Reliance Industries Q1 FY27: Record Recurring PAT, Headline Down 22%

Reliance Industries Limited reported consolidated Q1 FY27 results for the quarter ended 30 June 2026 on 17 July 2026. Q1 FY27 numbers (consolidated): Revenue from operations: Rs 3,11,850 crore, up 25.4% YoY from Rs 2,48,660 crore Recurring EBITDA: Rs 54,067 crore, up 10.1% YoY, a record; margin 15.9% PAT attributable to owners: Rs 20,946 crore, down 22.4% YoY from Rs 26,994 crore Recurring PAT: Rs 23,196 crore, up 6.1% YoY, a quarterly record The headline decline is a base effect: the year-ago quarter carried a one-off Rs 8,924 crore gain on sale of listed investments. Segments: Jio Platforms revenue grew 12% with subscribers crossing 533 million, O2C posted record revenue of Rs 2,01,803 crore, and Retail grew 8.2% to Rs 79,745 crore, the slowest engine. Quarterly capex was Rs 38,682 crore. Reliance Industries [][***** shares closed at Rs 1,298.78 on 19 August 2026, down 4.6 percent over one year and 19 percent below the 52-week high of Rs 1,597. Trailing P/E is 23.5. My view: the 22 percent headline fall is optics, the recurring trajectory is intact and at records, yet the stock has gone nowhere for a year. At 23.5x, below its own historical band, the market is waiting for a trigger while funding Rs 38,000 crore a quarter of capex. For core portfolios this is hold and accumulate on dips, not a chase. Levels: Rs 1,260, the August floor, must hold; Rs 1,334 to 1,373, the spring base it fell through, is the band to reclaim; above that the path to Rs 1,597 reopens. Below Rs 1,260 the correction extends. Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.