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Reliance Industries Results: Latest Quarterly Results & Analysis

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Reliance Industries Ltd. 20 Oct 2025 12:40 PM
Result PDF

Q2FY26 Quarterly Result Announced for Reliance Industries Ltd.

Refineries/Petro-Products company Reliance Industries announced Q2FY26 results

Q2FY26 Financial Highlights:

  • Gross Revenue increased by 9.9% YoY to Rs 283,548 crore ($ 31.9 billion)
    • RRVL revenue increased by 18.0% YoY, with significant growth across consumption baskets. Grocery and Fashion delivered market leading performance growing 23% and 22% respectively.
    • Oil to Chemicals (O2C) revenue increased by 3.2% YoY. Production meant for sale increased 2.3% on a YoY basis.
    • Oil and Gas segment revenue decreased by 2.6% YoY mainly on account of natural decline of production in KGD6, and lower condensate price realisation.
  • EBITDA increased by 14.6% YoY to Rs 50,367 crore ($ 5.7 billion)
    • JPL EBITDA increased by 17.7% YoY at Rs 18,757 crore primarily driven by revenue growth and 140 bps margin expansion
    • RRVL EBITDA increased by 16.5% at Rs 6,816 crore YoY led by higher revenue with ramp-up in store-footprint and hyperlocal deliveries, favourable mix, and focus on operational efficiencies.
    • O2C EBITDA increased by 20.9% YoY with sharp increase in transportation fuel cracks and, sustained volume growth in domestic fuel retailing.
    • Oil and Gas segment EBITDA decreased by 5.4% YoY on account of lower KGD6 gas volumes, and higher operating costs on account of periodic maintenance activities.
  • Depreciation increased by 11.9% YoY to Rs 14,416 crore ($ 1.6 billion)
  • O2C EBITDA up 20.9% at Rs 15,008 crore, margin up 130 bps, Jio-bp volumes up 34%
  • Jio subscriber base crossed the milestone of 500 million with Total subscriber base of 506 million
  • Finance Costs increased by 13.5% YoY to Rs 6,827 crore ($ 769 million), largely due to operationalisation of 5G spectrum assets and higher liability balances.
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 14.3% YoY to Rs 22,092 crore ($ 2.5 billion).
  • Capital Expenditure for the quarter ended September 30, 2025, was Rs 40,010 crore ($ 4.5 billion) mainly towards investments in O2C capacity expansion, augmenting Jio Telecom network and Digital services, increasing retail footprint and building New Energy giga factories.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries said: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a Yo-Y basis, reflecting agile business operations, domestic focused portfolio and structural growth in Indian economy.

Digital services business continues to scale-up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership. Jio’s innovative radio solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to households across India. We continue to augment our capabilities with pioneering systems and platforms, ensuring the benefits of ever-evolving technology landscape for all Indians.

I am happy to highlight the growth momentum of our Retail business. All formats registered higher volume, propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our quick hyperlocal delivery model. The recently announced progressive reforms in GST regime provide a boost to continuing consumption-led growth.

O2C business delivered robust growth on YoY basis, despite continued volatility in energy markets. Fuel margins recovered over previous year led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global downstream markets in the medium-term. Reliance’s operational delivery is supported by integrated assets, high mix of light-feed cracking, including a virtual ethane pipeline from the US, and strong focus on domestic markets.

I am happy with the progress we are making in our new growth engines – new energy, media and consumer brands. I believe these businesses will build on Reliance’s legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price.

Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverage these capabilities for the benefit of India and Indians.”

Akash Ambani, Chairman of Reliance Jio Infocomm, said, “Jio has proudly served over 500 million subscribers addressing multiple digital needs of their everyday life. This has been possible due to Jio's Deep-Tech initiatives which have sparked India's technological revolution and have become the backbone of our Prime Minister's Digital India Mission. Jio will continue to bring new age technologies and enhance the life of every Indian citizen. Jio has successfully delivered its indigenous technology stack at India scale and is now set to take our homegrown technology around the world”.

Isha Ambani, Executive Director, Reliance Retail Ventures, said “Reliance Retail delivered strong performance during the quarter led by our relentless focus on operational excellence, investments in stores and digital platforms and festive buying across consumption baskets. GST rate changes will further accelerate consumption growth as consumers get the benefit of lower prices. Our success is a testament to our deep understanding of the consumer. We consistently innovate, from curating new collections to creating campaigns that connect with today's Indian consumer, and our focus remains on building brands that inspire and resonate across India".

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Refineries & Petro-Products company Reliance Industries announced Q1FY26 results

  • Gross Revenue increased by 6.0% YoY to Rs 2,73,252 crore (USD 31.9 billion).
    • JPL revenue increased by 18.8% YoY due to strong subscriber growth across mobility and homes, increased consumption and sustained positive momentum in digital services.
    • RRVL revenue increased by 11.3% YoY. All segments performed well, with market leading performance in grocery and fashion.
    • Oil to Chemicals (O2C) revenue decreased by 1.5% YoY due to a fall in crude oil prices and lower volumes on account of the planned shutdown. Segment revenues were supported by increased domestic placement of transportation fuels through Jio-bp.
    • Oil and Gas segment revenue decreased by 1.2% YoY mainly on account of lower sales volume of KGD6 gas with natural decline in production, lower gas price for CBM and lower crude price realisation. This was partly offset with improved KGD6 gas price realisation.
  • EBITDA increased by 35.7% YoY to Rs 58,024 crore (USD 6.8 billion).
    • JPL EBITDA increased by 23.9% YoY driven by strong growth in ARPU and 210 bps margin expansion led by operational efficiencies.
    • RRVL EBITDA increased by 12.7% YoY led by strategic initiatives, operating leverage and cost discipline.
    • O2C EBITDA increased by 10.8% YoY due to favourable margin on domestic fuel retail, improvements in transportation fuel cracks and PP, PVC delta. This was partially offset by lower volumes on planned turnaround and decline in polyester chain margins.
    • Oil and Gas segment EBITDA decreased by 4.1% YoY on account of lower revenues coupled with increase in operating costs due to higher maintenance activities during the quarter.
    • Other income includes Rs 8,924 crore, being proceeds of profit from sale of listed investments.
  • Depreciation increased by 1.8% YoY to Rs 13,842 crore (USD 1.6 billion).
  • Finance Costs increased by 18.9% YoY to Rs 7,036 crore (USD 820 million), largely due to operationalisation of 5G spectrum assets.
  • Tax Expenses increased by 11.7% YoY at Rs 6,465 crore (USD 754 million).
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 76.5% YoY to Rs 30,783 crore (USD 3.6 billion).
  • Excluding proceeds of profit from sale of listed investments, EBITDA increased by 15% and PAT was up 25% YoY.
  • Capital Expenditure for the quarter ended June 30, 2025, was Rs 29,875 crore (USD 3.5 billion).

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “Reliance has begun FY26 with a robust, all-round operational and financial performance. Consolidated EBITDA for 1Q FY26 improved strongly from a year-ago period, despite significant volatility in global macros.

During the quarter, energy markets encountered heightened uncertainty, with sharp fluctuations in crude prices. Our O2C business delivered strong growth, with thrust on domestic demand fulfillment and offering value-added solutions through Jio-bp network. Performance was supported by improvement in fuel and downstream product margins. Natural decline in KGD6 gas production resulted in marginally lower EBITDA for Oil & Gas segment.

Retail’s business performance registered customer base expanded to 358 million, along with significant improvement across operating metrics. We are focusing on strengthening the portfolio of own FMCG brands, which resonate with the tastes of Indian consumers. Our Retail business continues to enhance its ability to fulfill everyday as well as specialized needs of all customer cohorts, through a multi-channel approach.

I am happy to share that Jio has scaled newer heights during the quarter including crossing 200 million 5G subscribers and 20 million home connects. Jio AirFiber is now the largest FWA service provider in the world, with a base of 7.4 million subscribers. Our Digital Services business consolidated its market position with a robust financial and operational performance. Through its differentiated offerings across mobility, broadband, enterprise connectivity, cloud and smart homes, Jio has positioned itself as the technology partner of choice for Indian consumers.

Reliance’s Media business has emerged as a one-stop platform for entertainment, sports and news content from all over the world. We will continue to enhance our suite of offerings across genres to cater to the discerning Indian audience.

Reliance is committed to contribute to India’s growth this journey through inclusive growth, technological innovation and leading energy transformation. The performance of our businesses and growth initiatives gives me confidence that Reliance will continue its stellar track record of doubling every 4-5 years.”

Akash M Ambani, Chairman of Reliance Jio Infocomm, said: “We have delivered a milestone quarter at Jio with our 5G and Home subscriber base crossing the 200 million and 20 million marks respectively. Jio continues to bring next generation services for its users with the launch of JioGames Cloud and JioPC bundle at affordable prices to drive adoption of digital services in India. Jio continues to create unparalleled technology infrastructure and is extending its leadership in 5G and fixed broadband. This will be pivotal in driving AI adoption in the country”.

Isha M. Ambani, Executive Director, Reliance Retail Ventures, said: “Reliance Retail delivered resilient performance during this quarter driven by our relentless focus on operational excellence, geographical expansion and sharper product portfolio. Our continued investments in cutting-edge technologies and differentiated product offerings have enabled us to serve our customers better and scale with agility".

Result PDF

Refineries & Petro-Products company Reliance Industries announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Gross Revenue increased by 8.8% YoY to Rs 2,88,138 crore (USD 33.7 billion).
    • JPL revenue increased by 17.8% YoY due to increased subscriber base across mobility and homes, and sustained impact of the tariff hike.
    • RRVL revenue increased by 15.7% YoY with growth across consumption baskets.
    • Oil to Chemicals (O2C) revenue improved by 15.4% YoY due to increased volumes and broader domestic product footprint.
    • Oil and Gas segment revenue decreased by 0.4% due to lower gas production and lower oil offtake from KGD6, partly offset with higher gas price realisation in KGD6 Field and higher CBM production.
  • EBITDA increased by 3.6% YoY to Rs 48,737 crore (USD 5.7 billion).
    • JPL EBITDA increased by 18.5% YoY driven by strong revenue growth and improved margins.
    • RRVL EBITDA increased by 14.3% YoY with improved operational efficiencies and superior store operating metrics.
    • O2C EBITDA reduced by 10.0% due to fall in transportation fuel cracks and polyester chain margins partially offset by higher volumes and feedstock cost optimization.
    • Oil and Gas segment EBITDA decreased by 8.6% on account of higher operating cost due to onetime maintenance activity and a natural decline in KGD6 volumes.
  • Depreciation was steady YoY to Rs 13,479 crore (USD 1.6 billion).
  • Finance Costs increased by 6.8% YoY to Rs 6,155 crore (USD 720 million), primarily due to higher average liability balances.
  • Tax Expenses increased by 1.4% YoY to Rs 6,669 crore (USD 780 million).
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 6.4% YoY to Rs 22,611 crore (USD 2.6 billion).
  • Capital Expenditure for the quarter ended March 31, 2025, was Rs 36,041 crore (USD 4.2 billion).

FY25 Financial Highlights:

  • Gross Revenue increased by 7.1% YoY to Rs 1,071,174 crore (USD 125.3 billion).
    • JPL revenue increased by 16.9% YoY led by higher ARPU on account of tariff revisions for mobility services and improving subscriber mix. Strong growth in home connects and scale up of digital services also contributed to revenue growth.
    • RRVL revenue increased by 7.9% YoY led by growth in consumer electronics and grocery consumption baskets.
    • Oil to Chemicals (O2C) revenue improved by 11.0% YoY with higher volumes and increased domestic product placement - Gasoline ( 42%), Gasoil ( 33%), ATF ( 62%).
    • Oil and Gas segment revenue increased by 3.2% due to higher volumes from KGD6 and CBM blocks.
  • EBITDA increased by 2.9% YoY to Rs 1,83,422 crore (USD 21.5 billion).
    • JPL EBITDA increased by 16.8% YoY driven by strong revenue growth and sustained high EBITDA margin.
    • RRVL EBITDA increased by 8.6% YoY driven by strong productivity gains with recalibration of store network.
    • O2C EBITDA reduced by 11.9% on account of a weak margin environment across transportation fuels and downstream chemical deltas. Earnings were supported by higher volumes, operational flexibility, efficient feedstock sourcing and better capture of domestic margins.
    • Oil and Gas segment EBITDA increased by 4.9% tracking higher revenues and improved operating margins.Depreciation increased by 4.5% YoY to Rs 53,136 crore (USD 6.2 billion).
  • Finance Costs increased by 5.0% YoY to Rs 24,269 crore (USD 2.8 billion), primarily due to higher average liability balances.
  • Tax Expenses declined by 1.9% YoY at Rs 25,230 crore (USD 3.0 billion).
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 2.9% YoY to Rs 81,309 crore (USD 9.5 billion).
  •  Capital Expenditure for the year ended March 31, 2025, was Rs 131,107 crore (USD 15.3 billion).

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “FY25 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year

The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins. Our business teams ensured optimization of integrated operations and feedstock costs to enhance margin capture across value chains. The Oil & Gas business recorded its highest ever annual EBITDA led by higher production from our KGD6 and CBM blocks.

The Retail segment also delivered consistent growth. In FY25, the business focused on a strategic recalibration of our store network, aimed at improving operational efficiencies and long-term sustainability. Our enhanced product catalogue and user experience across all formats, strengthened customer engagement. The quick hyperlocal deliveries initiative has also gained significant traction in the market, connecting strongly with the users. Our suite of omni-channel offerings and wide-spread presence will enable Reliance Retail to continue delivering superior value to all its customers.

Our Digital Services business achieved record revenue and profit numbers. Steady increase in subscriber base, with an improving mix and increasing user engagement metrics boosted earnings. Strong adoption of our 5G services and our home broadband offerings continues with accelerated addition in subscribers and in the number of home-connects. Jio continues to invest in innovation, focusing on AI capabilities and next generation technologies, which will shape India’s digital future.

During FY25, we have laid a strong foundation for our projects in renewable energy and battery operations. In the coming quarters, we will see the transition of this business from incubation to operationalization. I firmly believe that the New Energy growth engine will create significant value for Reliance, for India and for the world.”

Akash M Ambani, Chairman of Reliance Jio Infocomm, said: “Jio continues to drive consistent outperformance in customer engagement with best-in-the-world network technologies and a wide bouquet of digital services for all Indians. Jio is proud to have served millions of users at world’s largest congregation of people, the Mahakumbh mela where its network scalability and flexibility was well demonstrated. Jio is working on enabling large scale AI infrastructure and services that will add an intelligence layer to all Jio services.”

Isha M. Ambani, Executive Director, Reliance Retail Ventures, said: “Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, a sharper product mix, and continued investments in technology and customer experience. We remain focused on shaping the future of retail with agility and purpose".

Result PDF

Refineries & Petro-Products company Reliance Industries announced Q3FY25 results

  • Gross Revenue increased by 7.7% YoY to Rs 2,67,186 crore (USD 31.2 billion).
    • JPL revenue increased by 19.2% YoY due to continuing flow through of tariff revisions for mobility services, and healthy growth in homes and digital services businesses.
    • RRVL revenue increased by 8.8% YoY with growth across consumption baskets driven by festive buying and wedding season.
    • Oil to Chemicals (O2C) revenue improved by 6% YoY with higher volumes and increased domestic product placement. Planned shutdown of major units during the same quarter last year impacted volumes.
    • Marginally lower KGD6 volumes and fall in price realisations for CBM and condensate led to 5.2% decline in Oil and Gas segment revenue.
  • EBITDA increased by 7.8% YoY to Rs 48,003 crore (USD 5.6 billion).
    • JPL EBITDA increased by 18.8% YoY driven by higher subscriber base, improving ARPU and favorable mix.
    • RRVL EBITDA increased by 9.5% with improved operational efficiencies and superior store operating metrics.
    • O2C EBITDA increased by 2.4% supported by higher volumes and operational flexibility. Efficient feedstock sourcing, higher domestic product placement and improved polymer deltas offset weak fuel cracks.
    • Oil and Gas segment EBITDA decreased by 4.1% largely on account of decline in volumes and price realisations.
  • Depreciation increased by 2.2% YoY to Rs 13,181 crore (USD 1.5 billion).
  • Finance Costs increased by 6.7% YoY to Rs 6,179 crore (USD 722 million), primarily due to higher debt balance. However, net debt remained largely flat.
  • Tax Expenses increased by 7.8% YoY to Rs 6,839 crore (USD 799 million).
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 11.7% YoY to Rs 21,930 crore (USD 2.6 billion).
  • Capital Expenditure for the quarter ended December 31, 2024, was Rs 32,259 crore (USD 3.8 billion).

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “The previous month commemorated the 25th anniversary of our Jamnagar refinery. It gives me great pleasure to see Reliance grow exponentially over the years and set new benchmarks that demonstrate the inherent strength and resilience we have across all our businesses. The delivery of Record EBITDA and PAT at a consolidated level for this quarter is a testament to this.

Robust growth in digital services business was led by sustained subscriber addition and consistent improvement in customer engagement metrics. This was well supported by a favorable subscriber mix, with an increasing number of users upgrading to 5G networks. Jio’s compelling offering of home broadband services also continued to rapidly gain ground and maintain its pre-eminent market position. It gives me immense joy to see Jio grow and support the expanding technology capabilities of new India. Teams at Jio continue to enhance its offerings, in line with the constantly evolving technology landscape to bring the best-in-class digital experience to all.

Retail segment delivered a strong performance, with noteworthy contribution from all formats. The business ably capitalized on the pick-up in consumption amid festive demand during the quarter. A superior understanding of customer needs and preferences enables Reliance Retail to serve a wide variety of demographic profiles with the right product, at the right time, through the right channel. With customer-centric innovation at its core, the business constantly endeavors to enhance the shopping experience of its customers through its vast reach and a constantly expanding product basket.

The O2C business showcased its innate resilience, registering growth even in this prolonged period of volatility in the global energy markets. Refining margins recovered sequentially, with petrochemical deltas exhibiting a mixed trend. Upstream segment continues to play a pivotal role in providing the crucial transition fuel bolstering India’s energy security.

As we stand at another iconic milestone today, we are geared up for the transformational growth that Reliance is set to experience in the near future.”

Akash M Ambani, Chairman of Reliance Jio Infocomm, said: “Jio has played a key role in digital inclusion by bringing the world’s best communication technologies for every Indian. Rapid scale up of 5G adoption and proliferating fixed broadband beyond Tier1 towns over the past year, further strengthens the Digital India mission. Jio will continue to lead the charge in technology innovation by fully embracing the power of AI to create a connected, intelligent future that is truly transformative. This will drive sustained value creation over next many years.”

Isha M. Ambani, Executive Director, Reliance Retail Ventures, said: “Reliance Retail delivered strong performance during the quarter led by festive buying across consumption baskets. Our focus on offering wide range of products at an attractive price value proposition continues to draw customers to our stores and digital platforms. We are creating through JioMart – express deliveries, scheduled deliveries coupled with Milkbasket - subscription services, a seamless shopping experience that serves diverse customers across all categories and catchment”.

Result PDF

Refineries & Petro-Products company Reliance Industries announced Q2FY25 results:

Financial Highlights - Oil & Gas:

  • Gross Revenue remained stable YoY at Rs 2,58,027 crore (USD 30.8 billion).
  • Oil to Chemicals (O2C) revenue improved with higher volumes and increased domestic placement of products.
  • Digital services revenue increased with the impact of revised telecom tariffs for mobility services and scale-up of homes and digital services businesses.
  • Lower gas price realizations led to 6% lower revenue in the Oil and Gas segment
  • EBITDA decreased by 2.0% YoY to Rs 43,934 crore (USD 5.2 billion).
  • EBITDA for Jio Platforms Limited (JPL) increased 17.8% YoY due to better subscriber mix, digital services scale-up and revision in telecom tariffs.
  • EBITDA margin for Reliance Retail Ventures Limited (RRVL) improved by 30 bps with continued focus on streamlining of operations and calibrated approach in B2B.
  • O2C EBITDA was lower by 23.7% on account of sharp decline in product margins. Fuel cracks declined by nearly 50% YoY. Downstream chemical also declined with muted global demand in a well-supplied market. RIL benefited due to superior ethane cracking economics driven by sharp fall in ethane prices.
  • Oil and Gas segment EBITDA increased by 11.0% on account of sustained volume growth and one time provisioning towards decommissioning cost for Tapti field in Q2FY24.
  • Depreciation increased by 2.3% YoY to Rs 12,880 crore (USD 1.5 billion).
  • Finance Costs increased by 5.0% YoY to Rs 6,017 crore (USD 718 million), primarily due to higher debt.
  • Tax Expenses decreased YoY to Rs 5,936 crore (USD 708 million).
  • Profit After Tax and Share of Profit/(Loss) of Associates & JVs decreased YoY to Rs 19,323 crore (USD 2.3 billion).
  • Capital Expenditure for the quarter ended September 30, 2024, was Rs 34,022 crore (USD 4.1 billion).

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “I am happy to note that during this quarter Reliance once again demonstrated the resilience of its diversified business portfolio. Our performance reflects robust growth in Digital Services and Upstream business. This helped partially offset weak contribution from O2C business which was impacted by unfavorable global demand-supply dynamics.

Growth in Digital Services was led by increased ARPU and improving customer engagement metrics reflecting the strong value proposition of our services. The home broadband segment is witnessing accelerated momentum on the back of our unique industry-leading JioAirFiber offering. Jio’s broad spectrum of offerings enables it to digitally empower every village, town and city in India as well as the country’s small and medium scale enterprises. The digital services business continues to focus on innovative deep-tech solutions on a national scale and is on track to deliver the path-breaking benefits of Artificial Intelligence to all Indians.

The retail segment continues to increase its consumer touchpoints and product offerings across physical and digital channels. The unique omni-channel retail model enables the business to service a wide range of requirements of a vast, heterogenous customer base. The retail business continues to partner with renowned domestic as well as global players, expanding its basket of quality product offerings. The focus on strengthening our Retail operations will help us rapidly scale-up this business in the coming quarters and years and sustain our industry-leading growth momentum.

The first of our New Energy Giga-factories is on-track to commence production of solar PV modules by the end of this year. With a comprehensive range of renewable solutions including solar, energy storage systems, green hydrogen, bio-energy and wind, the New Energy business is poised to become a significant contributor to global clean energy transition.”

Akash M Ambani, Chairman of Reliance Jio Infocomm, said: “Right from inception, Jio has focused on deep tech innovation to create customer and shareholder value. The ongoing transformation created by Jio True5G and JioAirFiber in India’s digital landscape is a testament to this approach. AI is creating the next runway for this transformation, and Jio is committed to developing the world’s best AI ecosystem in India, for all Indians.

Jio is committed to delivering robust shareholder returns and has demonstrated strong uplift in financial performance in the current quarter.”

Isha M. Ambani, Executive Director, Reliance Retail Ventures, said: “Reliance Retail continues to make investments in technology and infrastructure to build a strong foundation for future growth and maintain market leadership. We continue to strengthen our customer proposition with innovative products that spans everyday essentials to premium offerings. By continuously enhancing our assortment and innovating across categories, we are creating a shopping experience that meets the evolving needs of our customers and reinforces our leadership in the retail space”.

Result PDF

Refineries & Petro products company Reliance Industries announced Q1FY25 results:

Financial Highlights:

  • Gross Revenue was Rs 2,57,823 crore (USD 30.9 billion), up 11.5% YoY, led by O2C on higher oil & product prices and Oil & Gas segment with strong growth in volumes. Steady growth in consumer businesses also contributed to increase in revenue.
  • EBITDA increased by 2.0% YoY to Rs 42,748 crore (USD 5.1 billion). Strong contribution from Oil & Gas and consumer business offset weak O2C.
    • JPL EBITDA increased 11.6% YoY primarily on account of healthy revenue growth and operating leverage.
    • EBITDA for RRVL increased by 10.5% led by increase in footfalls and expansion of store footprint, streamlining of operations driving margin improvement.
    • O2C EBITDA was lower by 14.3% on account of lower gasoline cracks (-30%) and lower downstream chemical deltas, particularly PE (-17%), PP (-16%) and integrated polyester margin (-15%).
    • Oil and Gas segment EBITDA increased by 29.8% on account of higher volumes from KG D6.
  • Depreciation increased by 15.5% YoY to Rs 13,596 crore (USD 1.6 billion) on expanded asset base across all the businesses, higher network utilization in Digital Services business, higher retail store count and ramp-up in upstream production.
  • Finance Costs increased by 1.4% YoY to Rs 5,918 crore (USD 710 million) primarily due to higher interest rates.
  • Tax Expenses decreased YoY to Rs 5,786 crore (USD 694 million).
  • Profit after tax decreased YoY to Rs 17,448 crore (USD 2.1 billion).
  • Capital Expenditure for the quarter ended June 30, 2024, was Rs 28,785 crore (USD 3.5 billion).

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: “Consolidated EBITDA for the quarter improved from a year ago with strong contribution from Consumer and Upstream businesses offsetting weak O2C operating environment. Reliance’s resilient operating and financial performance in this quarter underscores the strength of its diverse portfolio of businesses. Importantly, these businesses are contributing significantly to India’s growth, providing vital energy and vibrant channels for digital and physical distribution of goods and services.

The digital services business registered an impressive financial performance year-on-year, continuing its positive growth momentum. Jio’s True 5G network, covering ~85% of India’s 5G capacity, continues to attract users, while the fixed broadband offerings are witnessing increasing consumer traction both in homes and enterprises. The attractive value proposition offered by Jio is enabling more Indians to transition to next-gen data networks. This is further accelerating the digital revolution which is reshaping communications, analytics and computing, media and entertainment and commerce in India. Jio is committed to provide the best-quality state-of-the-art network at most affordable prices globally.

Retail business delivered robust financial results, as compared to last year, well supported by all consumption baskets. With fast-paced expansion of its retail footprint, Reliance Retail continues to cement its position as the preferred retailer for millions of Indians. The digital and new commerce segments are also scaling up rapidly. Reliance Retail is focused not only on providing quality products to customers, but also on enhancing overall customer experience, both during and after sales.

The deep integration and flexibility built into our O2C business model helped mitigate the impact of challenging operating environment. The business was impacted by lower fuel cracks with tepid global demand and ramp-up of new refineries. The oil and gas segment continued its growth trajectory with higher production, offsetting lower year-on-year gas price realizations.

Reliance has made significant progress on the implementation of New Energy Giga-factories. On completion, these projects will provide India a world-class, integrated green energy ecosystem which can propel the next leg of sustainable growth.”

Result PDF

Refineries & Petroproducts company Reliance Industries announced consolidated Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Gross Revenue was Rs 2,64,834 crore (USD 31.8 billion), up 10.8% YoY.
  • EBITDA increased by 14.3% YoY to Rs 47,150 crore (USD 5.7 billion).
  • Jio Platforms (JPL) EBITDA increased 12.5% YoY.
  • EBITDA for Reliance Retail Ventures (RRVL) increased sharply by 18.5% and a 60bps margin expansion to 8.6%.
  • Oil and Gas segment EBITDA increased sharply by 47.5%.
  • Depreciation increased by 18.5% YoY to Rs 13,569 crore (USD 1.6 billion) on expanded asset base across all the businesses.
  • Finance Costs decreased by 1.0% YoY to Rs 5,761 crore (USD 691 million).
  • Tax Expenses increased sharply YoY to Rs 6,577 crore (USD 789 million).
  • Profit after tax improved marginally YoY to Rs 21,243 crore (USD 2.5 billion).
  • Capital Expenditure for the quarter ended March 31, 2024, was Rs 23,207 crore (USD 2.8 billion).

FY24 Financial Highlights:

  • Gross Revenue was Rs 10,00,122 crore (USD 119.9 billion), up 2.6% YoY.
  • Revenue for JPL increased by 11.7% YoY.
  • O2C revenue decreased by 5.0%.
  • Revenue from Oil & Gas segment increased significantly by 48.0%.
  • EBITDA increased by 16.1% YoY to Rs 1,78,677 crore (USD 21.4 billion).
  • JPL EBITDA increased 12.8% YoY.
  • RRVL EBITDA increased sharply by 28.5% YoY with margin expansion of 60 bps to 8.4%.
  • O2C EBITDA increased marginally.
  • Oil and Gas EBITDA increased sharply by 48.6%.
  • Depreciation increased by 26.1% YoY to Rs 50,832 crore (USD 6.1 billion).
  • Finance Costs increased by 18.1% YoY to Rs 23,118 crore (USD 2.8 billion).
  • Tax Expenses increased by 26.2% YoY to Rs 25,707 crore (USD 3.1 billion).
  • Profit after tax increased by 7.3% YoY to Rs 79,020 crore (USD 9.5 billion).
  • Capital Expenditure for the year ended March 31, 2024, was Rs 1,31,769 crore (USD 15.8 billion).

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said, “Initiatives across RIL’s businesses have made a remarkable contribution towards fostering growth of various sectors of the Indian economy. It is heartening to note that alongside strengthening the national economy, all segments have posted a robust financial and operating performance. This has helped the Company achieve multiple milestones. I am happy to share that this year, Reliance became the first Indian company to cross the Rs 100,000-crore threshold in pre-tax profits.

Performance of the digital services segment has been boosted by accelerated expansion of subscriber base, supported by both mobility and fixed wireless services. With over 108 million True 5G customers, Jio truly leads the 5G transformation in India. From upgrading the hitherto 2G users to smartphones, to leading the effort of producing AI-driven solutions, Jio has proved its capability in strengthening the nation’s digital infrastructure.

Reliance Retail continued to provide customers endless choices through its robust omni-channel presence. We continue to offer product differentiation and superior offline experience through stores remodelling and revamping of layouts. Our digital commerce platforms also provide newer solutions to users with a broad brand catalogue. Reliance Retail also works towards strengthening millions of merchants through its unique initiatives in new commerce space.

Strong demand for fuels globally, and limited flexibility in refining system worldwide, supported margins and profitability of the O2C segment. Downstream chemical industry experienced increasingly challenging market conditions through the year. Despite headwinds, maintaining leading product positions and feedstock flexibility through our operating model that prioritises cost management, we delivered a resilient performance. The KG-D6 block has achieved 30 MMSCMD of production and now accounts for 30% of India’s domestic gas production.

We remain committed to our projects and initiatives, including those in the New Energy segment, which will bolster the company, and help it deliver sustainable growth for the future.”

Result PDF

Refineries/Petro-products company Reliance Industries announced Q3FY24 results:

Financial Highlights:

  • Consolidated Quarterly Revenue: Rs 2,48,160 crore, a 3.2% increase YoY.
  • Consolidated EBITDA: Rs 44,678 crore, marking a 16.7% increase YoY, with an EBITDA margin of 18%.
  • Quarterly Profit After Tax: Rs 19,641 crore, up by 10.9% YoY.
  • Capital Expenditure: Investments of Rs 30,102 crore mainly in 5G rollout, retail infrastructure, and new energy business.
  • Outstanding Debt: Rs 3,11,743 crore, with cash and cash equivalents at Rs 1,92,371 crore.
  • Net Debt: Positioned at Rs 1,19,372 crore with a net debt to EBITDA ratio of 0.68.

Segment-wise Performance:

  • Jio Platforms Quarterly Revenue: Rs 32,510 crore, up by 11.4% YoY. EBITDA increased by 11.5% to Rs 13,955 crore.
  • Reliance Retail Quarterly Revenue: Rs 83,063 crore, a 22.8% increase YoY. EBITDA grew by 31.1% to Rs 6,258 crore with a margin of 8.4%.
  • Oil to Chemicals (O2C) Segment: Quarterly revenue decreased by 2.4% to Rs 141,096 crore, while EBITDA marginally increased by 1.0% to Rs 14,064 crore.
  • Oil and Gas Segment: Quarterly revenue is up by 50.2% at Rs 6,719 crore and a record EBITDA of Rs 5,804 crore, rising by 49.6%.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: “Reliance has delivered yet another quarter of robust operating and financial performance, thanks to the exceptional efforts put in by teams across its businesses.

I am happy to share that Jio has completed in India the fastest rollout of True 5G services anywhere in the world. Every city, town, and village in the country is now equipped with high-speed digital connectivity, which will usher in a new era of unparalleled digital accessibility and technology-led growth. The strong uptake of the JioBharat phone and JioAirFiber services has resulted in the continued expansion of Jio’s subscriber base, contributing to the stellar growth numbers of the digital services business.

The retail segment has also delivered an impressive financial performance with its rapidly expanding physical as well as digital footprint. Reliance Retail remains focused on enriching the customer shopping experience by adding new brands and offerings to its portfolio. Its New Commerce initiatives continue to support the growth journey of millions of small merchants through technology, generating immense societal value.

The Oil & Gas segment posted its highest-ever quarterly EBITDA. I am happy to note that KG D6 is now contributing 30% of India’s gas production, fueling its transition towards a greener and cleaner tomorrow. The O2C segment delivered resilient performance aided by operational flexibility and strong domestic demand. Staying true to its commitment to sustainability, Reliance has become the first Indian company to chemically recycle pyrolysis oil into circular polymers.

The New Energy Giga Complex is all set to be commissioned in the second half of CY24. I am confident that Reliance’s New Energy business will play a pivotal role in the global movement for adoption of cleaner fuels.”

 

Result PDF

Refineries/Petro-products company Reliance Industries announced Q2FY24 results:

  • Gross Revenue was Rs 255,996 crore (USD 30.8 billion), up 1.2% YoY, supported by continuing growth momentum in consumer businesses.
    • Revenue for JPL increased by 10.6% YoY, led by a 7.5% increase in subscriber base and higher ARPU.
    • Revenue for RRVL grew by 18.8% YoY with growth momentum across consumption baskets, led by Food & Grocery which grew by 33%.
    • Revenue from the Oil & Gas segment increased significantly with incremental production of gas and condensate from the MJ field.
    • O2C revenue declined with a 14% decrease in crude oil prices leading to lower price realization for products.
  • EBITDA increased by 30.2% YoY to Rs 44,867 crore (USD 5.4 billion), on account of the following:
    • Strong net subscriber addition and sharp increase in data traffic supported 80 bps margin improvement in JPL.
    • Operating leverage and continued focus on cost management initiatives resulted in an 80 bps expansion in RRVL to 8.4%.
    • Sustained performance in the O2C segment with strong domestic demand, optimised feedstock cost, and strength in gasoline and PVC margins. YoY decline in middle distillate cracks was offset by lower SAED. The downstream contribution was impacted by subdued global demand in well supplied market reflected in lower PE, PP, and polyester chain deltas.
    • Better gas price realization and 66% growth in KGD6 volumes improved Oil & Gas segment earnings. However, the EBITDA margin was lower due to higher costs related to the commissioning and ramp-up of the MJ field and decommissioning of the Tapti field.
  • Depreciation increased by 29.4% YoY to Rs 12,585 crore (USD 1.5 billion) on an expanded asset base across all the businesses, higher network utilization in the Digital Services business, and ramp-up in upstream production
  • Finance costs increased by 25.8% YoY to Rs 5,731 crore (USD 690 million) primarily due to higher interest rates and currency depreciation.
  • Tax expenses increased by 38.0% YoY to Rs 6,673 crore (USD 804 million) in Q2FY24.
  • Profit after tax improved by 29.7% YoY at Rs 19,878 crore (USD 2.4 billion).
  • Capital expenditure for the quarter ended September 30, 2023, was Rs 38,815 crore (USD 4.7 billion) with continuing accelerated investments in pan-India 5G roll-out.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said, “Strong operational and financial contribution from all business segments has helped Reliance deliver another quarter of robust growth.

I am happy that Jio remains committed to the vision of a digital India through the launch of two innovative and transformative offerings, JioAirFiber and JioBharat phone. Based on our state-of-the-art standalone 5G network, JioAirFiber significantly expands the reach and benefit of high-speed connectivity to millions of households across India. JioBharat phone will enable digital inclusion for millions of Indians and catalyze India’s transformation to next-gen connectivity solutions. By December 2023, we will also complete the Pan-India rollout of 5G services and set a new global benchmark for the fastest roll-out of a 5G network across a large nation.

Reliance Retail has continued to rapidly expand its offline as well as online presence while adding to its already impressive range of products and offerings. We are providing a fresh and friendly shopping experience across our seamless ecosystem. The strength and diversity of our Retail business model is consistently delivering robust performance.

The resilient performance of the O2C segment despite volatility in energy markets was led by strong growth in fuel demand in a supply-constrained market. Weak global demand and supply overhang continued to impact downstream margins. The growth of oil and gas business is particularly noteworthy with production from KGD6 block ramping up and providing valuable fuel for the energy transition to the Indian economy.”

 

Result PDF

Refineries/Petro-Products company Reliance Industries announced Q1FY24 results:

  • Gross Revenue was Rs 2,31,132 crore (USD 28.2 billion), down 4.7% YoY, due to a sharp decline in O2C revenues with a 31% fall in crude oil prices. However, this is partially offset by continued growth in consumer businesses and an increase in volumes from O2C and Oil & Gas business.
  • EBITDA increased by 5.1% YoY to Rs 41,982 crore (USD 5.1 billion). EBITDA growth was led by consumer and upstream businesses, which offset the decline in O2C earnings. O2C earnings were lower due to a sharp fall in fuel cracks from exceptionally high levels in Q1FY23. Higher subscriber base and customer engagement led to revenue and profitability growth for Digital Services. Retail earnings reflect an expanded footprint and improved profitability with operating leverage. Higher production and realizations contributed to growth in Oil & Gas EBITDA.
  • Depreciation increased by 31.7% YoY to Rs 11,775 crore (USD 1.4 billion) due to an expanded asset base across all the businesses and higher network utilization in the Digital Services business.
  • Finance costs increased by 46.0% YoY to Rs 5,837 crore (USD 711 million) primarily due to higher interest rates and loan balances.
  • Tax Expenses of Rs 6,112 crore (USD 745 million) in Q1FY24 were lower on account of lower deferred tax in Q1FY24.
  • Profit for Q1FY24 declined by 5.9% YoY at Rs 18,258 crore (USD 2.2 billion) on account of higher finance costs and increased depreciation.
  • The Capital Expenditure for Q1FY24 was Rs 39,645 crore (USD 4.8 billion).

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said: “Reliance’s strong operating and financial performance this quarter demonstrates the resilience of our diversified portfolio of businesses that cater to demand across industrial and consumer segments.

Jio’s wide range of quality offerings at affordable price points has enabled strong growth in its subscriber base, which reflects in the financial performance of the digital services business. The accelerated roll-out of Jio’s True 5G services is propelling the nation’s digital transformation at an unprecedented pace. In another step towards democratizing the Internet in India, Jio launched the “JioBharat” Phone Platform, making Internet technology accessible and affordable to every Indian.

The retail business delivered robust growth, with fast-paced store additions and steady growth in footfalls. Digital and New Commerce initiatives contribute to scaling up, delivering value to consumers, and providing synergistic benefits to merchant partners.

O2C business delivered a resilient performance despite continuing global macro headwinds. Commencement of MJ field operations during the quarter will enhance India’s energy security, with total production from the KGD6 block rising to ~30 MMSCMD in the coming months.

The process of demerger of the financial services business – Jio Financial Services Limited – is on track with key approvals in place. I firmly believe that Jio Financial Services is uniquely positioned to foster financial inclusion in India.”

 

 

Result PDF

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