Analysts/Institutional Investor Meet/Con. Call Updates

July 19, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, G Block, Dalal Street, Bandra - Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript Transcript of the discussion on the Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter ended June 30, 2026, at the analyst meet held on July 17, 2026, is attached and also available on the website of the Company at https://www.ril.com/investors/events-presentations#webcast-sec. The analyst meet, conducted physically, concluded at 9:45 p.m. (IST) on July 17, 2026. This is for information and records. Thanking you Yours faithfully, For Reliance Industries Limited Savithri Parekh Company Secretary and Compliance Officer Encl.: as above Copy to: Luxembourg Stock Exchange Singapore Exchange Limited 35A Boulevard Joseph II 2 Shenton Way, #02-02 SGX Centre 1, L-1840 Luxembourg Singapore 068804 Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail: investor.relations@ril.com, Website: www.ril.com CIN- L17110MH1973PLC019786 RIL Q1 FY2026 - 2027 Media & Analyst Call Transcript 17 July 2026 19:52 IST Call Participants: • Sh V Srikanth, CFO, Reliance Industries Limited • Sh Anshuman Thakur, Head of Strategy, Reliance Jio Infocomm Limited • Sh Dinesh Taluja, CFO & Head of Corporate Development, Reliance Retail • Sh Ketan Mody, Executive Director, Reliance Consumer Products Limited • Sh Ishan Chatterjee, CEO, Sports, JioStar • Sh Srinivas Tuttagunta, COO – Refining & Marketing, Reliance Industries Limited • Sh Amit Chaturvedi, President – Petrochemicals, Reliance Industries Limited • Sh Sanjay Barman Roy, President – E&P, Reliance Industries Limited • Sh Karan Suri, Senior Vice President - New Energy, Reliance Industries Limited Duration: 01:51:20 minutes Presentation Link: https://www.ril.com/sites/default/files/2026- 07/Presentation_for_RIL_Analyst_Meeting_v17072026.pdf Meeting Audio: https://www.ril.com/investors/events-presentations#webcast-sec • Sh V Srikanth 00:00:01 – 00:09:45 (Group Performance) • Sh Anshuman Thakur 00:09:51 – 00:20:53 (Jio Platforms) • Sh Dinesh Taluja 00:20:58 - 00:32:28 (Retail) • Sh Ketan Mody 00:32:32 - 00:37:12 (FMCG) • Sh Ishan Chatterjee 00:37:20 – 00:42:54 (JioStar) • Sh Srinivas Tuttagunta 00:43:09 - 00:59:18 (Refining & Marketing, Oil to Chemicals) • Sh Amit Chaturvedi 00:59:36 – 01:06:38 (Petrochemicals, Oil to Chemicals) • Sh Sanjay Barman Roy 01:06:47 – 01:12:12 (Exploration & Production) • Sh Karan Suri 01:12:26 – 01:19:45 (New Energy) • Q&A Session 01:19:48 – 01:51:20 © Reliance Industries Limited 2020 1 Transcript: PRESENTATION Sh V Srikanth 00:00:01 – 00:09:45 (Group Performance) So, this has been an extraordinary quarter. Extraordinary when you look at it from point of view of macro volatility. Extraordinary if you see it from point of view of energy market shock. Extraordinary when you think of it in the context of what kind of supply chain dislocation that happened. And in that context is where when you look at the overall performance, I do want to say that it has been an extraordinary performance too. The kind of agility we have shown has been incredible and I will tell you why it is. But starting with the numbers, topline up 25% primarily because of oil prices, but it is also a fact that Jio topline was also up 12%, even retail was up close to 12%. So, it is not just about O2C. EBITDA has been strong and when you look at EBITDA and recurring EBITDA, because last time, same time, we had the Rs.8,900 Crores of Asian paints and that is why right through the presentation I have backed it out, otherwise it just does not make comparable numbers and it does not make sense with those numbers like that. So, when you look at that, our overall EBITDA is more than Rs.54,000 Crores, so we are up 10%. Net profit at almost close to 23,200, again up 6%. And when you see the numbers, strong performance, by O2C up 17%, JPL 15%. And that is really those where they stand out performance. And we will also talk about the other businesses. So again, consumer businesses is now again back to, it is about 50% of the overall mix. And, cash flows continue to be strong, more than from a cash profit point of view, really funding the overall capex. Moving on to O2C specifically, 30% up on revenue basis. Rs.17,000 Crores and that's up 17%. And when you see the components of the performance, starting with, of course, high distillate margins, we saw that. Significant 250% more, 300% more, but I just wanted to say that those numbers are there, but I think those numbers are on a flat crude basis, and it does not provide for the fact that you had to pay higher differentials to acquire the crude. But broadly, performance is on the back of higher spreads. Deltas, even chemical deltas, three to four years high. You always talked about the benefits of ethane cracking and when you see it in this quarter, while oil prices were going up, actually ethane prices went down. So, therefore, all the cracking that we do with the help of ethane, that was enormously valuable. I think the whole challenge in this quarter was about getting the crude, given the kind of dislocation we saw in the Middle East and, therefore, getting crude from Latin America, getting crude from the US, Canada, Africa, Russia. So, the challenge has been to get the crude because finally we were running the refinery at almost full capacity. Also, the other reason for the performance also comes from the actual placement. So quickly, the ability to reroute traffic back from Europe where we were exporting to actually more deficit markets in Asia and Australia. That also helped to give us some of the margins back. Of course, all this is there, but on the back of it, it was earnings were impacted by, of course, SAED was there, under-recoveries in retail was there. We had a planned turnaround, which meant that production meant for sale was lowered by 10%. LPG diversion, as you know, happened, requirement. Also, gas had to be diverted for the other priority sector, which means that we © Reliance Industries Limited 2020 2 had to use more of liquids to run the refinery. This, I am saying all this to lay the context about this performance is after providing for all this. So, in that sense is what I said, it is extraordinary. Overall oil and gas, year-on-year revenues up 3%, almost EBITDA flat, slightly lower. And in a sense, KGD6 production was lower, KGD6 price realization was lower, but kind of offset because CBM production was higher and actually the realization on CBM was higher and the liquid, even though it is small, the significant jump in liquid price meant that we were able to almost keep it flat to a year-on-year basis. On JPL side, as I said, 12% on revenue side and about 15% on margin. And we also got the benefit of margin expansion. We had market leadership, which was on the back of coverage, tech use cases. And when you now see the number of customers, we have 533 million customers and with about 285 on the 5G network. One of the points in the 12% year-on-year growth is the fact that while connectivity was 11%, some of the digital services growth was about 20%. So, it also helped pull, and that came on the back of content, cloud, compute, IoT, and managed services, which Anshuman will take you through. But now also traction on the FWA and of the 29 million fixed broadband subscriber base, now half of it is through JioAirFiber. On moving to retail side, Rs.90,000 Crores, so it is 12% higher. If you were to remove the impact of RCPL, which was there last time, so it is 12%. EBITDA is Rs 6,309 crore, which is slightly lower on a year-o [Showing first 8,000 characters — download PDF for full document]