NEW DELHI: Reliance Industries Limited (RIL) reported a mixed set of results for the fourth quarter of FY26, with robust growth in its digital and retail businesses offset by pressure in its energy segment due to geopolitical disruptions.

RIL posted gross revenue of Rs 3,25,290 crore ($34.3 billion), marking a 12.9% year-on-year (YoY) increase, driven by double-digit growth across Oil-to-Chemicals (O2C), Digital Services, and Retail segments. However, revenue from its Oil and Gas business declined due to lower production at the KG-D6 block.

EBITDA stood at Rs 48,588 crore ($5.1 billion), supported by strong telecom earnings and retail contributions. Still, overall profitability was weighed down by disruptions in energy markets linked to the Middle East conflict.

Net profit (PAT) came in at Rs 20,589 crore ($2.2 billion), down 8.9% YoY, impacted by higher depreciation and finance costs, including investments in 5G infrastructure.

Capital expenditure remained elevated at Rs 40,560 crore during the quarter, while net debt stood at Rs 1,24,717 crore, with a comfortable net debt-to-EBITDA ratio of 0.60x.

For the full financial year, RIL delivered record-breaking numbers:

Revenue: Rs 11,75,919 crore ($124 billion), up 9.8% YoY

EBITDA: Rs 2,07,911 crore ($21.9 billion), up 13.4% YoY

PAT: Rs 95,754 crore ($10.1 billion), up 17.8% YoY

RIL’s telecom arm, Jio Platforms, continued to be a key growth driver:

Revenue: Rs 44,928 crore, up 12.7% YoY

EBITDA: Rs 20,060 crore, up 17.9% YoY

Subscriber base: 524.4 million, with 9.1 million net additions

5G adoption surged, with 268 million users, accounting for 55% of wireless traffic. Data consumption jumped 35% YoY, while fixed broadband subscribers reached 27.1 million.

Reliance Retail maintained steady momentum:

Revenue: Rs 98,232 crore, up 10.8% YoY

Store count: Expanded to 20,160 with 333 new stores added

The segment saw strong growth in transactions and customer base, while hyperlocal commerce and fashion platform Ajio continued rapid expansion. However, margins remained under pressure due to ongoing investments.

The O2C segment reported:

Revenue: Rs 1,84,944 crore, up 12.4% YoY

EBITDA: Rs 14,520 crore

Despite strong fuel demand, profitability was impacted by higher crude premiums, freight costs, and export duties linked to geopolitical tensions.

Meanwhile, the Oil & Gas segment saw: Revenue decline of 8.9% YoY

Lower gas price realizations and reduced output from KG-D6 fields

The company’s media business, Jiostar, showed steady traction:

Revenue: Rs 9,784 crore

Monthly users: 500 million on JioHotstar

Major sporting events like the ICC Men’s T20 World Cup and IPL drove record engagement, while AI-powered content discovery features were introduced via a partnership with OpenAI.

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.

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.

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.”