Key Takeaways
RIL’s consolidated net profit fell 22% YoY to Rs 20,946 crore in Q1 FY27 versus Rs 26,994 crore, on a high base from last year’s Asian Paints stake-sale gain; revenue rose 25% to Rs 3.12 lakh crore
ICICI Bank‘s standalone profit rose 15.9% YoY to Rs 14,804.5 crore; HDFC Bank posted a 5% rise to Rs 19,060 crore
Punjab National Bank’s profit more than tripled, surging 213.6% YoY to Rs 5,253 crore; Kotak Mahindra Bank’s standalone profit climbed 26% to Rs 4,123 crore
Axis Bank’s profit jumped 22.5% YoY to Rs 7,114 crore, helped by a 43.7% drop in provisions
Nifty Bank surged 1.63% to 58,521.4, outperforming Nifty 50 (+1.09%, 24,334.3) and Sensex (+1.25%, 78,151.45) as the earnings blitz lifted sentiment
RIL shares traded up 0.29% at Rs 1,328.80 and ICICI Bank gained 0.83% to Rs 1,454, extending post-results gains
Reliance Industries, HDFC Bank and ICICI Bank led a heavy Q1 FY27 earnings show for Indian markets, with results from seven banks and the country’s largest private company driving a strong start to the week.
The Nifty Bank index surged 1.63% to 58,521.4, outperforming the Nifty 50’s 1.09% gain to 24,334.3 and the Sensex’s 1.25% rise to 78,151.45, as investors cheered a mostly positive set of numbers led by a more-than-three-fold profit jump at Punjab National Bank. Reliance Industries’ profit fell on a high year-ago base, even as the stock traded higher through the session.
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RIL Profit Falls on High Base, Revenue Jumps 25%
Reliance Industries‘ consolidated net profit fell 22% year-on-year to Rs 20,946 crore for the quarter ended June 30, 2026, down from Rs 26,994 crore in Q1 FY26, as per the company’s exchange filing.
The decline came against a high base, since the year-ago quarter included a one-time gain from the sale of RIL’s stake in Asian Paints. Revenue from operations rose 25% YoY to Rs 3.12 lakh crore, led by the Oil-to-Chemicals segment, which grew 30% on higher volumes.
Within the group, Jio Platforms’ consolidated profit rose 9.2% YoY to Rs 7,764 crore, with operating revenue up 11.8% to Rs 39,173 crore and ARPU rising to Rs 215.6 from Rs 208.8, as the telecom arm moves toward its planned IPO.
Shares of Reliance Industries were trading at Rs 1,328.80, up Rs 3.80 or 0.29%, after opening at Rs 1,325 and touching an intraday high of Rs 1,330.30.
Also Check: Reliance Option Chain Live – RIL Options Data
HDFC Bank, ICICI Bank Post Steady Gains
HDFC Bank, India’s largest private lender, reported a 5% YoY rise in standalone net profit to Rs 19,060 crore for Q1 FY27, compared with Rs 18,155 crore a year earlier, aided by a sharp 79% drop in provisions to Rs 3,060 crore.
Net interest income rose 6.7% to Rs 33,534 crore, though the net interest margin narrowed to 3.26% and gross NPAs edged up to 1.17% from 1.15% sequentially.
Separately, the RBI approved former Chief Election Commissioner Rajiv Kumar’s appointment as the bank’s part-time chairman.
ICICI Bank’s standalone net profit climbed 15.9% YoY to Rs 14,804.5 crore, from Rs 12,768.2 crore in Q1 FY26. Net interest income grew 12.7% to Rs 24,384.4 crore, while provisions fell 30.5% to Rs 1,260.5 crore and gross NPA improved to 1.38% from 1.40% a quarter earlier.
The board also approved raising up to $2.5 billion via overseas bonds.
ICICI Bank shares were trading at Rs 1,454, up Rs 12 or 0.83%, after touching an intraday high of Rs 1,455.10, extending gains following its results.
PNB Profit Triples, Axis Bank and Kotak Mahindra Also Beat Last Year
Punjab National Bank’s standalone net profit surged 213.6% YoY to Rs 5,253 crore, up from Rs 1,675 crore, aided by a sharp fall in tax outgo and improved recoveries; gross NPA improved to 2.78% from 2.95% a quarter earlier.
Axis Bank’s standalone profit rose 22.5% YoY to Rs 7,114 crore, supported by a 43.7% decline in provisions to Rs 2,222.5 crore, even as net interest income growth was a more modest 8% to Rs 14,646 crore.
Kotak Mahindra Bank’s standalone net profit rose 26% YoY to Rs 4,123 crore, from Rs 3,281.7 crore, on a 45% drop in provisions and 15% loan growth; net interest income grew 9% to Rs 7,928 crore.
YES Bank posted a 34% YoY rise in standalone net profit to Rs 1,071 crore, while RBL Bank’s profit grew 27% YoY to Rs 254 crore on a 12% rise in net interest income.
Market Reaction: Bank Nifty Outperforms
Markets cheered the earnings blitz. The Nifty 50 traded up 1.09% at 24,334.3 and the Sensex gained 1.25% to 78,151.45, while the Nifty Bank index outperformed with a 1.63% jump to 58,521.4 as ICICI Bank, HDFC Bank, Axis Bank, Kotak Mahindra Bank and PNB’s Q1 beats lifted sentiment.
Gift Nifty had earlier signalled a softer start, down 0.42% at 24,302, against mixed global cues, Japan’s Nikkei 225 slumped 4.03%, even as the Hang Seng (+1.7%) and Shanghai Composite (+1.1%) advanced.
Among commodities, WTI crude oil rose 0.98% to $85.78 a barrel, a trend RIL’s O2C segment will be watching, while the rupee held near 96.35 to the dollar.
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Also in Focus
GAIL (India) has signed an MoU with Khanij Bidesh India (KABIL) to collaborate on critical and strategic minerals for the country’s long-term resource security.
Aditya Birla Capital has invested Rs 484.5 crore in a rights issue of Aditya Birla Sun Life Insurance. Sterlite Technologies’ US arm, STL Optical Connectivity NA, has launched its CONCAT fibre-to-the-home solution after completing field trials with a major US telecom operator.
Cipla said the USFDA conducted a routine cGMP inspection at its InvaGen Pharmaceuticals facility in New York from July 13 to 17 and issued one Form 483 observation.
Power Grid Corporation has been declared the successful bidder for the Fatehgarh-II transmission project, involving two synchronous condensers and associated bays. NATCO Pharma received tentative USFDA approval for Olaparib tablets, to be distributed in the US by partner Alembic Pharmaceuticals. Nuvama Wealth Management received a SEBI administrative warning tied to its merchant-banking role in public issues, which it said has no impact on financials or operations.
NiftyTrader Desk View
| Stock | Key Technical Trigger | Trader View |
|---|---|---|
| Reliance Industries | Profit down 22% YoY on a high base; revenue up 25%; stock up 0.29% to Rs 1,328.80 | Reaction to O2C growth and Jio/Retail commentary will be watched through the session. |
| HDFC Bank | Profit up 5%; provisions down 79% | NIM compression to 3.26% remains the key metric to track. |
| ICICI Bank | Profit up 15.9%; GNPA improves to 1.38%; stock up 0.83% to Rs 1,454 | Asset-quality trend remains a key differentiator versus peers. |
| Axis Bank | Profit up 22.5% on lower provisions | NIM at a cycle low of 3.46%; the pace of margin recovery will remain in focus. |
| Kotak Mahindra Bank | Standalone profit up 26%; NIM at 4.53% | Consolidated PAT growth of 23% will be assessed alongside subsidiary performance. |
| Punjab National Bank | Profit up 213.6% on lower tax outgo | Turnaround momentum and asset-quality trends will be tracked through the session. |
| Power Grid Corporation | Declared the successful bidder for the Fatehgarh-II transmission project | Order-book addition is seen as an incremental positive for revenue visibility. |
Source: Company filings, NSE/BSE exchange disclosures, NiftyTrader market data, Business Standard, Moneycontrol, Economic Times
For live institutional-flow updates through the rest of the session, track the numbers on NiftyTrader’s FII-DII Tracker (https://www.niftytrader.in/fii-dii-data), as of the latest snapshot, FIIs were net sellers of Rs 376.41 crore in the cash market, while DIIs bought a net Rs 1,017.89 crore.
Bottom Line
With Reliance Industries and most of the banking sector done reporting, the market’s reaction shows the Street liked what it saw: the Nifty Bank index’s 1.63% jump reflects confidence in the sector’s Q1 show, even as RIL’s high-base-led profit decline kept the Nifty’s gains more modest at 1.09%.
DII buying of Rs 1,017.89 crore helped absorb FII selling of Rs 376.41 crore, suggesting domestic investors are backing the earnings narrative.
PNB’s sharp turnaround and steady numbers from HDFC Bank and ICICI Bank point to resilient core banking fundamentals, even as investors watch margin trends at Axis Bank and Kotak Mahindra Bank.
RIL and ICICI Bank shares were both trading higher intraday, extending the positive post-results reaction.
This article is for informational purposes only and is based on company filings and exchange disclosures. It does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Please consult a SEBI-registered investment advisor before making investment decisions. Stock market investments are subject to market risks.
