Q1 FY2027 Result Highlights – Reliance Industries, Jio Financial Services, Polycab, Havells, HDFC AMC, ICICI Prudential AMC, Anand Rathi Brokers & ITC Hotels -

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Q1 FY2027 Quarterly Result Highlights of Reliance Industries, Jio Financial Services, Polycab, Havells, HDFC AMC, ICICI Prudential AMC, Anand Rathi Brokers & ITC Hotels

Reliance Industries Q1 FY2027 Results beats estimates – Revenue 27% Up

Reliance Industries’ June quarter earnings were marginally ahead of expectations, led by a stronger-than-anticipated performance in the oil-to-chemicals (O2C) business, while Jio’s muted ARPU growth remained an area of focus.

Cons Net Profit At 20,946 Cr Vs 16,971 Cr (QoQ) & Vs `26,994 Cr (YoY)
Alert: Q1 last year included a one-time gain of `8,924 Cr from the Asian Paints stake sale.
Cons Revenue At 3.09 Lk Cr Vs 2.94 Lk Cr (QoQ) & Vs `2.44 Lk Cr (YoY)
Cons EBITDA At 47,517 Cr Vs 44,141 Cr (QoQ) & Vs `42,905 Cr (YoY)
Cons EBITDA Margin At 15.4% Vs 15% (QoQ) & Vs 17.6% (YoY)

Key Highlights:

Quarterly revenue crossed 3 lakh crore for the first time. All major businesses—O2C, Digital and Retail—posted double-digit revenue growth. Net debt remained largely stable at1.23 lakh crore.
Jio EBITDA rose 15% YoY, driven by subscriber additions and margin expansion.
Retail revenue rose 7.4% YoY; adjusted for RCPL demerger, growth stood at 11.6%.
O2C EBITDA climbed to a four-year high of `17,010 Cr.

Jio ARPU rises To ₹215.6, Subscriber base crosses 533 million.
Avg Revenue Per User (ARPU) At 215.60 Vs 214 (QoQ) & Vs `208.80 (YoY)
Total Subscribers At 533.3 Million Vs 524.4 Million (QoQ) & Vs 498.1 Million (YoY)
Revenue At 34,212 Cr Vs 33,381 Cr (QoQ) & Vs `30,882 Cr (YoY)
EBITDA At 19,590 Cr Vs 18,771 Cr (QoQ) & Vs `17,301 Cr (YoY)
Margin At 57.3% Vs 56.2% (QoQ) & Vs 56% (YoY)

Retail revenue rises 7.4%, PAT falls 14% YoY

Reliance Industries’ retail business reported gross revenue of ₹90,408 crore for the quarter ended June 2026, up 7.4% from ₹84,171 crore a year earlier. However, the figure missed analysts’ estimates of ₹92,500-93,000 crore.
EBITDA declined 1.1% year-on-year to ₹6,309 crore from ₹6,381 crore, below analysts’ expectations of ₹6,700-6,800 crore. EBITDA margin contracted 80 basis points to 7.9% from 8.7% a year ago.
Profit after tax (PAT) fell 14.2% to ₹2,806 crore from ₹3,271 crore in the corresponding quarter last year.
On a sequential basis, gross revenue declined 8% from ₹98,232 crore, while EBITDA fell 8.8% from ₹6,921 crore. PAT dropped 21.3% from ₹3,563 crore, with EBITDA margin remaining unchanged at 7.9%.
Reliance said retail revenue increased 7.4% year-on-year to ₹90,408 crore and, adjusted for the RCPL demerger, gross revenue grew 11.6%. The registered customer base expanded 10.6% to 396 million during the quarter.

Oil-to-Chemicals (O2C): Revenue surged by 30% YoY, driving an O2C EBITDA of ₹17,010 crore—its highest in four years

Share Reaction: Positive

Jio Financial Services Q1 FY2027 Results: PAT rises 156%, Revenue more than triples

Jio Financial Services reported its Q1 FY27 results, delivering a massive 156% year-on-year jump in consolidated net profit to ₹830 crore. Revenue from operations surged 227% to ₹2,004 crore, driven by robust business momentum across its lending operations, fee income, and digital platforms.
Net Profit: Rose to ₹830 crore, up from ₹324 crore in Q1 FY26, and a 205% jump sequentially.
Revenue: Consolidated revenue from operations surged to ₹2,004 crore compared to ₹612 crore in the corresponding quarter last year.
Asset Growth: The Assets Under Management (AUM) more than doubled year-on-year to reach ₹30,667 crore.
Total income increased 141% year-on-year to Rs 1,496 crore, driven by a 165% jump in interest income to Rs 962 crore.
Fees and commission income rose fivefold to Rs 325 crore, while the company also reported dividend income of Rs 509 crore.
Subsidiary Performance: Jio Payments Bank reported total income of Rs 83 crore, compared with Rs 11 crore a year earlier. Customer deposits rose 72% YoY to Rs 617 crore, while CASA customers increased 51% to 3.9 million. Its business correspondent network expanded to more than 5.27 lakh touchpoints.
Pre-provisioning operating profit increased 38% YoY to Rs 505 crore.
Jio Credit, the company’s NBFC arm, saw strong growth in the quarter. Gross AUM rose 163% YoY to Rs 30,667 crore, while disbursements jumped 173% to Rs 11,252 crore. The loan book was spread across mortgages, loan against securities, and corporate and SME loans. Mortgages made up 45.4% of AUM, corporate and SME loans 44.2%, and retail loans against securities 10.4%.
Insurance premium facilitated increased to Rs 238 crore from Rs 154 crore, while the asset management business reported closing AUM of Rs 18,412 crore in Q1. Reinsurance premium underwritten stood at Rs 266 crore in the first quarter of operations.
Jio Credit’s net interest income rose 118% YoY to Rs 257 crore. Pre-provisioning operating profit grew 128% to Rs 154 crore, while profit after tax rose 113% to Rs 96 crore.

JioBlackRock and Allianz JVs expand.

The JioBlackRock asset management joint venture reported closing AUM of Rs 18,412 crore, up 21% from Q4FY26. Quarterly average AUM stood at Rs 17,979 crore. The AMC crossed Rs 10,000 crore in liquid fund AUM in April 2026 and expanded its product offerings with the Prism SIF NFO.

Share Reaction: Positive

Polycab India strong Q1 FY27 result: PAT jumps 33% YoY & Revenue up 39%

Polycab India reported its Q1 FY27 (June quarter) results, marking its highest-ever first-quarter performance.
Consolidated revenue surged 39% year-on-year to Rs 8,210 crore, while net profit grew 33% year-on-year to Rs 797 crore.
The strong performance was driven by robust momentum in the Wires & Cables and FMEG segments.
Revenue: Rs 8,210 crore (39% YoY growth)
Net Profit (PAT): Rs 797 crore (33% YoY growth)
EBITDA: Rs 1,136 crore (32% YoY growth)
EBITDA Margin: 13.8% (narrowed by about 70 bps YoY)
Segment Performance:
Wires & Cables (W&C) business, Polycab’s largest segment, reported 39% YoY revenue growth, led by a 43% rise in domestic sales on the back of healthy demand and strong execution under Project Spring. While the wires business outpaced cables, international revenue declined 13% YoY.
Fast-Moving Electrical Goods (FMEG) business saw a massive 71% YoY increase in revenue growth across all product categories, with solar products remaining the largest segment and more than doubling from a year ago. Segment EBIT margin expanded to 8%, aided by operating leverage and a richer product mix, in line with the company’s Project Spring target of 8-10% EBITDA margins by FY30.
Share Reaction: Slight Negative

Havells India Q1 FY2027 Result: Revenue up 20% but PAT down 17% YoY

Havells reported a 16.7% year-on-year decline in consolidated net profit to Rs 290 crore, significantly below Bloomberg estimates of Rs 420.5 crore. Revenue, however, rose 19.5% to Rs 6,518 crore, marginally ahead of analysts’ expectations of Rs 6,476 crore.
Net profit down 16.7% at Rs 290 crore vs Rs 348 crore
Revenue up 19.5% at Rs 6,518 crore vs Rs 5,455 crore
EBITDA down 9.5% at Rs 467 crore vs Rs 515 crore
EBITDA margin at 7.2% vs 9.4%
Operating performance remained under pressure. EBITDA fell 9.5% year-on-year to Rs 467 crore, while the EBITDA margin contracted sharply to 7.2% from 9.4% a year earlier. The margin also came in well below Street expectations of 9.54%.
Among business segments, the cables division continued to be the standout performer, with revenue rising 27% to Rs 2,456 crore, supported by healthy demand. However, EBIT growth in the segment remained modest at 5%, reflecting cost pressures.
The electrical durables business posted 12% revenue growth, but profitability weakened significantly, with EBIT declining 26% year-on-year.
Meanwhile, the Lloyd consumer appliances business continued to weigh on overall profitability. Revenue increased 15% to Rs 1,457 crore, but the division remained loss-making, reporting an EBIT loss of Rs 56.3 crore.
The switchgears segment also saw a softer quarter, with revenue declining 4% and EBIT falling 14% from a year earlier. While topline growth remained healthy, investors appeared more concerned about profitability, as higher costs and losses in the Lloyd business overshadowed the strong performance in cables and other growth segments.
Management Guidance:
Havells plans to increase the annual cable manufacturing capacity at the unit to 7.34 lakh km from the current 4.59 lakh km. The same is expected to be completed by December 2027 and would be funded via internal accruals.
Stock Reaction: Slight Negative

HDFC AMC Q1 FY2027 Results – PAT up 12% & Revenue up 13.6% YoY

HDFC Asset Management Company (HDFC AMC) reported its Q1 FY2027 results on July 15, 2026, delivering a consolidated net profit of ₹837 crore, a 12% increase from ₹748 crore in Q1 FY2026. Revenue from operations grew 13.6% year-over-year to ₹1,100 crore.
Net Profit: ₹837 crore (8.38 billion), representing a 12% YoY growth.
Revenue: ₹1,100 crore, up 13.6% from ₹968 crore in the same period last year.
Assets Under Management: The Quarterly Average Assets Under Management (QAAUM) grew 13% YoY to ₹9.35 lakh crore.
Market Share: HDFC AMC maintained an 11.2% overall market share in the mutual fund industry, with a 12.8% market share in actively managed equities.
Operational Expenses: Total expenses increased by 26% YoY to ₹271 crore, primarily driven by continued investments in business expansion.
Operating profit grew 10%, with margins at 35 basis points of assets under management. SIP and systematic transaction momentum remained strong, supporting recurring inflows. Alternatives AUM jumped 147% year over year to INR 148 billion. The company expanded into SIF, PMS, private credit, and venture capital products.
The quarter also showed the company’s strong position in equity-oriented assets. Its actively managed equity QAUM rose 16% year over year to INR 5.74 trillion, while equity orientation remained well above the industry average. That gives HDFC AMC a favorable mix, since equity products generally generate higher fees than debt or liquid funds.
SIP plus STP transactions: INR 48.1 billion in June 2026, up 20% year over year. Quarterly average AUM: INR 9.35 trillion, up 13% year over year.

Stock Reaction: Positive, shares rose 2.61%

ICICI Prudential AMC reported robust Q1 FY2027: PAT up 23% & Revenue up 17.5%

ICICI Prudential AMC reported a robust Q1 FY2027 performance, with Net Profit jumping 23% year-on-year to ₹964.63 crore and Revenue from Operations rising 17.55% year-on-year to ₹1,564.22 crore. This growth was driven by sustained retail participation, healthy Systematic Investment Plan (SIP) inflows, and higher Assets Under Management (AUM).
- Net Profit: ₹9,646.3 million (₹964.63 crore), up from ₹7,836.4 million in Q1 FY2026.
- Revenue: Operating revenue reached ₹1,560 crore, with a revenue yield of 0.52%.
- AUM Growth: Overall AUM expanded, with Equity AUM increasing 20% year-on-year.
- Investor Engagement: Monthly SIP inflows were strong at ₹4,872 crore, pushing the total active investor base to 17.3 million
- Profitability Drivers: ICICI AMC’s superior ROE of 79.07% gave it an earnings edge. Meanwhile, HDFC AMC faced a short-term margin drag due to a 26% YoY surge in operating expenses, largely driven by a spike in non-cash employee stock ownership plan (ESOP) costs reaching ₹22.7 crore.
- Asset Allocation Profiles: HDFC AMC maintained a higher concentration of higher-yielding equity assets, with equity comprising 65.7% of its total AUM compared to the broader industry average.
- Market Share Pressures: Both players faced minor market share dilutions due to rapid industry expansion and aggressive competition following the entry of fresh players like SBI AMC.

Stock Reaction: Positive

Anand Rathi Share and Stock Brokers reported Q1 FY27 results: Revenue up 22% & PAT up 2% YoY

Anand Rathi Share and Stock Brokers Ltd. (ARSSBL) reported its Q1 FY27 results, recording operating revenue of ₹246.10 crore, a 22.4% year-on-year increase.
Net profit (PAT) edged up 2% YoY to ₹23.40 crore, while profit before exceptional items jumped 71% to ₹39 crore.
Revenue Growth: Operating revenue grew to ₹246.10 crore, up from ₹201.11 crore in the same quarter last year, driven by broad-based expansion across both broking and non-broking businesses.
Margin Trading Facility (MTF): The MTF book expanded by 54.6% YoY, with interest income from this segment climbing 52.3%.
Profitability: Net profit rose marginally to ₹23.40 crore. Profit before exceptional items saw a much stronger 71.2% year-on-year increase, coming in at ₹39 crore.
Market Reaction: Despite the strong revenue and operational growth, the stock traded lower as investors assessed the company’s valuation levels relative to its bottom-line growth

Stock Reaction: Negative

ITC Hotels reported Q1 FY27 results: PAT up 35.5% and Revenue growing 14.8% YoY

ITC Hotels reported robust Q1 FY27 results, with consolidated net profit surging 35.5% YoY to ₹180 crore and revenue growing 14.8% YoY to ₹936 crore. The company also announced the acquisition of GHK Hospitality & Infrastructures Ltd at an enterprise value of ₹155 crore to expand its asset portfolio.
- EBITDA: Rose 19.5% to ₹292 crore compared to ₹245 crore in the corresponding period last year.
- EBITDA Margin: Expanded by over 100 bps YoY to 31.2%.
- Acquisition: The Board approved the acquisition of a 100% stake in GHK Hospitality, securing premium hospitality assets in Ahmedabad.
- Sequential Performance: Despite the strong Year-over-Year growth, Q1 net profit and revenue falling 43% and 34%, respectively, compared to the seasonally stronger March quarter (Q4 FY26).
Stock Reaction: Negative