Reliance Industries Ltd (RIL), India's most valuable company, presented results for the first quarter of the fiscal year 2027 (Q1FY27) that exceeded market expectations. The growth was driven by strengthening revenues and margins in the petrochemical (O2C) and digital services segments. Revenue, EBITDA, and net profit figures surpassed analyst forecasts.
Consolidated net profit attributable to shareholders amounted to ₹20,946 crore, a decrease of 22.4% compared to the same period last year (₹26,994 crore). This decline is attributed to a high base, as a one-time profit of ₹8,924 crore from the sale of listed investments was accounted for last year. Excluding other and irregular income, consolidated profit before tax increased by 9.3% year-on-year, reaching ₹24,080 crore from ₹22,027 crore.
Consolidated net sales showed a growth of 27%, reaching a record ₹3.09 trillion in Q1FY27, compared to ₹2.44 trillion the previous year. Previously, in the preceding quarter, the figure stood at ₹2.94 trillion. Bloomberg analysts had forecasted net profit of ₹19,823 crore and revenue of ₹3 trillion for this period.
Chairman and Managing Director Mukesh Ambani stated that Reliance started the fiscal year 2027 stably, noting strong operational results across all verticals. He emphasized the resilience of the diversified business portfolio amid ongoing geopolitical tensions and commodity market volatility. Ambani expressed optimism for the coming year, citing the phased rollout of new energy projects and monetization through Jio's IPO.
Furthermore, the promoter group increased its stake in Reliance Industries by nearly 0.5 percentage points during June through open market purchases, reinforcing the company's long-term commitment. According to regulatory filings, the promoter and promoter group's stake grew to 50.48% by the end of June from approximately 50% three months prior.
EBITDA decreased by 6.8% year-on-year to ₹54,067 crore (from ₹58,024 crore), but consistently grew by 11.3% compared to ₹48,588 crore. Core EBITDA, excluding irregular income, increased by 10.7% year-on-year, reaching ₹47,517 crore (against ₹42,905 crore), surpassing Bloomberg's forecast of ₹46,650 crore. However, the core EBITDA margin contracted due to rising operating and production costs, falling to 15.25% of net sales from 17.61% the previous year, although it improved from 15.01% in the March quarter.
Consolidated operating expenses rose by 30.5% year-on-year, driven by higher raw material prices and purchases of finished goods or inventory. Additional factors, such as higher financing costs and depreciation following the capitalization of 5G assets in Reliance Jio, also impacted profits. The percentage of interest expenses grew by 18.5% year-on-year to ₹8,337 crore (from ₹7,036 crore), and depreciation increased by 9.1% to ₹15,100 crore (from ₹13,842 crore).
The O2C segment reported a 13.2% year-on-year increase in segment EBITDA, reaching ₹14,170 crore (from ₹12,521 crore). Segment revenue grew by 30.4% to approximately ₹2.02 trillion, resulting from higher prices for petroleum products, petrochemicals, and synthetic fibers. The oil and gas business showed a 9.6% rise in segment profit to ₹3,888 crore (from ₹3,546 crore), with revenue increasing by 3.2% to ₹6,298 crore (from ₹6,103 crore).
Ambani noted that strong results in O2C were supported by high prices for middle distillates and improved petrochemical deltas, despite the challenging global energy market and supply chain disruptions. Among consumer businesses, Jio Platforms contributed significantly to consolidated profit. Net profit grew by 9.2% year-on-year to ₹7,764 crore (from ₹7,110 crore), although it sequentially declined by 2.2% compared to ₹7,935 crore. Jio Platforms recently filed draft documentation for an Initial Public Offering, which could become the largest market capitalization listing in India. Revenue grew by 12% year-on-year to ₹45,961 crore. Average Revenue Per User (ARPU) increased by 3.3% year-on-year to ₹208.8, aided by subscriber mix improvement and seasonal factors.
In RIL's retail division, Reliance Retail Ventures (RRVL), net profit fell by 14.1% year-on-year to ₹2,805 crore in Q1FY27. Operating EBITDA decreased by 1.8% year-on-year to ₹5,935 crore. The revenue from operations of the country's largest retailer was ₹79,745 crore, which is 8.2% higher than last year, and gross revenue reached ₹90,408 crore, an increase of 7.4%. The company reported opening 252 new stores during the quarter, bringing the total to 20,169 with a total area of 78.4 million square feet.
The consolidated profit of Jio Financial Services Limited after tax increased by 156% compared to the previous year, reaching 830 crore rupees for the quarter ending June 30, 2026. This growth resulted from an increase in revenues and operating profit across the company's financial services portfolio.
Total consolidated revenue, excluding dividend payouts, grew by 141% to 1,496 crore rupees in the first quarter of 2026-27. Operating profit before provisions, also excluding dividends, increased by 38% to 505 crore rupees. Profit before tax, excluding dividends, rose by 18% to 461 crore rupees after adjusting last year's figure for a one-time exceptional income of 29 crore rupees. Meanwhile, profit before tax, including dividends, increased by 131% to 970 crore rupees.
Gross assets under management at Jio Credit, the group's non-banking financial company, expanded 2.6 times compared to last year, reaching 30,667 crore rupees. Gross disbursements increased 2.7 times during the reporting quarter, amounting to 11,252 crore rupees. The portfolio consisted of mortgage loans, which accounted for 45.4%, corporate and SME loans at 44.2%, and securities-backed retail loans at 10.4%. Jio Credit's net interest income grew by 118% to 257 crore rupees, and profit after tax increased by 113% to 96 crore rupees. The company's total equity as of June 30 was 1.37 trillion rupees. The company received a second tranche of 5,934 crore rupees from its promoter group, leading to a cumulative capital infusion of 9,890 crore rupees.
The company reported a successful operational turnaround in the Jio Payments Bank and Jio Payment Solutions divisions during the reporting period. Jio Payments Bank's total revenue increased 7.7 times compared to last year, reaching 83 crore rupees, while customer deposits grew by 72%, totaling 617 crore rupees. The customer base with current and savings accounts increased by 51% to 3.9 million accounts. The bank's active network of business correspondents expanded to 527,037 touchpoints, up from 50,192 the previous year and 378,568 in the previous quarter. Jio Payment Solutions' total payment volume grew 2.5 times compared to last year, reaching 19,208 crore rupees. Gross income from fees and charges increased 6.4 times to 176 crore rupees, and net income from fees and charges grew 3.4 times to 24 crore rupees. The net processing margin was 12 basis points.
Assets under management in the joint venture between Jio Financial Services and BlackRock increased sequentially by 21%, reaching 18,412 crore rupees. Liquid fund assets exceeded 10,000 crore rupees. The company noted that 44% of investors have active systematic investment plans, and 36% of retail assets originate from outside the country's top 30 cities. Investors new to mutual funds accounted for 18.5% of the investor base. The joint venture received final approval from the International Financial Services Authority to operate as a retail fund manager in GIFT City. In the insurance sector, Jio Insurance Broking provided premiums worth 238 crore rupees, 1.6 times more than the previous year, and fee and commission income grew by 131% to 61 crore rupees. Allianz Jio Reinsurance underwrote gross premiums of 266 crore rupees in its first full quarter of operation. Jio Allianz General Insurance was established as an equal joint venture, and statutory and regulatory approvals are currently underway. The JioFinance mobile application had 25 million unique users and registered an average of about 34,000 product purchases per day in June. The rewards program issued over 204 million JioPoints to 5.7 million registered customers.
Piramal Finance demonstrated significant growth in its financial indicators in the first quarter ending June 30, 2026. The company's consolidated net profit increased by 66.8 percent compared to the same period last year, reaching INR 460.98 crore. Meanwhile, total income grew by 27.5 percent.
The company's operating revenue increased by 27.6 percent, amounting to INR 3,368.27 crore in the first quarter of the 2026-27 fiscal year (Q1FY27). This figure is higher than INR 2,639.25 crore a year earlier. Additional income also rose by 20.5 percent, reaching INR 61.27 crore, leading to a total income of INR 3,429.54 crore.
Interest income contributed the most to the revenue, increasing by 28.9 percent year-on-year to INR 3,085.48 crore. Income from commissions and fees grew by 11 percent, totaling INR 126.83 crore. The company's total expenses increased by 25 percent, rising from INR 2,467.44 crore to INR 3,085.42 crore.
Financial costs increased by 16.2 percent, reaching INR 1,733.86 crore, while employee benefit expenses rose by 11.8 percent, amounting to INR 504.16 crore. Other expenses grew by 8.2 percent, reaching INR 329.21 crore. During the quarter, the company recorded impairment reserves of INR 273.59 crore, contrasting with the reversal of reserves of INR 226.83 crore in the corresponding period last year.
Profit attributable to interests in affiliates and joint ventures, excluding exceptional items and taxes, increased by 54.5 percent, reaching INR 344.12 crore. The group's share in the net profit from affiliates and joint ventures grew by 26.2 percent, amounting to INR 98.87 crore. Consequently, profit before tax increased by 47.2 percent, reaching INR 442.99 crore from INR 301.03 crore a year earlier. Basic earnings per share rose to INR 20.38 from INR 12.22, and diluted earnings per share reached INR 20.27 compared to INR 12.13.
Other comprehensive income amounted to INR 200.15 crore compared to INR 33.13 crore a year earlier, including a share in other comprehensive income from affiliates and joint ventures of INR 155.12 crore. Total comprehensive income increased to INR 661.13 crore from INR 309.50 crore. Net profit attributable to owners of the company was INR 459.12 crore, and profit attributable to non-controlling interests was INR 1.86 crore. The Board of Directors also approved the possibility of raising up to INR 4,000 crore through the issuance of equity shares, convertible securities, unsecured bonds with warrants, or other equity-related instruments, subject to market, regulatory, and shareholder requirements.
FSN E-Commerce Ventures, the owner of the Nykaa brand, has forecasted a consolidated net income growth of nearly 30% in the first quarter of the fiscal year 2026-27. This growth will be driven by a sharp acceleration in the development of the fashion business.
According to regulatory filings, the company expects its consolidated Gross Merchandise Value (GMV) and Net Sales Value (NSV) to grow in the 'early thirties' range year-on-year for the quarter ending June 30, 2026. The company noted that the Nykaa fashion vertical started 2027 on a significantly stronger footing, anticipating NSV growth in the mid-fifties, which is a sharp acceleration compared to previous quarters. The improvement in the GMV to NSV funnel in the fashion segment is supported by reduced losses.
The growth of Nykaa's core platform business is attributed to a wider range of brands and recent marketing investments that have helped attract new customers. Meanwhile, the flagship beauty segment is projected to grow in the 'late twenties'. As of the end of June, the company had 324 physical stores.
Previously, Nykaa reported a multiple increase in consolidated net profit to INR 78.75 crore for the quarter ending March 2026. This growth was primarily supported by sales in the beauty segment and reduced losses in the fashion vertical. For the quarter, the company's operating revenue increased by approximately 28%, reaching INR 2,648.17 crore. Regarding the full fiscal year ending March 31, 2026, Nykaa's net profit grew almost threefold to INR 203.94 crore compared to INR 72.07 crore in the 2025 fiscal year. The company's annual operating revenue for the same period increased by 26% to INR 10,022.35 crore.
