RIL will declare Q1 FY27 results on July 17, with brokerages expecting double-digit revenue growth to ₹3.09-3.2 trillion, led by Jio, Retail and O2C.
Equirus and Systematix project net profit in the ₹19,700-24,593 crore range, though margins may contract due to cost pressures despite Ebitda growth.
The estimates follow a record Q4 FY26, when RIL posted ₹11,75,919 crore in revenue and ₹95,610 crore in profit, driven by telecom and retail strength.
RIL Q1 Preview: Jio, Retail And O2C Likely To Drive Earnings Growth
The June quarter estimates follow a strong finish to FY26, when Reliance posted record consolidated revenue of ₹11,75,919 crore in the March quarter, up 9.8% YoY. EBITDA for the quarter rose 13.4% to ₹2,07,911 crore, and profit after tax climbed 18.3% to ₹95,610 crore. The board had also recommended a dividend of ₹6 per equity share
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Summary
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Reliance Industries Limited (RIL) is set to declare its first-quarter results for FY27 on Friday, July 17, after market hours, post 3:30 PM.
Brokerages expect the conglomerate to post a healthy set of numbers for the June quarter, driven by continued strength in its telecom, retail and oil-to-chemicals (O2C) businesses.
Revenue is estimated to grow in double digits year-on-year (YoY), ranging between ₹3.09 trillion and ₹3.2 trillion. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is projected between ₹47,100 crore and ₹49,100 crore, up 12% YoY, while net profit is expected between ₹16,200 crore and ₹18,470 crore, an increase of up to 10% YoY.
Key factors analysts are tracking this quarter include O2C margins, retail revenue growth, subscriber additions and average revenue per user (ARPU) in telecom, tariff hikes, and capital expenditure trends.
Brokerage Wise Estimates
Equirus Securities expects RIL to post consolidated net sales of ₹3.28 trillion, up 35% YoY, with EBITDA at ₹49,100 crore, up 14.5%, and net profit at ₹24,593 crore, up 13%. The brokerage attributed the expected growth to improving O2C profitability, low double-digit growth in retail, and steady momentum in Jio through ARPU gains and subscriber additions. It noted that margins could still contract by 267 basis points YoY to 15%, though they would remain flat sequentially.
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Systematix Institutional Equities estimates net sales rising 27% YoY to ₹3.09 trillion, and EBITDA growing 9.9% to ₹47,100 crore, aided by steady retail performance, sustained telecom momentum and a recovery in O2C. However, it expects EBITDA margin to contract by 237 basis points to 15.2%, with profit after tax slipping nearly 3% YoY to ₹19,700 crore.
Within retail, Systematix expects EBITDA to increase 12.4% YoY and 3.7% sequentially, with revenue per square foot rising 18.6% YoY. For O2C, the brokerage projects revenue growth of 35% YoY and 13% sequentially, along with a 15% rise in EBITDA, supported by improved diesel cracks.
The June quarter estimates follow a strong finish to FY26, when Reliance posted record consolidated revenue of ₹11,75,919 crore in the March quarter, up 9.8% YoY. EBITDA for the quarter rose 13.4% to ₹2,07,911 crore, and profit after tax climbed 18.3% to ₹95,610 crore. The board had also recommended a dividend of ₹6 per equity share.
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Growth in the March quarter was led by the telecom and retail segments, with higher earnings from digital services offsetting weakness in parts of the energy business. As per the company's investor presentation, Jio closed FY26 with over 524 million subscribers, including 268 million 5G users, more than 27 million fixed broadband connections, and 12.9 million AirFiber subscribers.
On the bourses, RIL shares closed 0.08% higher at ₹1,296.60 on Thursday. The stock has fallen 17.4% so far in 2026, compared with a 7.9% decline in the Nifty 50.