Reliance Industries Q4 FY26 Analyst Meet Transcript Released
Reliance Industries reported FY2025-26 revenue up 10% and EBITDA up 13.5%. For Q4 FY26, revenue was ₹98,000 Crore (Retail) and EBITDA ₹6,900 Crore. Jio Platforms saw 14.6% revenue growth to ₹1,46,085 Crore and 19% EBITDA growth to ₹76,255 Crore. The company ended the year with 524 million subscribers and 268 million 5G users.
The announcement provides a detailed update on the financial performance of Reliance Industries across its major business verticals, including Jio Platforms and Reliance Retail, offering significant insights for investors and stakeholders.
The company reported strong growth in revenue and EBITDA across its key segments, including digital services and retail, indicating a positive financial performance despite some segment-specific challenges.
Reliance Industries Limited has released the transcript of its analyst meet held on April 24, 2026, discussing the audited financial results for the quarter and year ended March 31, 2026. The analyst meet, which covered both consolidated and standalone financial results, concluded at 9:50 PM IST on April 24, 2026. The transcript and related presentations are available on the company's website.
During the discussion, V Srikanth, CFO of Reliance Industries, highlighted a 10% increase in revenue and a 13.5% increase in EBITDA for FY2025-26, with consumer businesses contributing over 55% of EBITDA. Jio Platforms (JPL) reported a 15% year-on-year PAT increase, Reliance Retail Ventures (RRVL) saw a 12% PAT growth, and RIL's standalone PAT grew by approximately 24%. Digital services showed strong growth of 18%, while Retail's EBITDA grew by 8%, impacted by the scaling of hyperlocal e-commerce and soft demand in fashion and lifestyle. Oil-to-Chemicals (O2C) grew by 10%, and Oil and Gas faced challenges due to falling production and reserves.
For the quarter, overall EBITDA growth was flat, with consumer businesses (Jio and Retail) up 14%, offsetting lower energy segment performance. PAT was lower quarter-on-quarter due to depreciation and interest on 5G asset capitalization and O2C segment decline. Digital services grew 16% driven by subscriber additions, with a 5G user base growing at 40%. Retail showed broad-based consumption growth and hyperscale expansion.
Anshuman Thakur, Head of Strategy at Jio Platforms, reported a 14.6% year-on-year revenue growth to ₹1,46,085 Crore and a 19% EBITDA growth to ₹76,255 Crore for the full year, with an EBITDA margin of 52%. Jio ended the year with 524 million subscribers, adding 36.3 million, and a 5G subscriber base of 268 million (adding 77 million). Fixed broadband connections reached 27 million, with 12.9 million JioAirFiber homes. Total data traffic increased by 31% year-on-year to 241 Exabytes for the year. The connectivity business saw an 11.2% revenue growth year-on-year, reaching ₹33,381 Crore in the last quarter, with EBITDA at ₹18,771 Crore and a margin of 56.2%. JPL reported operating revenues of ₹38,259 Crore for the quarter, a 12.6% year-on-year growth, with EBITDA at ₹20,060 Crore (17.9% growth) and PAT at ₹7,935 Crore (13% growth). For the full year, JPL's revenue was ₹1,46,885 Crore, EBITDA ₹76,255 Crore, and PAT crossed ₹30,000 Crore.
Dinesh Taluja, CFO of Reliance Retail, announced record revenues of ₹98,000 Crore for the quarter, an 11% year-on-year growth (14% adjusted for RCPL demerger). EBITDA was ₹6,900 Crore with a margin of 7.9%. Hyperlocal commerce saw 30% quarter-on-quarter growth in average daily orders. The company crossed the milestone of 20,000 stores. Grocery and fashion segments showed strong double-digit growth. Metro, the B2B business, also performed steadily. JioMart, the hyperlocal commerce business, serves over 1200 cities with 3100 stores. The fashion and lifestyle business reported healthy double-digit growth, with Ajio experiencing steady performance and Ajio Luxe brand portfolio growing 24% year-on-year. The Jewels business saw average bill values increase by 53% year-on-year. Consumer electronics had a 30% year-on-year growth during the Digital India sale, with ResQ presence across 1600+ locations.
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