Reliance Industries Earnings Summary — Q1 FY2027
Reliance Industries Reports Quarterly Revenue Growth Driven by O2C and Digital Services Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 5 consecutive quarters.
- Revenue of ₹3.09 Lakh Cr is 27.0% higher year-on-year.
- Revenue has compounded at 12.7% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹20,946 Cr is 22.4% below the same quarter last year.
- Profit growth is trailing revenue growth this quarter.
- Net profit has compounded at 4.5% annualised across the period.
- Operating margin stands at 15.3% in Q1 FY2027.
- Operating margin compressed by 226 bps year-on-year.
- Over the last two years operating margin has contracted by 137 bps.
- PBT margin is 9.9%.
- Expenses grew 30.5% against revenue growth of 27.0%.
- Operating profit of ₹47,517 Cr is 10.7% higher year-on-year.
- Operating leverage has been under pressure recently.
- 6 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 65/100 (Healthy) on the latest 10 quarters.
- Business momentum has softened and warrants monitoring.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 3,09,468 | 2,94,059 | 2,64,905 | 2,54,623 | 2,43,632 | 2,61,388 | 2,39,986 | 2,31,535 | 2,31,784 | 2,36,533 |
| Expenses | Improving | 2,61,951 | 2,49,918 | 2,18,887 | 2,08,738 | 2,00,727 | 2,17,556 | 1,96,197 | 1,92,477 | 1,93,019 | 1,94,017 |
| Operating Profit | Stable | 47,517 | 44,141 | 46,018 | 45,885 | 42,905 | 43,832 | 43,789 | 39,058 | 38,765 | 42,516 |
| Operating Margin | Stable | 15.3% | 15.0% | 17.4% | 18.0% | 17.6% | 16.8% | 18.3% | 16.9% | 16.7% | 18.0% |
| Other Income | Volatile | 6,550 | 4,447 | 4,914 | 4,482 | 15,119 | 4,905 | 4,214 | 4,876 | 3,983 | 4,534 |
| Interest | Improving | 8,337 | 6,585 | 6,613 | 6,827 | 7,036 | 6,155 | 6,179 | 6,017 | 5,918 | 5,761 |
| Depreciation | Stable | 15,100 | 14,808 | 14,622 | 14,416 | 13,842 | 13,479 | 13,181 | 12,880 | 13,596 | 13,569 |
| Profit Before Tax | Stable | 30,630 | 27,195 | 29,697 | 29,124 | 37,146 | 29,103 | 28,643 | 25,037 | 23,234 | 27,720 |
| Tax | Stable | 7,629 | 6,579 | 7,530 | 6,978 | 6,465 | 6,669 | 6,839 | 5,936 | 5,786 | 6,577 |
| Net Profit | Improving | 20,946 | 16,971 | 18,645 | 18,165 | 26,994 | 19,407 | 18,540 | 16,563 | 15,138 | 18,951 |
| Net Margin | Stable | 6.8% | 5.8% | 7.0% | 7.1% | 11.1% | 7.4% | 7.7% | 7.2% | 6.5% | 8.0% |
Key Takeaways
- Consolidated revenue from operations grew 25.4% YoY to ₹311,850 crore, primarily led by the Oil to Chemicals (O2C) segment.
- The Digital Services segment (Jio) maintained strong growth momentum with EBITDA reaching ₹21,255 crore for the quarter.
- O2C segment revenue rose significantly to ₹201,803 crore, up from ₹154,804 crore in the same quarter last year.
- Retail segment revenue showed resilience at ₹90,409 crore, although it saw a slight sequential decline from Q4 FY2026.
- Net profit recorded a sharp decline compared to the prior year due to the absence of the large ₹8,924 crore gain from the sale of investments reported in Q1 FY2026.
- Finance costs increased to ₹8,337 crore, reflecting higher interest obligations compared to the previous quarter's ₹6,585 crore.
- The group's asset base continues to expand, with total segment assets now exceeding ₹2,208,747 crore.
Management Guidance
Management remains focused on ecosystem dominance across Jio and Retail while managing the transition of the energy business through the Deep and Unique integration of O2C assets. Guidance centers on long-term data leadership and the execution of India’s largest retail footprint.
Sentiment Shift
Stable
The headline profit dip is largely due to high-base effects from divestment gains in the prior year, while underlying revenue across O2C and Digital Services shows robust growth.
Outlook
The outlook remains geared toward multi-vertical growth with massive capital expenditure supporting 5G rollout and retail expansion, although consolidated ROE remains structurally low near 9%.
From the Annual Report (Key Quotes)
“The Oil to Chemicals segment includes breadth of portfolio spanning transportation fuels, polymers, polyesters and elastomers.”
“The Digital Services segment includes provision of a range of digital services.”
“The meeting of the Board of Directors commenced at 5:30 p.m. (IST) and the Financial Results were approved.”
Official Quarterly Documents
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This summary is AI-generated from Reliance Industries's latest quarterly filing and earnings call. For informational purposes only — not investment advice.