RELIANCE

Q1 FY27: Energy Sector Resilience and Consumer Business Expansion

's Oil-to-Chemicals (O2C) segment achieved a 30.4% year-on-year revenue increase, driven primarily by a 54.1% spike in global Brent crude prices following the closure of the Strait of Hormuz. Record-high middle distillate cracks and favorable ethane cracking economics pushed EBITDA to a four-year high of ₹17,010 crore, compensating for lower overall throughput. Jio Sustains Market Dominance: Jio Platforms registered a 12% YoY revenue growth, supported by a expanding subscriber mix that brought its 5G user base to 285 million. Average Revenue Per User (ARPU) improved to ₹215.6, while Jio AirFiber led fixed broadband expansion, positioning the company for its next phase of growth ahead of its proposed public listing. Retail Growth Tempers Margins: Reliance Retail Ventures Limited (RRVL) recorded an adjusted 12% YoY revenue growth, seeing double-digit momentum across consumer electronics and grocery segments. However, EBITDA margins contracted by 80 basis points due to a higher mix of digital commerce sales and substantial infrastructure investments. FMCG and E&P Segment Dynamics: The consumer brands business under RCPL delivered a 2.1x increase in topline revenue to ₹8,600 crore, outperforming combined peer segments. In upstream energy, robust Coal Bed Methane (CBM) production and stronger pricing offset a 7.4% decline in gas output from the KG-D6 block. Aggressive Green Energy Trajectory: Out of a ₹38,682 crore quarterly capex, a significant portion was directed toward New Energy initiatives. RIL de-risked this spend by securing a 15-year, $3B+ green ammonia supply agreement with Samsung C&T, alongside progressing its giga-factory ecosystems for solar modules and battery storage.