India · Delayed Price · Currency is INR Reliance Industries Earnings Call Transcripts
Fiscal Year 2026
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Strong growth across digital, retail, O2C, and FMCG segments, with digital and retail leading EBITDA gains. O2C navigated severe supply shocks, while media and FMCG achieved record reach and revenue. Net debt remains low, and CapEx continues in green energy and digital.
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Revenue grew 10% year-over-year, led by digital services and retail, with strong EBITDA and PAT growth. New energy giga factories are progressing, S&P upgraded the credit rating to A-, and retail/FMCG segments saw robust expansion. CapEx was INR 34,000 crore, with a stable balance sheet.
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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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Diversified businesses delivered strong year-over-year growth in digital, retail, and new energy, with robust EBITDA and PAT increases even after adjusting for one-time gains. Retail and Jio segments are set for accelerated growth, while new energy gigafactories near operationalization, supporting long-term value creation.
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.