Mukesh Ambani (archive photo)
RIL Results: Mukesh Ambani-led Reliance Industries Ltd (RIL), India’s most valuable company, posted its highest-ever quarterly core earnings and EBITDA for the June quarter, helped by strong performance from its oil-to-chemicals and telecom businesses.The oil-to-telecom group reported a 25.4% year-on-year increase in consolidated revenue to Rs 3.12 lakh crore, according to a company statement.Excluding one-off gains of Rs 8,924 crore on sale of listed investments recorded in the corresponding quarter last year, recurring EBITDA rose 10.1% year-on-year to a record high of Rs 54,067 crore. On the same basis, profit after tax rose by 6.1% to reach an all-time high of Rs 23,196 crore.However, when the exceptional gains recorded in the same quarter last year are included in the comparison, EBITDA fell by 6.8% year-on-year, while profit attributable to owners of the company fell by 22% to Rs 20,946 crore. The comparison reflects the impact of last year’s non-recurring item, despite strong performance in the core business.Reliance started the previous financial year by recording its highest-ever consolidated quarterly net profit, partly helped by an exceptional gain of Rs 8,924 crore on the sale of its stake in Asian Paints.
As a result, last quarter’s year-over-year comparison against a base was particularly high.“Reliance has had a steady start to FY27, with all businesses delivering strong operational performance. Our diversified portfolio has once again demonstrated its resilience in a quarter that witnessed continued geopolitical tensions and volatile commodity markets,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.Depreciation expenses during the first quarter rose 9% YoY to Rs 15,100 crore, mainly due to higher impairment of digital services business post capitalization of 5G assets. Financing costs rose 18% over the previous year to Rs 8,337 crore (US$881 million), largely reflecting higher liability balances and capitalization 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 significant progress across oil-to-chemicals (O2C) and new energy projects, while also investing in expanding and enhancing the infrastructure and reach of its consumer businesses.RIL’s core oil-to-chemicals (O2C) business posted a 30% year-on-year increase in revenue to Rs 2.01 lakh crore ($21.3 billion) during the quarter. This growth was primarily driven by a 54.1% year-on-year rise in crude oil prices, although it was partially offset by lower production resulting from the planned shift.EBITDA from the segment rose 17% year-on-year to Rs 17,010 crore ($1.8 billion), supported by sharp improvement in transportation fuels fractions and stronger margins in the downstream space.According to the company, the O2C business also benefited from diversification of its ore basket, effective product placement in supply deficit markets and favorable economics from ethane cracking.“Our O2C business delivered strong performance during the quarter, supported by all-time high middle distillate fractions and improved delta petrochemicals.
“This has been achieved despite the backdrop of a challenging global energy market with disrupted supply chains,” Ambani said.
Jio platforms profits rise
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 sustained growth in subscriber market share, higher average revenue per user (ARPU) and rising digital services sales.Reliance Industries’ digital and telecom arm posted profit after tax 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, resulting in healthy earnings growth of 15 per cent year-on-year,” Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said in a statement.Ambani also said that Jio Platforms Limited submitted a draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (Sebi) during the quarter, calling it a big step towards the company’s proposed public listing.“The upcoming IPO will mark 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 to Rs 35,032 crore in the June 2025 quarter.
