Reliance Industries: O2C shines, but digital commerce push weighs on Q1 earnings

Reliance Industries reported a 16% year-on-year rise in Q1FY27 net profit to ₹20,946 crore, driven by a sharp improvement in the oil-to-chemicals (O2C) segment where Ebitda per tonne rose 30% to ₹10,904, the highest in 13 quarters. Jio Platforms posted steady numbers with Arpu at ₹215.6 and Ebitda of ₹20,865 crore, though analysts flagged concerns over slow Arpu growth. The retail segment continued to disappoint, with Ebitda falling 2% YoY to ₹5,935 crore and margins dropping 75 basis points to 7.4%, as the company invests aggressively in digital commerce and dark stores for another 9-12 months.