RELIANCE
Reliance Industries share price & financials
- Price
- ₹1,309.5
- Market cap
- ₹18.0L Cr
- Sector
- Oil, Gas & Consumable Fuels
- Calls analysed
- 8
Reliance Industries Limited Q1 FY27
What went well
- Overall revenue increased 25% YoY, primarily due to oil prices, Jio's 12% growth, and Retail's 12% growth.
- Overall EBITDA grew 10% YoY to over ₹54,000 Crores, excluding the prior year's Asian Paints contribution.
- O2C EBITDA was up 17% YoY to ₹17,000 Crores, driven by high distillate margins (250-300% more) and strong spreads.
What to watch
- Retail EBITDA margin declined 80 bps YoY to 7.9%, attributed to investments in digital commerce and infrastructure for dark stores.
- Jio Platforms' PAT was impacted by higher finance costs due to the full capitalization of 5G networks, leading to increased depreciation and interest expenses.
What Reliance Industries Limited does
Reliance Industries is India's largest private-sector conglomerate, operating across energy and consumer sectors. Its oil-to-chemicals (O2C) arm runs refining, petrochemicals and fuel retailing (through the Jio-bp network), while Reliance Retail operates the country's largest store network across grocery, fashion, consumer electronics and jewellery. Jio Platforms provides mobile, 5G and fixed-broadband connectivity to over 500 million subscribers, and the group also spans FMCG (RCPL), media and entertainment (JioStar), oil & gas exploration (KG-D6 and CBM fields) and an emerging New Energy business in solar and green hydrogen.
Segments
- Oil to Chemicals (O2C)
- Digital Services
- Retail
- Oil & Gas (E&P)
- Media & Entertainment
- FMCG
- New Energy
- Jio telecom subscribers
- 524 million (FY26)
- Reliance Retail stores
- Over 20,000
- Retail registered customers
- 378 million
- Jio 5G users
- 268 million (largest outside China)
- Jio fixed-broadband connected premises
- 25 million+
- Jio-bp fuel retail outlets
- 2,125
Guidance record · Q1 FY27
what the last two calls moved 16 tracked 1 delivered 6 missed 9 open- Campa & Independence Turnover delivered said Q2 FY25 Promised: cross Rs 1000 crores turnover in FY25 (individually) Q1 FY27: Promise was for FY25 and has been achieved. FMCG business continues to show strong growth.
- Homes Connected (Fixed Wireless) went quiet said Q2 FY25 Promised: 100 million plus homes across India Q1 FY27: Not explicitly mentioned. Homes service promotion mentioned as impacting ARPU mix.
- Battery Energy Storage Capacity revised up said Q3 FY25 Promised: 30 gigawatts Q1 FY27: Will achieve 40-gigawatt hour capacity this year, and scaling up to 120-gigawatt hour (from 100 GWh).
All 16 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 27.0%, net profit down 24.6% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2,31,535 | 2,39,986 | 2,61,388 | 2,43,632 | 2,54,623 +10% | 2,64,905 +10% | 2,94,059 +12% | 3,09,468 +27% |
| EBITDA | 39,058 | 43,789 | 43,832 | 42,905 | 45,885 +17% | 46,018 +5% | 44,141 +1% | 47,517 +11% |
| Net profit | 19,323 | 21,930 | 22,611 | 30,783 | 22,092 +14% | 22,290 +2% | 20,589 −9% | 23,196 −25% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance −8.7% 1Y
1Y: ₹1,377 on 10 Sept 2025 → ₹1,257.5. High ₹1,592.3 (2 Jan 2026), low ₹1,257.5 (11 Sept 2026).
How the price took the results
close before → close after
- Q1 FY27
- −0.3%
- 19 Jul
- Q4 FY26
- −1.2%
- 24 Apr
- Q3 FY26
- −0.1%
- 16 Jan
- Q2 FY26
- +1.3%
- 17 Oct
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue grew 6.4% a year over 3 years, FY23 to FY26. Operating margin widened to 16.9%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹877.8k Cr | ₹901.1k Cr | ₹964.7k Cr | ₹1057.2k Cr |
| Operating profit | ₹142.0k Cr | ₹162.2k Cr | ₹165.4k Cr | ₹178.9k Cr |
| Operating margin | 16.2% | 18.0% | 17.1% | 16.9% |
| Interest | ₹19.6k Cr | ₹23.1k Cr | ₹24.3k Cr | ₹27.1k Cr |
| Depreciation | ₹40.3k Cr | ₹50.8k Cr | ₹53.1k Cr | ₹57.7k Cr |
| Net profit | ₹74.1k Cr | ₹79.0k Cr | ₹81.3k Cr | ₹95.8k Cr |
| Net margin | 8.4% | 8.8% | 8.4% | 9.1% |
| ROCE | 9.0% | 10.0% | 10.0% | 10.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹6.4k Cr | ₹6.8k Cr | ₹6.8k Cr | ₹6.8k Cr | ₹13.5k Cr | ₹13.5k Cr |
| Reserves | ₹693.7k Cr | ₹772.7k Cr | ₹709.1k Cr | ₹786.7k Cr | ₹863.7k Cr | ₹890.5k Cr |
| Borrowings | ₹279.0k Cr | ₹319.2k Cr | ₹451.7k Cr | ₹350.7k Cr | ₹374.6k Cr | ₹403.0k Cr |
| Other liabilities | ₹340.9k Cr | ₹400.0k Cr | ₹438.3k Cr | ₹610.8k Cr | ₹787.1k Cr | ₹870.6k Cr |
| Total liabilities | ₹1320.1k Cr | ₹1498.6k Cr | ₹1605.9k Cr | ₹1755.0k Cr | ₹2038.9k Cr | ₹2177.5k Cr |
| Fixed assets | ₹541.3k Cr | ₹627.8k Cr | ₹724.8k Cr | ₹780.0k Cr | ₹1096.4k Cr | ₹1124.8k Cr |
| Capital work in progress | ₹126.0k Cr | ₹172.5k Cr | ₹293.8k Cr | ₹338.9k Cr | ₹217.1k Cr | ₹237.7k Cr |
| Investments | ₹364.8k Cr | ₹394.3k Cr | ₹235.6k Cr | ₹225.7k Cr | ₹256.3k Cr | ₹248.3k Cr |
| Other assets | ₹288.0k Cr | ₹304.1k Cr | ₹351.8k Cr | ₹410.5k Cr | ₹469.1k Cr | ₹566.7k Cr |
| Total assets | ₹1320.1k Cr | ₹1498.6k Cr | ₹1605.9k Cr | ₹1755.0k Cr | ₹2038.9k Cr | ₹2177.5k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, FIIs trimmed −2.02 pp while DIIs added +1.38 pp. The shareholder count grew 5% to 46,51,863.
- Promoters
- 50.5%
- FIIs
- 17.2%
- DIIs
- 21.1%
- Government
- 0.2%
- Public
- 11.1%
Since Jun 2025
- FIIs −2.02 pp
- DIIs +1.38 pp
- Promoters +0.41 pp
How it drifted, 12 quarters
Over this window FIIs fell from 22.6% to 17.2% — −5.4 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 50.3%, FIIs 22.6%, DIIs 16.0%, Government 0.2%, Public 11.0%.Dec '23: Promoters 50.3%, FIIs 22.1%, DIIs 16.6%, Government 0.2%, Public 10.8%.Mar '24: Promoters 50.3%, FIIs 22.1%, DIIs 17.0%, Government 0.2%, Public 10.5%.Jun '24: Promoters 50.3%, FIIs 21.8%, DIIs 17.3%, Government 0.2%, Public 10.4%.Sep '24: Promoters 50.2%, FIIs 21.3%, DIIs 17.6%, Government 0.2%, Public 10.7%.Dec '24: Promoters 50.1%, FIIs 19.2%, DIIs 19.0%, Government 0.2%, Public 11.5%.Mar '25: Promoters 50.1%, FIIs 19.1%, DIIs 19.4%, Government 0.2%, Public 11.3%.Jun '25: Promoters 50.1%, FIIs 19.2%, DIIs 19.7%, Government 0.2%, Public 10.8%.Sep '25: Promoters 50.0%, FIIs 18.6%, DIIs 20.3%, Government 0.2%, Public 10.9%.Dec '25: Promoters 50.0%, FIIs 19.1%, DIIs 20.1%, Government 0.2%, Public 10.6%.Mar '26: Promoters 50.0%, FIIs 18.7%, DIIs 20.5%, Government 0.2%, Public 10.7%.Jun '26: Promoters 50.5%, FIIs 17.2%, DIIs 21.1%, Government 0.2%, Public 11.1%.
Who bought this quarter
since Mar 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
- Reliance Services and Holdings Limited newly disclosed 2.58% held
- Sikka Ports & Terminals Limited +0.53 pp 0.53% held
- ICICI Prudential Mutual Funds Mutual fund +0.15 pp 1.76% held
- NPS Trust Pension / PF +0.13 pp 1.55% held
- Life Insurance Corporation Of India Insurer +0.08 pp 6.88% held
- SBI Mutual Funds Mutual fund +0.07 pp 2.62% held
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Who is on the register
Named in the Jun 2026 filing
Every holder of Reliance Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Srichakra Commercials LLP | 11.12% | unchanged |
| Tattvam Enterprises LLP | 8.20% | unchanged |
| Devarshi Commercials LLP | 8.20% | unchanged |
| Karuna Commercials LLP | 8.20% | unchanged |
| Life Insurance Corporation Of India Insurer | 6.88% | +0.08 pp |
| Reliance Industries Holding Private Ltd | 4.57% | unchanged |
| Reliance Industrial Investments and Holdings Limited | 3.62% | unchanged |
| SBI Mutual Funds Mutual fund | 2.62% | +0.07 pp |
| Reliance Services and Holdings Limited | 2.58% | newly disclosed |
| Samarjit Enterprises LLP | 1.87% | unchanged |
| ICICI Prudential Mutual Funds Mutual fund | 1.76% | +0.15 pp |
| NPS Trust Pension / PF | 1.55% | +0.13 pp |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in RELIANCE
Filings to Aug 2026
0 new, 19 added, 17 trimmed, 1 sold out — net −59.97 L shares (−1.1%).
- Held by funds
- ₹71.6k Cr
- 69 schemes
- Biggest holder
- SBI Nifty 50 ETF
- ₹16.7k Cr · 7.8% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| SBI Nifty 50 ETF SBI Mutual Fund | ₹16.7k Cr | +6.89 L | Aug '21 |
| SBI BSE Sensex ETF SBI Mutual Fund | ₹11.6k Cr | +8.97 L | Aug '21 |
| Nippon India ETF Nifty 50 BeES Nippon India Mutual Fund | ₹5.3k Cr | +8.27 L | Jan '19 |
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹4.1k Cr | held | Dec '22 |
| Nippon India ETF BSE Sensex Nippon India Mutual Fund | ₹2.7k Cr | +5.98 L | Sep '14 |
| SBI Contra Fund SBI Mutual Fund | ₹2.3k Cr | held | Mar '23 |
| Nippon India Large Cap Fund Nippon India Mutual Fund | ₹2.2k Cr | held | Aug '19 |
| SBI Arbitrage Fund SBI Mutual Fund | ₹2.0k Cr | +29.30 L | Dec '21 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
19 added, 17 trimmed — net −59.97 L shares (−1.1%)
- Funds are sitting on
- +4%
- vs est. average cost
- Held by funds
- ₹71.6k Cr
- 69 schemes · ≈ 4.1% of the company
- Biggest holder
- SBI Nifty 50 ETF
- ₹16.7k Cr · 7.8% of that fund
- Longest holder
- Nippon India Index Fund - Nifty 50 Plan
- 14y · since Sep '12
Shares held by these funds +61%
Aug '23 56.01 cr shares Jul '26
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse Reliance Industries Limited
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