Reliance Industries Share Falls After Q4 Results; RIL To Pay Rs 6 Dividend In 2026; BUY Reliance Stock?

Reliance Industries' share price traded under pressure in the early trade of April 27, after reporting a decline in Q4 net profit for FY26. Reliance stock plunged at least by 1.2% and touched an intraday low of Rs 1,312 apiece. Reliance's net profit dropped by 12.6% YoY in Q4FY26 as the West Asia war impacted EBITDA of O2C and oil & gas businesses. As per Nuvama brokerage, RIL Q4 earnings were weak. But that did not stop the broker from recommending BUY on Reliance stock. RIL is also scheduled to pay a hefty Rs 6 dividend in 2026.

Reliance Industries Share Price:

At the time of writing, Reliance stock traded at Rs 1326.40 apiece on BSE, down by 0.09% with market cap of Rs 17,97,324.13 crore. In the opening bell, the heavyweight stock plunged by 1.17% to hit an intraday low of Rs 1,312.00 apiece.

The stock is trending broadly volatile.

As per Nuvama Institutional Equities, Reliance's Q4 EBITDA at RS 441 billion, up by 1% YoY and down by 4% QoQ, was 6% below consensus. The brokerage pointed out the following after the earnings:

i) New Energy roll-out rapid as module/cell (6/2GW currently) capacity ramps up. It is believed that 10GW module/cell may add ~6% to PAT. Most gigafactories starting by end-FY27.

ii) Meanwhile, Phase-I 18GW RE power plant shall commence in FY28 with 3-4GW by end-FY27 and eventually 150GW+. Also, the captive power cost to fall 25%+, adding 6% to PAT.

iii) Additionally, 3MMT green hydrogen (GH2) could be developed by CY28 with 0.5-0.75MMT for internal use.

iv) However, Q1 O2C soft on SAED and refinery transfer price discount.

v) Lastly, weak retail growth oppose rich Street valuation.

Reliance Industries Q4 Results:

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.

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.

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

Reliance Industries Dividend 2026:

Last week, on April 24, Reliance Industries board of directors approved final dividend of Rs 6 per share for FY26. This will total to payout of Rs 8,119.48 crore to shareholders. Reliance will declare the record date for identifying eligible shareholders for Rs 6 dividend in due course. The company said that the final dividend is subject to approval of the Members of the company at the ensuing annual general meeting.

Reliance holds a healthy record of dividend payout over the past two years. They rewarded investors with Rs 5.50 divided per share for FY25 in August 2025 and paid up to Rs 10 dividend per share for FY24 in August 2024. But in 2024, Reliance also rewarded investors with its bonus issue of 1:1 ratio, where eligible shareholders received 1 free share on existing 1 equity share.

So far instance, if you held 100 shares of Reliance as of October 28, 2024. Then the 1:1 bonus issue ratio applied will turn your existing 100 shares to 200 shares. The 1:1 bonus ratio usually doubles the number of shares, but reduces share capital reserves.

So, after bonus issue, investors earned Rs 5.5 dividend on 200 shares. The new dividend of Rs 6 will be yet another big benefit.

Reliance Industries Share Price Recommendation:

In their outlook note, Nuvama analysts highlighted that Reliance's modest net debt of Rs 1.24 trillion (+7% YoY) keeps WACC in check. Also, they added, "Our Golden Refining era thesis for USD10+/bbl in GRM is intact. NE rollout to not only add 50%+ to PAT, but also re-rate valuation, including O2C given its net zero-carbon target by 2035. We are cutting FY27/28E EBITDA by 5%/3% to factor in weak O2C/retail; 'BUY'"

The target price is set at Rs 1,765 for next 12-months period.

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