Reliance Industries Limited has announced a postal ballot notice seeking shareholder approval for material related party transactions (RPTs) and an alteration to its objects clause to facilitate entry into the ammonium nitrate business. The resolutions, subject to remote e-voting, aim to sanction increased financial support for subsidiaries and diversify operations into new materials and explosives. The e-voting process commences on July 22, 2026, and concludes on August 20, 2026.

The company seeks approval to raise the limit for transfer of resources to Reliance Consumer Products Limited (RCPL) to ₹25,000 crore for the period from FY 2026-27 to FY 2028-29. This includes investments in securities, debt instruments, and loans or advances. RCPL, a subsidiary in which Reliance Industries holds 83.56% equity, requires funds for capital expenditure, working capital, and general corporate purposes as it scales up operations and develops food parks. The proposed limit represents 2.3% of the company's annual consolidated turnover for FY 2025-26.

Additionally, the company proposes to increase the monetary limit for transactions between Reliance Retail Ventures Limited (RRVL) and its step-down subsidiary Reliance Retail Limited (RRL) to ₹1,20,000 crore, outstanding at any point of time till FY 2031-32. RRVL will provide investments, loans, and advances to RRL to support the expansion of store networks, digital commerce, and new commerce formats. The estimated transaction value represents 11.2% of the company's annual consolidated turnover for FY 2025-26.

The third resolution seeks to alter the objects clause of the Memorandum of Association to include the manufacture of ammonium nitrate, explosives, and fertilizers. This strategic move aligns with the company's vision to build capabilities in new energy and new materials, targeting net carbon zero by 2035. The proposed integrated facility at Jamnagar will cater to the growing domestic and export demand for explosives and downstream fertilizer products.

The Audit Committee, comprising only independent directors, has reviewed and approved these transactions, confirming they are at arm's length and in the ordinary course of business. KFin Technologies Limited has been engaged as the e-voting agency. Shri Sunil Khandelwal, a Practising Chartered Accountant and Partner of Khandelwal & Mehta LLP, has been appointed as the Scrutiniser for the postal ballot process.

Key Financial Proposals

E-Voting Schedule

Reliance Industries reported a consolidated net profit of ₹23,196 crore for the quarter ended June 30, 2026, representing a 6.1% increase from the same period last year. The company achieved its highest ever quarterly recurring EBITDA of ₹54,067 crore, growing 10.1% year-on-year. Revenue from operations for the quarter stood at ₹311,850 crore, reflecting a 25.4% growth driven by strong performance across its Oil to Chemicals (O2C), Retail, and Digital Services segments. The Board of Directors approved the unaudited financial results at a meeting held on July 17, 2026.

Financial Performance

The company's Profit After Tax (PAT) stood at ₹23,001 crore for the quarter, compared to ₹30,681 crore in the previous year. Total expenses for the quarter were ₹287,770 crore against ₹226,633 crore in Q1FY26. The statutory auditors, Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP, conducted a limited review of the results.

The table below summarises the key financial metrics for the quarter:

EBITDA and Margin

Reliance Industries delivered a notable improvement in operating profitability during the quarter. EBITDA came in at ₹54,067 crore on a year-on-year basis, compared to ₹49,100 crore in Q1FY26. On a sequential basis, EBITDA stood at 475.2b Rupees versus 441b Rupees in the previous quarter, with EBITDA margin improving to 15.24% from 14.78% QoQ. The YoY EBITDA margin stood at 15.9%, compared to 18.0% in Q1FY26.

Segment Results

Operational performance was driven by key segments including Oil to Chemicals (O2C), Retail, and Digital Services. The O2C segment, which navigated a tough global energy market and supply chain challenges, reported revenue of ₹201,803 crore. Retail and Digital Services recorded revenues of ₹90,409 crore and ₹46,900 crore respectively. The total segment EBITDA for the quarter was ₹54,067 crore.

Analyst Views Post Q1FY27

Following the quarterly results, leading global brokerages have maintained their bullish stance on Reliance Industries, with target prices ranging from ₹1,510 to ₹1,870. The key themes highlighted across analyst notes include strong O2C outperformance, steady Jio growth, and retail margin pressure as a near-term monitorable.

The table below summarises the latest brokerage ratings and target prices:

Macquarie noted that management is targeting a doubling of retail EBITDA over the next three years, implying upside to consensus earnings for Jio and Retail. Morgan Stanley highlighted that execution of polysilicon, solar panel, and battery storage manufacturing continues to accelerate. CLSA pointed to FMCG and media as showing strong growth, with new energy, O2C, retail, media, and FMCG remaining key growth triggers. Nomura flagged that while the quarter was record-breaking on the back of a 4-year-high O2C EBITDA and strong E&P recovery, retail revenue missed estimates and margin recovery remains the key monitorable. Goldman Sachs noted that retail margins were compressed due to digital and hyperlocal investments, while the integrated solar PV and battery manufacturing plant is nearing commissioning.

Strategic Developments

Beyond its quarterly results, Reliance Industries is progressing with the gradual launch of its New Energy projects. The company also has plans to unlock value through an initial public offering (IPO) of Jio, its digital services arm, as part of its broader strategic roadmap.

Key Ratios and Notes

The company reported a basic earnings per share (EPS) of ₹15.48 for the quarter. Other income for the quarter ended June 30, 2025, included ₹8,924 crore from the sale of listed investments. Total Non-Convertible Debentures outstanding as of June 30, 2026, were ₹27,389 crore, with secured debentures amounting to ₹20,000 crore.

Transcript Availability

The audio recording of the discussion on the Unaudited Financial Results (Consolidated and Standalone) for the quarter ended June 30, 2026, at the analyst meet held on July 17, 2026, is available on the company's website. The analyst meet was conducted physically and concluded at 9:45 p.m. (IST) on July 17, 2026.