Reliance Industries Limited reported a mixed financial performance for the January–March quarter of FY26, reflecting strong revenue growth alongside pressure on profitability. The results highlight the contrasting trends across its diverse business segments, including telecom, retail, and energy.
During the fourth quarter, the company’s consolidated net profit declined by 12.6% year-on-year to ₹16,971 crore, compared to ₹19,407 crore in the corresponding period last year. Despite this decline in profitability, revenue from operations showed a robust increase of 12.9% to ₹2,98,621 crore.
Gross revenue for the quarter rose by 13% to ₹3,25,290 crore, indicating continued expansion in business activity. However, EBITDA remained largely unchanged at ₹48,588 crore, resulting in a contraction in EBITDA margin by 200 basis points to 14.9%. This reflects rising cost pressures impacting overall operating efficiency.
Full-Year FY26 Performance Shows Growth Momentum
For the full financial year FY26, Reliance Industries reported a stronger performance. Net profit increased by 16% to ₹80,775 crore, while revenue rose 9.75% to ₹10,75,675 crore. The company also announced a dividend of ₹6 per share, reflecting its continued commitment to shareholder returns.
The annual growth indicates that while quarterly fluctuations exist, the company maintained a steady expansion trajectory over the longer term.
Strong Performance from Jio Platforms
The digital services segment, led by Jio Platforms, emerged as a key growth driver during the quarter. Revenue from this segment rose 12.6% year-on-year to ₹38,259 crore, while net profit increased 13% to ₹7,935 crore.
EBITDA for the segment grew significantly by 17.9% to ₹20,060 crore, with margins improving to 52.4%. This reflects strong operational efficiency and increasing monetisation of digital services.
The average revenue per user (ARPU) rose to ₹214, indicating improved earnings from the subscriber base. Additionally, the total subscriber count expanded by 7.4% year-on-year to 524.4 million, reinforcing Jio’s leadership in the telecom market.
The company also indicated progress toward its planned initial public offering for the Jio business, which continues to remain a key development in its strategic roadmap.
Retail Segment Growth Moderates Amid Margin Pressure
Reliance Retail reported steady revenue growth but faced pressure on margins. Segment revenue increased by 11.1% year-on-year to ₹87,344 crore, while net profit rose marginally by 0.5% to ₹3,563 crore.
EBITDA grew by 3.1% to ₹6,921 crore; however, margins declined to 7.9%, indicating higher operating costs and competitive pressures.
The company continued its expansion strategy, adding 181 new stores during the quarter, taking the total store count to 20,160. This reflects ongoing efforts to strengthen its physical retail footprint across the country.
Oil-to-Chemicals Business Impacted by Cost Pressures
The oil-to-chemicals (O2C) segment recorded revenue growth of 12.4% year-on-year, reaching ₹1,84,944 crore. However, profitability in this segment came under pressure due to rising input costs.
EBITDA for the segment declined by 3.7%, and margins fell to 7.9%. Factors such as higher crude oil prices, increased freight and insurance costs, and regulatory controls on fuel pricing contributed to the decline in profitability.
This segment continues to be sensitive to global commodity price movements and geopolitical factors affecting energy markets.
Oil and Gas Segment Sees Decline
The oil and gas business reported a contraction during the quarter. Revenue declined by 8.9% year-on-year to ₹5,867 crore, primarily due to lower gas production and reduced price realisation.
EBITDA fell by 18.1%, accompanied by a sharp decline in margins. The performance reflects operational and pricing challenges within the segment.
Progress in New Energy Initiatives
Reliance Industries continues to advance its renewable energy ambitions. The company is progressing with its large-scale energy project in Kutch and has initiated solar manufacturing operations.
It aims to achieve an annual solar photovoltaic (PV) manufacturing capacity of 20 GWp in the coming quarters. These initiatives form part of the company’s broader strategy to diversify into sustainable energy solutions and reduce reliance on traditional energy businesses.
Share Price Movement Reflects Market Response
On April 27, 2026, shares of Reliance Industries Limited were trading at ₹1,350.30 at around 1:33 PM IST, up ₹22.50 or 1.69% for the day.
The stock opened at ₹1,313.00 and touched an intraday high of ₹1,351.00 and a low of ₹1,311.00. Over the past year, it has traded within a range of ₹1,290.00 to ₹1,611.80.
Overall Business Outlook Reflected in Segment Performance
The Q4 FY26 results reflect a diversified performance across business verticals. Strong growth in telecom and steady expansion in retail helped support overall revenue growth. However, profitability was impacted by cost pressures in the energy and oil-to-chemicals segments.
The company’s continued focus on digital services, retail expansion, and renewable energy indicates a strategic shift toward future growth areas. At the same time, its traditional energy businesses remain subject to global market dynamics.
Conclusion
Reliance Industries’ Q4 FY26 performance highlights a combination of strong revenue growth and margin pressure. While the telecom and retail segments delivered steady expansion, challenges in energy-related businesses affected overall profitability.
The company’s ongoing initiatives in digital platforms, retail scaling, and renewable energy development reflect its evolving business model and long-term strategic direction.
Summary
Reliance Industries reported a 12.6% decline in Q4 FY26 net profit to ₹16,971 crore, even as revenue grew 12.9% year-on-year. Strong performance from Jio Platforms and steady growth in retail supported overall revenue, while cost pressures in oil-to-chemicals and energy segments impacted margins. For the full year, the company delivered solid growth in both profit and revenue and announced a dividend of ₹6 per share.
Disclaimer:
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