Reliance Industries Limited (RELIANCE) Financial Results — Revenue ₹17,000 Cr

Investor Takeaways

Revenue grew 25% YoY to Rs 34,212 crores in Q1FY26

EBITDA margin expanded to 57.3% for RJIL

Jio added 73 million 5G subscribers, reaching 285 million total

Retail revenue grew 12% YoY with digital grocery orders surging 116%

Capex planned at Rs 39,000 crores for the fiscal year

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹34,212 Cr	25%
Net Profit	₹23,200 Cr	N/A
EBITDA	₹57.3% margin	Expansion
EPS	₹19.95	N/A
OPM	17.25%	N/A

What Changed

Reliance Industries reported consolidated revenue of ₹34,212 crores for Q1FY26, reflecting a 25% year-on-year growth. The EBITDA margin expanded to 57.3% for RJIL, supported by refining margins and digital services growth of 20%. Jio added 73 million 5G subscribers, bringing the total to 285 million. Retail revenue grew 12% YoY, with digital grocery orders increasing 116% YoY. The company announced plans for capex of ₹39,000 crores this fiscal year, maintaining a net debt of ₹1,23,000 crores. FMCG revenue reached ₹8,600 crores, with beverages contributing ₹2,900 crores (+50% YoY). Strategic investments in green energy include 55 MWp/day solar PV and 150 MWh/day battery installations, targeting 40 GWh battery capacity. The company also executed green ammonia contracts and plans JioMart expansion completion within 9-10 months.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Reliance Industries	21.73	9.87%	11.18%	18,08,488.47
ONGC	9.93	11.04%	14.13%	3,76,590.66
Coal India	9.54	30.13%	37.18%	2,84,841.30
Indian Oil	17.42	N/A	N/A	1,89,902.41

Reliance’s valuation multiples are higher than ONGC and Coal India, reflecting market expectations around digital and retail growth, though its ROE and ROCE are moderate compared to peers.

Risks & Concerns

No specific risks identified in this filing

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q1FY26	2,48,660	30,783	17.25
Q2FY26	2,58,898	22,092	17.72
Q3FY26	2,69,496	22,290	17.08
Q4FY25	2,64,573	22,611	16.57

The quarterly trend shows revenue growth from ₹2,48,660 crores in Q1FY26 to ₹2,69,496 crores in Q3FY26, with profit and OPM trends indicating stability in operational performance across quarters.

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