Reliance Q4 results 2026: Reliance Industries (RIL), India’s largest company in terms of market capitalisation, on Friday, 24 April, reported a 12.6% year-on-year (YoY) fall in its consolidated net profit (attributable to owners of the company) to ₹16,971 crore for the January-March quarter of the financial year 2026 (Q4FY26). In the corresponding quarter of the previous financial year (Q4FY25), the company’s profit was ₹19,407 crore.
The Mukesh Ambani-led oil-to-telecom-to-retail conglomerate reported a 12.9% YoY rise in consolidated revenue from operations to ₹2,98,621 crore for the March quarter. In the same quarter of FY25, RIL’s revenue was ₹2,64,573 crore.
RIL’s gross revenue jumped by 13% YoY to ₹3,25,290 crore, while profit after tax (PAT) declined by 8.1% YoY to ₹20,616 crore.
Consolidated EBITDA for the quarter declined 0.3% YoY to ₹48,588 crore, while EBITDA margin shrank by 200 bps YoY to 14.9%.
“Strong business momentum across O2C (oil-to-chemicals), digital services and retail delivered double-digit revenue growth in each of these segments. Oil and gas segment revenue decreased in line with the natural decline in KG D6 gas production,” said RIL.
For the entire financial year 2026, RIL’s net profit stood at ₹80,775 crore, up 16% from ₹69,648 crore in FY25, while revenue from operations grew by 9.75% to ₹10,75,675 crore from ₹9,80,136 crore in the previous financial year.
“Through FY26, 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,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
Meanwhile, Ambani hinted that the Jio IPO launch plan is on track.
“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,” said RIL Chairman.
Reliance Q4 results 2026: 5 key highlights
1. Jio Platforms: Solid all-round show
Reliance’s telecom arm- Jio Platforms– delivered a strong all-round show, with healthy growth in revenue and profitability.
Revenue from operations for the segment rose by 12.6% YoY to ₹38,259 crore, while PAT jumped 13% YoY to ₹7,935 crore. EBITDA saw a 17.9% YoY jump to ₹20,060 crore, and EBITDA margin climbed by 230 bps YoY to 52.4%.
Jio’s ARPU (average revenue per user), or the revenue it earned, on average, from each user over a given period, increased to ₹214 from ₹213.7 QoQ and ₹206.2 YoY. Customer base expanded 7.4% YoY to ₹524.4 million from 515.3 million QoQ and 488.2 million YoY.
“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,” said Ambani.
2. Reliance Retail: Margin pressure persists; store count exceeds 20k
Margin pressure in the retail business persisted while profit saw modest growth on a yearly basis.
According to the company, revenue from operations for the segment saw a healthy 11.1% YoY rise to ₹87,344 crore, while PAT improved by 0.5% YoY to ₹3,563 crore.
EBITDA rose by 3.1% YoY to ₹6,921 crore, while EBITDA margin declined by 60 bps YoY to 7.9%.
Reliance Retail opened 181 stores during the quarter, taking the total store count to 20,160 with a total area of 78.3 million sq. ft. By the end of Q3FY26, the total number of stores stood at 19,979.
“I am confident that Reliance Retail’s deep omni-channel 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 organisational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands,” said RIL Chairman.
3. Oil-to-chemicals (O2C): Margin dips due to elevated crude prices
While the O2C segment’s revenue grew by 12.4% YoY to ₹1,84,944 crore, EBITDA declined by 3.7% YoY to ₹14,520 crore, and EBITDA margin contracted by 130 bps YoY to 7.9%.
“Multiple headwinds curtailed margin capture, including a sharp rise in crude premiums on physical barrels, elevated freight and insurance costs, and higher fuel costs. In order to protect domestic consumers, RIL diverted propane/butane to boost LPG output and KGD6 gas to priority sectors,” said the company.
“RIL also held fuel prices at retail outlets, leading to under recoveries in fuel retailing. Reintroduction of SAED on exports of Diesel and ATF also impacted earnings. Weak polymer deltas with a sharp increase in feedstock and energy cost weighed on segment profitability,” the company added.
4. Oil and gas: Revenue, margin fall
Q4FY26 revenue declined by 8.9% YoY to ₹5,867 crore mainly due to lower gas price realisation in KGD6 and CBM, and lower gas volume in the KGD6 field.
EBIRDA declined by 18.1% YoY, while EBITDA margin shrank by 800 bps YoY.
The average price realised for KGD6 gas was $9.63/MMBTU in Q4FY26 against $10.09/MMBTU in Q4FY25. The average price realised for CBM gas was $9.01/MMBTU in Q4 against $10.36/MMBTU YoY.
5. New Energy business update
As per the company, the work on the world’s largest renewable energy generation project at Kutch is in full swing.
“We will start installations in the next few quarters as we also ramp up our evacuation capacity to Jamnagar,” said the company.
RIL said it successfully commissioned and operationalised various lines of solar PV module and cell manufacturing – first in India to achieve ALMM for HJT solar and module.
The company said it targets to progressively achieve 20 GWp annual Solar PV manufacturing fully integrated across the value chain in the next few quarters.
Track all Q4 results-related updates here.
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