RIL Q4 FY2025-26 Financial and Operational Performance

Reliance Q4 FY26 Results: Key Highlights:

CONSOLIDATED 

•              Gross Revenue at Rs 3,25,290 crore ($34.3 billion), up 12.9% Y-o-Y. O2C, Digital Services and Retail each delivered double-digit revenue growth. Oil and Gas revenue declined in line with natural decline in KG D6 production.

•              EBITDA at Rs 48,588 crore ($5.1 billion). Strong earnings growth in Digital Services and a positive contribution from Retail were offset by a decline in energy businesses arising from Middle East conflict-related disruptions.

•              Depreciation up 9.9% Y-o-Y to Rs 14,808 crore ($1.6 billion), largely on account of higher depreciation in Digital Services from network assets.

•              Finance Costs up 7.0% Y-o-Y to Rs 6,585 crore ($694 million), largely due to operationalisation of 5G spectrum assets.

•              PAT (including share of Associates and JVs) at Rs 20,589 crore ($2.2 billion), down 8.9% Y-o-Y.

•              Capital Expenditure at Rs 40,560 crore ($4.3 billion). Full-year capex at Rs 1,44,271 crore ($15.2 billion). Net Debt at Rs 1,24,717 crore. Net Debt to EBITDA at 0.60x.

 

CONSOLIDATED — FY26 FULL YEAR

•              Record high Revenue at Rs 11,75,919 crore ($124.0 billion), up 9.8% Y-o-Y. JPL revenue grew 14.7%, RRVL revenue grew 11.8% and O2C revenue grew 5.7%.

•              Record high EBITDA at Rs 2,07,911 crore ($21.9 billion), up 13.4% Y-o-Y. EBITDA margin at 17.7%.

•              Record high PAT (including share of Associates and JVs) at Rs 95,754 crore ($10.1 billion), up 17.8% Y-o-Y.

 

JIO PLATFORMS (JPL) — Q4 FY26

•              Revenue at Rs 44,928 crore, up 12.7% Y-o-Y, led by strong subscriber additions, higher ARPU and continued growth in digital services. Revenue from Operations up 12.6% Y-o-Y to Rs 38,259 crore.

•              EBITDA at Rs 20,060 crore, up 17.9% Y-o-Y. EBITDA margin expanded 230 bps to 52.4%, driven by steady revenue growth and operating leverage.

•              PAT at Rs 7,935 crore, up 13.0% Y-o-Y.

•              Jio’s subscriber base at 524.4 million. Net addition of 9.1 million during the quarter. ARPU at Rs 214.0, up 3.8% Y-o-Y. Monthly churn stable at 1.7%.

•              5G subscriber base at 268 million as of March 2026. 5G accounts for approximately 55% of total wireless traffic. Jio added over 75 million 5G subscribers during FY26.

•              Total data traffic grew 35.0% Y-o-Y to 66.0 billion GB in Q4 FY26. Per capita data consumption at 42.3 GB per month.

•              Fixed broadband subscriber base at 27.1 million as of March 2026, with a market share of approximately 43%, up 10 percentage points over the past 12 months. JioAirFiber subscriber base at approximately 13 million, driving over 70% of fixed broadband net additions in FY26.

•              Jio named India's Best Network by OpenSignal, winning nine awards in the quarter, including Download Speed Experience, Reliability Experience and Consistent Quality.

 

RELIANCE RETAIL (RRVL) — Q4 FY26

•              Gross Revenue at Rs 98,232 crore, up 10.8% Y-o-Y. Revenue from Operations up 11.1% Y-o-Y to Rs 87,344 crore. All consumption baskets delivered healthy growth.

•              EBITDA at Rs 6,921 crore, up 3.1% Y-o-Y. EBITDA from Operations at Rs 6,690 crore, up 2.8% Y-o-Y. EBITDA margin at 7.9%. Margin reflects continued investments in scaling hyper-local commerce.

•              PAT at Rs 3,563 crore, up 0.5% Y-o-Y.

•              333 new stores opened during the quarter. Total store count at 20,160 with area under operation at 78.3 million sq. ft.

•              Registered customer base at 387 million, up 10.9% Y-o-Y.

•              Number of transactions at 585 million, up 62.0% Y-o-Y.

•              JioMart hyper-local commerce average daily orders up 29% Q-o-Q and over 300% Y-o-Y. Operating footprint at 5,100+ pin codes and 1,200+ cities, serviced by over 3,100 stores.

•              Ajio product catalogue expanded to approximately 3 million options, up 22% Y-o-Y. Ajio Rush expanded to 600+ cities with 4-hour delivery.

•              Consumer Electronics: 'Digital India Sale' delivered 30% Y-o-Y sales growth. resQ service network at 1,621 locations.

•              Jewels: Average Bill Value grew 53% Y-o-Y, driven by rising gold prices.

 

OIL TO CHEMICALS (O2C) — Q4 FY26

•              Revenue at Rs 1,84,944 crore ($19.5 billion), up 12.4% Y-o-Y, driven by sharp increase in crude oil prices of approximately 12% Y-o-Y and higher volumes in domestic fuel retail.

•              EBITDA at Rs 14,520 crore ($1.5 billion). Transportation fuel cracks remained strong, but multiple headwinds from the Middle East conflict constrained margin capture: sharp rise in crude premiums on physical barrels, elevated freight and insurance costs, reintroduction of SAED on diesel and ATF exports, and fuel under-recoveries at retail outlets where RIL held prices to protect consumers. The business responded by diverting propane/butane to boost LPG output, channelling KGD6 gas to priority sectors, optimising agile crude sourcing and sustaining high gasifier availability to minimise fuel costs.

•              EBITDA margin at 7.8%. Full-year O2C EBITDA margin improved 30 bps to 9.1%.

•              Total throughput at 19.5 MMT. Production meant for sale at 17.2 MMT.

•              Jio-bp network at 2,199 outlets, up from 1,916 in Q4 FY25. RBML quarterly HSD volumes grew 24% and MS volumes grew 37% Y-o-Y, against industry growth of 6.1% for HSD and 6.5% for MS.

•              Full-year O2C revenue at Rs 6,62,401 crore ($69.9 billion), up 5.7% Y-o-Y. Full-year EBITDA at Rs 60,546 crore ($6.4 billion), up 10.1% Y-o-Y.

 

OIL AND GAS (E&P) — Q4 FY26

•              Revenue at Rs 5,867 crore ($619 million), down 8.9% Y-o-Y, on account of lower gas price realisation in KGD6 and CBM and lower gas volume from the KGD6 field. Note: KGD6 gas was diverted to priority sectors in the national interest during the quarter.

•              EBITDA at Rs 4,195 crore ($442 million), down 18.1% Y-o-Y. Lower revenues were compounded by higher operating costs due to maintenance activity and government levies. EBITDA margin at 71.5%.

•              Average KGD6 production for Q4 FY26: 25.2 MMSCMD of gas and approximately 17,310 bbl/day of oil/condensate.

•              KGD6 gas price realised: $9.63/MMBTU in Q4 FY26 vs $10.09/MMBTU in Q4 FY25. CBM gas price realised: $9.01/MMBTU in Q4 FY26 vs $10.36/MMBTU in Q4 FY25.

•              CBM production at 2.9 BCFe in Q4 FY26, up 7.4% Y-o-Y. Multi-lateral well campaign: 23 of 40 wells drilled, 21 connected to the production system. Current CBM production rate at 0.91 MMSCMD.

 

JIOSTAR — Q4 FY26

•              Revenue at Rs 9,784 crore. EBITDA at Rs 827 crore. EBITDA margin at 9.9%. PAT at Rs 420 crore.

•              JioHotstar averaged 500 million Monthly Active Users during the quarter. TV entertainment viewership share at 34.2%, reaching over 810 million viewers nationally.

•              The ICC Men's T20 World Cup 2026 Final registered a peak concurrency of 72.5 million on JioHotstar, the highest ever for any property on the platform.

•              TATA IPL 2026 opening weekend reached over 515 million viewers on linear TV and digital.

•              Direct-to-Consumer subscriptions reached an all-time high during the quarter, aided by new monthly plan launches.

•              JioHotstar launched conversational content discovery through a partnership with OpenAI, with voice search powered by AI technology.