Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported a consolidated net profit of Rs 20,946 crore for the first quarter, marking a 22% year-on-year decline. The drop was mainly attributable to an exceptional gain arising from the sale of its stake in Asian Paints during the corresponding quarter last year. The company had reported a profit after tax (PAT) of Rs 26,994 crore in the year-ago period.Revenue from operations rose 25% year-on-year to Rs 3.11 lakh crore in the June quarter, compared with Rs 2.48 lakh crore in the same quarter last year. Quarterly EBITDA increased 10% from a year earlier to Rs 54,067 crore.“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,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.Depreciation expense during the first quarter climbed 9% year-on-year to Rs 15,100 crore, mainly because of higher depreciation in the Digital Services business following the capitalisation of 5G assets. Finance costs rose 18% from a year earlier to Rs 8,337 crore ($881 million), largely reflecting higher liability balances and the capitalisation of 5G assets.Capital expenditure during the quarter ended June 2026 stood at Rs 38,682 crore ($4.1 billion). The company said it continues to make substantial progress across its Oil-to-Chemicals (O2C) and New Energy projects, while also investing in expanding and strengthening the infrastructure and reach of its consumer businesses.RIL’s core Oil-to-Chemicals (O2C) business reported a 30% year-on-year increase in revenue to Rs 2.01 lakh crore ($21.3 billion) during the quarter. The growth was primarily driven by a 54.1% year-on-year rise in crude oil prices, although it was partly offset by lower production resulting from a planned turnaround.EBITDA from the segment rose 17% compared with the same period last year to Rs 17,010 crore ($1.8 billion), supported by a sharp improvement in transportation fuel cracks and stronger downstream margins.According to the company, the O2C business also benefited from diversification of its crude basket, efficient placement of products in supply-deficit markets and favourable economics from ethane cracking.“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,” Ambani said.
Jio Platforms profit rises
Jio Platforms reported a 9.2% year-on-year rise in profit after tax (PAT) to Rs 7,764 crore for the quarter ended June 2026, supported by continued growth in subscriber market share, higher average revenue per user (ARPU) and increased sales of digital services.The digital and telecom arm of Reliance Industries had posted a PAT of Rs 7,110 crore in the corresponding quarter last year.“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 per cent Y-o-Y,” Reliance Industries Limited Chairman and Managing Director, Mukesh Ambani said in a statement.Ambani also said that Jio Platforms Limited submitted its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) during the quarter, describing it as a major step towards the company’s proposed 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,” Ambani said.Revenue from operations for the quarter rose 11.8% year-on-year to Rs 39,173 crore, compared with Rs 35,032 crore in the June 2025 quarter.
