What RIL's Q1 Results Reveal About Jio IPO, Campa and FY27 Growth

Reliance Industries' June-quarter earnings offered investors two key takeaways beyond the headline numbers. Jio Platforms has moved a step closer to its much-awaited stock market debut, while Reliance Consumer Products continued its rapid expansion as brands such as Campa and Independence gained scale across India.

Commenting on the results, Reliance Industries Chairman and Managing Director Mukesh Ambani said, "Reliance has made a steady start to FY27, with all businesses delivering strong operating performance." He added that the company's diversified business portfolio continued to demonstrate resilience despite geopolitical tensions and volatile commodity markets.

He also said the company remains optimistic about the year ahead as it begins commissioning new energy projects in phases and prepares to unlock value through the upcoming Jio IPO.

Jio IPO Moves Closer

A major development during the quarter was Jio Platforms filing its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), marking a significant step towards its public listing.

Ambani called the upcoming listing "an important milestone in Jio's journey" and said it would "give investors an opportunity to participate in India's digital growth story."

The telecom and digital services business continued to report healthy growth. Jio Platforms posted a net profit of ₹7,764 crore in the June quarter, up 9% year-on-year (YoY), while operating revenue increased 12% to ₹39,173 crore.

EBITDA rose 15% YoY, supported by subscriber additions, higher average revenue per user (ARPU) and continued growth across mobility, home broadband and enterprise services.

Jio's ARPU improved to ₹215.6, while monthly data consumption reached 43.7 GB per user. Net subscriber additions stood at 8.9 million, and monthly churn improved to 1.6%.

Consumer Business Continues to Scale Up

Reliance Consumer Products Ltd. (RCPL) was another standout performer during the quarter. The FMCG business reported gross revenue of more than ₹8,600 crore, more than doubling from the same period last year.

Growth was led by the company's daily essentials and beverage businesses. The Independence brand generated around ₹3,200 crore in sales during the quarter, while beverage brands led by Campa contributed about ₹2,900 crore.

According to the company, Campa achieved more than half of its FY26 sales during the first quarter itself and gained double-digit market share across several markets.

Ambani said the consumer products business is growing rapidly, with the company's FMCG portfolio gaining strong acceptance among Indian consumers.

The business also continued expanding its reach. RCPL now works with more than 5,000 distributors and reaches over 3 million retail outlets, while external distribution channels contributed more than 80% of total sales during the quarter. The company has also expanded its presence to over 40 international markets.

Optimistic Outlook Despite Profit Decline

Reliance Industries reported consolidated net profit of ₹20,946 crore for the June quarter, down 22% from a year ago. The decline was largely due to an exceptional gain from the sale of its Asian Paints stake in the corresponding quarter last year.

Revenue from operations, however, rose 25% YoY to ₹3.11 lakh crore, while the company's earnings exceeded Street expectations.

Ambani said Reliance's diversified business portfolio continued to demonstrate resilience despite a challenging global environment. He added that the oil-to-chemicals business delivered a strong performance during the quarter, supported by favourable refining margins and improved petrochemical spreads.

Looking ahead, Ambani said he remains optimistic about FY27. "The start to FY27 gives me reason to be optimistic about the year ahead as we move forward with phased commissioning of new energy projects and unlock value through the Jio IPO," he said.