Reliance Q1 Results Live: Profit Expected To Rise; Jio Likely To Cushion Impact Of Pressure On Petrochemical

Reliance Jio Q1 Fiscal 2026 Preview (QoQ)

• Revenue seen up 2.8% to Rs 30863 crore vs Rs 30018 crore.

• Ebitda seen up 3.8% to Rs 16458 crore vs Rs 15852 crore.

• Ebitda Margin seen at 53.3% vs 52.8%.

• Net profit seen up 0.7% to Rs 6687 crore vs Rs 6642 crore.

• ARPU seen up 1.1% at Rs 208.4 vs Rs 206.2.

• Subscribers seen at 49.75 crore vs 48.82 crore.

Factors

• Growth supported by tariff hikes taken earlier and subscriber additions.

• ARPUs growth for the fourth consecutive quarter, but the growth numbers are slowing.

• Overall subscriber growth is aided by strong subscriber additions in the broadband space.

• Telecom saves the day; telecom to report the highest sequential growth.

• Singapore GRMs averaged 77% higher around $5.5/bbl Vs $3.1/bbl in fourth quarter of fiscal 2025.

• O2C growth marred by planned refinery maintenance shutdown and weaker petchem margins.

• Retail down quarter-on-quarter owing to high base; on year-on-year basis growth stable on the back of store addition and higher footfall.

• Oil and Gas exploration Ebitda down owing to lower realisation and volumes.

Retail

• Retail revenue seen down 4% to Rs 85,111 crore vs Rs 88,637 crore.

• Retail Ebitda seen down 1% to Rs 6,652 crore vs Rs 6,721 crore.

Oil & Gas

• O2C Ebitda seen up 2% to Rs 15,414 crore vs Rs 15,080 crore.

• Oil & Gas (gas exploration) Ebitda seen down 4% at Rs 4,905 crore vs Rs 5,123 crore.

• Margin outlook in refinery and petchem.

• Outlook of new energy business.

• Commentary on ARPU post tariff hike.

• Jio Fiber growth.

• Commentary on capex outlay and debt.

While we wait for Reliance Industries to release their first quarter results, you can check the results for Mastek, that posted a nearly 14% growth in profit here.