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Reliance Industries Ltd
NSE: RELIANCE BSE: 500325 INE002A01018 Energy Petroleum Products 🔎 Screen
NIFTY 50 NIFTY 100 NIFTY 200 NIFTY 500 Energy Infra +2 more
₹1,749,610 Cr
Market Cap
23.4
P/E
2.62
PEG
10.3%
ROCE
8.9%
ROE
0.45
D/E
16.3%
OPM
+19.8%
% from 52W High
40
α RS
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📈 Price History
Ratio Health
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About

Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani's family has about 50% shareholding in the conglomerate.

✓ Strengths

No strengths data yet.

! Concerns 2
  • Company has a low return on equity of 8.77% over last 3 years.
  • Dividend payout has been low at 10.2% of profits over last 3 years
Key Ratios Snapshot
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📈 Growth Pattern
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Strong quarter with record consolidated EBITDA and PAT, driven by O2C and Jio, but Retail EBITDA declined and Oil & Gas stagnated. quarter Investor Presentation One-Pager? Jun 2026
Revenue
₹340,257 Cr
+24.5% YoY
EBITDA Margin
15.9%
Computed from reported figures; not explicitly stated
PAT
₹23,196 Cr
+6.1% YoY
Net Debt to LTM EBITDA
0.6x
Conservative leverage unchanged from Mar'26
What Went Right
  • O2C EBITDA at ₹17,010 Cr (+17.2% YoY) supported by record middle distillate cracks and ethane advantage.
  • Jio Platforms EBITDA at ₹20,865 Cr (+15.1% YoY) with margin expansion of 150 bps to 53.3%, led by subscriber growth and digital services.
  • JioStar EBITDA from operations at ₹933 Cr (+30.7% YoY) and RCPL revenue at ₹8,600 Cr (2.1x YoY) boosted by beverages and daily essentials.
  • Consolidated revenue growth of 25% was broad-based across O2C, Jio and Retail, with consumer businesses contributing >50% of EBITDA.
  • JioMart average daily grocery orders surged 116% YoY, underlying retail gross revenue growth (ex-FMCG demerger) was +11.6%.
What to Watch
  • Retail EBITDA fell 1.1% YoY to ₹6,309 Cr, with margin down 80 bps to 7.9% due to heavy investment in hyper-local delivery infrastructure.
  • Oil & Gas EBITDA slipped 0.5% YoY to ₹4,973 Cr despite higher oil prices, as KG D6 gas volumes and prices weakened.
  • O2C volumes were 10% lower due to planned turnaround and LPG diversion, and earnings were weighed down by SAED costs and domestic fuel retail under-recovery.
  • Consolidated finance costs rose 18.5% to ₹8,337 Cr and depreciation increased 9.1% to ₹15,100 Cr, partly from 5G asset capitalization.
  • Others segment EBITDA (Media, FMCG, etc.) declined 7.8% YoY to ₹4,520 Cr.
Management Guidance
  • Retail aims to double operating EBITDA over a three-year horizon (FY27-FY29) by scaling online, improving density, mix, productivity, and monetization (slide 25).
Investor Lens
The quarter demonstrates the resilience of Reliance's diversified model: O2C and Jio delivered record EBITDA, while Retail's near-term margin trade-off is a deliberate investment to build long-term online scale. However, the decline in Retail EBITDA and pressure from SAED costs and O2C volume loss temper the headline strength. The balance sheet remains robust (net debt/EBITDA at 0.6x), but rising capex (₹38,682 Cr) and finance costs need watching. Key next quarter: Retail EBITDA trajectory (whether margin stabilizes), Jio ARPU progression (currently ₹215.6), and O2C margin sustainability amid energy volatility.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Revenue up 27% YoY; PAT down 24.6% due to margin contraction.
Revenue
Revenue for the quarter stood at ₹309,468 Cr, registering a robust 27% year-on-year growth and a 5.2% sequential increase. This strong top-line performance was driven by broad-based business momentum.
Profitability
Net profit fell 24.6% YoY to ₹23,196 Cr despite revenue growth, with EPS declining from ₹19.95 to ₹15.48. The drop reflects higher costs and lower margins, though profit improved 12.7% sequentially.
Margins
Operating profit margin contracted sharply from 18% in the year-ago quarter to 15%, but remained flat sequentially at 15%. The YoY compression suggests elevated input costs or competitive pricing pressure.
Key Risks
Sustained margin pressure (OPM down 300bps YoY) could continue to weigh on profitability. High interest and depreciation expenses (₹8,337 Cr and ₹15,100 Cr respectively) absorb a significant portion of operating profit.
Outlook
The strong revenue trajectory may support future earnings if margin stability returns. However, continued cost inflation or pricing challenges could keep profitability under check.
Generated by AI · Jun 2026 results · Not investment advice
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Revenue by Segment

Segment Q3FY26 Q4FY26 Trend
Digital Services
44,653
EBIT 12,118
45,945
EBIT 12,612
Oil and Gas
5,833
EBIT 3,463
5,867
EBIT 2,903
Oil to Chemicals (O2C)
162,095
EBIT 13,921
184,944
EBIT 11,756
Others
17,868
EBIT 982
27,976
EBIT 1,098
Retail
97,912
EBIT 5,340
98,457
EBIT 5,342
Total 328,361 363,189

Source: NSE Integrated Filing XBRL (Reg. 33 Ind AS). Values in ₹ Crore.

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