Sustained weakness in O2C margins
Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
RELIANCE / Q4-FY25 / risks
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Material risks this quarter
high
Jio ARPU gap vs peers
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 margin trajectory
JioStar reported only 3% EBITDA margin; analyst questioned when margins would catch up to peers; management gave no specific timeline.
New energy project execution risk
Large-scale integrated solar and battery manufacturing involves significant capex (INR 75,000 crore) and technology ramp-up; delays could impact returns.