Reliance Industries Limited (RELIANCE) Q4 25/26 earnings summary

Executive summary

• FY26 consolidated revenue reached ₹11,75,919 crore, up 9.8% YoY, with over 55% of EBITDA from consumer businesses and resilient performance amid global disruptions.

• EBITDA rose 13.5% to ₹2,07,911 crore, PAT increased 17.8% to ₹95,754 crore, and a dividend of ₹6.00 per share was recommended, subject to approval.

• Q4 FY26 revenue grew 12.9% YoY to ₹3,25,290 crore, with digital and retail offsetting energy headwinds; PAT declined 8.9% due to higher finance costs and 5G spectrum depreciation.

• Statutory auditors issued unmodified opinions on consolidated and standalone results, confirming robust internal controls.

Financial highlights

• Full-year revenue up 9.8% YoY to ₹11,75,919 crore; EBITDA up 13.5% to ₹2,07,911 crore, including one-time gains from listed share sales.

• PAT for FY26 was ₹95,754 crore, up 17.8% YoY; JPL PAT up 15% YoY, RRVL PAT up 12%, RIL standalone PAT up 24%.

• Digital services revenue up 14.6% YoY to ₹1,46,885 crore; EBITDA up 19% YoY with margin expansion to 52%.

• Retail revenue for FY26 at ₹3,71,085 crore (+12% YoY); EBITDA at ₹27,034 crore (+8% YoY), margin at 8.3%.

• O2C segment revenue at ₹6,62,401 crore (+5.7% YoY), EBITDA at ₹60,546 crore (+10.1% YoY).

Outlook and guidance

• Expect continued volatility in energy and petrochemicals due to geopolitical risks and supply disruptions.

• Focus on expanding new energy manufacturing, robust market share gains in digital, retail, and enterprise services.

• Retail to expand footprint, especially in tier 2+ cities, and drive omni-channel growth.

• Dividend of ₹6.00 per share recommended for FY26, pending AGM approval.