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– Revenue Performance: Oil & Gas revenue stood at ₹6,103 crore, down 1.2% YoY, mainly due to a natural decline in KG-D6 production volumes.

– Price and Volume Impact: Revenue was impacted by lower sales volume of KG-D6 gas, reduced gas prices for CBM (Coal Bed Methane), and weaker crude price realisation.

– Partial Offsets: These pressures were partially offset by a higher realised price for KG-D6 gas and a favourable exchange rate.

– EBITDA Movement: EBITDA declined 4.1% YoY to ₹4,996 crore, affected by lower revenue and higher operating costs.

– Production Metrics: Average KG-D6 production during the quarter was 26.55 mmscmd of gas and 19,300 barrels/day of oil and condensate. As of now, production continues at 26.4 mmscmd of gas and 19,300 barrels/day.

– CBM Expansion: The second phase of drilling for 40 multi-lateral wells in the CBM block has commenced, signalling continued investment in upstream growth.

– Revenue Performance: Revenue from the Oil-to-Chemicals (O2C) segment declined 1.5% YoY, impacted by falling crude prices and lower volumes due to a planned shutdown.

– EBITDA Growth: O2C EBITDA rose 10.8% YoY to ₹14,511 crore, driven by favourable margins in the domestic fuel retail business.

– Key Support Factors: Strong transportation fuel cracks and improved PP (Polypropylene) and PVC (Polyvinyl Chloride) deltas contributed positively to EBITDA.

– Offsetting Pressures: Gains were partially offset by lower volumes and weak polyester chain margins.

– Revenue Growth: Reliance Retail reported ₹84,171 crore in revenue for Q1, marking an 11.3% year-on-year increase.

– Consumer Brands Milestone: Reliance’s Consumer Brands business emerged as the fastest-growing FMCG company in India, achieving ₹11,450 crore in sales in just its second year of operations.

– Network Expansion: The retail arm added 388 new stores in the quarter, bringing the total store count to 19,592. The area under operation now spans 77.6 million square feet.

– Robust Footfall: Total transactions reached 389 million, up 16.5% YoY.

– JioMart Performance: JioMart daily orders grew 68% QoQ and 175% YoY.

– Net Subscriber Addition: Jio added 9.9 million subscribers in Q1, supported by strong market share gains and low monthly churn of 1.8%.

– 5G Growth: Jio’s 5G user base crossed the 200 million mark, reaching 212 million users.

– Fixed Broadband Milestone: Jio achieved a major milestone by connecting 20 million premises through its fixed broadband services.

– JioAirFiber Leads Globally: JioAirFiber became the largest Fixed Wireless Access (FWA) service in the world, with a subscriber base of 7.4 million.

– Data Usage Surge:

Total data traffic grew by 24% year-on-year, reaching 54.7 billion GB in Q1.

– Avg revenue per user (ARPU) at ₹208.80 vs ₹206.20 (QoQ) and vs ₹181.70 (YoY)

– Subscriber at 498.1 million vs 488.2 million (QoQ) and vs 489.7 million (YoY)

– Consolidated revenue at ₹84,172 crore vs ₹88,637 crore (QoQ) and vs ₹75,630 crore (YoY)

– Consolidated EBITDA at ₹6,381 crore vs ₹6,721 crore (QoQ) and vs ₹5,672 crore (YoY)

– Consolidated margin at 7.6% vs 7.6% (QoQ) and vs 7.5% (YoY)

– Revenue at ₹6,103 crore vs ₹6,440 crore (QoQ) and vs ₹6,179 crore (YoY)

– EBITDA at ₹4,996 crore vs ₹5,123 crore (QoQ) and vs ₹5,210 crore (YoY)

– Margin at 81.9% vs 79.5% (QoQ) and vs 84.3% (YoY)

– Revenue at ₹1.55 lakh crore vs ₹1.65 lakh crore (QoQ) and vs ₹1.57 lakh crore (YoY)

– EBITDA at ₹14,511 crore vs ₹15,080 crore (QoQ) and vs ₹13,093 crore (YoY)

– EBITDA margin at 9.4% vs 9.2% (QoQ) and vs 8.3% (YoY)

– Consolidated EBITDA at ₹42,905 crore vs ₹43,832 crore (QoQ) and vs ₹38,765 crore (YoY)

– Consolidated Margin at 17.6% vs 16.8% (QoQ) and vs 16.7% (YoY)

The consolidated revenue for the quarter under review came in at ₹2.44 lakh crore against ₹2.61 lakh crore in the previous quarter. However, on yearly basis, the revenue is up from ₹2.32 lakh crore.

Other income comes in at ₹15,119 crore vs ₹3,983 crore (YoY). This includes Asian Paint stake sale amount of ₹8,924 crore 

RIL’s consolidated net profit comes at ₹26,994 crore against ₹19,407 crore in the previous quarter and ₹15,138 crore in the year ago period

Jio Financial Services Ltd reported a net profit of ₹325 crore for Q1 FY26, marking a 4% increase from ₹312.63 crore in the same quarter last year. Revenue for the June quarter rose sharply by 46.6% year-on-year to ₹612.46 crore from ₹417.82 crore.

– RIL’s Oil and Gas EBITDA is likely to decline from last year due to a natural fall in the KGD-6 production.

– EBITDA is seen 10% lower on year-on-year basis to ₹5,059 crore, according to Jefferies. On a sequential basis, the EBITDA figure is seen 1.2% lower.

– Market drill-down shows RIL has commenced selling modules externally

– By FY30E, entire New Energy to add 50%-plus to consolidated PAT

– Further integration into wafers, polysilicon, etc to add upside potential.

– Maintain buy rating with price target of ₹1,801

34 out of the 37 analysts who have coverage on Reliance Industries have a “buy” recommendation on the stock.

One analyst has a “hold” rating, while two others have a “sell” recommendation.

Bloomberg consensus projects a potential upside of 7% on the stock.

– Maintain buy rating

– Price target of ₹1,690

– Forecast a 3-year consolidated EBITDA CAGR of 16% for Jio Platforms (JPL), valuing business at an EV of $135bn; contribution of factors other than tariff hikes to this growth is 6-7% CAGR.

– Pertinently, believe that healthy growth rates are sustainable & sector is still far from going low/ex-growth, as is case in more mature markets

Q1FY26E: ₹44,965 crore

Q4FY25: ₹43,832 crore

Q3FY25: ₹43,789 crore

Q2FY25: ₹39,058 crore

Q1FY25: ₹38,765 crore

Q4FY24: ₹47,150 crore

Q3FY24: ₹44,678 crore

Q2FY24: ₹44,867 crore

Q1FY24: ₹41,982 crore

O2C, digital and retail to see strong growth, which will be offset by weak E&P

O2C to increase by 19% yoy (up 3.5% qoq on likely better margins, partly offset by refinery shutdown)

Jio ARPU is expected to rise 1% QoQ

Retail Business EBITDA expansion on the back of JioMart scale-up, operating leverage and increasing footfalls

Reliance Industries’ operating profit margin is likely to grow by nearly 200 basis points from the previous quarter to 18.7%.

Net profit for the quarter is likely to increase by 16% from the previous quarter to ₹22,024 crore.

A CNBC-TV18 poll expects Reliance Industries to report a 8% decline in its topline to ₹2.41 lakh crore.

Its Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) may increase by 3% on a quarter-on-quarter basis to ₹44,965 crore.

Shares of Reliance Industries recovered from the lows of the day to end flat ahead of the results announcement.

The stock ended at ₹1,476 and has gained 3.2% in the last one month.

So far in 2025, shares have risen 21%.

Reliance Jio is expected to report modest sequential growth in revenue and profitability for the first quarter of FY26, driven by a steady increase in subscriber additions and a marginal improvement in average revenue per user (ARPU), according to a CNBC-TV18 poll estimate.

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Reliance Retail, a unit of Reliance Industries Ltd., on Friday announced the acquisition of iconic home appliances brand Kelvinator, in a bid to dominate India’s booming consumer durables market.

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34 out of the 37 analysts who have coverage on Reliance Industries have a “buy” recommendation on the stock.

One analyst has a “hold” rating, while two others have a “sell” recommendation.

Bloomberg consensus projects a potential upside of 7% on the stock.

– Market drill-down shows RIL has commenced selling modules externally

– By FY30E, entire New Energy to add 50%-plus to consolidated PAT

– Further integration into wafers, polysilicon, etc to add upside potential.

– Maintain buy rating with price target of ₹1,801

– Maintain buy rating

– Price target of ₹1,690

– Forecast a 3-year consolidated EBITDA CAGR of 16% for Jio Platforms (JPL), valuing business at an EV of $135bn; contribution of factors other than tariff hikes to this growth is 6-7% CAGR.

– Pertinently, believe that healthy growth rates are sustainable & sector is still far from going low/ex-growth, as is case in more mature markets

– Entering into an exciting period beginning with Q1 FY26 earnings

– Expect to see notable improvements in KPIs across key businesses

– Expect Retail to resume its high-teens Ebitda growth & Jio may add c.9-10m subscribers during the quarter

– Reliance’s AGM in August or September should be an important event which may hold hints for an upcoming Jio IPO, as well as announcements on scaling up in quick commerce, FMCG and new energy

Shares of Reliance Industries recovered from the lows of the day to end flat ahead of the results announcement.

The stock ended at ₹1,476 and has gained 3.2% in the last one month.

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