Reliance Industries Limited (RIL) Q4FY25 Result Analysis

Reliance Industries Limited (RIL) is an Indian multinational conglomerate, primarily involved in energy, petrochemicals, natural gas, retail, entertainment, telecommunications, and textiles. It’s known as the largest private sector company in India, both in terms of market capitalization and revenue. The Company operates world-class manufacturing facilities across the country at Allahabad, Barabanki, Dahej, Hazira, Hoshiarpur, Jamnagar, Nagothane, Nagpur, Naroda, Patalganga, Silvassa and Vadodara.

Result Analysis: Reliance Industries Limited (RIL)  (CMP: Rs. 1,356 )

Result Update: Q4FY25

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Financial Performance:

Shareholding Pattern:

Particulars (In %)	Q4FY25	Q4FY24
Promoter	49.11	49.11
FIIs	21.23	24.46
DIIs	19.07	16.68
Public &Other	10.5	9.64
Government	0.10	0.11

Management Commentary:

• Reliance Retail is expanding quick commerce, targeting 30-minute deliveries using store networks, complemented by dark stores only in high-volume underserved pockets.
• The company has declared a dividend of ₹5.5 per share for FY25.
• Polyester expansion under O2C capex plan (₹75,000 crore) will start showing full financial impact around FY2027–28, although ramp-up timelines are still being finalized.
• No IPO guidance given for Jio or retail; company will communicate when decision is made, with current focus on operational growth and profitability.
• Shein beta launched in February, Growth is expected this year after increasing available SKUs. The supply chain is now localized, Shein operations are tech-wise separate from Reliance Retail.

Outlook:

RIL continues to show strong growth across its diverse sectors, with notable performance in Digital Services and Retail. Jio Platforms, now the world’s largest data network with 191 million 5G subscribers, is well-positioned for future telecommunications growth. The O2C segment’s growth, driven by key fuels, is expected to continue, while polyester expansion will start showing results by FY2027-28, Reliance Retail’s quick commerce initiative, targeting 30-minute deliveries, is expanding rapidly, further strengthening RIL’s market presence and growth prospects across sectors. It has posted an EPS of ₹51.47 in FY25, and the stock is currently trading at a P/E of 26.34x and P/B of 2.17x.

Results:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Gross Sales	288138	264834	267186	8.8	7.8	1071174	1000122	7.1
Excise Duty	26750	28301	27200	-5.5	-1.7	106481	99058	7.5
Net Sales	261388	236533	239986	10.5	8.9	964693	901064	7.1
Other Income	4905	4534	4214	8.2	16.4	17978	16057	12
Total Income	266293	241067	244200	10.5	9.0	982671	917121	7.1
Total Expenditure	217556	194017	196197	12.1	10.9	799249	738831	8.2
EBIDT	48737	47050	48003	3.6	1.5	183422	178290	2.9
Interest	6155	5761	6179	6.8	-0.4	24269	23118	5
EBDT	42582	41289	41824	3.1	1.8	159153	155172	2.6
Depreciation	13479	13569	13181	-0.7	2.3	53136	50832	4.5
EBT	29103	27720	28643	5	1.6	106017	104340	1.6
Tax	2906	3620	3723	-19.7	-21.9	12758	13590	-6.1
Deferred Tax	3763	2957	3116	27.3	20.8	12472	12117	2.9
PAT	22434	21143	21804	6.1	2.9	80787	78633	2.7

Segmental Revenue:

Particulars (In Rs. Cr.)	Q4FY25	Q4FY24	Q3FY25	YoY%	QoQ%	FY25	FY24	YoY%
Oil to Chemicals (02C)	164613	142634	149595	15.4	10.0	626921	564749	11.0
Oil and Gas	6440	6468	6370	-0.4	1.1	25211	24439	3.2
Retail	88637	76683	90351	15.6	-1.9	330943	306848	7.9
Digital Services	40861	34741	39733	17.6	2.8	154119	132938	15.9
others	19920	31099	12236	-35.9	62.8	55859	80516	-30.6

Source: Company website, EWL Research

 

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