Reliance Q4 Results: Net Profit Up 2.4%, Revenue Rises 10%, Rs 5.5 Dividend Declared

Reliance Industries Q4 FY25 Results: Net Profit Rises 2.4%, Revenue Grows 10%, ₹5.5 Dividend Announced

Reliance Industries Limited (RIL), the oil-to-telecom conglomerate led by Mukesh Ambani, reported its financial results for the fourth quarter ended March 31, 2025 (Q4 FY25), as well as for the full fiscal year FY25.

Despite a mixed performance across business segments, the company managed to surpass Street estimates, buoyed by strong showings from its retail and telecom arms.

On a consolidated basis, Reliance posted a net profit of ₹19,407 crore for the March quarter, up 2.41% year-on-year (YoY) from ₹18,951 crore in the same period last year.

Consolidated revenue from operations stood at ₹2,64,573 crore, registering a healthy 10% YoY growth compared to ₹2,40,715 crore in Q4 FY24.

Alongside its quarterly results, the company also declared a dividend of ₹5.5 per equity share, reflecting continued confidence in its financial strength and growth trajectory.

Segment-Wise Performance Overview

Retail: Outperforms Expectations

Reliance Retail continued to be a major growth driver for the conglomerate. The segment delivered a robust set of numbers, impressing analysts with its performance despite a challenging macroeconomic environment.

The company attributed this success to steady growth in store expansions, rising footfalls, and improved consumer sentiment.

The retail business, which spans everything from groceries and fashion to electronics and e-commerce, continues to consolidate its position as India’s largest and fastest-growing retail chain.

Jio: In Line With Expectations

The digital services segment, spearheaded by Reliance Jio, reported numbers in line with market expectations.

Jio’s performance remains stable, supported by consistent subscriber growth, increased data usage, and ongoing tariff rationalization.

The steady momentum in its telecom business highlights the continued demand for digital connectivity and the strength of Jio’s scalable infrastructure.

O2C: Revenue Grows, Margins Under Pressure

Reliance’s Oil to Chemicals (O2C) segment reported a 15.4% YoY rise in revenue to ₹1,64,613 crore. Exports for the quarter also increased marginally by 2.2% to ₹73,749 crore, compared to ₹72,172 crore in the same quarter last year.

However, despite the revenue growth, the segment saw its EBITDA fall by 10% YoY to ₹15,080 crore from ₹16,762 crore in Q4 FY24.

The company cited a sharp decline in transportation fuel cracks and lower polyester chain margins as the primary reasons for the earnings drop.

These factors were partially offset by higher production volumes, feedstock cost optimisation, and improved margins for polypropylene (PP) and polyvinyl chloride (PVC).

The O2C segment’s operating margin (EBITDA margin) also declined 260 basis points YoY, coming in at 9.2% versus 11.8% in the same quarter last year.

This underlines the pressure the business is facing from global commodity price volatility and softer downstream chemical demand.

Full-Year (FY25) O2C Performance

For the full fiscal year, the O2C segment posted an 11% YoY rise in revenue to ₹6,26,921 crore (approximately $73.4 billion), primarily driven by higher product volumes and stronger domestic demand for refined products.

• Gasoline sales rose 42%,
• Gasoil grew by 33%, and
• ATF (aviation turbine fuel) surged by 62% YoY, signaling a recovery in domestic transportation and air travel demand.

However, annual EBITDA for the O2C segment came in lower at ₹54,988 crore ($6.4 billion), impacted by the same challenges seen in Q4 — namely weak refining margins and muted performance in downstream chemicals.

Despite this, RIL pointed to improved operational efficiency, better feedstock sourcing, and higher domestic sales margins as key supportive factors.

Oil & Gas (Exploration and Production): Subdued Performance

Reliance’s oil and gas segment continued to underperform, reflecting challenges in upstream production and declining volumes.

In Q4 FY25:

• Revenue fell slightly by 0.4% YoY to ₹6,440 crore.
• EBITDA declined 8.6% YoY to ₹5,123 crore.
• EBITDA margin fell sharply by 720 basis points to 79.5% from the previous year.

The revenue dip was primarily attributed to lower gas production and reduced oil offtake from the KG-D6 basin. However, the decline was partially offset by improved gas price realization from the KG-D6 field and higher coal bed methane (CBM) production.

EBITDA was impacted by increased operating costs due to one-time maintenance activities and the natural decline in production volumes — a common challenge in maturing energy assets.

Annual Overview: FY25

Despite segmental challenges, Reliance closed the financial year on a strong note. The company’s diversified business model helped it navigate volatile markets while continuing to invest in expansion and innovation.

Key highlights for FY25 include:

• Steady performance in consumer-facing businesses (Retail and Jio),
• Ongoing investment in new energy and digital infrastructure,
• Sustained leadership in refining and petrochemicals despite margin pressures.

Reliance continues to build out its capabilities across green energy, digital commerce, and 5G infrastructure, which are expected to become the company’s core growth engines in the coming decade.

Looking Ahead

While volatility in the global energy markets and regulatory shifts could weigh on short-term margins, Reliance’s strong balance sheet and diversified portfolio provide resilience.

The company’s clear focus on expanding its consumer and technology-driven businesses — combined with continued investments in clean energy and digital platforms — positions it well for sustainable long-term growth.

The ₹5.5/share dividend further underscores the company’s confidence in its financial stability and commitment to delivering value to shareholders.