RIL's Record FY26 Revenue of $124 billion Masks Q4 Profit Dip

MUMBAI – Reliance Industries Limited (RIL) delivered a record-breaking annual financial performance for the fiscal year ended March 31, 2026, posting consolidated gross revenue of ?11,75,919 crore ($124.0 billion) — a 9.8% year-on-year increase — even as it navigated geopolitical disruptions, volatile energy prices, and shifting global trade patterns. Consolidated EBITDA surged 13.4% to an all-time high of ?2,07,911 crore ($21.9 billion), while the full-year consolidated Profit After Tax (PAT) rose 18.3% to ?95,610 crore. The Board declared a dividend of ?6 per share. Chairman and Managing Director Mukesh D. Ambani noted that India held its economic growth course through the year's headwinds — as did Reliance.

Q4 Profits: Corporate Dip, Consumer Segments Rise

While the full-year numbers were stellar, the fourth quarter of FY26 presented a more nuanced picture. RIL's consolidated PAT — including the share of profit and loss of Associates and Joint Ventures — fell 8.9% year-on-year in Q4 FY26 to ?20,589 crore. The decline was sharper at the standalone level: RIL's standalone PAT for Q4 FY26 dropped to ?7,422 crore from ?11,217 crore in the same quarter the previous year.

However, the consumer-facing businesses painted a contrasting picture. Jio Platforms Limited (JPL) reported Q4 FY26 PAT of ?7,935 crore, up 13.0% year-on-year. At the standalone Reliance Jio Infocomm level, quarterly net profit rose to ?7,317 crore from ?6,642 crore in Q4 FY25. Reliance Retail Ventures Limited (RRVL) posted a slight Q4 PAT increase of 0.5% to ?3,563 crore. The divergence between the corporate holding-level decline and the growth seen in Jio and Retail underscores the structural shift of RIL's earnings power increasingly toward its consumer businesses.

Jio Crosses 524 Million Subscribers; Listing Confirmed

Jio Platforms Limited (JPL) was the standout performer, reporting annual gross revenue of ?1,72,317 crore — up 14.7% year-on-year — with EBITDA of ?76,255 crore as margins expanded by 190 basis points on the back of operating leverage and strong organic ARPU growth. At the standalone level, Reliance Jio Infocomm Limited reported annual revenue from operations of ?1,28,871 crore and a net profit of ?28,173 crore.

Jio's total subscriber base reached over 524 million, including 268 million 5G subscribers. Average Revenue Per User improved to ?214.0 per month. Total data traffic surged 35% year-on-year to 66 Exabytes in Q4 FY26. Jio AirFiber extended its global leadership with approximately 13 million subscribers, driving over 75% of the company's fixed broadband additions. Akash M. Ambani, Chairman of Reliance Jio Infocomm, described Jio as now positioned as the digital gateway to the Intelligence era. Mukesh Ambani also confirmed that the company is advancing steadily toward the listing of Jio Platforms — a landmark milestone for the conglomerate.

Retail Tops 20,000 Stores; Hyper-Local Up 300%

Reliance Retail Ventures Limited (RRVL) recorded annual gross revenue of ?3,70,026 crore, up 11.8% year-on-year, with EBITDA rising 7.9% to ?27,033 crore. The retail business crossed a landmark milestone, opening 1,564 new stores in FY26 to take its total count to 20,160 locations across 78.3 million square feet. It served 387 million registered customers and processed 1.93 billion annual transactions — a 38.8% year-on-year increase.

The defining shift of the year was structural. Hyper-local daily orders grew by more than 300% year-on-year in Q4, establishing what the company calls India's widest hyper-local delivery network across grocery, electronics, and fashion. JioMart expanded its registered customer base by 98% year-on-year. Digital platforms Ajio and the newly partnered Shein brand continued to gain traction. Executive Director Isha M. Ambani called the growth in hyper-local commerce a four-fold year-on-year structural transformation.

O2C Posts Record Revenue; E&P Margins Robust

The Oil to Chemicals (O2C) segment recorded annual revenue of ?6,62,401 crore ($69.9 billion), up 5.7% year-on-year, driven by higher domestic product placement and better price realisations. Segment EBITDA rose 10.1% to ?60,546 crore ($6.4 billion), supported by stronger transportation fuel cracks and efficient feedstock sourcing, despite a weak downstream chemicals margin environment and Middle East disruptions. RIL strategically scaled up domestic LPG production and ensured fuel availability through its Jio-bp network, which now operates 2,199 fuel retail outlets.

The Oil and Gas (E&P) segment saw revenue decline 5.4% to ?23,861 crore and EBITDA fall 10.1% to ?19,050 crore — broadly in line with natural production decline in KG D6 and lower realisations for CBM gas. However, the segment maintained an exceptional EBITDA margin of 79.8%, with average KGD6 Q4 production at 25.2 MMSCMD of gas and approximately 17,310 barrels per day of oil and condensate.

JioStar Records 72.5 Million Peak; CapEx at ?1.44 Lakh Crore

In media and entertainment, JioStar reported FY26 gross revenues of ?36,248 crore and maintained an industry-leading TV entertainment viewership share of 34.2%, reaching over 810 million viewers nationally. JioHotstar averaged 500 million Monthly Active Users during the quarter. During the T20 Men's Cricket World Cup Final, the platform achieved a record global peak concurrency of 72.5 million simultaneous viewers.

Looking ahead, RIL invested ?1,44,271 crore ($15.2 billion) in capital expenditure during FY26, directed at O2C growth projects, New Energy giga-factories, and Jio and Retail infrastructure. Mukesh Ambani emphasised rapid progress in operationalising the New Energy business, which is expected to become a powerful growth engine for India's energy future. The company maintained a disciplined balance sheet with cash and cash equivalents of ?2,49,704 crore against outstanding debt of ?3,74,421 crore, reflecting a net debt-to-EBITDA ratio of 0.60x.