# Reliance Industries Q1 Results LIVE: Here's what brokerages expect from the Mukesh Ambani company - Jio, Retail in focus — retained record
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Reliance Industries Q1 Results LIVE: Reliance Industries Ltd. (RIL) will be in the spotlight on Friday, July 17, as the oil-to-telecom conglomerate is scheduled to announce its financial results for the first quarter of FY27 after the close of market trading.
Reliance Industries share price rose as much as 2.4% to its day's high of ₹1,323.80 per share on BSE on Friday, July 17, ahead of the company's June quarter results announcement today. The oil-to-telecom conglomerate opened at ₹1,301 apiece today, as compared to the previous close of ₹1,293 on Thursday. The Mukesh Ambani stock has been under pressure recently, down 1% in 1 month, around 3.5% in 3 months, 9.5% in 6 months, and nearly 11% in the last 1 year.
Reliance Q1 Preview
Market participants expect Reliance to deliver another strong quarter, although performance across its business verticals is likely to be uneven. A rebound in the oil-to-chemicals (O2C) business and continued growth in the digital services segment are expected to underpin earnings, while softer consumer demand in retail and weaker production from the upstream business may limit the overall upside.
Brokerages broadly expect the company to report healthy double-digit growth in revenue and operating profit, driven by stronger refining margins, improving petrochemical spreads and the steady performance of Jio. However, analysts believe the retail business could continue to face pressure from subdued consumption trends, while lower output from the KG-D6 block is expected to weigh on the performance of the oil and gas exploration segment.
Equirus Securities expects consolidated net sales to rise 35% year-on-year to ₹328 crore, EBITDA to increase 14.5% to ₹49,100 crore, and net profit to grow 13% year-on-year to ₹24,593 crore. However, it expects EBITDA margins to contract by 267 basis points year-on-year to 15%, although margins are likely to remain flat sequentially.
Among Reliance's businesses, the O2C segment is expected to emerge as the biggest contributor to earnings growth during the quarter as refining economics improve after a relatively weak March quarter. Better refining margins and stronger petrochemical spreads are expected to support profitability.
Watch this space for Reliance Industries Q1 Results Live
According to Jigar S. Patel, Senior Manager - Technical Research Analyst at Anand Rathi Share and Stock Brokers, the stock has established a strong base in the ₹1,280- ₹1,320 zone, which aligns with a previously identified demand area. This suggests renewed buying interest at lower levels.
Patel noted that the technical structure has turned constructive, with bullish divergence visible on both the MACD and its histogram. These indicators suggest downside momentum is weakening and that the stock could be approaching a potential trend reversal.
"Reliance would benefit from Jio's increased ARPU and subscriber additions while the retail segment EBITDA margins to grow. O2C reporting could be stable on a QoQ basis on increased volatility," said YES Securities in a note.
The brokerage expects Jio's average revenue per user (ARPU) to increase to ₹215.4, while the subscriber base is projected to reach 531.6 million. It also forecasts Reliance Retail's revenue to grow 16% year-on-year, although sequential revenue is expected to be marginally lower at ₹997 billion. The retail business is expected to report an EBITDA margin of 7.3%.
While the headline earnings numbers will be closely tracked, investor focus is likely to be on the management's commentary and outlook for Reliance's key businesses.
The Street will be looking for updates on refining margins following the sharp correction in crude oil prices from their June highs, the recovery in petrochemical spreads, retail profitability, Jio's subscriber additions and average revenue per user (ARPU), capital expenditure plans, and progress on the company's new energy initiatives.
JPMorgan said the June-quarter results themselves are unlikely to be the primary trigger for the stock, with investors instead expected to focus on management's commentary regarding the sustainability of refining margins, demand trends across businesses and the company's growth outlook.
Reliance Industries closed FY26 on a strong note, reporting record revenue and profit for the March quarter, aided by robust growth in its telecom and retail businesses. Higher earnings from its digital services business helped offset weakness in certain segments of the energy business.
The conglomerate posted record consolidated revenue of ₹11,75,919 crore in Q4 FY26, reflecting a 9.8% increase from the year-ago period. EBITDA rose 13.4% year-on-year to ₹2,07,911 crore, while profit after tax (PAT) climbed 18.3% to ₹95,610 crore. The company's board also recommended a dividend of ₹6 per equity share.
According to Reliance's investor presentation, Jio ended FY26 with a subscriber base of more than 524 million, including 268 million 5G users. The telecom operator's fixed broadband connections crossed 27 million, while its AirFiber subscriber base reached 12.9 million by the end of the financial year.
Reliance Industries share price rose as much as 2.4% to its day's high of ₹1,323.80 per share on BSE on Friday, July 17, ahead of the company's June quarter results announcement today. The oil-to-telecom conglomerate opened at ₹1,301 apiece today, as compared to the previous close of ₹1,293 on Thursday. The Mukesh Ambani stock has been under pressure recently, down 1% in 1 month, around 3.5% in 3 months, 9.5% in 6 months, and nearly 11% in the last 1 year.
Systematix Institutional Equities has a relatively more conservative view on the company's June-quarter performance. It expects consolidated net sales to grow 27% year-on-year to ₹309 crore, while EBITDA is projected to increase 9.9% to ₹47,100 crore.
The brokerage believes the improvement will be driven primarily by a recovery in the O2C business, along with steady contributions from the telecom and retail segments.
Equirus Securities expects Reliance Industries to report a healthy set of June-quarter numbers, driven by a recovery in the oil-to-chemicals (O2C) business, continued double-digit growth in the retail segment and sustained momentum in Jio, supported by higher average revenue per user (ARPU) and subscriber additions.
"Growth will be led by improving O2C profitability, low-double-digit growth in Retail, and continued momentum in Jio through ARPU gains and subscriber additions," said Equirus Securities.
Reliance Industries share price rose as much as 2.4% to its day's high of ₹1,323.80 per share on BSE on Friday, July 17, ahead of the company's June quarter results announcement today.
Brokerages remain broadly constructive on Reliance's earnings outlook, although expectations differ across businesses.
Equirus Securities expects consolidated net sales to rise 35% year-on-year to ₹3.28 trillion, EBITDA to increase 14.5% to ₹49,100 crore, and net profit to grow 13% year-on-year to ₹24,593 crore. However, it expects EBITDA margins to contract by 267 basis points year-on-year to 15%, although margins are likely to remain flat sequentially.
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