Reliance Industries Limited has kicked off FY26 with serious momentum, reporting a 76.5% surge in net profit to ₹30,783 crore in the first quarter. While this includes a one-time gain of ₹8,924 crore from its stake sale in Asian Paints, the underlying growth story is compelling — recurring profit still rose by 25% year-on-year.
The numbers paint a clear picture: Reliance is shifting from a traditionally industrial conglomerate to a multi-sector consumer and tech ecosystem, driven by retail expansion, digital innovation, and a resilient energy backbone.
Retail and Digital Are Now the Growth Core
Jio Platforms continues to be the group’s standout performer. With quarterly profit rising 25% to ₹7,110 crore and EBITDA growing nearly 24% to ₹18,135 crore, the telco is now more than just a connectivity provider — it’s a full-fledged tech infrastructure player. Jio added 9.9 million new subscribers this quarter, taking its total to 498.1 million. Notably:
- JioTrue5G now serves over 200 million users.
- JioAirFiber, the company’s fixed wireless offering, has become the largest service of its kind globally, with 7.4 million subscribers.
- ARPU (average revenue per user) rose to ₹208.8, powered by tariff hikes and increasing usage.
- Data consumption per user reached a staggering 37 GB per month.
The platform’s evolution into a cloud and deep-tech entity was also underlined this quarter, with JioCloud gaining scale as a serious competitor in India’s cloud services market.
Reliance Retail: From Brick-and-Mortar to National Habit
Retail operations also saw robust traction. Quarterly revenue rose 11.3% to ₹84,171 crore, with EBITDA climbing 12.7% to ₹6,381 crore. The FMCG vertical, still in its infancy, hit ₹11,450 crore in sales in just its second year — a number that signals Reliance’s intent to own shelf space alongside data pipes.
Some key metrics:
- 388 new store additions brought the total footprint to 19,592 stores across 77.6 million sq ft.
- Registered customers reached 358 million, with 389 million transactions in the quarter (up 16.5% YoY).
- JioMart, Reliance’s hyperlocal play, saw 68% growth in daily orders quarter-over-quarter, and a 175% jump year-over-year — driven by convenience, tech-enabled fulfilment, and evolving consumer habits.
According to Dinesh Taluja, CFO of Reliance Retail, India’s online grocery space is growing at 40% annually, and JioMart is emerging as its fastest-scaling player.
JioStar: A Sports-Led Streaming Surge
The media and entertainment business reported ₹11,222 crore in gross revenue with ₹1,017 crore in EBITDA. The IPL season supercharged viewership across both TV and streaming:
- The JioHotstar app crossed 1 billion downloads on Android.
- Viewership during the season hit 1.19 billion.
- Monthly active users surged to over 460 million.
JioStar’s IPL-fueled momentum underscores the group’s ability to use sport and spectacle as cultural cornerstones of digital adoption.
O2C, Oil & Gas: Steady Amid Soft Commodities
While the oil-to-chemicals segment posted a slight revenue dip of 1.5% to ₹1.55 lakh crore, profitability remained solid — EBITDA was up 11% to ₹14,511 crore. This was driven by stronger domestic fuel margins and favorable transportation fuel economics, though partially offset by weak polyester margins and lower volumes.
The oil and gas segment saw revenue fall by 1.2% and EBITDA decline by 4.1%, attributed largely to maintenance downtime and natural production decline from the KG-D6 basin. That said, exploration efforts remain on track, with new rigs expected next year to reinvigorate volumes.
New Energy: Profitability Path in Sight
Reliance’s new energy vertical — focused on building a green, self-sustaining ecosystem — is inching closer to becoming a self-funded business unit. According to Karan Suri, SVP of New Energy, the platform is nearing the point where it will no longer require group-level capital injections, setting the stage for long-term, perpetual growth.
Investments and Balance Sheet
Capital expenditure stood at ₹29,887 crore for the quarter. Net debt increased marginally to ₹117,580 crore as of June 30, reflecting the group’s continued investment into digital, retail, and clean energy infrastructure.
The Bigger Picture
Mukesh Ambani summed it up best — Reliance has launched FY26 with a strong, all-round performance across both consumer and industrial verticals. The numbers reflect a diversified, tech-integrated conglomerate in transition — from fossil fuels to fibre optics, from polymers to platforms, and from factories to homes.
For India Inc., Reliance’s first quarter is more than just a balance sheet story — it’s a signal of how cross-sector ecosystems, powered by consumer insight and digital delivery, will drive future business models.
IMAGE: Bloomberg
