Summary:
Reliance Industries Limited (RIL), which is headed by Mukesh Ambani, saw a relatively balanced Q4 financial performance ending on March 2026 due to underperforming energy sector despite high growth recorded by other sectors such as digital and retail sectors. The firm had difficulties due to disruptions that were geopolitical in nature and due to fluctuating crude oil prices.
Net Profit Falls Despite Revenue Growth
The company earned a net profit of ₹16,971 crore in Q4 FY26, down by 12.5% year-over-year from ₹19,407 crore. The company’s sequential net profit decreased by 8%, from ₹18,645 crore in the previous quarter.
On the other hand, the operating income increased by 13% year-over-year to ₹2.98 lakh crore. The gross revenue for the quarter stood at ₹3,25,290 crore, a growth of 12.9% year-over-year.
Margins Under Pressure
EBITDA came to ₹48,588 crore, marginally declining by 0.3% YoY. EBITDA margin came in at 14.9%, lower by 200 bps year-on-year on the account of headwinds to its energy business. This was mainly due to poor performances in oil and gas amid disruptions in the Middle East.
Segment Performance Supports Growth
Revenue for the O2C category amounted to ₹1,84,944 crore, growing by 12.4% YoY on account of almost a 12% rise in crude oil prices and higher volume of fuels sold in India.
Revenue for the Oil and Gas (E&P) category declined by 8.9% YoY to ₹5,867 crore owing to a reduction in the realisation of gas prices and lower production from the KG-D6 field.
Gross revenues at Reliance Retail increased marginally to ₹98,232 crore (+10.8% YoY), whereas revenue from operations grew by 11.1% YoY to ₹87,344 crore. EBITDA was reported at ₹6,921 crore, registering a growth of 3.1% YoY, with margins being stable at 7.9%. PAT at Retail was at ₹3,563 crore (+0.5% YoY).
Jio Platforms Drives Digital Momentum
Jio Platforms maintained its significance as one of the main drivers of growth for Reliance. Revenue was ₹44,928 crore, representing a 12.7% increase Y-o-Y, whereas revenue from operations grew by 12.6% Y-o-Y to ₹38,259 crore.
EBITDA witnessed an impressive increase of 17.9% Y-o-Y to ₹20,060 crore, with margins improving by 230 basis points to 52.4%, owing to leverage.
PAT recorded a rise of 13% Y-o-Y to ₹7,935 crore. The number of subscribers increased to 524.4 million, adding 9.1 million new customers in the quarter. ARPU increased by 3.8
Media and Digital Platforms Performance
The total income made by JioStar was ₹9,784 crores and the Profit After Tax was ₹420 crores for the quarter. Jio Hotstar saw a monthly active user base of around 500 million with viewership for television entertainment of 34.2%, exceeding 810 million viewers.
The major sports event which created viewer activity was the ICC Men’s T20 World Cup 2026 finals, where the concurrency exceeded 72.5 million. Additionally, the TATA IPL 2026 Opening weekend had over 515 million viewers.
Capex, Debt and Dividend
Capital expenditures by RIL during Q3 were ₹40,560 crore, taking the total for the year to ₹1,44,271 crore. The net debt was ₹1,24,717 crore, with the net debt-to-EBITDA multiple standing at 0.60x.
A dividend of ₹6 per share has been proposed by the board for FY26.
Management Commentary
Mukesh Ambani stated that FY26 was marked by geopolitical disruptions, volatile energy markets and shifting global trade patterns. He highlighted that RIL’s diversified portfolio and strong domestic focus helped the company navigate external volatility, with consumer businesses providing stability against global headwinds.
