Reliance targets retail EBITDA double, signs green ammonia deal
Q1 revenue jumped 25% led by O2C surge. Jio adds 25.2M subscribers. Management aims to double retail EBITDA in three years and build 40 GWh battery capacity. Bold targets contrast with a 22% profit drop.
— 4 earlier stories on Reliance Industries Ltd. →What's new
- Retail EBITDA target to double in three years via digital commerce.
- Green ammonia contract with Samsung C&T signed.
- 40 GWh battery capacity planned for 2026.
Why this matters
The concall reveals management's conviction in retail digital commerce and new energy, but near-term O2C headwinds persist. Profit fell 22% despite revenue rising 25% in Q1, making bold targets hinge on execution.
What we're watching
- Jio IPO timing - board approved 27 crore share fresh issue.
- Progress on retail EBITDA expansion and digital commerce launch.
- Petrochemical margins and logistics cost normalisation.
The full read
The numbers were already out: profit fell 22% even as revenue climbed 25%. The concall added what management plans to do about it. Double retail EBITDA in three years via digital commerce, secure a green ammonia contract with Samsung C&T, and build 40 GWh of battery capacity this year. FMCG wants ₹1 lakh crore by FY30, and beverages are already at half of last year's full-year run rate. Jio added 25.2 million subscribers. Yet the near-term headwinds (petrochemical margins and logistics costs) are cyclical, management says, and should normalise. That's a bet on patience. The ambition is clear; the 22% profit drop in a revenue up quarter is the tension.
Questions answered
- What is the green ammonia contract with Samsung C&T?
- Reliance secured a large contract to supply green ammonia to Samsung C&T. No value was disclosed.
- How is Jio performing?
- Jio added 25.2 million subscribers in Q1, taking total connectivity users to 533 million.
- What is the retail growth excluding demerger?
- Retail revenue grew 12% year-on-year excluding the demerger impact.
- What is the battery manufacturing plan?
- Reliance plans to set up 40 GWh battery manufacturing capacity this year.
- What are the near-term risks?
- Management cited petrochemical headwinds and elevated logistics costs as cyclical, expecting normalisation.
- What is the FMCG revenue target?
- The FMCG arm targets ₹1 lakh crore in revenue by FY30, with beverages already at half of last year's full-year run rate.
Reliance Industries Ltd.
Latest quarter · Jun 2026
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All notes on RELIANCE →- 18 Jul 2026 · 10:22 AM IST Reliance targets retail EBITDA double, signs green ammonia deal
- 1d ago Reliance revenue jumps 25% but profit slides 22% on higher costs
- 29d ago Reliance hits record revenue, cuts Kutch output 87%
- 29d ago Jio Platforms board approves DRHP for IPO of up to 27 crore shares
- 38d ago Reliance lands Meta's first custom data centre in India