Consolidated Financial Performance

Revenue and Profitability:

  • Consolidated Gross Revenue: ₹340,257 crore ($35.9 billion), up 24.5% YoY
  • Consolidated EBITDA (recurring basis): ₹54,067 crore ($5.7 billion), up 10.1% YoY
  • Consolidated PAT (recurring basis): ₹23,196 crore ($2.5 billion), up 6.1% YoY
  • EBITDA margin: 15.9% (down 210 bps YoY from 18.0%)

Cost Structure:

  • Depreciation: ₹15,100 crore ($1.6 billion), up 9.1% YoY
  • Finance Costs: ₹8,337 crore ($881 million), up 18.5% YoY
  • Tax Expenses: ₹7,629 crore ($806 million), up 18.0% YoY

Balance Sheet and Capital Allocation:

  • Capital Expenditure: ₹38,682 crore ($4.1 billion)
  • Outstanding Debt: ₹369,705 crore
  • Cash & Cash Equivalents: ₹246,791 crore
  • Net Debt: ₹122,914 crore
  • Net Debt to EBITDA (annualized): 0.57

Segment Performance

Jio Platforms Limited (JPL):

  • Revenue: ₹45,961 crore, up 12.0% YoY
  • Record EBITDA: ₹20,865 crore, up 15.1% YoY
  • Record EBITDA margin: 53.3% (up 150 bps YoY)
  • PAT: ₹7,764 crore, up 9.2% YoY
  • Total subscriber base: 533.3 million (including 285 million 5G subscribers)
  • ARPU: ₹215.6 per subscriber per month
  • Data traffic: 69.4 billion GB (up 26.9% YoY)
  • Monthly churn: 1.6%
  • Net subscriber additions: 8.9 million during quarter
  • Fixed Broadband subscribers: 28.6 million (Jio AirFiber: ~14 million subscribers)
  • JPL filed DRHP with SEBI for public listing

Reliance Retail Ventures Limited (RRVL):

  • Gross Revenue: ₹90,408 crore, up 7.4% YoY (11.6% YoY growth adjusted for RCPL demerger)
  • EBITDA: ₹6,309 crore, down 1.1% YoY
  • EBITDA margin: 7.9% (down 80 bps YoY)
  • PAT: ₹2,805 crore, down 14.1% YoY
  • Registered customer base: 396 million, up 10.6% YoY
  • Transactions: 568 million, up 46.0% YoY
  • Stores: 20,169 (252 new stores opened)
  • Area Operated: 78.4 million sq. ft.
  • Grocery Digital Commerce average daily orders up 116% YoY

Oil to Chemicals (O2C) Segment:

  • Revenue: ₹201,803 crore ($21.3 billion), up 30.4% YoY
  • EBITDA: ₹17,010 crore ($1.8 billion), up 17.2% YoY
  • EBITDA margin: 8.4% (down 100 bps YoY)
  • Exports: ₹83,497 crore, up 40.9% YoY
  • Total Throughput: 18.1 MMT (down 5.2% YoY)
  • Production meant for Sale: 15.6 MMT (down 9.8% YoY)
  • Jio-bp operates 2,221 fuel retail outlets

Oil and Gas Segment:

  • Revenue: ₹6,298 crore ($665 million), up 3.2% YoY
  • EBITDA: ₹4,973 crore ($525 million), down 0.5% YoY
  • EBITDA margin: 79.0% (down 290 bps YoY)
  • KGD6 Production: 59.2 BCFe (down 7.4% YoY)
  • CBM Production: 3.1 BCFe (up 10.7% YoY)
  • KGD6 gas price: $8.89/MMBTU
  • CBM gas price: $12.0/MMBTU

JioStar Business:

  • Gross Revenue: ₹12,799 crore, up 14.1% YoY
  • Revenue from Operations: ₹10,946 crore, up 14.0% YoY
  • EBITDA from Operations: ₹933 crore, up 30.7% YoY
  • JioHotstar MAUs: 530 million (highest ever)
  • IPL 2026 reach: 1.2 billion viewers
  • Tadka microcontent hub: 100 million users

Management Commentary

Mukesh D. Ambani, Chairman and Managing Director:

  • Noted steady start to FY27 with all businesses delivering strong operating performance
  • Highlighted Jio's 15% YoY earnings growth and DRHP filing for IPO
  • Mentioned Reliance Retail's resilient growth and omni-channel capabilities
  • Cited O2C performance despite challenging global energy market
  • Mentioned Moody's upgrade to "Baa1" for foreign currency debt
  • Expressed confidence in phased commissioning of new energy projects

Akash M Ambani, Managing Director of Jio Platforms Limited:

  • Emphasized Jio's position as deep tech company with strong patent portfolio
  • Committed to democratizing access to digital connectivity and services

Isha M. Ambani, Executive Director of Reliance Retail Ventures Limited:

  • Highlighted resilient performance across consumption baskets
  • Emphasized investment in digital commerce and omni-channel capabilities

Anant M. Ambani, Executive Director of Reliance Industries Limited:

  • Noted stellar performance despite energy market dislocation
  • Proud of efforts to protect Indian consumers with uninterrupted fuel supply
  • Excited about new energy business growth prospects

Strategic Developments

  • Jio Platforms filed DRHP with SEBI for public listing
  • JPL ranked among top 20 in PCT rankings by WIPO, climbing 320 places
  • Jio extended 5G leadership with ~285 million subscribers
  • Reliance Retail scaling Digital Commerce platforms
  • Jio-bp expanding network with 2,221 outlets
  • JioStar launched AI-generated micro-drama and conversational discovery features
  • Tadka microcontent hub crossed 100 million users within two months
  • Moody's upgraded foreign currency debt issuances to "Baa1"

Operational Metrics

  • Jio total data traffic: 69.4 billion GB (up 26.9% YoY)
  • Jio voice traffic: 1.52 trillion minutes (up 2.0% YoY)
  • Jio per capita data consumption: 43.7 GB/month
  • Reliance Retail registered customers: 396 million
  • Reliance Retail transactions: 568 million
  • Jio-bp MS volumes growth: 16.8% YoY
  • Jio-bp HSD volumes: marginal decrease of 1.9% YoY
  • Jio-bp Pulse: 5,820 live charging points, 50,000+ monthly footfall
  • Jio-bp CBG: 131 operating outlets, volumes up 161% YoY