Reliance Industries delivers robust FY26 performance driven by Jio, Retail and O2C growth

THEBUSINESSBYTES BUREAU

MUMBAI, APRIL 24, 2026

Reliance Industries Limited (RIL) reported a strong operational performance for the fourth quarter (Q4FY26) and full year ended March 31, 2026 (FY26), with robust growth across its digital services, retail and oil-to-chemicals businesses, reinforcing its position as India's most diversified and resilient conglomerate.

For Q4FY26, Reliance posted consolidated gross revenue of Rs 3,25,290 crore, marking a healthy 12.9 per cent year-on-year increase, led by double-digit growth in its O2C, Digital Services and Retail businesses. Consolidated EBITDA stood at Rs 48,588 crore, supported by strong earnings momentum in Jio Platforms and positive contribution from Reliance Retail, although profitability was partly impacted by disruptions in energy markets arising from geopolitical tensions in the Middle East. Profit after tax came in at Rs 20,589 crore.

For the full fiscal year, Reliance achieved record financial milestones, with consolidated revenue rising 9.8 per cent to Rs 11,75,919 crore. EBITDA surged 13.4 per cent to an all-time high of Rs 2,07,911 crore, while net profit jumped 17.8 per cent to a record Rs 95,754 crore.

Jio Platforms continued to be a key growth engine. Its quarterly revenue rose 12.7 per cent to Rs 44,928 crore, while EBITDA climbed 17.9 per cent to Rs 20,060 crore. Net profit increased 13 per cent to Rs 7,935 crore. Jio's subscriber base expanded to 524.4 million, with net additions of 9.1 million during the quarter. Its 5G user base reached an impressive 268 million, accounting for nearly 55 per cent of total wireless traffic. JioAirFiber maintained its leadership in fixed wireless access, helping Jio's broadband subscriber base reach 27.1 million. The telecom giant also earned nine OpenSignal awards, including India's Best Network.

Reliance Retail sustained its growth trajectory, reporting gross revenue of Rs 98,232 crore, up 10.8 per cent year-on-year. EBITDA stood at Rs 6,921 crore, while profit after tax rose to Rs 3,563 crore. During the quarter, the company opened 333 new stores, taking its total store count to 20,160. Its registered customer base grew to 387 million, and total transactions soared 62 per cent to 585 million. JioMart's hyper-local commerce business witnessed explosive growth, while Ajio expanded its assortment and rapid delivery footprint across the country.

The Oil-to-Chemicals business remained a major contributor, posting quarterly revenue of Rs 1,84,944 crore, up 12.4 per cent. EBITDA stood at Rs 14,520 crore despite multiple headwinds, including elevated crude premiums, higher freight and insurance costs, export duties and retail fuel under-recoveries. Reliance successfully navigated these challenges through agile sourcing, production optimisation and enhanced operational efficiency. For the full year, O2C revenue rose 5.7 per cent to Rs 6,62,401 crore, while EBITDA increased 10.1 per cent to Rs 60,546 crore.

Reliance's Oil and Gas exploration business reported revenue of Rs 5,867 crore during the quarter. EBITDA stood at Rs 4,195 crore, with an industry-leading margin of 71.5 per cent. While revenues moderated due to lower gas price realisations and natural decline in KG-D6 production, CBM production continued to rise, supported by the ongoing multi-lateral well development programme.

JioStar, Reliance's fast-growing media and entertainment venture, delivered a promising quarter with revenue of Rs 9,784 crore and EBITDA of Rs 827 crore. JioHotstar averaged 500 million monthly active users, while the ICC Men's T20 World Cup 2026 Final set a new global streaming benchmark with a peak concurrency of 72.5 million viewers. The platform further strengthened its leadership through AI-powered conversational content discovery in partnership with OpenAI.

Reliance's capital expenditure for the quarter stood at Rs 40,560 crore, taking full-year capex to Rs 1,44,271 crore. Net debt remained comfortable at Rs 1,24,717 crore, with a conservative net debt-to-EBITDA ratio of 0.60x, underscoring the company's strong balance sheet and financial flexibility.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Through fiscal FY2025-26 we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. India held its economic growth course through all this, as did Reliance. The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment.”

“Jio continues to transform India’s digital landscape. I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future. Robust full-year EBITDA growth of 19% was driven by continuing traction in mobility, home broadband and enterprise services. As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content in the years ahead,” he added.

Ambani further said: “Reliance Retail delivered steady growth through the year. I am confident that Reliance Retail’s deep omnichannel presence and its strong understanding of the Indian consumer will continue to underpin sustained growth. The consumer products vertical, now operating within an independent and focused organizational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands. India's consumption story has many years of growth ahead of it, and our businesses are built to be at the centre of this opportunity.”

On RIL’s O2C business, Ambani said, “The O2C business navigated a complex global environment during the year. The war in West Asia has led to unprecedented dislocation in global supply chains. As in prior periods of disruption, Reliance has again demonstrated its commitment to ensure availability of critical energy and materials to India. Our O2C team successfully diverted streams toward scaling up LPG production, our colleagues in Jio-bp have ensured continuous availability of fuels to individuals and businesses throughout India. Gas from KG-D6 Basin has been diverted towards priority sectors, in line with national energy priorities. I am proud of the dedication of our teams and the agility with which they have addressed challenges facing the nation.”

“Recent events have underscored the critical need of energy security. I am happy that Reliance is making rapid progress in operationalizing its New Energy giga-factories. This business will emerge as a powerful growth engine for Reliance and a transformative contributor to India’s energy future,” added the RIL Chairman.