Reliance Industries Q4 Results: PAT Falls 13% YoY, West Asia War Hits O2C, Oil & Gas Biz; Full Earnings Report

Reliance Industries Ltd. reported a double-digit decline in net profit to Rs 16,971 crore for Q4FY26. PAT dropped by 12.55% YoY owing to a decline in EBITDA of O2C and oil & gas businesses due to the hostile situation at the Strait of Hormuz, which has impacted the global energy crisis.

Reliance's chief, Mukesh Ambani, said the fiscal FY2025-26 faced geopolitical disruptions, volatile energy prices and shifting global trade patterns, but still India held its economic growth, as did Reliance.

Reliance Industries Q4 Net Profit:

During Q4FY26, Reliance posted a net profit of Rs 16,971 crore, registering a decline of Rs 12.55% from Rs 18,645 crore in Q4FY25. Also, PAT dropped by 8.98% from net profit of Rs 18,645 crore in Q3FY26.

Meanwhile, net profit including associates and JVs profitability, totaled to Rs 20,589 crore ($ 2.2 billion), declining by 8.9% YoY.

FY26 net profit and Share of Profit/(Loss) of Associates & JVs increased by 17.8% Y-o-Y to Rs 95,754 crore ($ 10.1 billion).

Reliance Industries Q4 EBITDA:

In the quarter under review, EBITDA for the quarter was stable at Rs 48,588 crore ($ 5.1 billion). Reliance said, strong earnings growth in Digital Services and positive contribution from Retail was offset by decline in energy businesses.

The behemoth registered a consolidated EBITDA of Rs 207,911 crore for FY26, registering a growth of 13.4% YoY. On segment-wise, JPL EBITDA increased by 18.8% Y-o-Y driven by revenue growth and strong operating leverage leading to 190 bps expansion in margin.

In FY26, RRVL EBITDA increased 7.9% Y-o-Y to Rs 27,033 crore with an EBITDA margin of 8.3%. Margin moderation of 30 bps reflects investment in hyper-local commerce.

Also, for the full-year, O2C EBITDA increased by 10.1% due to stronger transportation fuel cracks. Earnings growth was further aided by efficient feedstock sourcing and product placement, high utilisation and proactive yield management. However, Oil and Gas segment EBITDA decreased by 10.1% Y-o-Y with lower revenues and higher operating cost.

Reliance Industries Q4 Revenue:

On the top-line front, Reliance posted a gross revenue of Rs 325,290 crore, registering a growth of 12.9% YoY. It said, strong business momentum across O2C, Digital Services and Retail delivered double-digit revenue growth in each of these segments. Oil and Gas segment revenue decreased in-line with natural decline in KG D6 gas production.

For full-year, Reliance's gross revenue increased by 9.8% Y-o-Y to Rs 1,175,919 crore ($ 124.0 billion).

On the fiscal performance, Mukesh Ambani said, "Through fiscal FY2025-26 we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. India held its economic growth course through all this, as did Reliance. The breadth of our portfolio and strong
domestic orientation helped navigate volatility in the external environment."

Key Highlights Of Reliance Industries Earnings Here:

Jio Platforms Q4 Earnings:

The telecom giant posted PAT of Rs 7,935 crore in Q4FY26, which was up by 13% YoY. Its EBITDA rose by 17.9% YoY to Rs 20,060 crore, while EBITDA margins came in at 52.4%. Revenue from operations stood at Rs 38,259 crore, up by 12.6% YoY in the quarter.

On Jio, Ambani said, "Jio continues to transform India's digital landscape. I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India's digital future. Robust full-year EBITDA growth of 19% was driven by continuing traction in mobility, home broadband and enterprise services. As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content in the years ahead."

Reliance Retail Q4 Earnings:

In the fourth quarter of FY26, the retail giant of Reliance Industries, witnessed a consolidated net profit of Rs 3,563 crore, which was marginally up by 0.5% from Rs 3,545 crore in Q4FY25. Also, EBITDA saw 3.1% YoY growth to Rs 6,921 crore, with EBITDA margins at 7.9%. Revenue from operations stood at Rs 87,344 crore, up by 11.1% YoY.

Ambani said that Reliance Retail delivered steady growth through the year.

He added, "I am confident that Reliance Retail's deep omnichannel presence and its strong understanding of the Indian consumer will continue to underpin sustained growth. The consumer products vertical, now operating within an independent and focused organizational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands. India's consumption story has many years of growth ahead of it, and our businesses are built to be at the centre of this opportunity."

Reliance Industries Q2C Earnings:

Reliance's O2C business means oil-to-chemicals. In Q4FY26, this O2C business recorded 3.7% YoY decline in EBITDA to Rs 14,520 crore, while its EBITDA margins contracted by 130 basis points YoY to 7.9%. Revenue, however, rose by 12.4% YoY to Rs 184,944 crore. The reason behind O2C business' EBITDA taking a massive hit is the West Asia war.

According to Ambani, the O2C business navigated a complex global environment during the year. The war in West Asia has led to unprecedented dislocation in global supply chains. As in prior periods of disruption, Reliance has again demonstrated its commitment to ensure availability of critical energy and materials to India.

Further, the billionaire added, "Our O2C team successfully diverted streams toward scaling up LPG production, our colleagues in Jio-bp have ensured continuous availability of fuels to individuals and businesses throughout India. Gas from KG-D6 Basin has been diverted towards priority sectors, in line with national energy priorities. I am proud of the dedication of our teams and the agility with which they have addressed challenges facing the nation."

Reliance Industries Oil & Gas Earnings:

Oil and gas segment of Reliance took even major hit than compared to O2C. However, O2C is the biggest contributor to Reliance's earnings. Reliance reported an EBITDA of Rs 4,195 crore for its oil and gas business, which is a huge decline of 18.1% YoY. EBITDA margins also dropped by a whopping 800 basis points to 71.5% in the quarter. Accordingly, revenue also tumbled by 8.9% YoY to Rs 5,867 crore.

In the quarter, the average price realised for KGD6 gas was $ 9.63/MMBTU in 4Q FY26 vis-à-vis $ 10.09/MMBTU in 4Q FY25. The average price realised for CBM gas was $ 9.01/MMBTU in 4Q FY26 vis-à-vis $ 10.36/MMBTU in 4Q FY25.

Lastly Ambani also shed light on energy sector and its need amidst the latest crisis. He said, "Recent events have underscored the critical need of energy security. I am happy that Reliance is making rapid progress in operationalizing its New Energy giga-factories. This business will emerge as a powerful growth engine for Reliance and a transformative contributor to India's energy future."

Reliance Industries share price will react to Q4 earnings next week on Monday, April 27. The stock dropped by 1.15% on April 24, to end at Rs 1327.65 apiece on BSE with market cap of Rs 17,96,647.50 crore.