Business
Reliance Industries Q4 Results: Profit falls 13% YoY to Rs 16,971 crore; revenue rises 13%
Revenue from operations in the reporting period increased 13% YoY to Rs 2.98 lakh crore.
On a sequential basis, profit fell 8% from Rs 18,645 crore in the preceding December quarter.
The company’s board has also recommended a dividend of Rs 6 per share for the financial year ended March 2026.
The company reported a marginal decline in its operating performance with EBITDA falling 0.3% YoY to Rs 48,588 crore. Margins too fell 200 basis points over previous year period to Rs 14.9%.
Live Events
“Through FY26, we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment,” said Mukesh Ambani, Chairman and MD, Reliance Industries.
Also Read: Reliance Retail Q4 Results: Cons PAT rises marginally YoY to Rs 3,563 crore; revenue up 11%The revenue growth during the quarter was driven by the company’s mainstay business O2C (oil-to-chemicals), digital services and retail, where all the segments delivered double-digit revenue growth. At the operating level, strong growth in digital and positive contribution from retail was offset by decline in energy businesses.
Reliance Jio
Segment wise, operating revenue for Reliance Jio rose 13% YoY to Rs 44,928 crore in Q4, driven by strong subscriber additions, improving ARPU and continued traction in digital services. Profit for the quarter increased 13% to Rs 7,935 crore.
EBITDA grew 18% YoY, supported by revenue expansion and margin improvement of 230 basis points, indicating better operating leverage across the business.
Average revenue per user (ARPU) improved to Rs 214, aided by higher customer engagement and a better subscriber mix, though partially impacted by fewer days in the quarter. Data consumption remained robust, with per capita usage at 42.3 GB per month and overall data traffic rising about 35% YoY.
Subscriber metrics remained healthy, with monthly churn stable at 1.7% and net additions of 9.1 million users during the quarter, underscoring sustained demand for data services.
Mukesh Ambani said Jio continues to reshape India’s digital ecosystem and added that progress towards the listing of Jio Platforms marks a key milestone as the business scales further.
Reliance Retail
Reliance Retail reported a marginal rise in profitability for the March quarter, with net profit increasing 0.5% YoY to Rs 3,563 crore, while revenue from operations grew 11% to Rs 87,344 crore, reflecting steady consumption trends and store expansion.
Gross revenue for Q4 stood at Rs 98,232 crore, up 11% YoY. EBITDA from operations rose 3% to Rs 6,690 crore, with margins at 7.7%, while overall EBITDA came in at Rs 6,921 crore, up 3% YoY, translating into a margin of 7.9%.
Depreciation for the retail business increased 13% YoY to Rs 1,581 crore, in line with aggressive store additions and infrastructure expansion. However, finance costs declined 23% to Rs 525 crore, indicating a stronger balance sheet and lower borrowing burden.
Also Read: Reliance Jio Q4 Results: Cons PAT jumps 13% YoY to Rs 7,935 crore, revenue rises 13%; ARPU climbs to Rs 214
Operational metrics remained robust. The company added 333 new stores during the quarter, taking the total store count to 20,160, with operational area expanding to 78.3 million sq ft. Its registered customer base grew to 387 million, while total transactions surged 62% YoY to 585 million.
The hyperlocal commerce segment continued to scale rapidly, with average daily orders rising 29% sequentially and more than 300% YoY. In the grocery segment, growth remained broad-based, supported by festive demand and expansion of Smart Bazaar stores, which crossed the 1,000-store milestone.
JioMart also expanded its footprint, now servicing over 5,100 pin codes across more than 1,200 cities through a network of over 3,100 stores.
The fashion and lifestyle business delivered steady growth, led by strong demand in men’s wear and continued category expansion, supporting overall revenue growth.
Oil-to-Chemicals (O2C)
The O2C segment reported a mixed performance in the fourth quarter, with revenue rising 12% YoY to Rs 1.84 lakh crore, while EBITDA declined 4% to Rs 14,520 crore.
Revenue growth was primarily driven by a sharp 12% YoY increase in crude oil prices along with higher volumes in domestic fuel retail. The rise in benchmark crude supported realisations, even as demand for transportation fuels remained steady.
However, profitability came under pressure due to multiple cost headwinds. Higher crude premiums on physical cargoes, elevated freight and insurance costs, and increased fuel expenses limited margin gains. In addition, the company absorbed part of the cost pressure to maintain stable retail fuel prices, leading to under-recoveries in the domestic market.
Operational decisions also weighed on margins. Reliance diverted propane and butane streams to boost LPG output and prioritised supply to the domestic market, while gas from the KG-D6 basin was allocated to priority sectors. The reintroduction of windfall taxes on exports of diesel and aviation turbine fuel further impacted earnings.
Also Read: Reliance Jio IPO soon? Here’s what Mukesh Ambani said on India’s largest listing plans
Weakness in the petrochemical segment also contributed to the decline in EBITDA, as polymer spreads narrowed amid higher feedstock and energy costs, reducing overall profitability.
Reliance said the operating environment remained volatile during the quarter. Global oil demand rose modestly, supported by steady consumption across gasoline, diesel and aviation fuels. Brent crude averaged around $80.6 per barrel, up nearly $5 YoY, with a sharp spike in March driven by geopolitical tensions in West Asia and disruptions in supply routes.
Refinery throughput globally also improved slightly, indicating stable demand conditions, though cost pressures across the value chain continued to impact refining margins.
Mukesh Ambani said the O2C business navigated a complex global environment marked by supply disruptions due to the West Asia conflict. He added that the company ensured uninterrupted supply of fuels and critical materials to the domestic market, with operational flexibility helping manage the challenges during the period.
Oil and Gas
The oil and gas segment reported a weak performance in the March quarter, with revenue declining 9% YoY to Rs 5,867 crore, while EBITDA fell sharply by 18% to Rs 4,195 crore, due to scheduled maintenance activity and higher government levies, which compressed margins.
The drop in revenue was primarily driven by weaker gas price realisations and lower production from the KG-D6 basin. The average gas price for KG-D6 declined to $9.63 per MMBTU during the quarter from $10.09 a year ago, while CBM gas realisations fell to $9.01 per MMBTU from $10.36, impacting overall earnings.
Production trends were also mixed. Average gas output from KG-D6 stood at 25.2 MMSCMD, along with oil and condensate production of around 17,310 barrels per day, indicating stable but not expanding volumes. Lower gas volumes in the basin further weighed on revenue.
In the coal bed methane (CBM) segment, the company continued to push for production ramp-up. The second phase of its multi-lateral well campaign is underway, with 23 wells drilled out of the planned 40, and 21 already connected to the production system. Current CBM production stands at 0.91 MMSCMD, with new wells contributing incrementally to output.
JioStar
JioStar reported a strong performance, with revenue at Rs 9,784 crore and EBITDA (including other income) of Rs 827 crore.
The network strengthened its leadership position in television, with a viewership share of 34.2%, reaching over 810 million viewers across the country.
On the digital side, JioHotstar continued to see robust engagement, with average monthly active users of around 500 million during the quarter. The platform also set a global benchmark during the T20 Men’s Cricket World Cup final, recording a peak concurrency of 72.5 million users, the highest ever for any streaming event.
Subscription momentum remained strong, with direct-to-consumer subscriptions hitting an all-time high. Growth was supported by the introduction of flexible monthly plans, which improved affordability and helped expand the user base.
Overall, Mukesh Ambani said that recent developments in West Asia highlighted the importance of energy security and added that the company is making rapid progress in building its new energy giga factories, which are expected to become a key growth driver in the future.