Mixed quarter: revenue grew 12.9% YoY driven by consumer businesses, but EBITDA flat and PAT down 8.9% as higher finance cost/depreciation and energy segment decline offset strong consumer performance. quarter Investor Presentation One-Pager? Mar 2026

Revenue

₹3,25,290 Cr

+12.9% YoY

EBITDA Margin

14.9%

calculated from EBITDA ₹48,588 Cr / Revenue; -0.3% YoY decline

PAT

₹20,589 Cr

-8.9% YoY

Net Debt/EBITDA

0.60x

FY26 net debt ₹1,24,717 Cr; EBITDA ₹2,07,911 Cr

What Went Right

Jio Platforms FY26 EBITDA up 18.8% to ₹76,255 Cr with margin expansion of 190 bps; Q4 EBITDA up 16.0% to ₹20,060 Cr.
Retail FY26 gross revenue up 12% to ₹3,70,026 Cr; Q4 hyperlocal average daily orders +300% YoY.
FMCG (RCPL) FY26 gross revenue doubled to ~₹22,000 Cr; Independence brand reached ₹2,600 Cr sales.
JioHotstar achieved 72.5 Mn global peak concurrency during ICC T20 World Cup 2026.
O2C segment full-year EBITDA up 10.1% to ₹60,546 Cr, despite severe Q4 headwinds.

What to Watch

Consolidated PAT declined 8.9% YoY in Q4 to ₹20,589 Cr, hurt by 7% higher finance cost and 9.9% higher depreciation from 5G spectrum operationalization.
O2C segment EBITDA fell 3.7% YoY in Q4 to ₹14,520 Cr due to rising crude premiums, logistics costs, and reintroduction of SAED.
Oil & Gas segment EBITDA dropped 18.1% YoY in Q4 to ₹4,195 Cr, as KG D6 gas volume declined 6.4% and prices weakened.
Retail EBITDA margin contracted 60 bps YoY in Q4 to 7.9%, dragged by grocery expansion investments.
Rupee depreciated 11% in FY26 (4.3% in Mar’26), increasing input costs and widening CAD, which may continue to pressure margins.

Investor Lens

The investment thesis remains intact: consumer businesses (Jio, Retail, FMCG) now contribute over 55% of consolidated EBITDA, providing a strong growth cushion against cyclical energy headwinds. However, the Q4 PAT decline, driven by rising finance costs and depreciation as well as operational pressures in O2C and Oil & Gas, signals that macro risks are material. The balance sheet remains robust with net debt/EBITDA at 0.6x, but investors should watch for sustained high energy prices (crude surged 60-70% in March) and further rupee depreciation. Key next-quarter metrics: Jio ARPU trajectory (currently ₹214, up 4% YoY), O2C margin recovery, and Retail's ability to stabilize EBITDA margins. The capex pace (₹1,71,258 Cr in FY26) and its return profile also merit attention.

From investor presentation · AI-generated analysis · Not investment advice

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📊 MIXED Revenue up 12.5% YoY, but PAT falls 8.9% as OPM drops to 15%

Revenue

Revenue rose 12.5% YoY and 11.0% QoQ to ₹294,059 Cr, driven by strong operational performance. Despite headwinds, top-line growth remains robust.

Profitability

Net profit fell 8.9% YoY and 7.6% QoQ to ₹20,589 Cr, with EPS declining from ₹14.34 to ₹12.54. Profitability weakened as revenue growth did not translate to bottom-line gains.

Margins

Operating profit margin contracted sharply from 17% (YoY & QoQ) to 15%. Higher costs or competitive pricing compressed margins, eroding operating leverage benefits.

Cash Flow

Data not available for this quarter.

Balance Sheet

Total borrowings stood at ₹398,000 Cr with reserves of ₹890,498 Cr, resulting in a debt-to-equity ratio of 0.43. Leverage is manageable but remains elevated.

Key Risks

1. Operating margin pressure from 17% to 15% indicates cost or pricing challenges. 2. High debt of ₹398,000 Cr and interest expense of ₹6,585 Cr could strain cash flows. 3. Declining PAT despite revenue growth signals weakening earnings quality.

Outlook

Revenue momentum is strong, but margin recovery is critical for profit growth. Cost control and debt management will be key to improving returns and shareholder value.

Generated by AI · Mar 2026 results · Not investment advice

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Revenue by Segment

Segment	Q3FY26	Q4FY26
Digital Services	44,653 13.6% EBIT 12,118	45,945 12.7% EBIT 12,612
Oil and Gas	5,833 1.8% EBIT 3,463	5,867 1.6% EBIT 2,903
Oil to Chemicals (O2C)	162,095 49.4% EBIT 13,921	184,944 50.9% EBIT 11,756
Others	17,868 5.4% EBIT 982	27,976 7.7% EBIT 1,098
Retail	97,912 29.8% EBIT 5,340	98,457 27.1% EBIT 5,342
Total	328,361 100%	363,189 100%

Segment	FY25	FY26
Digital Services	130,219 13.7% EBIT 35,599	176,164 13.4% EBIT 48,211
Oil and Gas	17,994 1.9% EBIT 10,561	23,861 1.8% EBIT 13,464
Oil to Chemicals (O2C)	477,457 50.2% EBIT 39,002	662,401 50.4% EBIT 50,758
Others	52,546 5.5% EBIT 2,350	80,522 6.1% EBIT 3,448
Retail	272,628 28.7% EBIT 15,475	371,085 28.2% EBIT 20,817
Total	950,844 100%	1,314,033 100%

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

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