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Revenue
₹2,94,059 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
latest reported figure
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Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Reliance Industries reported a mixed Q4 FY26 with consumer businesses (Jio + Retail) delivering 14% EBITDA growth, offsetting energy weakness. Jio added 9.1M subscribers (524.4M total), ARPU grew 4% YoY to INR 214, and EBITDA margin expanded 230bps YoY to 56.2%. Retail posted record revenue of INR 98,000 crore (+11% YoY), with hyperlocal commerce orders surging 300% YoY. O2C faced severe headwinds from the Strait of Hormuz crisis, but agile crude sourcing kept throughput near capacity. Management highlighted strong momentum in 5G (268M users), Jio AirFiber scaling, and retail's omni-channel strategy. Risks include sustained geopolitical disruption, SAED impact on refining margins, and potential demand slowdown from high oil prices. Guidance remains qualitative, with focus on market share gains and digital services ramp-up.
Colored figures show movement against the previous available record.
Guidance to track
- IPO work is largely done; announcement expected in coming days.
- Expect subscriber growth and ARPU improvement from organic levers and 5G differentiation.
- Store footprint expansion will continue, especially in tier 2+ cities.
- Work on captive and partner data centers ongoing; gigawatt-scale centers to update in coming quarters.
Risks flagged
- Strait of Hormuz blockade caused crude supply shortages, freight spikes, and margin compression; situation remains fluid.
- Reintroduction of SAED on diesel, gasoline, and jet fuel from March 27 will weigh on O2C profitability.
- Hyperlocal commerce growth is pressuring overall retail EBITDA margins; stabilization timeline unclear.
- KG-D6 production declining ~8% YoY; mitigation through workovers and new wells may not fully offset.
Key quotes
- We are the largest 5G subscriber base outside of China as a single country operator.
- We have been able to successfully get a lot of the cargoes from different places, and these include Venezuela, Russia, Brazil, Mexico.
- For us, it's more around looking at the wallet share of the customers and meeting their needs.
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