Reliance Industries (RELIANCE) Q4 24/25 earnings summary

Executive summary

• Revenue grew 7.1% year-over-year, led by strong consumer, retail, 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, with 19,340 stores and 349 million customers.

• 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 Rs 10,71,174 crore; EBITDA up 2.9% to Rs 1,83,422 crore; net profit increased 2.9% YoY to Rs 81,309 crore.

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

• Retail EBITDA grew 9% for the year, with PAT at INR 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 INR 9,497 crore revenue and INR 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 global supply overhang.

• Major new energy and specialty project capacity additions planned by 2026-27, with solar and battery gigafactories expected to be commissioned by end-2025/early-2026.

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

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