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Reliance Industries Ltd.has reported its results for the fourth quarter of FY26.
Here is all you need to know about RIL's fineprint.
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The company said that agile crude sourcing amid West Asia conflict to sustain throughput. It added that it kept retail fuel prices unchanged which led to under recoveries and that it faced headwinds due to higher crude, freight, insurance, fuel costs.
However, it pointed out that performance of telecom, retail operations somewhat offset energy weakness.
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.
Freight charges jumped 10-15x of normal and insurance cost increased from $25000-30000 to $1.5-2 million
Oil premium went as high as $20-30/bbl
For May 2026, premium has been kept at $20/bbl
Domestic LPG supply rose 4x from normal
(Source: RIL Con Call)
RIL says that it sees traction building in telecom business going forward . RIL Chairman Mukesh Ambani said the company is advancing steadily towards listing of Jio Platforms.
Oil & Gas Revenue up 1% At Rs 5,867 crore
Oil & Gas Revenue At Rs 5,867 crore Vs Rs 5,833 crore QoQ
Oil & Gas EBITDA down 14% At Rs 4,195 crore
Oil & Gas EBITDA At Rs 4,195 crore Vs Rs 4,857 crore QoQ
Leading telecom giant Reliance Jio Infocomm Ltd. reported a 4% sequential increase in its consolidated net profit during the quarter ended March, according to the financial results announced by the oil-to-telecom conglomerate on Friday.
The telecom arm of billionaire industrialist Mukesh Ambani's conglomerate logged a bottom-line of Rs 7,935 crore, compared to Rs 7,629 crore in the March quarter of FY25. The average revenue per user (ARPU) increased by 0.1% to Rs 214, compared to Rs 213.7 in the previous quarter.
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The EBITDA margin for the oil and gas segment saw a sharp decline of 1,177 basis points to 71.5% from 83.27%
The revenue for the oil and gas segment of RIL rose 1% sequentially to Rs 5,867 crore from Rs 5,833 crore. At the same time, EBITDA declined 14% to Rs 4,195 crore from Rs 4,857.
RIL Q4FY26 Highlights (QoQ)
Out of the 34 analysts tracking the company on Bloomberg, 33 have a buy call while only one recommends selling the stock.
Reliance Jio is expected to post steady performance, with Ebitda projected to rise 3% to Rs 18,269 crore. Average revenue per user or ARPU is estimated to edge up to Rs 216 from Rs 214, supported by customer upgrades, while subscriber additions are seen slowing to 52.2 crore, the weakest quarterly addition in fiscal 2026.
Oil and gas exploration Ebitda is projected to fall sharply by 12.5% to Rs 4,249 crore, the biggest drop in 16 quarters, due to lower volumes and higher costs.
The oil-to-chemicals segment's Ebitda is seen flat at around Rs 16,505 crore despite higher gross refining margins, weighed down by higher freight costs, insurance premiums, elevated gas costs, increased LPG output, and diversion of gas produced at the KG basin to priority sectors.
Segment-wise, the retail business is expected to see a 10.6% drop in revenue to Rs 87,568 crore, though Ebitda may rise 2% to Rs 7,051 crore due to cost management, with growth constrained by a high base.
Reliance Industries Q3 Results (Consolidated, QoQ)
All but one out of 34 analysts tracking Reliance Industries have a 'Buy' rating on the stock, and one suggests a 'sell', according to Bloomberg data. The average of 12-month price targets is Rs 1,736 and indicates a potential upside of 29%.
The stock of Reliance Industries Ltd. ended over 1% lower at Rs 1,327.80 apiece on the NSE ahead of its fourth quarter results on Friday.
The decline compares to a 1.14% slump in the Nifty index.
RIL's oil-to-chemicals segment's Ebitda is seen flat at around Rs 16,505 crore despite higher gross refining margins, weighed down by higher freight costs, insurance premiums, elevated gas costs, increased LPG output, and diversion of gas produced at the KG basin to priority sectors.
Oil and gas exploration Ebitda is projected to fall sharply by 12.5% to Rs 4,249 crore, the biggest drop in 16 quarters, due to lower volumes and higher costs.
Reliance Jio is expected to post steady performance, with Ebitda projected to rise 3% to Rs 18,269 crore. Average revenue per user or ARPU is estimated to edge up to Rs 216 from Rs 214, supported by customer upgrades, while subscriber additions are seen slowing to 52.2 crore, the weakest quarterly addition in fiscal 2026.
Reliance Industries' retail business is expected to see a 10.6% drop in revenue to Rs 87,568 crore, though Ebitda may rise 2% to Rs 7,051 crore due to cost management, with growth constrained by a high base.
According to NDTV Profit estimates, consolidated revenue is seen rising 6.7% quarter-on-quarter to around Rs 2,82,748 crore, while operating income or Ebitda is estimated to increase 2.9% to about Rs 47,343 crore. Margin is expected to soften to 16.7% from 17.4% in the December quarter, and net profit is seen declining roughly 9% to Rs 16,944 crore.
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