Reliance Industries Limited (RELIANCE) Q4 24/25 earnings summary

Executive summary

• Revenue grew 7.1% year-over-year, driven by strong consumer and digital businesses, while O2C and upstream segments faced margin pressures amid global volatility.

• JioStar merger created India's largest media and entertainment platform with 280 million paid subscribers and record digital engagement.

• Retail business rebounded in the second half, delivering 16% YoY revenue growth in Q4 and 8% for the full year.

• New energy initiatives advanced, with solar and battery gigafactories progressing toward commissioning by 2026 and bioenergy expansion underway.

• Audited consolidated and standalone financial results for FY25 were approved, with a recommended dividend of ₹5.50 per equity share, subject to shareholder approval.

Financial highlights

• FY25 consolidated revenue rose 7.1% YoY to ₹1,071,174 crore; EBITDA up 2.9% to ₹1,83,422 crore; net profit increased 2.9% YoY to ₹81,309 crore.

• Q4 FY25 revenue grew 8.8% YoY to ₹2,88,138 crore; EBITDA up 3.6% YoY to ₹48,737 crore.

• Retail EBITDA grew 9% for the year, with PAT at ₹12,400 crore, up 12% YoY.

• Oil and gas EBITDA reached a record, with margins at 84% and higher production from KG D6 and CBM.

• JioStar reported ₹9,497 crore revenue and ₹266 crore EBITDA in its first 3.5 months post-merger.

Outlook and guidance

• CapEx for 5G and network expansion largely completed; future CapEx to decline as a percentage of revenue.

• O2C segment expects margin recovery over next 4-6 quarters despite ongoing global supply overhang.

• Solar and battery gigafactories expected to be commissioned by end-2025/early-2026, with significant new energy capacity ramping up by 2027-2028.

• Retail expects continued growth, with SHEIN and quick commerce scaling up in the coming year.

• Dividend of ₹5.50 per share recommended for FY25, pending AGM approval.