Detailed Narrative
Group Performance Overview
Reliance Industries Limited reported a robust full year FY26, with revenue increasing by 10% and EBITDA by 13.5%, including a one-time📎 gain from the sale of listed shares. Consumer businesses, comprising Jio and Retail, contributed over 55% of the total EBITDA. While overall Q4 EBITDA growth was flat, the consumer segment demonstrated strong performance, growing 14%, which helped negate a 4% decline in the Oil-to-Chemicals (O2C) segment.
Jio Platforms Sustains Strong Growth
Jio Platforms continued its impressive trajectory, ending FY26 with 524 million subscribers, adding 36.3 million during the year. The 5G user base grew by 77 million to 268 million, making it the largest outside of China. For FY26, Jio Platforms reported revenue of Rs.1,46,085 Crores, up 14.6% YoY, and EBITDA of Rs.76,255 Crores, up 19% YoY, achieving an EBITDA margin of 52%. Q4 revenue stood at Rs.33,381 Crores with EBITDA of Rs.18,771 Crores and PAT of Rs.7,935 Crores, growing 13% YoY.
Retail Business Achieves Record Revenues
Reliance Retail delivered its highest-ever quarterly revenue in Q4 FY26, reaching Rs.98,000 Crores. This represents an 11% YoY growth for the full quarter, or nearly 14% when adjusted for the RCPL demerger. Q4 EBITDA was Rs.6,900 Crores, with a margin of 7.9%, and PAT reached Rs.3,500 Crores. The business expanded its footprint, crossing 20,000 stores with 333 new additions during the quarter, and saw significant growth in hyperlocal e-commerce, with average daily orders up 30% QoQ and 300% YoY.
FMCG Business Expands Rapidly
The FMCG business closed FY26 with a revenue of Rs.22,000 Crores, and Q4 revenue alone was Rs.7,350 Crores, marking a two-fold growth YoY. The Campa brand achieved Rs.4,700 Crores in revenue, becoming the fourth-largest carbonated soft drink brand. The Independence brand delivered Rs.2,600 Crores for the year. The package drinking water business is now the third-largest player in the country. The company also expanded its international presence to 40 countries and made strategic acquisitions of Goodness Group and Manna to bolster its portfolio.
O2C Segment Navigates Geopolitical Headwinds
The O2C segment faced a challenging quarter, with EBITDA declining 4% QoQ. Geopolitical tensions, particularly the Middle East conflict and the Strait of Hormuz blockage, led to supply shocks, skyrocketing freight and insurance costs, and elevated crude premiums (up to $20-30/barrel). Naphtha cracking margins were under severe stress due to high feedstock prices. The introduction of SAED (Special Additional Excise Duty) on March 27, 2026, further impacted the DTA refinery, primarily affecting diesel.
New Energy Project Execution Accelerates
Reliance's New Energy initiatives are progressing rapidly. The company signed a major green ammonia supply contract with Samsung C&T, validating its integrated green energy ecosystem. Land development and EPC work for transmission lines and the green chemicals complex at Jamnagar are underway. Commissioning of solar and battery factories, aiming for 20 gigawatt integrated capacity, is on track, with the first phase of 40-gigawatt BESS manufacturing also advancing.
Exploration & Production Update
The E&P segment saw production remain relatively steady, with a decline managed to 8% against an envisaged 12-14%. However, EBITDA margins were slightly lower due to increased operating costs. Production in the CBM field continued to grow. The government's reallocation of KG-D6 gas to city gas distribution and the impact of the Qatar field issues on LNG prices were noted as significant factors affecting the market.