catalysts
Jio 5G monetization
Retail expansion in underserved markets
Diversification into green energy and AI-driven services
Possible new strategic investments and stake monetization
Stock Market Reaction: RIL Shares Likely to Surge
Following the earnings release:
Market experts expect RIL shares to gain momentum
Investors are bullish on digital and retail arms
Focus will remain on how the company allocates capital from the Asian Paints stake sale
Conclusion: RIL Fires on All Cylinders in Q1 FY26
With strong revenue, margin expansion, operational gains, and strategic monetization, Reliance Industries has started FY26 on a high note. The diversified conglomerate’s multi-pronged business strategy, encompassing retail, telecom, energy, and digital services, is delivering results even amid macroeconomic challenges.
As Jio continues to expand its 5G and AirFiber footprint and Reliance Retail captures larger consumer market share, the company is well-positioned to drive sustainable growth in the quarters ahead.
Reliance Industries Q1 FY26 Results
RIL net profit Q1 FY26
Mukesh Ambani Reliance earnings
Reliance Retail revenue growth
Jio Platforms 5G subscribers
Jio AirFiber largest FWA provider
Reliance consolidated EBITDA margin
RIL Asian Paints stake sale
Reliance Oil to Chemicals business
Reliance Q1 earnings beat estimates
