Reliance Industries Limited (RIL) Q1FY26 Result Analysis

Reliance Industries Limited (RIL) is an Indian multinational conglomerate, primarily involved in energy, petrochemicals, natural gas, retail, entertainment, telecommunications, and textiles. It’s known as the largest private sector company in India, both in terms of market capitalization and revenue. The Company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara.

Result Analysis:   Reliance Industries Limited (RIL) (CMP: Rs. 1,476)

Result Update: Q1FY26

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Financial Performance:

Shareholding Pattern:

Management Commentary:

• The company has operationalized the largest utility-scale HJT solar module gigafactory, targeting 50 MW/day module and 175–200 MWh/day battery capacity. Captive transmission from Kutch to Jamnagar enables 24×7 power. Green hydrogen, CBG, and chemical projects are underway, alongside India’s largest solar glass and polysilicon facilities.
• Reliance is investing heavily in giga-factories for solar, batteries, and hydrogen, targeting commissioning within 4–6 quarters. The company aims to lead India’s green energy shift while reducing dependence on imported fuels, in line with national and global sustainability goals.
• Mukesh Ambani emphasized consistent performance across all businesses and reiterated the company’s aim to double in size every 4–5 years. Strategic focus remains on scaling digital, retail, and new energy platforms while pursuing growth through acquisitions and innovation.

Outlook:

Reliance Industries results reflect a one-time gain from its Asian Paints stake sale, while operational revenue faced pressure from crude price volatility and geopolitical factors. The company expanded 4-hour delivery, grew JioStar engagement, added new retail stores, and saw higher telecom ARPU. The company is accelerating its green energy investments across solar, battery storage, and hydrogen, while actively exploring new business verticals to sustain long-term revenue growth. The new energy segment is expected to open a strategic growth frontier, with meaningful contributions anticipated over the next 4–5 quarters. Management and industry outlook remain highly optimistic. It has reported an EPS of Rs 19.95 in Q1FY26 and TTM EPS of Rs 60.23 and currently trading at a TTM P/E of 24.51x and P/B of 2.37x.

Results:

 

Source: Company website, EWL Research

 

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