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Reliance Industries reported a 12.9% year-on-year increase in gross revenue to ₹3,25,290 crore ($34.3 billion) for Q4 FY26, driven by strong performance across oil-to-chemicals, digital services and retail segments. Oil and gas revenue declined due to natural depletion in KG D6 gas production.

EBITDA remained stable at ₹48,588 crore ($5.1 billion), as strong earnings from digital services and contributions from retail were offset by weakness in energy businesses.

Depreciation rose 9.9% year-on-year to ₹14,808 crore ($1.6 billion), while finance costs increased 7.0% to ₹6,585 crore ($694 million), largely due to operationalisation of 5G spectrum assets. Tax expenses declined 1.3% year-on-year to ₹6,579 crore ($694 million).

Profit after tax, along with share of profit or loss of associates and joint ventures, declined 8.9% year-on-year to ₹20,589 crore ($2.2 billion). Capital expenditure for the quarter stood at ₹40,560 crore ($4.3 billion).

Reliance Industries reported an 8.6% year-on-year increase in depreciation to ₹57,688 crore ($6.1 billion), driven largely by higher depreciation in digital services.

Finance costs rose 11.5% year-on-year to ₹27,061 crore ($2.9 billion), primarily due to the operationalisation of 5G spectrum assets. Tax expenses increased 9.2% year-on-year to ₹27,552 crore ($2.9 billion).

For the year ended March 31, 2026, capital expenditure stood at ₹1,44,271 crore ($15.2 billion). The company continued investments in O2C and new energy projects, along with the expansion of Jio and retail networks and related infrastructure.

Reliance Industries reported a 13.4% year-on-year increase in consolidated EBITDA to ₹2,07,911 crore ($21.9 billion), supported by growth across its telecom, retail and refining-to-chemicals businesses.

Jio Platforms posted an 18.8% year-on-year rise in EBITDA, driven by revenue growth and strong operating leverage, resulting in a 190 basis points margin expansion.

Reliance Retail Ventures recorded EBITDA growth of 7.9% year-on-year to ₹27,033 crore, with margins at 8.3%. The margin was moderated by 30 basis points due to investments in hyper-local commerce expansion.

The oil-to-chemicals (O2C) segment EBITDA increased 10.1% year-on-year, supported by stronger transportation fuel cracks, efficient feedstock sourcing, higher product placement, improved utilisation, and proactive yield management.

The oil and gas segment EBITDA declined 10.1% year-on-year, impacted by lower revenues and higher operating costs.

Reliance Industries reported a 9.8% year-on-year increase in consolidated gross revenue to ₹11,75,919 crore ($124.0 billion) for the year, driven by growth across its telecom, retail, and energy businesses.

Jio Platforms recorded a 14.7% year-on-year revenue growth, supported by continued subscriber additions, higher ARPU, and steady expansion of digital services.

Reliance Retail Ventures reported revenue growth of 11.8% year-on-year, driven by broad-based expansion across consumption categories, deeper penetration into under-served markets, and scaling of its hyper-local delivery network.

The oil-to-chemicals (O2C) segment revenue increased 5.7% year-on-year, supported by higher domestic product placement and improved realisation. The oil and gas segment reported a 5.4% decline in revenue due to lower KG D6 gas volumes, partially offset by higher realisations.

JioStar maintained its undisputed No.1 position in television viewership, with a share close to the combined share of the next three largest networks.

In Hindi-speaking markets (HSM), the network led the segment in Q4, with “Kyunki Saas Bhi..” emerging as the top-rated Hindi general entertainment fiction show and “Laughter Chefs S3” leading in the non-fiction category. Star Utsav continued its leadership in the free-to-air segment since its re-entry in April 2025.

Regional general entertainment channels, including Star Pravah, Star Jalsha, Star Maa, and Asianet, retained their No.1 positions in their respective markets. The network also sustained leadership in kids, youth, and English niche genres.

On the digital front, Hindi content performed strongly, with “The 50 (S1)” becoming the second-biggest reality show on JioHotstar, while “Chiraiya” ranked among the top five most-watched limited-episode series of the year. Regional film content also set platform benchmarks, with Prabhas-starrer “Raja Saab” becoming the most-watched South film and Vijay Sethupathi-starrer “Muthu Alias Kaattaan” emerging as the biggest South special launch.

JioStar also strengthened its position in international entertainment, with platform titles winning 32 awards across major global events, including 11 at the Oscars, 9 at the Golden Globes, and 12 at the Critics’ Choice Awards. Titles such as Sinners and One Battle After Another were among the most recognised.

JioStar reported sustained growth in digital subscriptions during the quarter, with direct-to-consumer subscriptions reaching an all-time high, supported by the launch of new monthly plans aimed at improving affordability and flexibility.

JioHotstar introduced conversational discovery through a partnership with OpenAI, enabling voice search powered by artificial intelligence. The platform also added in-app commerce features, including food ordering via Swiggy during IPL and a “Shop the Look” integration with NewMe on Splitsvilla. The user experience was upgraded with a new immersive interface across mobile and connected TV devices to improve navigation and engagement.

The platform successfully streamed two major global live concurrency events during the T20 World Cup, reinforcing its scale and stability.

On the sports front, performance was driven by the ICC Men’s T20 World Cup, Women’s Premier League, and the India vs New Zealand series. The ICC Men’s T20 World Cup 2026 recorded record-breaking viewership across TV and digital platforms, with peak concurrency milestones in the semi-final and final, ranking among the most-watched cricket tournaments across formats.

TATA IPL 2026 also opened at record scale, reaching over 515 million viewers across linear TV and digital during its opening weekend, strengthening JioStar’s position in live cricket broadcasting.

JioStar reported strong revenue of ₹9,784 crore for Q4 FY26, along with EBITDA (including other income) of ₹827 crore. The network maintained its leadership in the television entertainment segment with a 34.2% viewership share, reaching over 810 million viewers nationally.

JioHotstar averaged 500 million monthly active users during the quarter. The T20 Men’s Cricket World Cup final recorded a peak concurrency of 72.5 million viewers, marking the highest level for any content property globally and underscoring the platform’s position in sports and entertainment consumption.

Reliance Industries reported an 8.9% year-on-year decline in revenue from its oil and gas exploration and production segment for the quarter, driven by lower gas price realisation in KGD6 and CBM, along with reduced gas volumes from the KGD6 field.

The average realised price for KGD6 gas stood at $9.63 per MMBTU in Q4 FY26 compared with $10.09 per MMBTU in Q4 FY25. CBM gas realisation declined to $9.01 per MMBTU from $10.36 per MMBTU a year earlier.

Segment EBITDA fell 18.1% year-on-year to ₹4,195 crore, impacted by lower revenue, higher operating costs due to maintenance activity, and government levies.

In the KGD6 block, average production for the quarter stood at 25.2 MMSCMD of gas and around 17,310 barrels per day of oil and condensate. In CBM, production optimisation efforts continued with a multi-lateral well campaign, where 23 out of 40 wells have been drilled and 21 connected to the production system. Current CBM output stands at 0.91 MMSCMD, supported by contributions from new wells.

Reliance Industries reported a 5.4% year-on-year decline in revenue from its oil and gas (exploration and production) segment in FY26, primarily due to lower gas and oil/condensate production from the KG D6 block.

Revenue was also impacted by lower realisation from CBM gas and KGD6 crude, partly offset by higher price realisation from KGD6 gas. The average realised price for KGD6 gas stood at $9.81 per MMBTU in FY26, compared with $9.65 per MMBTU in FY25. CBM gas realisation declined to $9.43 per MMBTU from $10.95 per MMBTU in the previous year.

Segment EBITDA declined 10.1% year-on-year to ₹19,050 crore, driven by lower revenues and higher costs.

“Whether tariff hike happens before or after the IPO remains a question. There’s no cadence in terms in the industry when tariff hikes actually come… Having said that, considering the nature and structure of the industry, there will be definitely be a tariff hike. However, if it will be in the next 12 months or next 24 months, it isn’t clear,” Naveen Kulkarni, Chief Investment Officer at Axis Securities, a Mumbai-based broking firm, said.

Jio-bp, operated by Reliance BP Mobility Limited, expanded its country-wide fuel retail network to 2,199 outlets, compared with 1,916 outlets in Q4 FY25.

The company’s fuel offerings under “Active Technology” high-performance fuels continued to support customer engagement by offering higher mileage without additional cost. Loyalty programmes including “Trans-Connect” for fleets, “RewardMeter” for truck drivers, and “4ever” for car users, along with the “Mobility+” credit card developed with IndusInd Bank and RuPay, added to customer benefits.

Retail sales of diesel and petrol grew at 24% and 37% year-on-year, respectively in the quarter, outperforming industry growth rates of 6.1% and 6.5%. The company also captured a 5.9% market share in aviation fuel.

Under its electric mobility initiative, Jio-bp Pulse expanded to over 6,281 live charging points across 1,071 sites, with industry-leading charger uptime. Under its Clean N Green initiative, the compressed biogas (CBG) network expanded to 112 sites retailing Bio-CNG from RIL’s bio-gas plants, while the CNG outlet network continued to scale up.

Reliance Industries reported record annual revenue of ₹6,62,401 crore in its oil-to-chemicals (O2C) segment for FY26, up 5.7% year-on-year, driven by higher domestic product placement and improved price realisation.

For the quarter, O2C revenue rose 12.4% year-on-year to ₹1,84,944 crore, supported by a 12% rise in crude oil prices and higher domestic fuel retail volumes. However, quarterly EBITDA declined 3.7% year-on-year to ₹14,520 crore despite strength in transportation fuel cracks.

For FY26, segment EBITDA increased 10.1% year-on-year to ₹60,546 crore, with EBITDA margin improving 30 basis points to 9.1%, supported by stronger transportation fuel cracks, efficient feedstock sourcing, and higher product placement through Jio-bp fuel retail outlets. Performance was constrained by weak downstream chemical margins and disruptions linked to the Middle East conflict towards the year-end.

During the quarter, margin pressures were driven by higher crude premiums on physical barrels, elevated freight and insurance costs, and increased fuel expenses. The company also diverted propane and butane to LPG production and redirected KGD6 gas to priority sectors.

Fuel prices were held steady at retail outlets, resulting in under-recoveries in fuel retailing. The reintroduction of SAED on exports of diesel and ATF further impacted earnings, while weak polymer deltas and higher feedstock and energy costs weighed on profitability.

“FY26 marks a year of profitable growth at scale for Reliance Retail. Revenue crossed ₹ 3.70 lakh crore, EBITDA crossed ₹27,000 crore, and we served 387 million registered customers across 1.93 billion transactions – underlining the enduring strength of India’s largest retail franchise.

The most significant shift this year was structural. Hyper-local commerce orders grew more than fourfold year-on-year. We operate India’s widest hyper-local delivery network across grocery, electronics and fashion – powered by 3,100+ stores across 1,200+ cities and 5,100+ pin codes. This is a uniquely Indian platform, built on a uniquely Reliance scale-advantage.

As we enter FY27, our focus is on converting this unmatched reach into deeper customer value – through AI-embedded merchandising, sharper pricing architecture, and disciplined execution. The balance sheet

is strong and our leadership across categories is widening. We are building Reliance Retail for a decade of sustainable, profitable growth.”

Reliance Retail Ventures reported continued expansion of its digital commerce and fashion businesses, led by growth in JioMart and hyper-local delivery operations.

JioMart expanded its reach to over 5,100 pin codes across 1,200+ cities, supported by a network of more than 3,100 stores. The platform added 5.8 million new customers during Q4, taking its registered customer base up 98% year-on-year.

The hyper-local commerce network reported 29% quarter-on-quarter and over 300% year-on-year growth in average daily orders. The non-grocery quick-commerce network was expanded to 682 electronics stores and over 1,700 fashion and lifestyle stores with a two-hour delivery promise. The seller base grew 22% year-on-year, supported by the “Fayda Kamao” campaign.

The fashion and lifestyle business reported steady performance driven by broad-based category growth, led by men’s fashion. Over 1,500 stores were digitally refreshed, while an AI-native operating model was implemented across merchandising, supply chain, and omni-channel fulfilment.

Ajio reported higher platform engagement, with average bill value rising 23% year-on-year, while its option count expanded by 22% to around 3 million. Ajio Rush extended its reach to over 600 cities with a four-hour delivery model.

Shein continued to grow, supported by more than 11 million app installs and scaling of new listings at around 1,000 options per day. Premium brands saw growth in menswear, eyewear, and children’s wear, along with a partnership with Kurt Geiger. Ajio Luxe recorded 24% year-on-year growth in its brand portfolio and an 11% increase in option count.

“I think the big thing that the market is waiting for the valuation of Jio with different brokerages are ascribing a valuation of $150 billion to $160 billion. That could lead to some bit of value unlocking. It’s been long pending,” Gurmeet Chadha of Complete Circle told CNBC-TV18.

Reliance Retail Ventures expanded its store network by opening 1,564 stores during the year, taking the total store count to 20,160, with a total retail area of 78.3 million square feet.

The registered customer base grew 10.9% year-on-year to 387 million, while total transactions increased 38.8% to 1.93 billion, supported by rapid expansion in hyper-local commerce.

For Q4 FY26, hyper-local commerce average daily orders rose 29% quarter-on-quarter and over 300% year-on-year, reflecting the expansion of India’s delivery network. The business added 333 new stores during the quarter, maintaining a total store count of 20,160 and an operating area of 78.3 million square feet.

Total transactions in the quarter increased 62% year-on-year to 585 million, while the registered customer base reached 387 million, positioning the business among the country’s largest retail networks.

In the grocery segment, large-format stores maintained steady performance driven by festive demand and expansion past 1,000 Smart Bazaar stores. Growth was led by staples, household and personal care, and processed food categories, while health and convenience products gained traction with items such as Cup Bhel, frozen rotis, ready sprouts, and ready-to-eat chutneys.

The “Full Paisa Vasool” sale recorded its highest-ever performance with 26% year-on-year growth. Metro continued to report strong growth supported by higher customer reach and improved average bill value, with digital platform expansion driven by customer experience enhancements and promotions.

Reliance Retail Ventures reported gross revenue of ₹98,232 crore for Q4 FY26, up 10.8% year-on-year, supported by broad-based growth across consumption categories and expansion in hyper-local commerce.

The business reported EBITDA from operations of ₹6,690 crore, up 2.8% year-on-year, with an EBITDA margin of 7.7%. Overall EBITDA stood at ₹6,921 crore, rising 3.1% year-on-year, with margins at 7.9%.

Depreciation for the quarter increased 12.8% year-on-year to ₹1,581 crore, reflecting store expansion and supply chain investments. Finance costs declined 22.8% year-on-year to ₹525 crore.

For FY26, gross revenue stood at ₹3,70,026 crore, up 11.8% year-on-year. EBITDA rose 7.9% to ₹27,033 crore, with an EBITDA margin of 8.3%, reflecting investments in hyper-local commerce. Depreciation increased 3.7% to ₹6,219 crore, while finance costs declined 7.1% year-on-year, supported by balance sheet management.

“Jio played a crucial role in connecting India to the Internet era and with over 524 million subscribers across India is now positioned as the digital gateway to the Intelligence era. Jio’s state-of-the-art connectivity and edge compute infrastructure make it the principal gateway through which AI services reach Indian consumers, households and businesses. This will sustain Jio’s industry-leading growth for many years to come.”

Jio Platforms reported an increase in average revenue per user (ARPU) to ₹214, supported by higher customer engagement and a stronger subscriber mix, partially impacted by a lower number of days in the quarter.

Per capita data consumption stood at 42.3 GB per month, while total data traffic grew around 35% year-on-year during Q4 FY26. Monthly churn remained stable at 1.7%, with net subscriber additions of 9.1 million during the quarter.

The company’s 5G subscriber base reached 268 million as of March 2026, with 5G accounting for around 55% of total wireless traffic. Fixed broadband additions stood at about 10 million during FY26, taking total subscribers to 27.1 million and a market share of around 43%, up 10 percentage points over the past 12 months.

Jio Platforms said Jio AirFiber reached about 13 million subscribers and contributed over 75% of fixed broadband additions during the year. The company also expanded its fixed broadband offering through non-line-of-sight hardware, aimed at widening addressable market reach and improving deployment efficiency.

Service enhancements included a new LiveTV experience with over 1,000 channels, voice-first discovery, and a WiFi6 router designed for higher device connectivity and improved security.

The company also noted seasonal demand expectations from IPL 2026, consistent with previous cycles, and launched JioHome Cricket Season Packs. The offer bundles over 1,000 digital TV channels, unlimited WiFi, and up to 16 OTT apps at an effective price of ₹555 per month.

Jio Platforms reported consolidated quarterly revenue of ₹44,928 crore, up 12.7% year-on-year, supported by strong subscriber additions and higher ARPU. EBITDA rose 17.9% year-on-year to ₹20,060 crore, driven by revenue growth and operating leverage.

During FY26, the company added 75 million 5G subscribers and around 10 million net additions in fixed broadband. The total subscriber base stood at over 524 million, including 268 million 5G users. Jio AirFiber expanded to around 13 million subscribers, strengthening its presence in the fixed wireless segment.

Data consumption rose 35% year-on-year to 66 Exabytes in Q4 FY26, reflecting higher customer engagement. Operating revenue growth was supported by mobility subscriber mix improvement, expansion in home connectivity, and growth in digital services.

On an annual basis, the company reported sustained double-digit revenue growth driven by ARPU improvement and digital service expansion. EBITDA growth was supported by revenue gains and operating leverage, resulting in a 190 basis points margin expansion. Depreciation increased due to higher network utilisation and additions to gross block, while PAT growth was driven by EBITDA performance.

“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 organisational 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.”

The board has recommended a dividend of ₹6.00 per equity share of face value ₹10 each for the financial year ended March 31, 2026.

Reliance Industries reported retail segment revenue of ₹98,457 crore for the quarter, compared with ₹97,912 crore in the previous quarter and ₹88,637 crore in the same quarter last year.

EBITDA for the segment stood at ₹6,921 crore, marginally higher than ₹6,915 crore in the previous quarter and ₹6,721 crore a year earlier. EBITDA margin came in at 7%, compared with 7.1% in the previous quarter and 7.6% in the corresponding quarter last year.

Reliance Industries reported retail segment revenue of ₹98,457 crore for the quarter, compared with ₹97,912 crore in the previous quarter and ₹88,637 crore in the same quarter last year.

EBITDA for the segment stood at ₹6,921 crore, marginally higher than ₹6,915 crore in the previous quarter and ₹6,721 crore a year earlier. EBITDA margin came in at 7%, compared with 7.1% in the previous quarter and 7.6% in the corresponding quarter last year.

The O2C segment posted revenue of ₹1.85 lakh crore, compared with ₹1.62 lakh crore in the previous quarter and ₹1.65 lakh crore in the same quarter last year. EBITDA stood at ₹14,520 crore versus ₹16,507 crore in the previous quarter and ₹15,080 crore a year earlier. EBITDA margin came in at 7.9%, compared with 10.2% in the previous quarter and 9.2% in the corresponding quarter last year.

The oil and gas business reported revenue of ₹5,867 crore, compared with ₹5,833 crore in the previous quarter and ₹6,440 crore in the same quarter last year. EBITDA was ₹4,195 crore versus ₹4,857 crore in the previous quarter and ₹5,123 crore a year earlier. EBITDA margin stood at 71.5%, compared with 83.3% in the previous quarter and 79.5% in the corresponding quarter last year.

Reliance Industries reported consolidated revenue of ₹2.94 lakh crore for the quarter, compared with ₹2.65 lakh crore in the previous quarter and ₹2.61 lakh crore in the same quarter last year.

Consolidated EBITDA stood at ₹44,141 crore, against ₹46,018 crore in the previous quarter and ₹43,832 crore a year earlier. EBITDA margin came in at 15%, compared with 17.4% in the previous quarter and 16.8% in the corresponding quarter last year.

Reliance Industries reported a consolidated net profit of ₹16,971 crore for the quarter, compared with ₹18,645 crore in the previous quarter and ₹19,407 crore in the corresponding quarter last year.

Reliance Industries retail segment is expected to report a good quarter, according to market expectations.

Analysts estimate revenue growth in the range of 6% to 9% for the segment. EBITDA margin is expected to be between 7.5% and 8%. The results are not comparable due to the FMCG business demerger.

A CNBC-TV18 poll has estimated the Mukesh Ambani-led conglomerate’s revenue to increase by 3% to ₹2.73 lakh crore in the fourth quarter from ₹2.65 lakh crore sequentially.

Jio Platforms is expected to report a 3% increase in revenue to ₹33,660 crore from ₹32,751 crore, according to estimates from Nomura.

EBITDA is seen rising to ₹182.3 crore from ₹177.4 crore, while EBITDA margin is expected to remain unchanged at 54%.NewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.