RIL Q4 results: O2C drags profit down 12.6% as Jio, retail hold the fort; 10 key takeaways
However, the company’s consumer-facing businesses continued to scale, with Jio Platforms’ strong earnings growth and Reliance Retail reaching 20,000 stores.
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Consolidated net profit attributable to company owners stood at Rs 16,971 Million in Q1FY26 compared to Rs 19,407 Million in the same quarter last year. Gross revenue increased 12.9% year on year to 3,25,290 billion rupees.
In the full financial year, consolidated PAT increased by 18.3% to a record of Rs 95,610 billion, while gross revenue increased by 9.8% year on year to a record of Rs 11,75,919 billion.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, said: “We have faced geopolitical disruptions, unstable energy prices and changing global trade patterns throughout fiscal 2025-26.
These negativities have negatively affected businesses around the world. India maintained its economic growth trajectory throughout all this, as did Reliance. The breadth of our portfolio and our strong domestic orientation have helped manage volatility in the external environment.”The board has recommended a dividend of Rs 6 per share for FY26.
Here are 10 key takeaways from 4FY26 results:
1. Quarterly profit fell 12.6% year-on-year: Record PAT for the full year Consolidated net profit attributable to owners was Rs16.971 billion in Q26, down from Rs19.407 billion in Q3FY25 and Rs18.645 billion in Q3FY26. However, on a full year basis, consolidated PAT reached a record of Rs 95,610 Million in FY26, up 18.3% year on year, compared to Rs 80,787 Billion in FY25.
2. Revenue broke records for the entire year: Gross revenue for QY26 increased by 12.9% YoY to Rs 3,25,290 billion. Consolidated gross revenue for the full year increased by 9.8% to a record of 11,75,919 billion rupees. Its full-year EBITDA also reached a record of 2,07,911 billion rupees, up 13.4% year-on-year.
3. O2C remained the most important factor this quarter: The petroleum-chemical products segment reported quarterly EBITDA of Rs 14,520 billion in Q1FY26; this was down 3.7% compared to Rs 15,080 Million in Q1FY25. Sharp rise in crude premiums on physical barrels, rising freight and insurance costs, weak polymer deltas and poor collections at Jio-bp fuel retail outlets weighed on earnings.
The reintroduction of Special Additional Excise Duty on diesel and ATF exports also affected the segment. RIL diverted propane and butane to priority sectors to increase LPG production and KGD6 gas during the quarter in response to disruptions caused by the closure of the Strait of Hormuz.
4. Jio Platforms had standout performance: Jio Platforms reported quarterly EBITDA of Rs 20,060 billion in 4FY26; This was up 17.9% from Rs 17,016 Million in Q2FY25, with EBITDA margin rising 230 basis points to 52.4%.
For the full year, Jio EBITDA rose to Rs 76.255 Million from Rs 64.170 Million in FY25. The total number of subscribers reached 524.4 million as of March 2026, of which 268 million were 5G subscribers. ARPU for the quarter reached Rs 214 per subscriber per month; this figure was Rs 206.2 crore in the previous year. Data traffic grew 35% year-on-year to 66 exabytes in 4FY26.
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5. Reliance Retail crosses 20,000 stores: Reliance Retail Ventures posted quarterly EBITDA of Rs 6.921 billion in Q1FY26; this increased by 3.1% compared to Rs 6,711 Million in Q1FY25. For the full year, retail revenue increased by 11.8% to 3,70,026 billion rupees and EBITDA increased by 7.9% to 27,033 billion rupees. The total number of stores exceeded 20,000 and reached 20,160 stores as of March 2026.
The registered customer base stood at 387 million with 1.93 billion annual transactions recorded in FY26. Hyperlocal daily orders increased over 300% year-on-year in Q4.
6. Oil and gas EBITDA fell sharply in the quarter: The oil and gas segment reported quarterly EBITDA of Rs 4,195 Million in Q1FY26; this was down 18.1% compared to Rs 5,123 Million in Q1FY25. The decrease was due to lower gas price realizations in the KGD6 and CBM fields, lower KGD6 gas volumes and increased operating costs due to maintenance activity and government taxes. The average KGD6 gas price in 26QFY26 was $9.63/MMBTU compared to $10.09/MMBTU in 25QFY25.
7. Full year EBITDA reached record in segments: Total consolidated EBITDA for FY26 reached a record of Rs 2,07,911 billion, up 13.4% y-o-y. Jio Platforms’ EBITDA rose 18.8% for the full year, retail EBITDA grew 7.9% and O2C EBITDA rose 10.1% for the full year, although quarterly O2C performance remained under pressure due to geopolitical volatility and rising input costs.
8. JioStar emerged as a new earnings contributor: JioStar business reported quarterly revenue of Rs 9,784 billion and EBITDA of Rs 827 billion in Q1FY26. JioHotstar averaged 500 million monthly active users during the quarter. The T20 Men’s Cricket World Cup Final reached a peak concurrent audience of 72.5 million, a global record. For the full financial year, JioStar reported revenue of Rs 36.248 billion and EBITDA of Rs 4.885 billion.
9. Jio Platforms listed on the horizon: Commenting on the results, Mukesh Ambani said the company is making steady progress towards the listing of Jio Platforms and termed it as a decisive milestone in Jio’s journey. He also noted that Reliance is making rapid progress in commissioning New Energy gigafactories, which he said will emerge as a powerful growth engine for the company and a transformative contribution to India’s energy future.
10. The Board recommends dividend of Rs 6; cash position strengthened: The board of directors has recommended dividends of Rs 6 per fully paid equity share of Rs 10 each for FY26, subject to approval by shareholders at the annual general meeting.
Cash and cash equivalents increased to Rs 2,49,704 Million as on March 31, 2026 from Rs 2,30,447 Million in the previous year. Capital expenditure for Q3FY26 stood at Rs 40,560 million and the full year capital expenditure reached Rs 1,44,271 Million.
