Reliance Industries Ltd 1QFY27: Finally, a beat

Research evidence excerpt

Reliance Industries Ltd 1QFY27: Finally, a beat

J P M O R G A N Asia Pacific Equity Research

19 July 2026

Reliance Industries Ltd Overweight

RELI.NS, RELIANCE IN

1QFY27: Finally, a beat Price (17 Jul 26):Rs1,327.20

Price Target (Mar-27):Rs1,660.00

RIL’s 1QFY27 PAT (after minorities) of Rs209bn beat JPMe / consensus by 9/6%. Head of India Research

ACO2C segment EBITDA increased 17% QoQ, benefiting from higher refining and Sanjay Mookim

petrochemical margins. Retail operating EBITDA fell c.2% YoY as margins were (91-22) 6157-3600

hurt by continued focus on e-Commerce. Commodity strength, commissioning of sanjay.mookim@jpmorgan.com

new energy projects and valuations are key drivers of our OW rating. Atishy Rathi, CFA

(9122) 6157-3589

atishy.rathi@jpmchase.com

• Strong bottom line beat: Reliance’s 1QFY27 PAT of Rs.209bn was up Latika Chopra, CFA

16/23% YoY/QoQ, beating estimates. EBITDA of Rs.475bn was up 11% YoY (91-22) 6157-3584

and in line with JPMe. The bottom line was stronger on higher than expected latika.chopra@jpmorgan.com

Other Income and lower minority interest charges. Depreciation and interest J.P. Morgan India Private Limited, J.P. Morgan

Tower, Santacruz(E), Mumbai - 400098, SEBI

charges were up 2/27% QoQ due to higher capitalization in March. Tax rates Registration: INH000001873, (91-22) 6157-3000.

increased 72 bps QoQ. Capex of Rs.387bn fell 5% QoQ (this likely includes

forex charges as well). Net debt increased marginally to Rs.1.23 trillion.

Style Exposure

• O2C strong - despite retail losses: The O2C segment (refining and petchem)

EBITDA of Rs.170bn was up 17% QoQ. Total production meant for sale

declined c.10% QoQ due to a partial maintenance shutdown during the quarter

- but a large part of this will have been compensated for by the weaker INR.