Reliance Industries Financial Breakdown: Revenue, Profit, Margins & Ratios
Reliance Industries Limited (NSE: RELIANCE, BSE: 500325) is India's largest listed company by market capitalisation — roughly ₹15.8 lakh crore (₹15.78 trillion per Finnhub) as of early October 2026, when the stock traded near ₹1,180, close to its 52-week low of ₹1,160.80. From oil refining and petrochemicals to telecom (Jio), retail and new energy, the Mukesh Ambani-led conglomerate reported record FY26 financials. Here is a complete financial breakdown of Reliance Industries — revenue and profit trends, margins, ratios, segment-wise performance, balance sheet strength, shareholding and a peer comparison.
Business overview
Reliance Industries is a diversified conglomerate with five key business segments:
- Oil-to-Chemicals (O2C): the world's largest single-site refining complex at Jamnagar, Gujarat, plus petrochemicals and Jio-bp fuel retailing.
- Digital Services (Jio Platforms): India's largest telecom operator with 524 million subscribers, including 268 million on 5G (FY26), ARPU of ₹214.
- Retail (Reliance Retail Ventures): India's largest retailer with 20,160 stores, 387 million registered customers and 1.93 billion annual transactions (FY26).
- Oil & Gas: upstream E&P assets including the KG-D6 deepwater block, plus CBM.
- New-age businesses: FMCG (RCPL — Campa Cola, Independence brands), Media (JioHotstar) and New Energy (solar PV, battery gigafactories under construction).
Notably, Jio Platforms filed its DRHP with SEBI in June 2026 and is reportedly set for a ~₹37,700 crore IPO later this month — read our deep-dive: Jio Platforms IPO 2026: Dates, ₹37,700 Cr Size, Details.
Revenue and growth trend (FY22–FY26)
Reliance posted record gross revenue of ₹11,75,919 crore in FY26, up 9.8% YoY (company press release). Revenue from operations (net of taxes) stood at ₹10,57,219 crore. The five-year trend:
| Particulars (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 6,95,963 | 8,77,835 | 9,01,064 | 9,64,693 | 10,57,219 |
| YoY growth | — | +26.1% | +2.7% | +7.1% | +9.6% |
| Gross revenue | — | — | — | 10,71,174 | 11,75,919 (+9.8%) |
(Source: Smart-Investing consolidated financials; company FY26 press release)
Revenue crossed ₹10 lakh crore for the first time in FY26, driven by double-digit growth in digital services and retail. FY23's 26% jump reflected the energy-price supercycle after the Russia-Ukraine conflict.
Profitability: PAT, EBITDA and margins
Reliance reported a record consolidated PAT of ₹95,610 crore in FY26 (+18.3% YoY) and EBITDA of ₹2,07,911 crore (+13.4% YoY, including other income). Net profit attributable to owners (after minority interest) was ₹80,775 crore (+16% YoY).
| Particulars (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Operating profit (excl. other income) | 1,08,446 | 1,40,860 | 1,62,233 | 1,65,255 | 1,78,914 |
| Other income | 14,943 | 13,036 | 16,057 | 18,167 | 28,997 |
| PBT | 82,154 | 94,046 | 1,04,340 | 1,06,017 | 1,23,162 |
| PAT (total) | 66,184 | 73,670 | 78,633 | 80,787 | 95,610 |
| Net profit (owners) | 60,705 | 66,702 | 69,621 | 69,648 | 80,775 |
| PAT margin | 8.39% | 7.56% | 7.86% | 7.54% | 8.13% |
| EBITDA margin (on gross revenue) | — | — | — | — | 17.7% |
(Source: Smart-Investing; company FY26 results)
Q4 FY26 vs Q1 FY27 check: In Q4 FY26 (Jan–Mar 2026), PAT attributable to owners fell 12.55% YoY to ₹16,971 crore on margin pressure in O2C. In Q1 FY27 (Apr–Jun 2026), revenue from operations jumped 25.4% YoY to ₹3,11,850 crore with record recurring EBITDA of ₹54,067 crore (+10.1% YoY); reported PAT of ₹20,946 crore was down 22.4% YoY only because Q1 FY26 included a one-time ₹8,924 crore gain from the sale of the Asian Paints stake — excluding that, net profit rose 15.9% YoY.
Segment-wise revenue split (FY26)
| Segment | FY26 revenue (₹ crore) | YoY change | FY26 EBITDA (₹ crore) | EBITDA margin |
|---|---|---|---|---|
| Oil-to-Chemicals (O2C) | 6,62,401 | +5.7% | 60,546 | 9.1% |
| Digital Services (Jio Platforms) | 1,46,885 | +14.6% | 76,255 | 52% |
| Retail (RRVL) | 3,70,026 | +11.8% | 27,033 | 8.3% |
| Oil & Gas | 23,861 | −5.4% | 19,050 | ~79.8% |
| FMCG (RCPL) | ~22,000 | ~2x YoY | — | — |
| Media (JioHotstar) | 31,048 | — | 4,885 | 15.7% |
(Source: company FY26 results via Trade Brains / company filings)
Key segment takeaways:
- O2C remains the largest segment by revenue but the biggest drag on margins — Q4 FY26 EBITDA fell 3.7% YoY amid Middle East conflict-driven freight costs, elevated crude premiums and weak downstream chemical margins.
- Jio is the profit engine: 52% EBITDA margins with 524 million subscribers, 268 million 5G users, ARPU ₹214 (+4% YoY) and data traffic up 30% YoY.
- Retail added 1,564 net stores in FY26; hyperlocal orders grew over 300% YoY.
- Oil & Gas is small but the highest-margin business (~80% EBITDA margin), though KG-D6 production is naturally declining.
- New Energy is the growth bet: 20 GW solar PV manufacturing and a 100 GWh battery gigafactory are under construction; capex for FY26 stood at ₹1,44,271 crore.
Balance sheet strength
| Particulars | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total debt/equity (x) | 0.34 | 0.44 | 0.41 | 0.41 | 0.41 |
| ROE | 9.20% | 9.86% | 10.43% | 9.88% | 10.95% |
| ROCE | 9.68% | 10.95% | 11.87% | 11.29% | 12.17% |
(Source: Smart-Investing consolidated ratios)
- Leverage is modest: debt-to-equity has held at 0.41x for three consecutive years, down from 0.44x in FY23. Net debt was ₹1,24,717 crore in FY26; by end-Q1 FY27, outstanding debt had reduced further to ₹3,69,705 crore (from ₹3,74,421 crore at end-Q4 FY26).
- Returns are steady: ROE of 10.95% and ROCE of 12.17% in FY26 — respectable for a capital-heavy conglomerate, though single-digit ROE shows the drag of the heavy O2C asset base.
- Cash generation: operating cash flow converts strongly — PAT-to-operating-cash-flow conversion was 2.01x in FY26 (MoneyWorks4Me).
Earnings per share (EPS) and dividend history
| | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| EPS (₹) | 89.73 | 98.58 | 102.90 | 51.47 | 59.69 |
| Dividend per share (₹) | 8.00 | 9.00 | 10.00 | 5.50 | 6.00 |
(Source: Smart-Investing; Goodreturns ratios)
Note: Reliance issued a 1:1 bonus share in September 2024, which doubled the share count — hence FY25/FY26 EPS and DPS are on the post-bonus basis and not directly comparable with earlier years. On a consistent basis, EPS grew from ₹51.47 in FY25 to ₹59.69 in FY26 (+15.97%). The dividend payout ratio is low (~12% of net profit), as the company reinvests heavily in capex.
Shareholding pattern (June 2026 quarter)
| Category | Holding |
|---|---|
| Promoters (Ambani family) | 50.48% |
| FIIs | 17.20% |
| Domestic institutions (ex-MF) | 11.08% |
| Mutual funds | 10.11% |
| Retail and others | 11.13% |
(Source: Upstox/Angel One shareholding data, quarter ended June 2026)
Promoters hold a comfortable majority at over 50%, with FIIs steadily trimming (19.09% in Dec 2025 → 17.20% in Jun 2026) while mutual funds have increased their stake.
Peer comparison
| Company | Net sales (₹ cr, FY26) | Net profit margin | P/E (TTM) |
|---|---|---|---|
| Reliance Industries | 10,57,219 | 8.9% | ~21 |
| Indian Oil Corp | 7,55,950 | 1.7% | 5.4 |
| Bharat Petroleum Corp | 4,40,132 | 3.4% | 10.5 |
| Hindustan Petroleum Corp | — | — | ~10 |
(Source: MoneyWorks4Me peer data, ~July 2026; Reliance P/E per Finnhub ~21.1 at CMP ~₹1,186)
Reliance commands a significant valuation premium over pure-play refiners like IOC and BPCL — the market pays for Jio's and Retail's superior growth and margins, plus the embedded value of the upcoming Jio Platforms listing.
Key risks
- O2C margin cyclicality: refining and petrochemical margins are volatile and tied to global crude prices, fuel cracks and geopolitical disruptions.
- Heavy capex cycle: ₹1.44 lakh crore of FY26 capex (new energy, 5G, retail expansion) must generate returns to lift ROE sustainably.
- Telecom competition: ARPU growth and subscriber additions face intensity from Bharti Airtel and Jio's own value-focus.
- Execution risk: the new-energy businesses (solar PV, batteries, green hydrogen) are multi-year bets with long payback periods.
- Valuation: at ~21x earnings, expectations of Jio IPO value-unlocking and new-energy scale-up are already partly priced in.
Conclusion
Reliance Industries delivered record FY26 numbers — gross revenue of ₹11.76 lakh crore (+9.8%), EBITDA of ₹2.08 lakh crore (+13.4%) and PAT of ₹95,610 crore (+18.3%). The financial structure is shifting decisively: consumer businesses (Jio + Retail) now contribute the bulk of profits, with Jio's 52% EBITDA margins balancing O2C's cyclical 9.1%. The balance sheet is comfortable (0.41x debt-to-equity, ROCE 12.17%), capex remains aggressive on new energy, and the Jio Platforms IPO (DRHP filed June 2026) is the biggest near-term catalyst.
Disclaimer: This article is for educational purposes only and is not investment advice. All figures are from company filings and financial data portals as cited. Please do your own research or consult a SEBI-registered investment adviser before making investment decisions.
FAQs
What is Reliance Industries' revenue in FY26?
Reliance reported record gross revenue of ₹11,75,919 crore in FY26 (+9.8% YoY); revenue from operations was ₹10,57,219 crore.
What is Reliance's net profit (PAT) in FY26?
Consolidated PAT was ₹95,610 crore (+18.3% YoY); net profit attributable to owners was ₹80,775 crore.
What is Reliance's EPS in FY26?
₹59.69 per share (on the post-1:1-bonus share count), up ~16% from ₹51.47 in FY25.
What is Reliance's debt-to-equity ratio?
0.41x in FY26, unchanged from FY24–FY25 — modest leverage for a capital-intensive conglomerate.
Which is Reliance's most profitable segment?
By margin, Oil & Gas (~80% EBITDA margin), but it is small; by absolute profit, Jio Platforms (₹76,255 crore EBITDA at 52% margin in FY26).
Who owns Reliance Industries?
The Ambani promoter group holds ~50.5%, FIIs ~17.2%, mutual funds ~10.1%, other DIIs ~11.1% and retail/public ~11.1% (June 2026 quarter).