Reliance Industries Ltd

BSE: RELIANCE500325ISIN INE002A01018

Energy
Refineries & Marketing
BSE SENSEX

Share price

₹1,312.25+6.05 (+0.46%)

as of 4 Nov 2026

Prices adjusted for splits and bonuses; cash dividends excluded. Volume shows actual shares traded.

Splits and bonuses

28 Oct 2024 · Bonus 1:1

52W high: ₹1,611.20
52W low: ₹1,152.30
Off 52W high: -18.55%
1M return: +10.64%
3M return: +2.44%
6M return: -8.74%
1Y return: -10.84%
20D avg volume: 15,22,341
50 DMA: ₹1,235.74
200 DMA: ₹1,326.87

Key ratios Consolidated

Market cap: ₹17,75,807 Cr
Current price: ₹1,312.25
52W high / low: ₹1,611.20 / ₹1,152.30
Face value: ₹10.00
P/E: 18.57
P/B: 1.88
EPS (TTM): ₹70.66
Book value / share: ₹697.85
ROE: —
ROCE: 9.20%
Operating margin: —
Net margin: —
Debt / equity: 0.34
Net debt: ₹2,28,444 Cr
Interest cover: 5.55
Dividend yield: 0.46%
Dividend / share (TTM): ₹6.00
Payout: 8.49%
Cash conversion cycle: 22.5 days

Financials

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	3,32,861	3,11,850	2,98,621	2,69,496	2,58,898	2,48,660	2,64,573	2,43,865	2,35,481	2,36,217	2,40,715	2,27,970
	5,793	6,550	4,447	4,914	4,482	15,119	4,905	4,214	4,876	3,983	4,534	3,869
	3,38,654	3,18,400	3,03,068	2,74,410	2,63,380	2,63,779	2,69,478	2,48,079	2,40,357	2,40,200	2,45,249	2,31,839
	3,00,041	2,87,770	2,75,873	2,44,713	2,34,256	2,26,633	2,40,375	2,19,436	2,15,320	2,16,966	2,17,529	2,06,006
	1,49,628	1,29,857	1,28,985	1,08,346	1,06,488	99,282	1,07,347	98,514	1,07,060	1,09,206	1,03,968	98,949
	93,594	82,833	68,878	64,093	65,276	57,582	60,402	59,459	52,824	50,001	42,825	57,898
	7,474	7,717	7,683	7,912	7,491	7,232	7,684	7,155	6,649	7,071	6,818	6,313
	8,481	8,337	6,585	6,613	6,827	7,036	6,155	6,179	6,017	5,918	5,761	5,789
	15,315	15,100	14,808	14,622	14,416	13,842	13,479	13,181	12,880	13,596	13,569	12,903
	43,088	45,252	45,755	43,938	42,179	45,873	42,687	36,083	32,926	32,490	33,735	30,615
	38,613	30,630	27,195	29,697	29,124	37,146	29,103	28,643	25,037	23,234	27,720	25,833
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	38,613	30,630	27,195	29,697	29,124	37,146	29,103	28,643	25,037	23,234	27,720	25,833
	9,363	7,629	6,579	7,530	6,978	6,465	6,669	6,839	5,936	5,786	6,577	6,345
	29,550	23,196	20,589	22,290	22,092	30,783	22,611	21,930	19,323	17,445	21,243	19,641
	18.88	15.48	12.54	13.78	13.42	19.95	14.34	13.70	24.48	22.37	28.01	25.52
Key metrics
	62,409	54,067	48,588	50,932	50,367	58,024	48,737	48,003	43,934	42,748	47,050	44,525
	18.70%	17.30%	16.30%	18.90%	19.50%	23.30%	18.40%	19.70%	18.70%	18.10%	19.50%	19.50%
	8.90%	7.40%	6.90%	8.30%	8.50%	12.40%	8.50%	9.00%	8.20%	7.40%	8.80%	8.60%
	2.70%	—	2.10%	—	2.30%	—	2.40%	—	—	—	—	—
	28.60%	25.40%	12.90%	10.50%	9.90%	5.30%	9.90%	7.00%	—	—	—	—
	33.80%	-24.60%	-8.90%	1.60%	14.30%	76.50%	6.40%	11.70%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	12,12,828	10,75,675	9,80,136	9,14,472	8,92,944	7,21,634	4,86,326	6,11,645	5,81,020	4,08,265
	21,704	28,962	17,978	16,057	11,826	14,947	16,327	13,956	8,635	8,862
	12,34,532	11,04,637	9,98,114	9,30,529	9,04,770	7,36,581	5,02,653	6,25,601	5,89,655	4,17,127
	11,08,397	9,81,475	8,92,097	8,26,189	8,09,926	6,55,555	4,53,350	5,67,658	5,34,531	3,68,847
	5,16,816	4,43,101	4,22,127	4,00,345	4,50,241	3,60,784	1,99,915	2,60,621	2,75,237	2,07,448
	3,09,398	2,55,829	2,22,686	1,89,881	1,69,302	1,35,585	1,01,850	1,49,667	1,23,930	68,628
	30,786	30,318	28,559	25,679	24,894	18,775	14,817	14,075	12,488	9,523
	30,016	27,061	24,269	23,118	19,571	14,584	21,189	22,027	16,495	8,052
	59,845	57,688	53,136	50,832	40,319	29,797	26,572	22,203	20,934	—
	1,78,033	1,77,745	1,56,444	1,27,809	1,22,386	95,815	78,669	89,211	76,242	50,512
	1,26,135	1,23,162	1,06,017	1,04,340	94,844	81,026	49,303	57,943	55,124	48,280
	0.00	0.00	0.00	0.00	0.00	2,836	5,642	-4,444	0.00	1,087
	1,26,135	1,23,162	1,06,017	1,04,340	94,844	83,862	54,945	53,499	55,124	49,426
	31,101	27,552	25,230	25,707	20,713	16,297	1,722	13,726	15,390	13,346
	95,625	95,754	81,309	79,020	74,088	67,845	53,739	39,880	39,837	36,080
	60.68	59.69	51.47	102.90	98.59	92.00	76.37	63.49	66.82	—
Key metrics
	2,15,996	2,07,911	1,83,422	1,78,290	1,54,734	1,28,243	1,02,706	97,729	92,553	57,478
	17.81%	19.30%	18.70%	19.50%	17.30%	17.80%	21.10%	16.00%	15.90%	14.10%
	7.88%	8.90%	8.30%	8.60%	8.30%	9.40%	11.00%	6.50%	6.90%	8.80%
	—	9.20%	8.70%	—	—	—	—	—	—	—
	19.37%	9.70%	7.20%	2.40%	23.70%	48.40%	-20.50%	5.30%	42.30%	—
	-1.84%	17.80%	2.90%	6.70%	9.20%	26.20%	34.80%	0.10%	10.40%	—
	—	69,197	38,736	—	—	—	—	—	—	—
	—	2.01	2.20	—	—	—	—	—	—	—
	—	0.34	0.34	—	—	—	—	—	—	—
	—	2,28,444	2,41,028	—	—	—	—	—	—	—
	—	22.5	0.5	—	—	—	—	—	—	—
Balance sheet
	—	21,78,140	19,50,121	—	—	—	—	—	—	—
	—	5,94,249	4,99,270	—	—	—	—	—	—	—
	—	1,45,977	1,06,502	—	—	—	—	—	—	—
	—	58,491	42,121	—	—	—	—	—	—	—
	—	1,66,941	1,46,062	—	—	—	—	—	—	—
	—	62,613	57,148	—	—	—	—	—	—	—
	—	7,51,087	6,83,102	—	—	—	—	—	—	—
	—	1,58,842	1,86,789	—	—	—	—	—	—	—
	—	5,41,254	4,53,737	—	—	—	—	—	—	—
	—	3,74,421	3,47,530	—	—	—	—	—	—	—
	—	1,03,670	1,10,631	—	—	—	—	—	—	—
	—	2,70,751	2,36,899	—	—	—	—	—	—	—
	—	10,85,866	10,09,626	—	—	—	—	—	—	—
Cash flow
	—	1,92,113	1,78,703	—	—	—	—	—	—	—
	—	-1,01,089	-1,37,535	—	—	—	—	—	—	—
	—	-51,549	-31,891	—	—	—	—	—	—	—
	—	1,22,916	1,39,967	—	—	—	—	—	—	—

Metric	Q2 FY27	Q1 FY27	Q4 FY26	Q3 FY26	Q2 FY26	Q1 FY26	Q4 FY25	Q3 FY25	Q2 FY25	Q1 FY25	Q4 FY24	Q3 FY24
Income statement
	1,74,668	1,66,013	1,46,385	1,25,741	1,30,610	1,21,369	1,36,147	1,28,260	1,34,054	1,34,331	1,51,014	1,30,579
	3,899	4,108	3,357	3,412	3,445	13,460	5,577	3,214	3,801	3,502	3,497	2,969
	1,78,567	1,70,121	1,49,742	1,29,153	1,34,055	1,34,829	1,41,724	1,31,474	1,37,855	1,37,833	1,54,511	1,33,548
	1,58,228	1,52,521	1,39,959	1,16,758	1,22,463	1,14,523	1,27,553	1,19,877	1,27,641	1,27,687	1,39,460	1,20,570
	1,29,641	1,24,918	1,09,426	87,540	93,358	80,649	95,945	91,561	96,836	99,679	96,259	94,021
	3,807	3,830	2,974	3,580	5,116	4,395	4,610	3,904	3,383	3,967	3,347	3,789
	2,696	2,863	2,504	2,759	2,321	2,097	2,276	2,181	2,077	2,156	1,946	1,862
	1,953	1,838	1,467	1,473	1,770	2,194	2,058	2,371	2,662	2,963	3,613	2,982
	3,994	4,196	4,069	4,434	4,472	4,130	4,464	4,459	4,350	4,708	4,856	4,567
	20,150	17,118	21,253	19,636	19,238	19,598	19,195	15,607	15,110	14,657	16,673	13,745
	20,339	17,600	9,783	12,395	11,592	20,306	14,171	11,597	10,214	10,146	15,051	12,978
	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—	—	—	—	—
	20,339	17,600	9,783	12,395	11,592	20,306	14,171	11,597	10,214	10,146	15,051	12,978
	4,985	4,328	2,361	2,999	2,463	2,402	2,954	2,876	2,501	2,535	3,768	3,054
	15,354	13,272	7,422	9,396	9,129	17,904	11,217	8,721	7,713	7,611	11,283	9,924
	11.34	9.81	5.48	6.94	6.75	13.23	8.29	6.44	11.40	11.25	16.68	14.67
Key metrics
	26,286	23,634	15,319	18,302	17,834	26,630	20,693	18,427	17,226	17,817	23,520	20,527
	15.00%	14.20%	10.50%	14.60%	13.70%	21.90%	15.20%	14.40%	12.90%	13.30%	15.60%	15.70%
	8.80%	8.00%	5.10%	7.50%	7.00%	14.80%	8.20%	6.80%	5.80%	5.70%	7.50%	7.60%
	2.50%	—	1.30%	—	1.70%	—	2.10%	—	—	—	—	—
	33.70%	36.80%	7.50%	-2.00%	-2.60%	-9.60%	-9.80%	-1.80%	—	—	—	—
	68.20%	-25.90%	-33.80%	7.70%	18.40%	135.20%	-0.60%	-12.10%	—	—	—	—

Metric	TTM	FY26	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18
Income statement
	6,12,807	5,24,105	5,32,792	5,47,942	5,43,249	4,45,375	2,65,069	3,50,880	3,84,904	3,05,335
	14,776	23,674	16,094	12,128	11,230	13,872	14,818	14,541	9,419	8,220
	6,27,583	5,47,779	5,48,886	5,60,070	5,54,479	4,59,247	2,79,887	3,65,421	3,94,323	3,13,555
	5,67,466	4,93,703	5,02,758	5,04,797	4,98,907	4,12,461	2,56,979	3,20,860	3,46,956	2,67,830
	4,51,525	3,70,973	3,84,021	3,76,418	3,91,508	3,20,852	1,68,262	2,37,342	2,65,288	1,98,029
	14,191	16,065	15,864	13,453	9,974	10,691	7,301	7,292	8,289	7,268
	10,822	9,681	8,690	7,807	5,698	5,426	5,024	6,067	5,834	4,740
	6,731	6,904	10,054	13,430	12,626	9,123	16,211	12,105	9,751	4,656
	16,693	17,105	17,981	17,690	10,131	10,276	9,199	9,728	10,558	9,580
	78,157	79,725	76,827	59,891	61,981	42,383	30,970	33,347	36,645	31,496
	60,117	54,076	46,128	55,273	55,572	46,786	22,908	44,561	47,367	45,725
	0.00	0.00	0.00	—	—	—	4,304	-4,245	—	—
	60,117	54,076	46,128	55,273	55,572	46,786	27,212	40,316	47,367	45,725
	14,673	10,225	10,866	13,231	11,367	7,702	4,732	9,413	12,204	12,113
	45,444	43,851	35,262	42,042	44,205	39,084	31,944	30,903	35,163	33,612
	33.57	32.40	26.06	62.14	65.34	59.24	49.66	48.75	55.48	—
Key metrics
	83,541	78,085	74,163	86,393	78,329	66,185	52,622	62,149	67,676	59,961
	13.63%	14.90%	13.90%	15.80%	14.40%	14.90%	19.90%	17.70%	17.60%	19.60%
	7.42%	8.40%	6.60%	7.70%	8.10%	8.80%	12.10%	8.80%	9.10%	11.00%
	—	7.30%	7.30%	—	—	—	—	—	—	—
	18.67%	-1.60%	-2.80%	0.90%	22.00%	68.00%	-24.50%	-8.80%	26.10%	—
	-3.25%	24.40%	-16.10%	-4.90%	13.10%	22.40%	3.40%	-12.10%	4.60%	—
	—	44,916	42,088	—	—	—	—	—	—	—
	—	1.80	2.25	—	—	—	—	—	—	—
	—	0.41	0.37	—	—	—	—	—	—	—
	—	1,23,202	1,16,342	—	—	—	—	—	—	—
	—	-18.0	-12.0	—	—	—	—	—	—	—
Balance sheet
	—	11,65,809	10,22,401	—	—	—	—	—	—	—
	—	3,27,619	2,69,563	—	—	—	—	—	—	—
	—	1,08,179	82,471	—	—	—	—	—	—	—
	—	16,641	15,591	—	—	—	—	—	—	—
	—	1,04,925	89,216	—	—	—	—	—	—	—
	—	12,408	9,965	—	—	—	—	—	—	—
	—	2,68,923	2,67,096	—	—	—	—	—	—	—
	—	1,47,415	1,22,379	—	—	—	—	—	—	—
	—	3,29,780	2,57,935	—	—	—	—	—	—	—
	—	2,31,381	1,98,813	—	—	—	—	—	—	—
	—	43,311	26,788	—	—	—	—	—	—	—
	—	1,88,070	1,72,025	—	—	—	—	—	—	—
	—	5,66,235	5,43,087	—	—	—	—	—	—	—
Cash flow
	—	79,059	79,392	—	—	—	—	—	—	—
	—	-50,451	-28,106	—	—	—	—	—	—	—
	—	-2,900	-38,063	—	—	—	—	—	—	—
	—	34,143	37,304	—	—	—	—	—	—	—

Compounded growth

Standalone

Sales CAGR 3Y: -1.19%
Sales CAGR 5Y: +14.61%
Profit CAGR 3Y: -0.27%
Profit CAGR 5Y: +6.54%
Sales YoY (TTM): +18.67%
Profit YoY (TTM): -3.25%

Consolidated

Sales CAGR 3Y: +6.40%
Sales CAGR 5Y: +17.21%
Profit CAGR 3Y: +8.93%
Profit CAGR 5Y: +12.25%
Sales YoY (TTM): +19.37%
Profit YoY (TTM): -1.84%

Compounded from reported annual figures. We publish no share-price CAGR: our prices are as-traded, so one would be wrong across every split and bonus issue.

Coverage

INFORMED coverage

Reliance Q1: Record EBITDA on Refining & Jio; Retail Margins Dip as Hyperlocal Push Intensifies

Shareholding as of 30 Sep 2026

Promoter holding: 50.46%

Quarter	September 2026	June 2026
Promoter %	50.46%	50.47%

Holder	Type	Holding	Previous	Change
Srichakra Commercials LLP	Promoter Group	11.11%	11.12%	-0.01%
Karuna Commercials LLP	Promoter Group	8.20%	8.20%	0.00%
Tattvam Enterprises LLP	Promoter Group	8.20%	8.20%	0.00%
Devarshi Commercials LLP	Promoter Group	8.20%	8.20%	0.00%
Life Insurance Corporation of India	Public	7.11%	6.88%	+0.23%
Reliance Industries Holding Private Ltd	Promoter Group	4.57%	4.57%	0.00%
Reliance Industrial Investments and Holdings Limited	Promoter Group	3.62%	—	—
Reliance Services and Holdings Limited	Promoter Group	2.58%	2.58%	0.00%
SBI Mutual Funds	Public	2.54%	2.62%	-0.08%
Samarjit Enterprises LLP	Promoter Group	1.87%	1.87%	0.00%
ICICI Prudential Mutual Funds	Public	1.85%	1.76%	+0.09%
NPS Trust	Public	1.62%	1.55%	+0.07%
Sikka Ports & Terminals Limited	Promoter Group	0.53%	0.53%	0.00%
K D Ambani	Promoter Group	0.24%	0.24%	0.00%
Shrikrishna Tradecom LLP	Promoter Group	0.22%	0.22%	0.00%

Public shareholders are disclosed individually only above 1%.

Peer comparison

Company	Mkt cap (₹ Cr)	Price (₹)	P/E	ROCE	Sales YoY	Profit YoY	1Y return
Reliance Industries Ltd	17,75,807	1,312.25	18.57	9.20%	+19.37% TTM	-1.84% TTM	-10.84%
Indian Oil Corporation Ltd.	2,00,522	142.00	4.01	19.80%	+17.71% TTM	+96.13% TTM	-16.10%
Bharat Petroleum Corpn. Ltd.	1,32,063	304.40	8.36	25.30%	+16.46% TTM	-25.56% TTM	-18.38%
Hindustan Petroleum Corporation Ltd	77,474	364.10	53.91	22.20%	+13.78% TTM	-89.68% TTM	-24.90%
Mangalore Refinery & Petrochemicals	32,800	187.15	7.43	19.30%	+35.22% TTM	+325.83% TTM	+6.40%
Chennai Petroleum Corporation Ltd.	23,314	1,565.60	4.09	32.80%	+21.77% TTM	+387.42% TTM	+59.44%
RAJASTHAN SECURITIES LIMITED S	462	60.10	6.95	89.30%	+266.52% TTM	+298.80% TTM	+36.62%
Kotyark Industries Limited	420	37.12	—	17.30%	—	—	—
RESGEN LIMITED	94	45.01	—	18.20%	—	—	-44.57%
Sanmit Infra Limited S	73	46.43	34.65	8.50%	-47.53% TTM	-13.88% TTM	—
Continental Petroleums Ltd. S	68	79.86	21.47	7.90%	-22.01% TTM	-8.99% TTM	-35.78%
REAL ECO-ENERGY LIMITED S	40	4.02	36.55	1.60%	—	+86.49% TTM	-20.24%
Omnipotent Industries Limited S	2	3.18	-4.82	-2.00%	—	—	-46.01%

Filings & corporate actions

Recent announcements

Intimation of re-affirmation of rating by S&P Global Ratings is attached.4 Nov 2026 · Company Update / Credit Rating
Transcript of the discussion on the Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026, is attached and also ....1 Nov 2026 · Company Update / Earnings Call Transcript
Audio recording of the discussion on the unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026, at the analyst ....31 Oct 2026 · Company Update / Analyst / Investor Meet
Please find attached presentation on the Unaudited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 2026.30 Oct 2026 · Company Update / Investor Presentation
In continuation of our letter of today''s date on the Unaudited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 2026, we attach a copy ....30 Oct 2026 · Company Update / Press Release / Media Release
Please find attached Unaudited Financial Results (Consolidated and Standalone) for the quarter and half year ended September 30, 202630 Oct 2026 · Result / Financial Results
In continuation of our letter dated October 27, 2026, we wish to inform you that the Board of Directors of the Company, at its meeting held today, has, inter alia: approved the Unaudited ....30 Oct 2026 · Board Meeting / Outcome of Board Meeting
Voluntary strike off of Hamleys (Franchising) Limited.29 Oct 2026 · Company Update / General
Trading in equity shares of Jio Platforms Limited (JPL) will commence from October 28, 2026. Further, a meeting of board of directors of JPL is scheduled to be held on Friday, October ....27 Oct 2026 · Company Update / General
The meeting of the Board of Directors of the Company is scheduled on October 30, 2026, inter alia, to consider and approve: a. the standalone and consolidated unaudited financial results ....27 Oct 2026 · Company Update / Analyst / Investor Meet
Reliance Industries Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 30/10/2026 ,inter alia, to consider and approve a. the standalone and consolidated ....27 Oct 2026 · Board Meeting / Board Meeting
JPL has today finalised the Issue Price at Rs. 1,119 per Equity Share and has also filed Prospectus dated October 24, 2026 with the Registrar of Companies, Gujarat at Ahmedabad.24 Oct 2026 · Company Update / General
Please find attached a media statement issued by the Company.21 Oct 2026 · Company Update / General
Intimation of Credit Rating assigned by ICRA Limited21 Oct 2026 · Company Update / Credit Rating
Newspaper clipping of the advertisement on the captioned subject published today is enclosed.17 Oct 2026 · Company Update / General
The newspaper clippings of the advertisement on the captioned subject published today are enclosed.16 Oct 2026 · Company Update / General
The newspaper clippings of the advertisement on the captioned subject published today i.e., October 15, 2026 in the newspapers viz. The Indian Express (English), Financial Express (English), ....15 Oct 2026 · Company Update / General
Proposed Initial Public Offer of Jio Platforms Limited14 Oct 2026 · Company Update / General
Proposed Initial Public Offer of Jio Platforms Limited - filing of the Red Herring Prospectus14 Oct 2026 · Company Update / General
Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 is attached.7 Oct 2026 · Company Update / General
We wish to inform that the Company has today allotted 13,00,000 Unsecured, Redeemable, Non-Convertible Debentures of the face value of Rs. 1,00,000 each (PPD Series R), issued on private ....1 Oct 2026 · Company Update / Allotment of Equity Shares
This is to inform that pursuant to the Reliance Code to Regulate, Monitor and Report Trading by DIrectors, Promoters, Designated Persons and Specified Connected Persons of the Company and ....30 Sep 2026 · Insider Trading / SAST / Closure of Trading Window
Intimation of Credit Rating assigned by CARE Ratings Limited and CRISIL Ratings Limited25 Sep 2026 · Company Update / Credit Rating
This is further to the disclosure dated September 21, 2026 made by the Company. We wish to inform you that the Company executives participated in the Institutional Investors'' Meeting - ....24 Sep 2026 · Company Update / General
This is further to the disclosure dated September 17, 2026 made by the Company. We wish to inform you that Company executives participated in the Institutional Investors'' Meeting - CITIC ....23 Sep 2026 · Company Update / General
This is further to the disclosure dated September 16, 2026 made by the Company. We wish to inform you that the Company executives participated in the Institutional Investors'' Meeting - ....21 Sep 2026 · Company Update / General
Please note that the Company executives will be participating in the Institutional Investors'' Meeting - BofA Asia Pacific Conference 2026, scheduled to be held on September 24, 2026 at ....21 Sep 2026 · Company Update / Analyst / Investor Meet
This is further to the disclosure dated September 11, 2026 made by the Company. We wish to inform you that the Company executives participated in the Institutional Investors'' Meeting - ....17 Sep 2026 · Company Update / General
Please note that the Company executives will be participating in the Institutional Investors'' Meeting - CITIC CLSA Investors'' Forum 2026, scheduled to be held on September 22 & 23, 2026 ....17 Sep 2026 · Company Update / Analyst / Investor Meet
Please note that the Company executives will be participating in the Institutional Investors'' Meeting - J.P. Morgan India Conference 2026, scheduled to be held on September 21, 2026 at ....16 Sep 2026 · Company Update / Analyst / Investor Meet
We wish to inform that the Company has today allotted 12,00,000 Unsecured, Redeemable, Non-Convertible Debentures ("NCDs") of the face value of Rs. 1,00,000 each ("PPD Series Q"), issued ....16 Sep 2026 · Company Update / Allotment of Equity Shares
Please note that the Company executives will be participating in the Institutional Investors'' Meeting -Jefferies India Forum 2026, scheduled to be held on September 17, 2026 at Gurgaon. ....11 Sep 2026 · Company Update / Analyst / Investor Meet
This is further to the disclosure dated September 7, 2026 made by the Company. We wish to inform you that the Company executives participated in the Institutional Investors'' Meeting - ....10 Sep 2026 · Company Update / General
Intimation of Credit Rating assigned by CARE Ratings Limited and CRISIL Ratings Limited9 Sep 2026 · Company Update / Credit Rating
Please note that the Company executives will be participating in the Institutional Investors'' Meeting - UBS India Summit 2026, scheduled to be held on September 10, 2026 at Mumbai. It ....7 Sep 2026 · Company Update / Analyst / Investor Meet
Dissolution of Roptonal Limited5 Sep 2026 · Company Update / General
A media statement issued by the Company is attached.28 Aug 2026 · Company Update / General
Please note that JPL, subsidiary of the Company, has today received the observation letter on the Draft Red Herring Prospectus filed for its proposed Initial Public Offer from the SEBI.28 Aug 2026 · Company Update / General
Details of the alteration of the Objects Clause of the Memorandum of Association of the Company are attached.21 Aug 2026 · Company Update / Amendments to Memorandum & Articles of Association
The voting results in the format prescribed under Regulation 44(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 along with Scrutiniser''s Report on remote ....21 Aug 2026 · AGM/EGM / Postal Ballot

Corporate actions

Purpose	Ex date	Record date	Payment date
Final Dividend - Rs. - 6.0000	5 Jun 2026	5 Jun 2026	—
Final Dividend - Rs. - 5.5000	14 Aug 2025	14 Aug 2025	—
Bonus issue 1:1	28 Oct 2024	28 Oct 2024	—
Final Dividend - Rs. - 10.0000	19 Aug 2024	19 Aug 2024	—

Board meetings

30 Oct 2026 Board Meeting - Financial Results
17 Jul 2026 Board Meeting - Financial Results

Reliance Q1: Record EBITDA on Refining & Jio; Retail Margins Dip as Hyperlocal Push Intensifies

Harsha Mandlecha · 2026-07-18

Reliance Industries, the conglomerate behind Jio’s 533 million mobile subscribers, India’s largest retail chain, and one of the world’s biggest refineries, reported June-quarter (Q1 FY27) results with record-high recurring consolidated EBITDA of ₹54,067 crore, up 10.1% year-on-year, and net profit of ₹23,196 crore. The performance was powered by a four-year-high refining margin and steady Jio subscriber momentum, but a deliberate margin squeeze in Reliance Retail—as it invests heavily in hyperlocal delivery—held back profit growth. The takeaway: the portfolio’s earnings resilience is clear, yet the near-term margin trade-off in Retail is now the story to watch for the pace of recovery in consumer businesses.

Consolidated Results: Steady Growth After Stripping One-Offs

Total revenue from operations rose 24.5% to ₹3,40,257 crore, driven by double-digit top-line expansion in Oil-to-Chemicals (O2C), Jio, and Retail . On a recurring basis—excluding a one-time ₹8,924 crore gain from investment sales in the year-ago quarter—EBITDA improved 10.1%, and profit after tax grew 6.1% .

Rs crore	Q1 FY26 (Adj.)	Q1 FY27	YoY %
Revenue	2,73,252	3,40,257	24.5
EBITDA	49,100	54,067	10.1
PAT	21,859	23,196	6.1

Figures exclude the ₹8,924 crore investment sale profit; source .

The quarter’s EBITDA was also a sharp sequential recovery from the ₹48,588 crore recorded in March 2026, when O2C margins had been disrupted by the West Asia crisis and the reintroduction of a special excise duty . Consolidated EBITDA margin, however, contracted to 17.3% from 23.3% in the year-ago period, as the fuel-driven O2C surge could not fully offset Retail’s planned spending .

O2C: All-Time-High Distillate Cracks Lift EBITDA to a Four-Year Peak

The Oil-to-Chemicals segment delivered EBITDA of ₹17,010 crore—its highest in four years—rising 17.2% year-on-year . The strong performance was led by all-time-high middle distillate cracks and downstream chemical deltas at three-to-four-year highs . Average fuel cracks for the quarter stood at:

Gasoil (diesel) – $63.0/bbl
ATF (jet fuel) – $62.9/bbl
Gasoline – $25.6/bbl

These were up 2.5–4.5x year-on-year, management highlighted .

The company also benefited from the sustained advantage of ethane cracking over naphtha, crude basket diversification with increased sourcing from Russia and Latin America, and netback optimization by redirecting cargoes to deficit markets like Singapore and Australia . However, earnings were weighed down by SAED‑related costs and under-recoveries on domestic fuel retail, while volumes fell 10% because of a planned turnaround and LPG diversion . As a result, the O2C EBITDA margin narrowed to 8.4% from 9.4% a year ago .

Looking at the quarterly trend, this quarter’s ₹17,010 crore compares with ₹14,520 crore in Q4 FY26 (when the West Asia shock hit margins), ₹16,507 crore in Q3 FY26, and ₹15,008 crore in Q2 FY26 . The trend underscores how O2C profits remain closely tied to global fuel crack movements.

Jio: ARPU Inches Up Organically, Digital Services Outpace Connectivity

Jio Platforms recorded operating revenue of ₹39,173 crore, up 11.8% year-on-year, with EBITDA rising 15.1% to ₹20,865 crore and margins expanding 150 basis points to 53.3% .

Mobility & Subscriber Metrics
The connectivity business (RJIL) added 8.9 million net subscribers in the quarter, taking the base to 533.3 million . The 5G user base reached 285 million (57% of mobility customers), and monthly churn improved to 1.6% .

ARPU edged up to ₹215.6 per month from ₹208.8 a year ago, a ₹7 increase — entirely organic, driven by subscriber mix improvement and higher customer engagement . Per capita data consumption rose to 43.7 GB/month as 5G and fixed broadband penetration grew, lifting total data traffic 27% year-on-year . Management had earlier stated that a 4–5% organic ARPU growth is sustainable without tariff hikes, supported by people upgrading plans and consuming more services .

Metric	Q1 FY26	Q4 FY26	Q1 FY27
Subscribers (Mn)	498.1	524.4	533.3
ARPU (₹/month)	208.8	214.0	215.6
Data per user (GB)	37.0	42.3	43.7
Monthly Churn	1.8%	1.7%	1.6%

Source:

Fixed Broadband & Digital Services
Fixed broadband connects reached 28.6 million, with about half coming through JioAirFiber (14 million homes) . Jio AirFiber now accounts for over 78% of India’s fixed wireless access market, solidifying Jio’s leadership in home connectivity .

The non-connectivity digital services business—content, cloud, IoT, managed services—grew revenue 20% year-on-year, outpacing the 11% growth in connectivity . That push, along with operating leverage in digital services, supported the margin expansion . Management has consistently flagged this as a longer-term driver: as these services scale from a smaller base, they should keep growing faster than the core telecom revenue .

Retail: Margin Squeeze as Hyperlocal Scale-Up Enters Investment Phase

Reliance Retail posted gross revenue of ₹90,408 crore, a 7.4% year-on-year increase on a reported basis, or 11.6% after adjusting for the demerger of the Consumer Brands (FMCG) business . EBITDA slipped 1.1% to ₹6,309 crore, and the EBITDA margin contracted 80 basis points to 7.9% .

The margin pressure is deliberate. Management has outlined a three-year plan to double operating EBITDA by first scaling online presence in FY27—growing JioMart, improving availability and delivery speed, expanding dark stores, and proving unit economics market by market—and then monetising that scale in FY28‑29 . This quarter’s margin dip reflects “planned investments in scaling Digital Commerce across consumption baskets” .

Hyperlocal delivery now reaches ~5,500 pin codes, with 2,500+ stores connected for two-hour delivery . Average daily grocery orders more than doubled year-on-year (+116% YoY), and the digital share of grocery B2C revenue rose to 13.4%, up 610 basis points . The business is adding dark stores and refining technology, with economics that management says are positive at the contribution margin level for dark stores from day one .

The core offline business remains healthy: like-for-like revenue growth was +7% in grocery big‑box stores, +16% in consumer electronics, and +4% in fashion & lifestyle . Omnichannel customers spend 2.7x more than pure-offline shoppers, reinforcing the value of the integrated model . While the near-term margin trade-off is explicit, the company expects that investments in order density, own‑brand mix, and fulfillment density will drive a recovery in profitability over the next two years .

FMCG: Revenue Surges 2.1x on Campa and Independence Momentum

Reliance Consumer Products (RCPL) reported gross revenue of over ₹8,600 crore, a 2.1x jump year-on-year . Campa beverages alone clocked ~₹2,900 crore in sales, already surpassing 50% of the full FY26 figure and making it the number three non‑alcoholic ready‑to‑drink (NARTD) brand in India, with double-digit market share in several states . The Independence staples brand delivered ~₹3,200 crore, and home & personal care, processed foods, and confectionery also began showing strong traction .

The distribution network has scaled to 5,000+ distributors and over 3 million retail outlets, with external channels contributing more than 80% of sales . Manufacturing capacity is expanding rapidly: the company has commissioned one of Asia’s largest greenfield beverage plants and is building integrated food parks alongside a new edible oil refinery in West Bengal . Strategic moves include the acquisition of a majority stake in Sosyo and the operational transition of international personal-care brands like Brylcreem and Toni & Guy .

Balance Sheet & Capex: Prudent Investment Within Cash Flows

Consolidated net debt stood at ₹1,22,914 crore at June‑end, with a net‑debt‑to‑LTM‑EBITDA ratio of 0.60x, unchanged from March 2026 and well within the company’s stated comfort of less than 1x . Capex for the quarter was ₹38,682 crore, directed at new energy (giga‑factories for solar and battery manufacturing), strengthening the retail network for hyperlocal delivery, and O2C projects . Management emphasised that capex is being managed within operating cash flows, and the balance sheet supports premium credit ratings of A‑ and Baa1 .

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