Reliance Industries Q4 FY26 Results: Revenue at Record High, Profit Slips — Full Segment-Wise Review & Dividend Details

By Kaushik Brahmakshatriya

Published On 24 April 2026.

Reliance Industries Q4 FY26 Results

Reliance Industries Limited (RIL), India’s largest private sector conglomerate led by Chairman Mukesh D. Ambani, declared its Q4 FY26 financial results on April 24, 2026. While the company posted a record-breaking full-year revenue, the quarterly net profit took a hit amid global macro headwinds, volatile crude prices, and pressure on refining margins. Here is a complete breakdown — headline numbers, segment performance, dividend announcement, and what it means for investors.

RIL Q4 FY26 Key Financial Highlights

Reliance Industries reported a 12.55% decline in net profit to ₹16,971 crore in Q4 FY26, compared to a PAT of ₹19,407 crore in Q4 FY25. (Goodreturns) On a sequential basis, profit was also lower compared to ₹18,645 crore reported in Q3 FY26.
Despite the profit decline, the revenue story was far more encouraging. Gross revenue for Q4 FY26 came in at ₹3,25,290 crore — up 12.9% year-on-year and 10.7% sequentially. EBITDA for the quarter came in marginally lower at ₹48,588 crore, while EBITDA margins contracted 200 basis points on a yearly basis to 14.9%.
For the full financial year FY26, the picture was notably strong. Annual EBITDA jumped 13.4% YoY to ₹2,07,911 crore, and FY26 revenue reached an all-time high Todayunderlining the breadth and resilience of Reliance’s diversified business model.

Reliance Industries Dividend 2026

One of the most anticipated announcements was the dividend declaration. RIL announced a dividend of ₹6 per share (60% of the face value of ₹10 each) for FY26 (Business Today) — a meaningful step up from the ₹5.5 per share dividend declared for FY25. This higher payout reflects management’s confidence in the company’s long-term cash generation ability despite near-term profit pressure, and will be a welcome reward for RIL’s millions of retail shareholders.

Segment-Wise Review: Where RIL Grew and Where It Struggled

1.Jio Platforms (Digital Services) — The Star Performer

.Jio Platforms continued to be Reliance’s most consistent growth engine in Q4 FY26. Jio Platforms revenue increased 14.7% YoY, led by strength in subscriber additions, an uptick in ARPU, and the steady ramp-up of digital services. Jio EBITDA rose 18.8% YoY, helped by strong operating leverage and a 190 basis points margin expansion.

JioHotstar, Reliance’s streaming platform, averaged 500 million Monthly Active Users (MAUs) during the quarter, with the T20 Men’s Cricket World Cup Final recording a global record of 72.5 million peak concurrency. This underscores Jio’s dominant position in India’s digital entertainment landscape.
A major future catalyst highlighted during the results: Mukesh Ambani confirmed that the company is advancing steadily towards the listing of Jio Platforms — a milestone that could unlock massive shareholder value.

2.Reliance Retail — Profitable Growth at Scale

Reliance Retail delivered another year of strong operational performance. Isha Ambani, Executive Director of Reliance Retail Ventures, stated that FY26 was “a year of profitable growth at scale” — with revenue crossing ₹3.70 lakh crore, EBITDA crossing ₹27,000 crore, and the company serving 387 million registered customers across 1.93 billion transactions.
On the Q4 front, quarterly EBITDA stood at ₹14,520 crore, down 3.7% YoY from ₹15,080 crore — a reflection of ongoing investments in hyper-local commerce and store expansion. The retail segment’s scale, diversity across grocery, fashion, electronics, and FMCG, and its expanding quick commerce vertical position it for stronger profitability ahead.

3.Oil-to-Chemicals (O2C) — Pressure from Global Headwinds

The O2C segment, which is RIL’s largest by revenue, faced the toughest environment in Q4 FY26. The segment faced structurally challenging conditions — weak refining margins and volatile petrochemical spreads driven by new global refining capacity additions and demand uncertainty in early 2026.
The Jio-bp fuel retail network operated 2,199 outlets across India , supporting domestic fuel placement. Despite the revenue challenges, RIL’s strategy of processing discounted crude and expanding domestic-facing product sales helped cushion the margin blow. Management indicated that the O2C segment is executing growth projects and is well-positioned for a recovery when global refining dynamics stabilise.

4.Oil & Gas — Natural Decline in KG-D6 Volumes

The Oil and Gas segment saw revenue decline in line with natural production decline in the KG-D6 block, partly offset by higher price realisations. The upstream segment saw revenue decline due to lower volumes and price realisation from KG-D6 gas , a trend that analysts had anticipated. Any recovery in gas volumes or an improvement in price realisation in coming quarters would positively surprise on EBITDA.

Management Commentary: Navigating a Tough Global Environment

Commenting on the results, Mukesh Ambani said: “Through fiscal FY2025-26 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.”

Capital Expenditure & Future Outlook

Capital expenditure for FY26 stood at ₹1,44,271 crore ($15.2 billion), as RIL continued work on growth projects in O2C, New Energy, and the expansion of Jio and Retail networks.The green energy push — spanning solar, green hydrogen, and battery storage — remains a long-term structural bet that could redefine RIL’s earnings mix over the next decade.
The impending Jio Platforms IPO is another major catalyst that investors are tracking closely. When it materialises, it is expected to be one of India’s largest-ever public listings

Should You Buy, Hold, or Wait?

RIL’s Q4 FY26 numbers paint a familiar picture: consumer businesses (Jio + Retail) are firing strongly, while energy businesses (O2C + Oil & Gas) are navigating global cyclical pressure. The record full-year revenue, higher dividend, Jio’s subscriber and ARPU momentum, and the upcoming Jio IPO are strong long-term positives.
However, near-term profit weakness and EBITDA margin compression may keep the stock range-bound. Long-term investors who believe in India’s consumption and digital growth story will find RIL’s current levels attractive for accumulation.

Disclaimer

This blog does not provide financial, investment, or trading advice. All content is for educational and informational purposes only. Please consult a certified financial advisor before making any investment decisions. The author will not be responsible for any financial losses incurred