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Reliance Industries Ltd — Q1 FY26
Reliance Industries reported a strong Q1 FY26 with consolidated EBITDA of INR 58,000 crore, up 36% YoY, driven by robust performance across digital services (Jio EBITDA +24% YoY), retail (EBITDA +13% YoY), and O2C (EBITDA +10.8% YoY).
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Reliance Industries reported a strong Q1 FY26 with consolidated EBITDA of INR 58,000 crore, up 36% YoY, driven by robust performance across digital services (Jio EBITDA +24% YoY), retail (EBITDA +13% YoY), and O2C (EBITDA +10.8% YoY). Jio added 9.9 million subscribers and crossed 210 million 5G users, while retail saw 11% revenue growth despite a seasonally weak quarter. The company highlighted its proprietary UBR technology for home broadband, targeting 100 million connected premises, and provided a detailed update on its new energy gigafactories, with module manufacturing already operational and cell production expected in the next quarter. Management reiterated confidence in doubling the company's value by the end of the golden decade. Key risks include potential sanctions on Russian crude impacting feedstock costs and a slowdown in consumer electronics demand due to early monsoons.
रिलायंस इंडस्ट्रीज ने पहली तिमाही में 58,000 करोड़ रुपये का मुनाफा कमाया, जो पिछले साल से 36% ज्यादा है। जियो ने 99 लाख नए ग्राहक जोड़े और 21 करोड़ लोग 5G इस्तेमाल कर रहे हैं। रिटेल कारोबार में 11% बढ़ोतरी हुई। कंपनी ने घरों में तेज इंटरनेट पहुंचाने के लिए नई तकनीक शुरू की है और 10 करोड़ घरों को जोड़ने का लक्ष्य रखा है। नई एनर्जी फैक्ट्री में सोलर पैनल बनना शुरू हो गया है, बैटरी अगली तिमाही में बनेगी। कंपनी का मानना है कि अगले 10 साल में इसका मूल्य दोगुना हो जाएगा। मुश्किलें: रूसी तेल पर पाबंदी से कच्चे माल का खर्च बढ़ सकता है और जल्दी बारिश से इलेक्ट्रॉनिक्स की मांग घट सकती है।
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European sanctions on Russian crude
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Jio Subscribers
498.1M
+9.9M QoQ
Net addition of 9.9 million subscribers in Q1, reaching 498.1 million total.
Jio 5G Subscribers
210M
+20M QoQ
Crossed 200 million 5G subscribers, adding 20 million during the quarter.
JioAirFiber Homes
7.4M
+2.6M QoQ
Fixed wireless access homes reached 7.4 million, with 82% global FWA market share.
Retail Daily Orders (Quick Commerce)
68% QoQ growth
+175% YoY
Quick commerce daily orders grew 68% sequentially and 175% year-on-year.
What Changed vs Last Quarter
NEW
Double value by end of golden decade
Management reiterated confidence in doubling the company's value by the end of the golden decade, as stated by the Chairman in 2022 and 2024 AGM.
NEW
New energy ecosystem operational in 4-6 quarters
The entire new energy ecosystem, including manufacturing and generation, will be operationalized on a full-scale basis in the next four to six quarters.
NEW
Retail EBITDA doubling every 3-4 years
Chairman's vision of doubling retail business every three to four years remains on track, with acceleration expected in coming quarters.
NEW
55 compressed biogas plants by end of year
Target to achieve 55 compressed biogas plants by the end of this calendar year, with construction in full swing.
DROPPED
Jio 5G monetization via network slicing
Management plans to offer differentiated services (e.g., network slicing) to enterprises and premium consumers over the next few quarters, aiming to drive incremental ARPU.
DROPPED
Retail fashion turnaround complete
Fashion business has turned around with positive LFL growth; design-to-shelf cycle reduced to 30 days with weekly store refreshes.
DROPPED
New energy solar and battery commissioning by 2026
Solar manufacturing (polysilicon to module) and battery cell production to be commissioned by end-2025/early 2026; 10 GW solar capacity scalable to 20 GW.
DROPPED
Jio home broadband target of 100M homes
Jio aims to connect 100 million homes using AirFiber (fixed wireless) and fiber; 85% market share in FWA net adds.
NEW RISK
European sanctions on Russian crude
New European sanctions package may make Russian oil cheaper, but management is evaluating the text and impact on feedstock costs and export destinations.
NEW RISK
Consumer electronics demand slowdown
Early onset of monsoon rains impacted AC sales and consumer electronics revenue growth, which was lower than expected.
NEW RISK
Natural decline in KG-D6 gas production
Upstream production saw a natural decline, partially offset by planned shutdowns; management expects incremental production only by second half of 2028.
NEW RISK
Retail streamlining costs still impacting margins
Costs from store closures in Q3 and Q4 of last year continued to impact Q1 margins, though largely behind now.
RISK GONE
Sustained weakness in O2C margins
Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
RISK GONE
Jio ARPU gap vs peers
Analyst questioned why Jio's ARPU is 15% lower than Bharti Airtel; management attributed it to non-comparable bases but acknowledged tariff plans are 7-10% lower.
RISK GONE
JioStar margin trajectory
JioStar reported only 3% EBITDA margin; analyst questioned when margins would catch up to peers; management gave no specific timeline.
RISK GONE
New energy project execution risk
Large-scale integrated solar and battery manufacturing involves significant capex (INR 75,000 crore) and technology ramp-up; delays could impact returns.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q3 FY25
Refining and petrochemical margins remain under pressure from global capacity additions and weak demand; management highlighted 30-70% margin declines over five years.
Mentioned in Q2 FY25, Q4 FY25
Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
Fast read
Guidance and risk preview
Management reiterated confidence in doubling the company's value by the end of the golden decade, as stated by the Chairman in 2022 and 2024 AGM.
New European sanctions package may make Russian oil cheaper, but management is evaluating the text and impact on feedstock costs and export destina...
View Risks →