Reliance Industries (RELIANCE IN) – Q1FY27 Result Update – Consol EBITDA/PAT beat est; SA outperforms – BUY
Published on 19 Jul 2026
Consol. EBITDA came in at INR475.2bn, ahead of estimates (PLe INR441.7bn; BBGe INR463.8bn). Adj. PAT rose 23.4% QoQ to INR209.5bn (PLe INR145.7bn; BBGe INR204.5bn). Standalone EBITDA surged 48.3% YoY and 63.2% QoQ to INR195.6bn, driven by stronger transportation fuel cracks, downstream margins and crude basket optimization. Retail performance remained subdued, with EBITDA from ops declining 1.8% YoY and 11.3% QoQ, although management aims to target doubling operating EBITDA over the next three years through scale expansion in FY27 and monetization in FY28-29. Jio ARPU remained stable QoQ at INR215.6, supported by healthy subscriber additions of 8.9mn. In New Energy, installation at the Kutch renewable energy project is set to commence post-monsoon, with exports commencing this year. Maintain BUY with a revised TP of INR1,675 (earlier INR1,650), supported by resilient Standalone performance and sustained momentum in Digital business. We also add the value of INR111/share for the New Energy business (2x announced capex of INR750bn).
