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Revenue
₹2,61,388 Cr
verified against source
Revenue YoY
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EBITDA
Pending
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What the record says.
Reliance Industries reported a mixed Q4 FY25 with O2C weakness offset by strong consumer business performance. Jio Platforms delivered 17% YoY EBITDA growth to INR 17,000 crore, driven by 6.1M net subscriber additions and ARPU of INR 206.2. Retail EBITDA grew 14% YoY with quick commerce orders surging 2.4x QoQ. O2C faced margin compression from weak global cracks, but domestic placement and record throughput of 80.5 MMT provided partial offsets. JioStar contributed INR 9,497 crore revenue with 280M paid subscribers. Management guided for continued retail momentum, Jio 5G monetization via network slicing, and new energy projects commissioning by 2026-27. Key risk: sustained weakness in global refining and petrochemical margins could pressure O2C earnings.
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Guidance to track
- Management plans to offer differentiated services (e.g., network slicing) to enterprises and premium consumers over the next few quarters, aiming to drive incremental ARPU.
- Fashion business has turned around with positive LFL growth; design-to-shelf cycle reduced to 30 days with weekly store refreshes.
- Solar manufacturing (polysilicon to module) and battery cell production to be commissioned by end-2025/early 2026; 10 GW solar capacity scalable to 20 GW.
- Jio aims to connect 100 million homes using AirFiber (fixed wireless) and fiber; 85% market share in FWA net adds.
Risks flagged
- Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
- Analyst questioned why Jio's ARPU is 15% lower than Bharti Airtel; management attributed it to non-comparable bases but acknowledged tariff plans are 7-10% lower.
- JioStar reported only 3% EBITDA margin; analyst questioned when margins would catch up to peers; management gave no specific timeline.
- Large-scale integrated solar and battery manufacturing involves significant capex (INR 75,000 crore) and technology ramp-up; delays could impact returns.
Key quotes
- We have really not started monetizing 5G. Effectively, 45% of data that people today are consuming is being offered to them free of cost.
- Our stores, purely on a standalone basis, are seeing double-digit growth for the last several quarters. We are not seeing that impact either in metro or in any other city.
- This platform of ours, when you look at the width of content that we have, actually appeals to the entire family across India.
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