Reliance Industries Ltd.Revenue +25%, Profit +6% on O2C, Jio

Reliance Industries reported Q1 FY27 revenue up 25%, driven by oil prices, with recurring EBITDA above ₹54,000 Cr (up 10%) and net profit of about ₹23,200 Cr (up 6%), after backing out last year's ₹8,900 Cr Asian Paints gain.

Oil-to-chemicals EBITDA rose 17% to ₹17,000 Cr as cracks surged, though crude premiums, freight, insurance and an LPG diversion limited the benefit. Jio Platforms grew revenue 11.8% and EBITDA 15.1% to ₹20,865 Cr at a 53.3% margin, with ARPU at ₹215.6 and no tariff hike. Retail revenue grew 11.6% underlying, but EBITDA slipped slightly to ₹6,309 Cr as online and dark-store investment ramps; management aims to double absolute EBITDA in three years.

FMCG revenue doubled to ₹8,600 Cr. Finance cost rose 19% and depreciation 9% after Jio capitalised over ₹1 lakh Cr of assets. Net debt is about ₹1.23 lakh Cr and Moody's upgraded Reliance to Baa1. The KGD6 ceiling price is expected to rise to about $9.9 in the second half, and management declined to guide capex.