Billionaire Mukesh Ambani-owned Reliance Industries has started off the fiscal year 2026 with a robust, all-round operational and financial performance in the April-June period. It has reported highest-ever consolidated quarterly EBITDA and net profit during the quarter, backed by telecom, retail and oil-to-chemical businesses.
"Consolidated EBITDA for Q1FY26 improved strongly from a year-ago period, despite significant volatility in global macros," Mukesh Dhirubhai Ambani, Chairman and Managing Director said.
He strongly believes that the performance of businesses and growth initiatives gives confidence that Reliance will continue its stellar track record of doubling every 4-5 years.
In the said quarter, Reliance shares recorded healthy performance, rising 17.7 percent and strongly outperforming the benchmark Nifty 50.
Here are 10 key highlights from the June Quarter Earnings:
1) Bottomline
The profit increased sharply by 76.5 percent year-on-year to Rs 30,783 crore for the quarter ended June 2025, with strong operating numbers. In the year-ago period, the profit was Rs 17,445 crore.
Excluding proceeds from sale of listed investments, the profit grew by 25 percent YoY, Reliance said.
Other income for the quarter at Rs 15,119 crore included Rs 8,924 crore proceeds from sale of listed investments, increasing nearly four times from Rs 3,983 crore seen in the corresponding period of previous fiscal.
Finance costs increased by 18.9 percent YoY to Rs 7,036 crore, largely due to operationalisation of 5G spectrum assets, the company said, adding the tax expenses jumped to Rs 6,465 crore for the quarter, up 11.7 percent YoY.
2) Topline
The telecom-retail-to-oil major has recorded revenue at Rs 2.73 lakh crore for the June quarter, rising 6 percent from Rs 2.57 lakh crore in the same period last fiscal, with double-digit growth in Jio Platforms and Reliance Retail.
3) Operating Performance
The company has seen a massive 35.7 percent YoY increase in its EBITDA (earnings before interest, tax, depreciation, and amortisation) to Rs 58,024 crore for the June quarter, thanks to the healthy double-digit growth in telecom, retail, and oil-to-chemicals (O2C) segments.
The EBITDA margin has expanded significantly by 460 bps to 21.2 percent in Q1FY26, up from 16.6 percent in Q1FY25, as Jio Platforms (JPL), and O2C saw triple-digit expansion in margin.
JPL has reported revenue at Rs 41,054 crore for the quarter ended June 2025, increasing 18.8 percent YoY due to strong subscriber growth across mobility and homes, increased consumption and sustained positive momentum in digital services.
The segment's profit for the quarter soared by 24.9 percent on-year to Rs 7,110 crore. EBITDA zoomed 23.9 percent to Rs 18,135 crore driven by strong growth in ARPU (average revenue per user) and 210 bps margin expansion led by operational efficiencies. The margin was at 51.8 percent for the quarter.
Mukesh Ambani said Jio has scaled newer heights during the quarter including crossing 20 crore 5G subscribers and 2 crore home connects. "Jio AirFiber is now the largest FWA service provider in the world, with a base of 74 lakh subscribers," he added.
Jio Platforms maintained its market leadership with 49.8 crore subscribers, with net addition of 99 lakh subscribers in Q1FY26. ARPU at Rs 208.8 per subscriber per month during the quarter, up by 14.9 percent over Rs 181.7 seen in Q1FY25.
The growth in data traffic was 24 percent YoY at 54.7 billion GB.
Retail’s business performance registered customer base expanded to 35.8 crore, along with significant improvement across operating metrics, Ambani said. The segment has opened 388 new stores during the quarter, taking the total store count to 19,592.
Reliance Retail Ventures has reported 33.2 percent year-on-year growth in profit to Rs 3,267 crore, and 11.3 percent increase in revenue to Rs 84,171 crore.
"All segments performed well, with market leading performance in grocery and fashion. Consumer electronics and devices impacted because of early onset of monsoons, recovery underway," Reliance said.
The EBITDA grew by 12.7 percent YoY to Rs 6,381 crore, with industry leading EBITDA margin which improved further by 20 bps to 8.7 percent in June quarter.
During the quarter, Ambani said energy markets encountered heightened uncertainty, with sharp fluctuations in crude prices. But "the O2C business delivered strong growth, with thrust on domestic demand fulfillment and offering value-added solutions through Jio-bp network. Performance was supported by improvement in fuel and downstream product margins," he added.
O2C segment EBITDA for Q1FY26 increased by 10.8 percent YoY to Rs 14,511 crore due to favourable margins on domestic fuel retail, improvements in transportation fuel cracks as well as PP (polypropylene) & PVC ((polyvinyl chloride)) deltas. This was partially offset by lower volumes due to planned turnaround, and decline in polyester chain margins. The margin expanded 110 bps to 9.4 percent in the same period.
Revenue for the segment was lower by 1.5 percent year-on-year to Rs 1.55 lakh crore due to fall in crude oil prices and lower volumes on account of planned shutdown. However, revenues were supported by higher domestic placement of transportation fuels through Jio-bp network.
Reliance BP Mobility (operating under brand Jio-bp) operated a strong country-wide network of 1,991 fuel retail outlets at the end of June quarter, increasing from 1,730 in Q1FY25.
7) Oil & Gas
Oil & gas (exploration and production) segment has registered revenue at Rs 6,103 crore in the quarter ended June 2025, which was lower by 1.2 percent YoY mainly due to lower sales volume of KGD6 gas in line with natural decline in production. Revenue was also impacted by lower gas price for CBM gas and lower crude price realisation. This was partly offset by higher KGD6 gas price.
Reliance said the average price realised for KGD6 gas was $9.97 per MMBTU (metric million British thermal units) in Q1FY26, against $9.27/MMBTU in Q1FY25. The average price realised for CBM gas was lower at $9.90 per MMBTU against $11.59 per MMBTU during the same period.
The segment EBITDA declined 4.1 percent year-on-year to Rs 4,996 crore on lower revenues coupled with higher operating costs due to maintenance activity. The margin was down by 240 bps to 81.9 percent YoY.
KGD6 production in June quarter stood at 63.9 BCFe (billion cubic feet equivalent), declined by 7.9 percent YoY, however, CBM production increased by 21.7 percent to 2.8 BCFe.
8) JioStar
JioStar reported record revenues of Rs 11,222 crore with EBITDA of Rs 1,017 crore and profit of Rs 581 crore for the first quarter of current fiscal 2026. The performance was driven by a successful IPL season with strong growth across both TV and digital platforms.
Reliance said the quarter saw remarkable growth, achieving a subscriber base of 28.7 crore during IPL on JioHotstar and reaching over 80 crore people on TV during the quarter. "With key launches, sustained leadership across markets, and a strategic entry into the FTA Hindi GEC space, the network further consolidated its position with a 35.5% Entertainment TV share."
9) Capex
Capital expenditure (excluding amount incurred towards spectrum) for the quarter ended June 2025 was Rs 29,875 crore, against Rs 28,785 crore in the year-ago period.
10) Cash, and Debt
Cash & cash equivalents at the end of June 2025 stood at Rs 2.2 lakh crore, against Rs 1.92 lakh crore in the three months period ended June 2024.
The outstanding debt was Rs 3.38 lakh crore at the end of June quarter, against Rs 3.05 lakh crore in Q1FY25, while the net debt was Rs 1.17 lakh crore against Rs 1.12 lakh crore in the same period.
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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