Reliance Industries Q4 and FY25 results: Consolidated revenue soars past Rs 10 lakh crore milestone

Reliance Industries Limited has achieved a historic financial milestone in FY25 by becoming the first Indian company to surpass total equity of ₹10 lakh crore. Despite global economic headwinds and a volatile geopolitical environment, Reliance Industries reported record consolidated gross revenue of ₹1,071,174 crore ($125.3 billion), a year-on-year increase of 7.1 percent, supported by robust performances across its key segments including Jio Platforms, Reliance Retail Ventures, Oil to Chemicals, and Exploration and Production businesses.

How Did Reliance Industries Perform in FY25?

The consolidated EBITDA rose by 2.9 percent year-on-year to ₹183,422 crore ($21.5 billion), while profit after tax (PAT), including share of profit or loss from associates and joint ventures, increased by 2.9 percent to ₹81,309 crore ($9.5 billion). Reliance Industries also declared a dividend of ₹5.5 per share, rewarding shareholders amid its strong financial performance.

Jio Platforms posted an annual PAT of ₹26,109 crore, an impressive 21.9 percent rise, driven by subscriber additions and increased data consumption. Reliance Retail Ventures recorded a PAT of ₹12,392 crore, marking an 11.6 percent year-on-year growth, fueled by new store openings and expanding digital commerce initiatives.

What Boosted Reliance Industries’ Revenue Growth?

Segment-wise performance demonstrated strategic resilience. Jio Platforms Limited (JPL) witnessed a revenue jump of 16.9 percent due to tariff hikes and a shift towards high-value subscribers. Reliance Retail Ventures Limited (RRVL) posted a 7.9 percent increase, propelled by growth in consumer electronics and grocery segments. The Oil to Chemicals (O2C) business recorded an 11.0 percent growth due to higher volumes and increased domestic placements, while the Oil and Gas segment posted a 3.2 percent growth, supported by higher output from the KG-D6 and CBM blocks.

How Strong Was the Quarterly Performance of Reliance Industries?

For Q4 FY25, Reliance Industries reported consolidated gross revenue of ₹288,138 crore, an 8.8 percent increase over the same quarter last year. Consolidated EBITDA for the quarter stood at ₹48,737 crore, reflecting a 3.6 percent year-on-year growth. The quarterly PAT, inclusive of associate and joint venture performance, rose by 6.4 percent to ₹22,611 crore. Notably, capital expenditure during the quarter amounted to ₹36,041 crore, demonstrating continued investment into strategic areas like telecom, retail, energy, and digital services.

How Did Jio Platforms Drive Growth in FY25?

Jio Platforms Limited cemented its dominance in India’s digital ecosystem, reporting annual gross revenue of ₹150,270 crore and an EBITDA of ₹64,170 crore. Data consumption soared with total data traffic reaching approximately 185 exabytes, up 24 percent year-on-year. The average revenue per user (ARPU) rose significantly to ₹206.2, reflecting improved subscriber mix and pricing power.

Strategically, Jio entered into a landmark agreement with SpaceX to offer Starlink services in India, while expanding its 5G rollout and home broadband services aggressively. The company’s participation at the Mobile World Congress 2025 showcased plans for an Open Telecom AI Platform, developed alongside AMD, Cisco, and Nokia.

How Did Reliance Retail Ventures Strengthen Its Position?

Reliance Retail Ventures recorded an annual gross revenue of ₹330,870 crore, growing 7.9 percent year-on-year. EBITDA stood at ₹25,053 crore, up 8.6 percent, with margins improving to 8.6 percent. During FY25, RRVL opened 2,659 new stores, expanding its total footprint to 19,340 stores across 77.4 million square feet.

JioMart, Reliance Retail’s digital commerce platform, scaled up hyperlocal deliveries, driving a 62 percent surge in daily orders. The Consumer Brands vertical emerged as India’s fastest-growing FMCG business, achieving ₹11,450 crore in revenue during the year.

What Challenges Did the Oil to Chemicals Business Face?

Reliance’s Oil to Chemicals (O2C) segment reported a record revenue of ₹626,921 crore for FY25. However, segment EBITDA declined 11.9 percent year-on-year to ₹54,988 crore due to weak global margins in transportation fuels and downstream chemicals. Yet, Reliance Industries optimised feedstock sourcing, enhanced operational flexibility, and prioritised higher-margin domestic markets to mitigate margin pressures.

Notably, Reliance recorded its highest-ever annual total throughput at 80.5 million metric tonnes (MMT), highlighting the strength of its integrated refining and petrochemical operations.

How Did the Oil and Gas Segment Perform?

The Exploration and Production (E&P) segment delivered record financials in FY25 with revenue touching ₹25,211 crore and EBITDA reaching ₹21,188 crore. This growth was mainly supported by higher production from the KG-D6 and CBM blocks despite the backdrop of lower realised prices for gas and condensates. In CBM operations, Reliance successfully commissioned 40 multi-lateral wells, with more developments underway.

What Was the Strategic Impact of JioStar’s Launch?

JioStar, a newly integrated media powerhouse following Reliance’s merger with Star India, posted ₹10,006 crore in revenue since its launch in November 2024. JioHotstar quickly scaled to 503 million monthly active users by March 2025, dominating India’s OTT and TV entertainment space. Sporting events like IPL 2025 and the ICC Champions Trophy broke viewership records, firmly establishing JioStar as a digital content leader.

How Is the Stock Market Reacting to Reliance Industries’ Results?

Despite delivering record financials, Reliance Industries’ stock closed marginally lower at ₹1,300.40 on April 25, 2025, reflecting a minor 0.09 percent dip. The stock traded between ₹1,288.10 and ₹1,325.20 intraday, showing moderate volatility. Analysts note that RIL shares are forming a symmetrical descending pattern, and a close above ₹1,330 could ignite fresh bullish momentum, potentially targeting ₹1,425 levels.

Technical strategists recommend “buy on dips,” particularly near key support levels, given the improving operational outlook across digital, retail, and energy businesses.

What Are Institutional Investors Doing With Reliance Shares?

Institutional activity around Reliance Industries remains largely positive. During the March 2025 quarter, mutual funds increased their holdings from 9.14 percent to 9.21 percent, and overall institutional ownership rose slightly to 38.60 percent. Foreign institutional investors (FIIs) marginally reduced their stake from 19.16 percent to 19.07 percent, although the number of foreign investors participating rose, suggesting continued interest.

In April 2025, FIIs have alternated between buying and selling positions, with significant net inflows such as ₹8,250 crore recorded on April 24. Domestic institutional investors (DIIs), on the other hand, have been consistent buyers, posting ₹3,539 crore net purchases on April 25 alone, providing a stabilising influence amid global uncertainty.

What Are Analysts Saying About Reliance Industries?

Market experts remain largely bullish on Reliance Industries post-results. Citi upgraded its rating on RIL to “Buy,” setting a price target of ₹1,530, citing growth opportunities in 5G monetisation, digital services, and new energy projects. CLSA also maintained an “Outperform” rating with a higher target of ₹1,650, reflecting an optimistic view of Reliance’s strong earnings visibility and operational resilience.

The outlook is reinforced by management commentary highlighting continued investments into renewable energy and battery storage businesses, promising future revenue streams.