Jio, retail power Reliance to record profits—here’s how the giant did it

Revenue rises nearly 10%

The company’s gross revenue grew 9.8 percent year-on-year to ₹1,175,919 crore ($124 billion).

Reliance’s digital arm, Jio Platforms Limited, led the growth with a 14.7 percent rise in revenue, supported by strong subscriber additions, improved average revenue per user (ARPU), and expansion of digital services.

Retail business Reliance Retail Ventures Limited posted an 11.8 percent increase in revenue, driven by broad-based consumption growth, expansion into under-served markets, and scaling of its hyper-local delivery network.

The Oil-to-Chemicals (O2C) segment recorded a 5.7 percent increase in revenue, aided by higher domestic product placement and better price realisation.

However, the oil and gas segment saw a 5.4 percent decline due to lower KG-D6 gas output, partly offset by improved realisations.

EBITDA jumps 13.4%

RIL’s EBITDA rose 13.4 percent year-on-year to ₹207,911 crore ($21.9 billion), reflecting strong operational performance.

Jio Platforms reported an 18.8 percent increase in EBITDA, supported by revenue growth and operating leverage, leading to margin expansion.

Reliance Retail’s EBITDA grew 7.9 percent to ₹27,033 crore, though margins saw slight moderation due to continued investments in hyper-local commerce.

The O2C business registered a 10.1 percent rise in EBITDA, supported by stronger transportation fuel margins and efficient feedstock sourcing.

In contrast, the oil and gas segment reported a 10.1 percent decline in EBITDA due to lower revenues and higher operating costs.

Costs and investments rise

Depreciation increased 8.6 percent to ₹57,688 crore, largely due to higher depreciation in digital services. Finance costs rose 11.5 percent to ₹27,061 crore, mainly on account of the operationalisation of 5G spectrum assets.

Tax expenses increased 9.2 percent to ₹27,552 crore.

Profit up 17.8%, capex remains strong

The company’s profit after tax, including share of profit/loss from associates and joint ventures, rose 17.8 percent year-on-year to ₹95,754 crore ($10.1 billion).

Capital expenditure for FY26 stood at ₹144,271 crore ($15.2 billion), with significant investments in O2C, new energy businesses, and expansion of telecom and retail infrastructure.