Reliance Industries Limited (RIL) is big player in Indian multinational conglomerate in which business company operates in multiple sectors, including oil & exploration, refining, petrochemical, retail, telecommunication, and textiles. The company started as a small textile manufacturing unit in Mumbai (headquarters) and over the period became one of the biggest players in the market. The company was founded by Dhirubhai Ambani in 1958 and has a presence in the global market. Reliance Industries Ltd. operates through a network of subsidiaries, joint ventures, and associate companies. There are multiple subsidiaries companies of RIL including Jio Infocomm, Retails, and Petroleum. RIL is always focus on technology and innovation and has been a leading company in their businesses. RIL is listed on National Stock Exchange and Bombay Stock Exchange. With consistent growth Reliance Industries became the first Indian company to touch 10 Lakh crores total equity mark and after Q4 result has announced a dividend of ₹ 5.5 /- per share.
Quarter Consolidated Financial Statement of RIL
| Particulars (In Crore) | Quarterly Results | Year Ended | |||
| 31st Mar 25 | 31st Dec 24 | 31st Mar 24 | 31st Mar 25 | 31st Mar 24 | |
| Income | |||||
| Value of Sales & Services (Revenue) | 288,138 | 267,186 | 264,834 | 1,071,174 | 1,000,122 |
| Less : GST Recovered | 23,565 | 23,321 | 24,119 | 91,038 | 85,650 |
| Revenue from Operations | 264,573 | 243,865 | 240,715 | 980,136 | 914,472 |
| Other Income | 4,905 | 4,214 | 4,534 | 17,978 | 16,057 |
| Total Income | 269,478 | 248,079 | 245,249 | 998,114 | 930,529 |
| Expenses | |||||
| Cost of Materials Consumed | 107,347 | 98,514 | 103,968 | 422,127 | 400,345 |
| Purchases of Stock - in - Trade | 60,402 | 59,459 | 42,825 | 222,686 | 189,881 |
| Changes in Inventories of Finished Goods , Work - in- Progress and Stock - in - Trade |
2,621 | ( 5,014 ) | 6,671 | ( 15,124 ) | ( 4,883 ) |
| Excise Duty | 3,185 | 3,879 | 4,182 | 15,443 | 13,408 |
| Employee Benefits Expense | 7,684 | 7,155 | 6,818 | 28,559 | 25,679 |
| Finance Costs | 6,155 | 6,179 | 5,761 | 24,269 | 23,118 |
| Depreciation/Amortization and Depletion Expense | 13,479 | 13,181 | 13,569 | 53,136 | 50,832 |
| Other Expenses | 39,502 | 36,083 | 33,735 | 141,001 | 127,809 |
| Total Expenses | 240,375 | 219,436 | 217,529 | 892,097 | 826,189 |
| Profit Before Tax | 29,103 | 28,643 | 27,720 | 106,017 | 104,340 |
| Tax Expenses | |||||
| Current Tax | 2,906 | 3,723 | 3,620 | 12,758 | 13,590 |
| Deferred Tax | 3,763 | 3,116 | 2,957 | 12,472 | 12,117 |
| Profit After Tax | 22,434 | 21,804 | 21,143 | 80,787 | 78,633 |
Quarterly Financial statement highlight of RIL
| Sr. No |
Particulars (in crore) | 4Q FY25 |
3Q FY25 |
4Q FY24 |
% chg.YoY | FY25 | FY24 |
| 1 | Gross Revenue | 288,138 | 267,186 | 264,834 | 8.8 | 1,071,174 | 1,000,122 |
| 2 | EBITDA | 48,737 | 48,003 | 47,050 | 3.6 | 183,422 | 178,290 |
| 3 | EBITDA margin ( % ) | 16.9 | 18.0 | 17.8 | (90 bps) | 17.1 | 17.8 |
| 4 | Depreciation | 13,479 | 13,181 | 13,569 | (0.7) | 53,136 | 50,832 |
| 5 | Finance Costs | 6,155 | 6,179 | 5,761 | 6.8 | 24,269 | 23,118 |
| 6 | Profit Before Tax | 29,103 | 28,643 | 27,720 | 5.0 | 106,017 | 104,340 |
| 7 | Tax Expenses | 6,669 | 6,839 | 6,577 | 1.4 | 25,230 | 25,707 |
| 8 | Profit After Tax | 22,434 | 21,804 | 21,143 | 6.1 | 80,787 | 78,633 |
| 9 | Share of Profit / ( Loss ) of Associates & JVs | 177 | 126 | 100 | - | 522 | 387 |
| 10 | Profit After Tax and Share of Profit/ Loss of Associates & JVs | 22,611 | 21,930 | 21,243 | 6.4 | 81,309 | 79,020 |
| 11 | Capital Expenditure | 36,041 | 32,259 | 23,207 | 131,107 | 131,769 | |
| 12 | Outstanding Debt | 347,530 | 350,453 | 324,622 | 347,530 | 324,622 | |
| 13 | Cash & Cash Equivalents | 230,447 | 234,988 | 208,341 | 230,447 | 208,341 | |
| 14 | Net Debt | 117,083 | 115,465 | 116,281 | 117,083 | 116,281 | |
| 15 | Net Debt to EBITDA | 0.60 | 0.60 | 0.62 | 0.64 | 0.65 |
- Gross revenue increased to ₨ 288,138 cr ($33.7 billion) by 8.8% on a YoY basis. There is a 17.8% increase in revenue of Jio Platform Limited (JPL) on a YoY basis due to an increase in the subscriber base of the company across homes and mobility and a tariff hike impact. Reliance Retail Venture Limited showed a 15.7% increase in revenue on a YoY basis amid growth across consumption baskets. In Oil to Chemicals, revenue rose from 15.4% on a YoY basis, this change derived from an increase in volumes and broader domestic product footprint. But in the Oil and Gas segment revenue fell from 0.4% because of lower gas production and lower oil offtake from KGD6.
- EBITDA rose to ₨ 48,737 cr ($5.7 billion) by 3.6% on a YoY basis. In Jio Platform Limited EBITDA is raised from 18.5% on a YoY basis due to improved margin and strong revenue growth. Whereas RRVL showed a 14.3% increase in EBITDA on a YoY basis driven by superior store operating metrics and operational efficiencies. Oppositely, In Oil to Chemical EBITDA falls from 10% because of a fall in transportation fuel cracks and polyester chain margin. There is also a decrease in EBITDA of the Oil and Gas segment by 8.6% driven by a natural decline in KGD6 volumes and higher operating costs because of one-time maintenance activity.
- The finance cost of the company is up by 6.8% on a YoY basis to ₨ 6,155 cr ($ 720 million) due to higher average liability balances.
- Depreciation remains constant at ₨ 13,479 cr ($1.6 billion) on YoY.
- Tax increased to ₨6,669 cr ($ 780 million) by 1.4% on YoY.
- The notable change in Profit after Tax and Share of Profit/ (Loss) of Associates & JVs increased to ₨22,611 cr ($2.6 billion) by 6.4% on a YoY basis.
- Capital expenditure increased significantly by 55.30% to ₨ 36,041 cr ($ 4.2billion) on YoY.
- EBITDA margin fell from 0.9% or 90bps on a YoY basis to 17.1%.
Business Segments Performance of RIL
- Jio Platform Limited ( JPL )
JPL mainly focuses on delivering digital services and 5G solutions. It includes a telecommunication network and power Reliance Jio ecosystem. Company revenue increased to ₨39,853 cr, up by 17.8% on YoY and EBITDA up by 18.5% to ₨17,016 cr. Along with this total subscriber base of the company as of March 2025 stood at 488 million out of which 191 million are 5G subscribers. The operating revenue and EBITDA growth is mainly driven by the impact of tariff revisions for mobility services and growth occurring in digital and home services businesses.
- Reliance Retail Venture Limited ( RRVL )
RRVL operates in physical and digital retail platforms in which the company covers businesses related to consumer electronics, fashion & lifestyle, grocery, and pharma. The quarterly revenue is up by 15.7% at ₨ 88,620 cr on YoY and EBITDA has also increased at ₨ 6,711cr, up by 14.3% whereas the EBITDA margin fell on YoY from 0.2% or 2bps. Fiancée cost of the company remained constant and depreciation cost fell from 3.4%. During the period company opened 1,058 new stores.
- Oil to Chemical
The oil-to-chemical business is operates in refining, petrochemical, and retail from crude oil to final products like transportation fuels, polymers, and polyesters. It is one of the largest refineries globally. The company revenue in this segment increased from 15.4% at ₨164,613 cr ($ 19.3 billion) on YoY due to an increase in domestic product placement and higher volumes. The company recorded the highest ever annual revenue at ₨626,921 cr ($ 19.3 billion) but the quarterly EBITDA of the company fell from 10% to ₨ 15,080 cr ($1.8 billion) because fall in transportation fuel cracks and lower polyester chain margins.
- Oil and Gas
The Oil and Gas business of RIL includes encompassing the entire value chain from exploration and production to refining and marketing with the largest refining complex in Jamnagar. The quarterly revenue of Q4 FY25 is down by 0.4% at ₨ 6,440 cr ($753 million) on YoY and EBITDA is also falling from 8.6% to ₨25,211 cr (₨ 599 million) on YoY because higher operating cost due to maintenance activity & decline in volumes of KGD6. The revenue of the company was down due to lower gas production and lower oil offtake from KGD6. The EBITDA margin is falling from 7.20% or 720 bps to 79.5% on YoY. But the company showed better annualized revenue at ₨ 25,211 cr ($2.9 billion) and recorded annualized EBITDA at ₨21,188 cr ($2.5 billion).
- Jio Star Business
It is joint conglomerate of Disney and Reliance Industries. The company after merger reported revenue of ₨ 10,006 cr and EBITDA (along with other income) of ₨ 774 cr. Jio Star has over 100 million paid users. After 14 November, 2024 company record gross revenue of ₨10,006 cr with EBITDA margin of 7.75% and total net profit after tax of ₨229 cr. Company served 503 million MAUs in March 2025 driven by events such as ICC Champion Trophy and IPL. Jio Star Business captured 34% market share across TV entertainment across country.
Conclusion
On the basis current financial analysis of company, we assume that Reliance Industries probably maintain its revenue growth in FY26 because of its well-diversified portfolio of businesses across retail, energy, and digital services. However global macroeconomic factors related to crude oil and regulatory changes may create risks for company profits and operations. But strong fundamentals and rising growth in consumer-related businesses will provide positive support in earning and profit margins.
