- Record Annual Consolidated Revenue at ₹ 1,175,919 crore, up 9.8% Y-o-Y Record Annual Consolidated EBITDA at ₹ 207,911 crore, up 13.4% Y-o-Y Record Annual Consolidated PAT at ₹ 95,610 crore, up 18.3% Y-o-Y
- Jio Platforms 4Q FY26 EBITDA up 17.9% Y-o-Y at ₹ 20,060 crore, margin up 230 bps Jio total subscriber base of over 524 million with 268 million Jio True5G
- Reliance Retail 4Q FY26 EBITDA up 3.1% Y-o-Y at ₹ 6,921 crore, store count crosses 20,000 RIL announces Dividend of ₹ 6/- per share
CONSOLIDATED FINANCIAL HIGHLIGHTS
(₹ in crore)
| Sr. No | Particulars | 4Q FY26 | 3Q FY26 | 4Q FY25 | % chg. Y-o-Y | FY26 | FY25 |
| 1 | Gross Revenue | 3,25,290 | 2,93,829 | 2,88,138 | 12.9 | 11,75,919 | 10,71,174 |
| 2 | EBITDA | 48,588 | 50,932 | 48,737 | -0.3 | 2,07,911 | 1,83,422 |
| 3 | EBITDA margin (%) | 14.9 | 17.3 | 16.9 | (200 bps) | 17.7 | 17.1 |
| 4 | Depreciation | 14,808 | 14,622 | 13,479 | 9.9 | 57,688 | 53,136 |
| 5 | Finance Costs | 6,585 | 6,613 | 6,155 | 7 | 27,061 | 24,269 |
| 6 | Profit Before Tax | 27,195 | 29,697 | 29,103 | -6.6 | 1,23,162 | 1,06,017 |
| 7 | Tax Expenses | 6,579 | 7,530 | 6,669 | -1.3 | 27,552 | 25,230 |
| 8 | Profit After Tax | 20,616 | 22,167 | 22,434 | -8.1 | 95,610 | 80,787 |
| 9 | Share of Profit/(Loss) of Associates & JVs | -27 | 123 | 177 | – | 144 | 522 |
| 10 | Profit After Tax and Share of Profit/(Loss) of Associates & JVs | 20,589 | 22,290 | 22,611 | -8.9 | 95,754 | 81,309 |
| 11 | Capital Expenditure# | 40,560 | 33,826 | 36,041 | 1,44,271 | 1,31,107 | |
| 12 | Outstanding Debt | 3,74,421 | 3,46,896 | 3,47,530 | 3,74,421 | 3,47,530 | |
| 13 | Cash & Cash Equivalents | 2,49,704 | 2,29,794 | 2,30,447 | 2,49,704 | 2,30,447 | |
| 14 | Net Debt | 1,24,717 | 1,17,102 | 1,17,083 | 1,24,717 | 1,17,083 | |
| 15 | Net Debt to EBITDA* | 0.64 | 0.57 | 0.6 | 0.6 | 0.64 |
# Excluding amount incurred towards spectrum
* Annualized
FY26 EBITDA includes ₹ 8,924 crore being proceeds of profit from sale of listed investments
Annual Performance
- Gross Revenue increased by 9.8% Y-o-Y to ₹ 1,175,919 crore ($ 124.0 billion).
o JPL revenue increased by 14.7% Y-o-Y led by continued strength in subscriber addition, uptick in ARPU and steady ramp-up of digital services.
o RRVL revenue increased by 11.8% Y-o-Y, led by broad-based growth across consumption baskets, deeper penetration into under-served markets, and scaling of India’s widest hyper-local delivery network.
o Oil to Chemicals (O2C) revenue increased by 5.7% Y-o-Y. This was largely driven by higher domestic market product placement and better price realisation.
o Oil and Gas segment revenue decreased by 5.4% Y-o-Y on account of lower KG D6 gas volume partly offset by higher realisations.
- EBITDA increased by 13.4% Y-o-Y to ₹ 207,911 crore ($ 21.9 billion).
o JPL EBITDA increased by 18.8% Y-o-Y driven by revenue growth and strong operating leverage leading to 190 bps expansion in margin.
o RRVL EBITDA increased 7.9% Y-o-Y to ₹ 27,033 crore with an EBITDA margin of 8.3%. Margin moderation of 30 bps reflects investment in hyper-local commerce.
o O2C EBITDA increased by 10.1% due to stronger transportation fuel cracks. Earnings growth was further aided by efficient feedstock sourcing and product placement, high utilisation and proactive yield management.
o Oil and Gas segment EBITDA decreased by 10.1% Y-o-Y with lower revenues and higher operating cost.
- Depreciation increased by 8.6% Y-o-Y to ₹ 57,688 crore ($ 6.1 billion), largely on account of higher depreciation in Digital Services.
- Finance Costs increased by 11.5% Y-o-Y to ₹ 27,061 crore ($ 2.9 billion), largely due to operationalisation of 5G spectrum assets.
- Tax Expenses increased by 9.2% Y-o-Y at ₹ 27,552 crore ($ 2.9 billion).
- Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 17.8% Y-o-Y to ₹ 95,754 crore ($ 10.1 billion).
- Capital Expenditure for the year ended 31st March 2026, stood at ₹ 144,271 crore ($ 15.2 billion). The Company continued to make significant progress on execution of growth projects in O2C and New Energy business, while strengthening and expanding of the Jio and Retail network and infrastructure.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Through fiscal FY2025-26 we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. India held its economic growth course through all this, as did Reliance. The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment.
Jio continues to transform India’s digital landscape. I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future. Robust full-year EBITDA growth of 19% was driven by continuing traction in mobility, home broadband and enterprise services. As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content in the years ahead.
Reliance Retail delivered steady growth through the year. I am confident that Reliance Retail’s deep omni- channel presence and its strong understanding of the Indian consumer will continue to underpin sustained growth. The consumer products vertical, now operating within an independent and focused organizational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands. India’s consumption story has many years of growth ahead of it, and our businesses are built to be at the centre of this opportunity.
The O2C business navigated a complex global environment during the year. The war in West Asia has led to unprecedented dislocation in global supply chains. As in prior periods of disruption, Reliance has again demonstrated its commitment to ensure availability of critical energy and materials to India. Our O2C team successfully diverted streams toward scaling up LPG production, our colleagues in Jio-bp have ensured continuous availability of fuels to individuals and businesses throughout India. Gas from KG-D6 Basin has been diverted towards priority sectors, in line with national energy priorities. I am proud of the dedication of our teams and the agility with which they have addressed challenges facing the nation.
Recent events have underscored the critical need of energy security. I am happy that Reliance is making rapid progress in operationalizing its New Energy giga-factories. This business will emerge as a powerful growth engine for Reliance and a transformative contributor to India’s energy future.”
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