Reliance Industries Q4 FY26 results arrived with more layers than the headline numbers suggest. Margins were squeezed by geopolitics. Jio continued its growth trajectory. Retail crossed milestones that few anticipated this soon. Understanding what drove each outcome matters more than reading the top line in isolation. This guide covers every number that mattered and what the result signals for shareholders and potential investors.
Reliance Q4 Overview
FY26 ended with Reliance posting record revenue, record EBITDA, and record profit, all in the same year. That combination rarely shows up together. The Digital Services engine ran particularly hot, while Retail quietly crossed ₹3.70 lakh crore in annual revenue for the first time.
The quarter itself told a slightly different story. Revenue climbed year on year, but profits dipped because energy segment profits shrank due to the Middle East conflict that disrupted supply chains in ways no amount of operational efficiency could fully absorb. The full year, though, more than made up for it.
Reliance Q4 Financial Results
Reliance Q4 FY26 results, along with comparison with the previous quarter and Q4 FY25, are provided in the following table:
| Metric (₹ in crore) | Q4 FY25 | Q3 FY26 | Q4 FY26 | QoQ | YoY |
| Gross Revenue | 2,88,138 | 2,93,829 | 3,25,290 | +10.7% | +12.9% |
| EBITDA | 48,737 | 50,932 | 48,588 | -4.6% | -0.3% |
| EBITDA Margin (%) | 16.9% | 17.3% | 14.9% | -240 bps | -200 bps |
| Depreciation | 13,479 | 14,622 | 14,808 | +1.3% | +9.9% |
| Finance Costs | 6,155 | 6,613 | 6,585 | -0.4% | +7.0% |
| Profit Before Tax | 29,103 | 29,697 | 27,195 | -8.4% | -6.6% |
| Tax Expenses | 6,669 | 7,530 | 6,579 | -12.7% | -1.3% |
| Profit After Tax (PAT) | 22,434 | 22,167 | 20,616 | -7.0% | -8.1% |
| Capital Expenditure | 36,041 | 33,826 | 40,560 | +19.9% | +12.5% |
| Net Debt | 1,17,083 | 1,17,102 | 1,24,717 | +6.5% | +6.5% |
| Basic EPS (₹) | 14.34 | 13.78 | 12.54 | -8.9% | -12.5% |
| Dividend per Share (₹) | 6 | — | 6 | — | Flat |
Reliance Revenue & Profit
The full year’s revenue crossed ₹11.75 lakh crore, EBITDA touched ₹2.07 lakh crore, growing 13.4%, and PAT grew 18.3% to ₹95,610 crore. These are not incremental numbers. The annual PAT growth represents an addition of roughly ₹14,823 crore to the bottom line in a single year.
Revenue for Q4 FY 26 still grew 12.9% year on year. But EBITDA was nearly flat, and the PAT fell because the energy business ran into a wall of elevated crude premiums, higher freight and insurance costs. These were largely external shocks, not structural ones.
Reliance EPS (Earnings Per Share)
EPS for the FY26 came in at ₹59.69 compared to ₹51.47 in FY25, a 16% improvement. The quarterly number was ₹12.54, stepping down from ₹14.34 in Q4 FY25, which reflects the quarterly profit compression rather than any deterioration in the underlying business.
Annual EPS growth of 16% on a company of this size is the kind of number most institutional investors are perfectly comfortable holding through a softer quarter.
Reliance Strong Capital Position
Total assets have grown from ₹19.50 lakh crore to ₹21.78 lakh crore in the last year. Cash and its equivalents went from ₹1,06,502 crore to ₹1,45,977 crore, a 37% spike.
Net debt moved up to ₹1,24,717 crore, though the Net Debt to EBITDA ratio held steady at 0.60x. Capital expenditure for FY26 came to ₹1,44,271 crore, with investments spread across expansion, new energy giga-factories, Jio network buildout, and retail infrastructure.
Reliance Asset Quality
Finance costs for the year rose 11.5% to ₹27,061 crore, largely because 5G spectrum assets are now being operationalised and showing up in the cost base. Depreciation climbed 8.6% to ₹57,688 crore for similar reasons.
These costs precede revenue in capital-heavy businesses, and Jio’s trajectory suggests the investment cycle is already paying back. The Debt Equity ratio held at 0.41x. Interest Service Coverage Ratio was 5.55x for the full year, which leaves a comfortable cushion. Outstanding debt stands at ₹3,74,421 crore, manageable relative to the earnings base.
Reliance Dividend Announcement
The board has recommended a dividend of ₹6 per share on the face value of ₹10, unchanged from FY25. With the high PAT growth, some investors might have expected a hike.
At the current market price of ₹1,328 per share, the dividend yield works out to around 0.45%. Not a yield story, but not the point either, because Reliance is considered a growth stock rather than an income one.
Segment Performance
Here’s a closer look at the different business segments of Reliance Industries:
| Segment | FY26 Revenue (₹ cr) | FY26 EBITDA (₹ cr) | EBITDA Margin |
| Digital Services (Jio) | 1,72,317 | 76,255 | 51.9% |
| Reliance Retail | 3,70,026 | 27,033 | 8.3% |
| Oil to Chemicals (O2C) | 6,62,401 | 60,546 | 9.1% |
| Oil and Gas | 23,861 | 19,050 | 79.8% |
- Jio was the standout. The EBITDA grew 18.8%, and its margin expanded to 51.9%. The subscriber base crossed 524 million, including 268 million on 5G. The Average Revenue Per User (ARPU) also inched up by ₹18 to reach ₹214. The broadband story is accelerating with JioAirFiber crossing 13 million subscribers.
- Retail had a significant year. The hyper-local daily orders have grown 300%. There are now more than 20,000 stores with 387 million registered customers. The dip in EBITDA margin reflects deliberate investment in the quick-commerce buildout.
- Oil-to-Chemicals (O2C) delivered double-digit EBITDA growth for the year, though Q4 specifically got hammered by the unrest in the Middle East. Transportation fuel cracks in Q4 were strong on paper, but capturing them was a different story entirely.
- Oil and Gas continued its fall due to inadequate recognition of KG D6 and Coalbed methane (CBM) prices. The multi-lateral well (MLW) campaign for CBM production is adding incremental volumes, but this segment remains in the decline phase.
Market Reaction
Reliance announced its Q4 FY26 results on April 24, 2026. The market responded calmly as it had anticipated the mixed numbers. The energy headwinds had already been flagged well before the announcement, so the quarterly profit miss did not come as a shock.
Reliance Stock Price Movement
Reliance has been consolidating through the early part of 2026. Currently, the stock is trading close to ₹1,330 as of April 25, 2026. The post announcement impact will be reflected in the stock price when the market opens on April 27, 2026.
The Jio listing announcement adds an interesting variable. Any concrete timeline would likely improve the valuation and be a meaningful re-rating trigger.
Investment Implications
FY26 confirmed something important: the portfolio breadth is a vital buffer. When O2C lags under geopolitical pressure, Digital and Retail more than hold their ground.
The question for investors is about sequencing. When does New Energy start contributing meaningfully to earnings? When does Jio’s listing unlock embedded value? Both answers will arrive; the timing is what remains open.
Long-Term Outlook
The case for Reliance in the longer run rests on a few clear pillars:
- Jio’s 5G and broadband moat is compounding at a pace no competitor can currently match, with 75 million 5G additions in a single year.
- Retail’s hyper-local network across 1,200 cities and 5,100 pin codes is the kind of last-mile infrastructure that takes years and enormous capital to replicate.
- New Energy giga-factories are being operationalised rapidly, and Mukesh Ambani flagged them explicitly as the next major growth engine in his results commentary.
- The Jio Platforms listing, confirmed as in progress, represents a value-unlocking event that remains entirely absent from current market pricing.
Short-Term Trading Opportunities
The stock is currently holding between ₹1,310 and ₹1,350, a clean range to work with. An entry near ₹1,320 to ₹1,330 with a stop-loss below ₹1,280 keeps the risk defined. A confident move past ₹1,380 opens the path toward the next meaningful resistance from ₹1,420 to ₹1,450.
The Jio listing headline is the wildcard that could compress this setup into a shorter timeframe. Energy margin volatility through Q1 FY27 remains the primary risk to any long position.
Final Thoughts
Reliance FY26 was a year where the headline numbers earned their superlatives, and the quarterly softness had a clear, largely external explanation. The Digital and Retail engines are compounding well. The Jio listing could reframe the entire valuation conversation. Watch for New Energy updates in the quarters ahead; that’s where the next chapter begins.
