Reliance Industries Reports Record Annual Profit and Revenue Amid Quarterly Earnings Impact from Energy Market Volatility

Reliance Industries Reports Record Annual Profit Amid Global Energy Volatility

Mumbai, India - Reliance Industries Ltd, the country's most valuable company, reported a record annual consolidated profit of Rs 95,754 crore and revenue of Rs 11.76 lakh crore for the year ended March 2026. The strong annual performance was driven by growth in its consumer businesses and oil-to-chemicals operations.

The company's quarterly net profit declined 8.9 percent from a year earlier to Rs 20,589 crore, while revenue rose 12.9 percent to Rs 3,25,290 crore. This reflected broad-based growth across oil-to-chemicals, digital services, and retail.

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The decline in quarterly net profit was attributed to pressure in energy businesses amid the war in West Asia. However, performance in its consumer-facing businesses helped cushion the impact of the sharp disruption in global energy markets.

Earnings before interest, tax, depreciation, and amortisation (EBITDA) remained largely flat at Rs 48,588 crore, as higher contributions from digital services and retail offset weaker energy earnings. Profit was also affected by higher finance costs and depreciation following the operationalisation of 5G spectrum assets.

The oil-to-chemicals business saw a quarterly EBITDA decline of 3.7 percent to Rs 14,520 crore, despite stronger fuel cracks. The decline was attributed to margin capture being affected by higher crude premiums, elevated freight and insurance costs, and weaker chemical spreads.

The oil and gas segment reported an 18.1 percent drop in EBITDA, reflecting lower production and realisations along with higher operating costs.

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In contrast, consumer businesses remained the primary drivers of growth. Jio Platforms reported a 17.9 percent rise in quarterly EBITDA to Rs 20,060 crore, supported by subscriber additions and higher average revenue per user. Reliance Retail posted a 3.1 percent increase in EBITDA to Rs 6,921 crore as store count crossed 20,000.

Capital expenditure for the quarter stood at Rs 40,560 crore, with internal cash flows of Rs 41,132 crore covering investments. Net debt remained largely stable at Rs 1.25 lakh crore at the end of March.

The company delivered a resilient performance despite what it described as the largest shock in energy markets during the quarter. Its diversified portfolio and domestic-oriented businesses helped offset volatility in global markets.