Reliance Q4 Results 2025: Profit Rises 2% YoY to Rs 19,407 Crore Driven by Strong Retail and Digital Growth

Mumbai, April 25, 2025 – Reliance Industries Limited (RIL), India’s largest conglomerate by market capitalization, has unveiled its consolidated financial results for the quarter ending March 31, 2025 (Q4 FY25). The company reported a net profit of ₹19,407 crore, marking a 2% year-on-year (YoY) increase from ₹19,098 crore in Reliance Q4 FY5. Despite facing global macroeconomic challenges, subdued oil prices, and declining refining margins, Reliance’s robust performance in consumer-facing businesses propelled its steady growth.

Key contributors to this growth included its expanding consumer verticals—Reliance Retail and Jio Platforms. These sectors have been crucial in cushioning the company against the pressures from its traditional energy business, which experienced lower refining margins and softer global oil prices during the period.

📊 Detailed Financial Snapshot: Reliance Q4 FY25

🏬 Segment-Wise Performance Analysis

1. Reliance Retail – Sustained Growth Momentum

• Revenue: ₹79,145 crore, up 8.8% YoY

• EBITDA: ₹6,452 crore, up 11.6% YoY

• New Store Additions: 875 in Q4, taking total count to 18,784 stores

• Footfall: Crossed 285 million during the quarter

• E-commerce Growth: 22% YoY surge led by JioMart and Ajio

Reliance Retail continued its upward trajectory across multiple formats including grocery, fashion & lifestyle, consumer electronics, and pharma. The business benefited from both festive season spillover and growing online demand.

2. Jio Platforms – Strong ARPU and Subscriber Growth

• Revenue: ₹30,679 crore, up 11.1% YoY

• EBITDA: ₹13,160 crore

• ARPU (Average Revenue per User): ₹188.7, up from ₹178.4 YoY

• Subscriber Base: Crossed 490 million, net addition of 9.6 million in Q4

• 5G Rollout: Covered over 8,000 towns and cities, with nationwide coverage expected by June 2025

Digital services continued to be a strong growth lever. Jio’s robust performance was driven by higher subscriber retention, increased premium customer acquisition, and improved network performance.

3. Oil-to-Chemicals (O2C) – Marginal Slowdown

• Revenue: ₹1.20 lakh crore

• EBITDA: ₹14,325 crore

• GRM: $9.8/barrel vs $11.3/barrel YoY

• Polymer and Polyester Demand: Sluggish due to global oversupply and muted downstream demand

The O2C business remained subdued owing to lower petrochemical spreads, declining diesel demand in global markets, and inventory losses. However, operational efficiencies and higher domestic volumes offered some cushioning.

4. New Energy & Green Initiatives – Investing in the Future

• Investment in Renewable Energy Projects: ₹4,985 crore during Q4

• Progress: Work began on gigafactories in Jamnagar for solar PV, batteries, and hydrogen

• Milestone: Signed MoUs with international partners for technology collaboration in green hydrogen

Reliance made significant strides in its long-term sustainability roadmap. With India pushing aggressively towards green energy, RIL’s vision of being net carbon zero by 2035 remains on track.

💬 Leadership Commentary

Mukesh Ambani, Chairman and Managing Director, stated:

“Reliance delivered another resilient performance amidst a volatile global environment. Our consumer and technology-led businesses continue to scale rapidly, while we remain steadfast in our commitment to build a sustainable future through investments in green energy and digital infrastructure.”

📈 Market Response and Analyst Take

Following the announcement, RIL’s stock closed at ₹2,893.50 on NSE, marginally up by 0.6%. Analysts remain bullish on Reliance, citing its well-diversified business model and future-forward investments.

Brokerage firm Motilal Oswal commented:

“Despite global oil challenges, Reliance’s retail and digital momentum continues to impress. The Q4 numbers reinforce our BUY rating with a target price of ₹3,200.”

Revenue Performance & Business Segments

Reliance’s diversified portfolio continues to demonstrate resilience in the face of external challenges. The company’s retail and telecom segments performed exceptionally well, driven by increasing consumer demand, technology adoption, and digital services expansion. Reliance Retail’s growth was fueled by strong consumer spending trends, while Jio Platforms benefited from continued growth in its subscriber base and new monetization strategies.

Impact of Global Macroeconomic Conditions

Although the refining sector faced pressure due to weak oil prices and margin compression, Reliance was able to offset these challenges by tapping into the consistent growth of its retail and telecom divisions. The company’s ability to innovate and adapt to market dynamics has allowed it to continue generating substantial profits, even in a challenging global environment.

Looking Ahead: Growth Trajectory

With the ongoing expansion of its non-energy businesses, RIL is well-positioned to continue its growth trajectory in FY26. The strategic investments in retail, digital services, and clean energy initiatives are expected to provide long-term value creation. Moreover, Reliance’s strong balance sheet and diversified portfolio give it the agility to navigate economic fluctuations effectively.

Reliance’s sustained growth amidst global economic uncertainty highlights its ability to remain a dominant force in India’s corporate landscape while balancing short-term pressures with long-term strategic goals.

For full financial disclosures and investor presentation, visit: Reliance Industries Investor Relations

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