Reliance Industries Ltd. (RELIANCE.NS), India's largest listed company by market capitalization, reported fiscal fourth-quarter consolidated net profit of ₹202.4 billion (US$2.4 billion) on Wednesday after the Mumbai close, a 14.6% year-on-year increase and ahead of the ₹186 billion analyst consensus. Consolidated revenue from operations of ₹2.69 trillion grew 11.2% year-on-year, narrowly above the ₹2.61 trillion estimate.
Reliance Jio — the digital-services subsidiary that operates India's largest mobile network — delivered ₹85.4 billion of net profit, up 21% year-on-year. Average revenue per user (ARPU) rose to ₹248 from ₹210 in the year-ago quarter, an 18% increase that reflected the July 2025 tariff revisions plus the upgrade momentum to 5G premium plans. 5G subscriber count crossed 240 million, and Jio Air Fiber broadband subscribers reached 7.4 million.
Retail Crosses ₹3 Trillion
Reliance Retail Ventures generated ₹820 billion of revenue in Q4, taking the full fiscal-year revenue to ₹3.04 trillion ($36 billion) — the first time an Indian retailer has crossed the milestone. Same-store sales growth was 12.4%, with Trends fashion and JioMart digital commerce contributing meaningfully. Retail EBITDA margin expanded 60 basis points to 8.7%. The footprint reached 19,800 stores at fiscal year-end, with Reliance Smart Bazaar at 670 hypermarkets.
The Oil-to-Chemicals (O2C) business reported revenue of ₹1.46 trillion, up 8% year-on-year, with EBITDA margin of 9.8% — slightly compressed from 10.4% in the year-ago quarter, reflecting weaker petrochemical industry margins partially offset by stronger Singapore complex refining margins. The Oil & Gas exploration business generated EBITDA of ₹54.6 billion, up 6% year-on-year, on KG-D6 production averaging 28.6 million standard cubic meters per day.
Strategic Updates
Chairman Mukesh Ambani used the post-results call to announce that Reliance Jio Platforms — the technology and services holding entity that controls Jio — will list on the Indian stock exchanges in fiscal 2027 (i.e., between April 2026 and March 2027). The IPO is expected to be the largest in Indian history, with bankers Morgan Stanley, Goldman Sachs, Kotak Mahindra Capital, and Citi already mandated. Bloomberg Intelligence values Jio Platforms at $145-$165 billion.