Reliance Industries Q4 results key takeaways: O2C drags profit down 12.6% as Jio, retail hold the fort

Reliance Industries Limited on Friday reported a 12.6% year-on-year decline in consolidated net profit for the quarter ended March 31, 2026, as weakness in the oil-to-chemicals segment and higher costs weighed on the bottom line.

The company's consumer-facing businesses, however, continued to scale, with Jio Platforms posting strong earnings growth and Reliance Retail crossing 20,000 stores.

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Consolidated net profit attributable to owners of the company came in at Rs 16,971 crore for Q4FY26, down from Rs 19,407 crore in the same quarter last year. Gross revenue rose 12.9% year-on-year to Rs 3,25,290 crore.

For the full year FY26, consolidated PAT rose 18.3% to a record Rs 95,610 crore, with gross revenue hitting a record Rs 11,75,919 crore, up 9.8% year-on-year.

Commenting on the results, Chairman and Managing Director Mukesh Ambani 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."

The board recommended a dividend of Rs 6 per share for FY26.

Here are 10 key takeaways from the Q4FY26 results:

1. Quarterly profit fell 12.6% YoY: Full-year PAT at a record Consolidated net profit attributable to owners stood at Rs 16,971 crore in Q4FY26, down from Rs 19,407 crore in Q4FY25 and Rs 18,645 crore in Q3FY26. On a full-year basis, however, consolidated PAT rose 18.3% year-on-year to a record Rs 95,610 crore in FY26, compared with Rs 80,787 crore in FY25.

2. Revenue hit a record for the full year: Gross revenue for Q4FY26 rose 12.9% year-on-year to Rs 3,25,290 crore. For the full year, consolidated gross revenue rose 9.8% to a record Rs 11,75,919 crore. Full-year EBITDA also hit a record at Rs 2,07,911 crore, up 13.4% year-on-year.

3. O2C remained the key drag in the quarter: The oil-to-chemicals segment reported quarterly EBITDA of Rs 14,520 crore in Q4FY26, down 3.7% from Rs 15,080 crore in Q4FY25. A sharp rise in crude premiums on physical barrels, elevated freight and insurance costs, weak polymer deltas, and under-recoveries at Jio-bp fuel retail outlets weighed on earnings.

The reintroduction of the Special Additional Excise Duty on diesel and ATF exports also impacted the segment. RIL diverted propane and butane to boost LPG output and KGD6 gas to priority sectors during the quarter in response to disruptions caused by the Strait of Hormuz closure.

4. Jio Platforms was the standout performer: Jio Platforms reported quarterly EBITDA of Rs 20,060 crore in Q4FY26, up 17.9% from Rs 17,016 crore in Q4FY25, with EBITDA margin expanding 230 basis points to 52.4%.

For the full year, Jio EBITDA rose to Rs 76,255 crore from Rs 64,170 crore in FY25. Total subscriber base stood at 524.4 million as of March 2026, including 268 million 5G subscribers. ARPU for the quarter came in at Rs 214 per subscriber per month, up from Rs 206.2 a year ago. Data traffic grew 35% year-on-year to 66 exabytes in Q4FY26.

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5. Reliance Retail crossed 20,000 stores: Reliance Retail Ventures posted quarterly EBITDA of Rs 6,921 crore in Q4FY26, up 3.1% from Rs 6,711 crore in Q4FY25. For the full year, retail revenue rose 11.8% to Rs 3,70,026 crore and EBITDA grew 7.9% to Rs 27,033 crore. The total store count crossed 20,000, reaching 20,160 stores as of March 2026.

The registered customer base stood at 387 million, with 1.93 billion annual transactions recorded during FY26. Hyper-local daily orders were up over 300% year-on-year in Q4.

6. Oil and gas EBITDA fell sharply in the quarter: The upstream oil and gas segment reported quarterly EBITDA of Rs 4,195 crore in Q4FY26, down 18.1% from Rs 5,123 crore in Q4FY25. The decline was on account of lower gas price realisation in KGD6 and CBM fields, lower KGD6 gas volumes, and higher operating costs due to maintenance activity and government levies. The average KGD6 gas price realised in Q4FY26 was $9.63/MMBTU versus $10.09/MMBTU in Q4FY25.

7. Full-year EBITDA hit a record across segments: Total consolidated EBITDA for FY26 rose 13.4% year-on-year to a record Rs 2,07,911 crore. Jio Platforms EBITDA grew 18.8% for the full year, retail EBITDA grew 7.9%, and O2C EBITDA grew 10.1% on a full-year basis, even as quarterly O2C performance remained under pressure due to geopolitical headwinds and elevated input costs.

8. JioStar emerged as a new earnings contributor: The JioStar business reported quarterly revenue of Rs 9,784 crore and EBITDA of Rs 827 crore for Q4FY26. JioHotstar averaged 500 million monthly active users during the quarter. The T20 Men's Cricket World Cup Final achieved a peak concurrency of 72.5 million, a global record. For the full year FY26, JioStar posted revenue of Rs 36,248 crore and EBITDA of Rs 4,885 crore.

9. Jio Platforms listing on the horizon: Mukesh Ambani, in his commentary on the results, said the company is advancing steadily towards the listing of Jio Platforms, describing it as a defining milestone in Jio's journey. He also noted that Reliance is making rapid progress in operationalising its New Energy giga-factories, which he said will emerge as a powerful growth engine for the company and a transformative contributor to India's energy future.

10. Board recommends Rs 6 dividend; cash position strengthened: The board of directors recommended a dividend of Rs 6 per fully paid-up equity share of Rs 10 each for FY26, subject to shareholder approval at the annual general meeting.

Cash and cash equivalents as of March 31, 2026 stood at Rs 2,49,704 crore, up from Rs 2,30,447 crore a year earlier. Capital expenditure for Q4FY26 stood at Rs 40,560 crore, taking full-year capex to Rs 1,44,271 crore.