Reliance Industries Q4 Results: Profit Declines 9%, Margin Contracts The Most In 14 Quarters

Reliance Industries Ltd. reported a 9% quarter-on-quarter fall in fourth-quarter profit, while operating margin posted its sharpest contraction in 14 quarters as lower profitability offset higher revenue growth.

Revenue rose 11% from the previous quarter, but lower operating performance weighed on earnings, the oil-to-telecom conglomerate said in an exchange filing on Friday. The operating income or the earnings before interest, tax, depreciation and amortisation fell 4% on a sequential basis and margin narrowed to 15% from 17.4%.

Reliance Industries Q4 Results Key Highlights (Consolidated, QoQ)

• Revenue up 11% to Rs 2,94,059 crore versus Rs 2,64,905 crore (Bloomberg Estimate: Rs 2,82,748 crore)
• Ebitda down 4% to Rs 44,141 crore versus Rs 46,018 crore (Estimate: Rs 47,343 crore)
• Margin contracts 240 basis points to 15.0% versus 17.4% (Estimate: 16.7%)
• Profit down 9% to Rs 16,971 crore versus Rs 18,645 crore (Estimate: Rs 16,944 crore)

Segment Performance

• Digital revenue rose 3% quarter on quarter to Rs 45,945 crore, while Ebitda increased 4% to Rs 20,041 crore. Margin expanded to 43.62%, making it one of the stronger contributors in the quarter.
• Retail revenue increased 1% to Rs 98,457 crore. Ebitda was largely flat at Rs 6,921 crore, Margin contracted to 7.03%.
• O2C revenue rose 14% to Rs 1,84,944 crore, but Ebitda fell 12% to Rs 14,520 crore. Margin contracted 7.85%, indicating pressure despite higher sales.
• Oil and gas revenue increased 1% to Rs 5,867 crore, while Ebitda declined 14% to Rs 4,195 crore. Margin contracted to 71.50%.
• Other businesses posted revenue growth of 57% to Rs 27,976 crore, while Ebitda was flat at Rs 2,746 crore. Margin contracted to 9.82%.

ALSO READ: Reliance Jio Q4 Results: Profit Up 2% Even As ARPU Stays Flat; Revenue Sees Modest Uptick

Jio Listing, Consumer Growth

"Jio continues to transform India's digital landscape," Chairman and Managing Director Mukesh Ambani said. He added that the company is "advancing steadily towards the listing of Jio Platforms," 

Reliance's investor presentation showed Jio ended FY26 with more than 524 million subscribers, including 268 million 5G users. Fixed broadband connections crossed 27 million, while AirFiber subscribers reached 12.9 million.

Balance Sheet Growth

For FY26, Reliance reported record consolidated revenue of Rs 11,75,919 crore, up 9.8% from a year earlier. Ebitda rose 13.4% to Rs 2,07,911 crore, while profit after tax increased 18.3% to Rs 95,610 crore. The board recommended a dividend of Rs 6 per share.

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