Highlights

• Reliance Industries reported FY26 consolidated PAT growth of 18.3% year-on-year.
• Jio Platforms added 75 million 5G subscribers during FY26 across India.
• Reliance Retail crossed 20,000 stores while hyper-local orders surged during Q4 FY26.

Reliance Industries Limited (NSE:RELIANCE) reported record annual consolidated revenue of INR 1,175,919 crore for FY26, reflecting a 9.8% year-on-year increase. Consolidated EBITDA rose 13.4% year-on-year to INR 207,911 crore, while consolidated PAT increased 18.3% year-on-year to INR 95,610 crore.

The company also announced a dividend of INR 6 per share for FY26. Capital expenditure for the year stood at INR 144,271 crore, driven by investments across digital services, retail, O2C, and new energy businesses.

Source: Analysis by Kalkine

Jio Platforms Records Subscriber And EBITDA Growth

Jio Platforms Limited reported quarterly revenue of INR 44,928 crore in Q4 FY26, up 12.7% year-on-year. Quarterly EBITDA increased 17.9% year-on-year to INR 20,060 crore, while EBITDA margin expanded by 230 basis points to 52.4%.

Jio’s total subscriber base crossed 524 million, including 268 million 5G subscribers. The company added nearly 10 million fixed broadband subscribers during FY26, taking total fixed broadband subscribers to 27.1 million.

Average revenue per user increased to INR 214 per subscriber per month during the quarter, compared with INR 206.2 in Q4 FY25.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “Jio continues to transform India’s digital landscape. I am happy to note that we are advancing steadily towards the listing of Jio Platforms.”

Retail Business Expands Hyper-Local Operations

Reliance Retail Ventures Limited reported FY26 revenue of INR 370,026 crore, up 11.8% year-on-year. Annual EBITDA increased 7.9% year-on-year to INR 27,033 crore.

The retail business added 1,564 new stores during FY26, taking the total store count to 20,160 stores. Registered customers reached 387 million, while annual transactions rose to 1.93 billion.

Reliance Retail stated that hyper-local commerce daily orders increased more than 300% year-on-year during Q4 FY26. JioMart expanded operations across 5,100 pin codes and over 1,200 cities.

O2C Business Faces Margin Pressure

The Oil-to-Chemicals segment reported FY26 revenue of INR 662,401 crore, up 5.7% year-on-year. Annual EBITDA increased 10.1% year-on-year to INR 60,546 crore.

However, quarterly EBITDA for Q4 FY26 declined 3.7% year-on-year to INR 14,520 crore due to higher freight costs, elevated crude premiums, export duties, and geopolitical disruptions in the Middle East region.

The company stated that transportation fuel cracks improved during FY26, while downstream chemical margins remained under pressure amid weak global demand trends.

Oil And Gas Segment Reports Lower Revenue

The Oil and Gas segment reported Q4 FY26 revenue of INR 5,867 crore, down 8.9% year-on-year. EBITDA declined 18.1% year-on-year to INR 4,195 crore.

The decline was attributed to lower KG-D6 gas production, lower gas price realization, and higher operating costs linked to maintenance activities and government levies.

Source: company filing

Key Risks

• Rising crude oil volatility may affect O2C profitability margins.
• Higher capex spending may increase debt levels over time.
• Retail margin pressure may continue amid hyper-local expansion investments.
• Geopolitical disruptions may impact global supply chains and exports.

Summary

Reliance Industries (NSE:RELIANCE) reported higher FY26 revenue, EBITDA, and profit supported by growth in digital services and retail operations. Jio Platforms recorded subscriber additions and higher ARPU, while Reliance Retail expanded store count and hyper-local commerce operations. The O2C segment faced margin pressure from geopolitical disruptions and higher costs. The company also highlighted progress in Jio Platforms listing plans and new energy investments.

FAQs

Q: What was Reliance Industries’ FY26 consolidated revenue?
A: Reliance Industries reported consolidated FY26 revenue of INR 1,175,919 crore, up 9.8% year-on-year.

Q: How many subscribers does Jio Platforms have now?
A: Jio Platforms reported a total subscriber base exceeding 524 million during Q4 FY26.

Q: Why did Reliance O2C EBITDA decline during Q4 FY26?
A: Higher freight costs, crude premiums, export duties, and geopolitical disruptions affected quarterly O2C profitability.