Reliance Industries Ltd reported an 8% decline in consolidated net profit at ₹20,616 crore for the March quarter of FY26, impacted by a challenging global energy environment and lower upstream output.
Revenue from operations rose 13% to ₹3,25,920 crore, driven by strong double-digit growth across oil-to-chemicals (O2C), digital services and retail businesses. Capital expenditure during the quarter stood at ₹40,560 crore, reflecting continued investments across core and emerging verticals.
Segmental performance
The O2C business navigated a volatile global environment marked by geopolitical disruptions, fluctuating energy prices and supply chain dislocations, particularly amid tensions in West Asia. The company said it optimised product streams, including scaling up LPG production, to mitigate the impact.
Digital services remained a key growth driver, with Jio sustaining traction across mobility, home broadband and enterprise segments, supporting a robust 19% growth in full-year EBITDA (earnings before interest, tax, depreciation and amortisation). Retail also delivered steady growth, aided by its expanding omnichannel presence and continued strength in consumption.
However, the oil and gas segment saw revenue decline, in line with the natural fall in KG-D6 gas production, weighing on overall profitability.
Outlook and strategy
Mukesh D. Ambani, Chairman & Managing Director, Reliance Industries, said: “Through fiscal FY26 we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. India held its economic growth course through all this, as did Reliance.
The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment. Jio continues to transform India’s digital landscape. I am happy to note that we are advancing steadily towards the listing of Jio Platforms. This will mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future.
Jio, retail drive growth
Robust full-year EBITDA growth of 19% was driven by continuing traction in mobility, home broadband and enterprise services. As we work to democratize access to AI tools and next-generation technology platforms, Jio is well placed to shape how India communicates, computes and consumes content in the years ahead.
Reliance Retail delivered steady growth through the year. I am confident that Reliance Retail’s deep omnichannel presence and its strong understanding of the Indian consumer will continue to underpin sustained growth.
Energy, O2C outlook
The consumer products vertical, now operating within an independent and focused organisational structure, is gaining meaningful traction with an expanding portfolio of FMCG brands. India’s consumption story has many years of growth ahead of it, and our businesses are built to be at the centre of this opportunity.
The O2C business navigated a complex global environment during the year. The war in West Asia has led to unprecedented dislocation in global supply chains. As in prior periods of disruption, Reliance has again demonstrated its commitment to ensure availability of critical energy and materials to India.
Our O2C team successfully diverted streams toward scaling up LPG production, our colleagues in Jio-bp have ensured continuous availability of fuels to individuals and businesses throughout India. Gas from KG-D6 Basin has been diverted towards priority sectors, in line with national energy priorities.
Recent events have underscored the critical need of energy security. I am happy that Reliance is making rapid progress in operationalizing its New Energy giga-factories. This business will emerge as a powerful growth engine for Reliance and a transformative contributor to India’s energy future.”