India · Delayed Price · Currency is INR Reliance Industries Earnings Call Transcripts
Fiscal Year 2026
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FY 2025-26 delivered double-digit revenue and EBITDA growth, led by strong digital and retail segments, while energy faced unprecedented supply shocks and cost inflation. Operational agility, new contracts in green energy, and robust consumer demand offset volatility in global markets.
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Revenue and EBITDA grew across all major segments, with strong customer additions in digital and retail, robust progress in new energy, and a credit rating upgrade to A-. Retail and digital businesses are expected to maintain double-digit growth, while O2C and new energy benefit from operational efficiencies and capacity expansion.
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Strong year-over-year growth across digital, retail, and O2C segments drove double-digit revenue and profit increases, with robust margin expansion and continued investment in new energy and AI infrastructure. Quick commerce, premiumization, and digital adoption accelerated, while upstream and global chemical markets faced headwinds.
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Strong year-over-year growth in digital, retail, and energy segments drove robust EBITDA and PAT, with new energy and digital platforms positioned as long-term growth engines. Retail and Jio are set for accelerated expansion, while new energy projects near operationalization.
Fiscal Year 2025
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The meeting highlighted record financial results, major investments in digital, retail, and energy sectors, and ambitious growth plans including Jio's IPO, AI partnerships, and global expansion. Leadership succession and sustainability were emphasized, with new initiatives in clean energy and consumer products.
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Revenue grew 7% year-over-year, led by strong consumer and digital businesses, while O2C margins remained under pressure. JioStar became India's largest media platform, retail rebounded, and new energy projects advanced toward commissioning by 2026.
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Record consolidated earnings driven by strong growth in consumer, retail, and O2C segments, with robust festive demand and operational improvements. Jio saw rising ARPU and subscriber additions, while retail and O2C volumes surged on strong domestic demand.
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Consolidated revenue grew 0.8% year-on-year, with strong digital and upstream performance offsetting weak O2C margins. Retail margins improved despite flat revenue, and digital services saw robust 5G and broadband growth. Festive season and AI initiatives are expected to drive future momentum.
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EBITDA grew 2% year-on-year, led by strong retail and digital segments, while O2C margins declined due to lower fuel and petrochemical spreads. Net profit fell 4.5% year-on-year, but robust consumer and upstream performance offset O2C weakness.
Fiscal Year 2024
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The meeting highlighted record financial results, major investments in technology, green energy, and retail expansion. Plans include a potential 1:1 bonus share issue, doubling Jio and retail revenues in 3–4 years, and significant progress in sustainability and AI initiatives.