Reliance Industries delivered a record-breaking FY2025 with consolidated revenue of ₹10,71,174 crore ($125.3 billion) and net profit of ₹81,309 crore ($9.5 billion), both up 2.9% year-over-year. EPS stood at approximately ₹51.47 (post-bonus adjusted). The Q4 FY25 results beat analyst consensus estimates of ₹18,820 crore, with actual net profit coming in at ₹19,407 crore. Shares rallied 5.7% on results day, adding roughly ₹1 trillion to RIL’s market value.
About Reliance Industries
Reliance Industries Limited (NSE: RELIANCE | BSE: 500325) is India’s largest publicly listed company by market capitalization, currently valued at approximately ₹19,01,587 crore (~$222 billion). Incorporated in 1973 and headquartered in Mumbai, Maharashtra, the company was originally founded by Dhirubhai Ambani in 1966 as a textiles and polyester business.
Today, under Chairman and Managing Director Mukesh D. Ambani, Reliance operates a diversified conglomerate spanning energy and petrochemicals (Oil-to-Chemicals), telecommunications (Jio Platforms with 488+ million subscribers), organized retail (Reliance Retail with 19,340 stores), media and entertainment (JioStar), oil and gas exploration, and new energy ventures. The company employs over 389,000 people across its businesses and is India’s largest private-sector taxpayer and exporter, accounting for 7% of India’s total merchandise exports.
Key Valuation Metrics (as of March 2026)
| Metric | Value |
| Market Cap | ₹19,01,587 crore |
| P/E Ratio (TTM) | 19.52x |
| EPS (TTM) | ₹72.25 |
| Dividend Yield | 0.39% |
| ROE | 9.47% |
| Book Value/Share | ₹648.28 |
Top Financial Highlights
- Record Annual Revenue of ₹10,71,174 crore ($125.3 billion), up 7.1% YoY, driven by Jio Platforms and Retail growth.
- EBITDA reached ₹1,83,422 crore ($21.5 billion), growing 2.9% YoY, with an EBITDA margin of 17.1%.
- Profit After Tax (PAT) rose 2.9% to ₹81,309 crore ($9.5 billion).
- EPS (Diluted, Adjusted for Bonus) approximately ₹51.47 for FY25; TTM EPS stood at ₹72.25 as of the latest reporting period.
- Operating Cash Flow of ₹1,78,703 crore, up from ₹1,58,788 crore in FY24, reflecting a 12.5% increase.
- Cash and Cash Equivalents of ₹2,30,447 crore ($27.0 billion) as of March 31, 2025.
- Net Debt contained at ₹1,17,083 crore ($13.7 billion), with a conservative Net Debt-to-EBITDA ratio of 0.64x.
- Jio Platforms PAT surged 21.9% to ₹26,109 crore, with subscribers reaching 488.2 million and ARPU at ₹206.2.
- Reliance Retail PAT grew 11.6% to ₹12,392 crore, with 19,340 stores and a registered customer base of 349 million.
- Oil-to-Chemicals (O2C) Revenue rose 11.0% to ₹6,26,921 crore, but EBITDA declined 11.9% to ₹54,988 crore due to weak fuel cracks and chemical margins.
- Oil & Gas recorded its highest-ever annual EBITDA of ₹21,188 crore (+4.9% YoY), led by KGD6 and CBM production.
- Capex of ₹1,31,107 crore ($15.3 billion) was fully funded by internal cash flows, directed toward digital infrastructure, retail expansion, new energy, and O2C projects.
- Dividend of ₹5.50 per share declared for FY25, approved at the AGM on August 29, 2025.
- First Indian Company to cross total equity of over ₹10 lakh crore.
Beat or Miss?
Reliance Industries Q4 FY25 results beat Street consensus estimates across key metrics. Net profit attributable to shareholders of ₹19,407 crore exceeded the Moneycontrol poll estimate of ₹18,820 crore, while revenue from operations of ₹2.64 lakh crore also surpassed expectations.
| Metric | Reported (FY25) | Reported (Q4 FY25) | Consensus Estimate (Q4) | Difference/Analysis |
| Revenue | ₹10,71,174 Cr | ₹2,88,138 Cr | ~₹2.64 lakh Cr (ops) | Beat; 8.8% YoY growth ril |
| Net Profit (consolidated PAT) | ₹81,309 Cr | ₹22,611 Cr | N/A | +2.9% YoY full year ril |
| Net Profit (attributable) | N/A | ₹19,407 Cr | ₹18,820 Cr | Beat by ~3.1% moneycontrol |
| EBITDA | ₹1,83,422 Cr | ₹48,737 Cr | ~₹47,500 Cr est. | Beat; +3.6% YoY ril+1 |
| Jio PAT | ₹26,109 Cr | ₹7,023 Cr | N/A | +25.8% YoY Q4 ril |
| Retail EBITDA | ₹25,053 Cr | ₹6,711 Cr | N/A | +14.3% YoY Q4 ril |
What Leadership Is Saying?
“FY2025 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year. The Oil to Chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins.
Our business teams ensured optimization of integrated operations and feedstock costs to enhance margin capture across value chains. During FY25, we have laid a strong foundation for our projects in renewable energy and battery operations. In the coming quarters, we will see the transition of this business from incubation to operationalization. I firmly believe that the New Energy growth engine will create significant value for Reliance, for India and for the world.” – Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited
“Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, a sharper product mix, and continued investments in technology and customer experience. We remain focused on shaping the future of retail with agility and purpose.” – Isha M. Ambani, Executive Director, Reliance Retail Ventures Limited
“Jio continues to drive consistent outperformance in customer engagement with best-in-the-world network technologies and a wide bouquet of digital services for all Indians. Jio is working on enabling large scale AI infrastructure and services that will add an intelligence layer to all Jio services.” – Akash M. Ambani, Chairman, Reliance Jio Infocomm
Historical Performance (FY25 vs FY24)
| Category | FY25 (₹ crore) | FY24 (₹ crore) | Change (%) |
| Gross Revenue | 10,71,174 | 10,00,122 | +7.1% |
| EBITDA | 1,83,422 | 1,78,290 | +2.9% |
| EBITDA Margin | 17.10% | 17.80% | -70 bps |
| Net Profit (PAT + Assoc.) | 81,309 | 79,020 | +2.9% |
| Depreciation | 53,136 | 50,832 | +4.5% |
| Finance Costs | 24,269 | 23,118 | +5.0% |
| Operating Cash Flow | 1,78,703 | 1,58,788 | +12.5% |
| Capex | 1,31,107 | 1,31,769 | -0.5% |
| Net Debt | 1,17,083 | 1,16,281 | +0.7% |
| Cash & Equivalents | 2,30,447 | 2,08,341 | +10.6% |
FY25 was a year of consolidation for Reliance in a volatile global environment. While revenue and EBITDA both hit record highs, margin compression of 70 basis points was driven by weak fuel cracks and chemical deltas in the O2C segment. The consumer-facing businesses, Jio Platforms and Reliance Retail, were the primary growth engines, together contributing over 50% of consolidated EBITDA.
Competitor YoY Performance
| Company | Revenue FY25 (₹ Cr) | Revenue FY24 (₹ Cr) | Change (%) | Net Profit FY25 (₹ Cr) | P/E Ratio |
| Reliance Industries | 10,71,174 | 10,00,122 | +7.1% | 81,309 | 19.52x |
| Indian Oil Corp (IOC) | ~8,17,000 (est.) | ~8,51,000 | ~-4% | ~34,263 (TTM) | 6.95x |
| BPCL | ~4,89,000 (est.) | ~5,02,000 | ~-3% | ~22,300 (TTM) | 6.86x |
| Bharti Airtel (Telecom) | 1,72,985 | ~1,44,000 | ~20% | ~26,000 (est.) | ~60x |
| HPCL | ~4,49,000 (est.) | ~4,58,000 | ~-2% | ~14,846 (TTM) | 5.81x |
Reliance’s premium valuation at 19.52x P/E versus refining peers (IOC at 6.95x, BPCL at 6.86x, HPCL at 5.81x) reflects the market’s recognition of its high-growth digital and consumer businesses. In the telecom space, Jio’s subscriber base of 488.2 million leads the industry ahead of Bharti Airtel’s 436 million, though Airtel commands a higher ARPU of ₹245 versus Jio’s ₹206.2.
Among India’s top conglomerates, Reliance Group was the biggest wealth creator in 2025, adding ₹4.65 lakh crore in market value, driven primarily by a ~29% rise in Reliance Industries’ stock price. This outpaced the Adani Group (+₹1.40 lakh crore), HDFC Group (+₹2.90 lakh crore), and Bajaj Group (+₹2.48 lakh crore), while the Tata Group saw a decline of ₹3.40 lakh crore.
How the Market Reacted?
Reliance Industries’ Q4 FY25 results announcement on April 25, 2025, triggered a significant positive reaction in the stock market. Shares surged 5.7% on April 28, 2025, hitting an intraday high of ₹1,374.9 on the BSE and adding approximately ₹1 trillion to the company’s market capitalization in a single session. The rally was fueled by the earnings beat, strong Jio and Retail performances, and the ₹5.50 per share dividend recommendation. Investor sentiment was decidedly bullish, with multiple brokerages raising their price targets on RIL.
Analysts at UBS and JP Morgan noted that the earnings mix is increasingly shifting toward structural growth drivers like digital and retail, reducing dependence on the cyclical O2C segment, which supports a valuation re-rating thesis for the stock. Over the full calendar year 2025, Reliance Industries’ stock appreciated approximately 29%, making it the top-performing mega-cap in India and reinforcing its position as the country’s most valuable company.
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