Reliance Q4 Results 2025: From profit, revenue to EBITDA— 5 key takeaways from March quarter earnings

Reliance Q4 Results 2025: Mukesh Ambani-led oil-to-telecom-to-retail conglomerate Reliance Industries, on Friday, April 25, reported a 6 per cent year-on-year (YoY) rise in its consolidated profit for the March quarter of the last financial year (Q4FY25). Reliance's Q4FY25 consolidated profit stood at ₹22,434 crore compared to ₹21,143 crore in the corresponding quarter of FY24.

Reliance's revenue from operations for Q4FY25 stood at ₹2,64,573 crore, up nearly 10 per cent YoY, compared to ₹2,40,715 crore in the same quarter of the previous financial year.

EBITDA for the quarter grew 3.6 per cent YoY to ₹48,737 crore from ₹47,050 crore in Q4FY24. EBITDA margin for the quarter came at 16.9 per cent, down 90 bps from 17.8 per cent YoY.

For the financial year 2025 (FY25), the company's consolidated revenue came at a record ₹10,71,174 crore, which was up 7.1 per cent YoY.

Consolidated profit after tax (PAT) for FY25 grew 2.9 per cent YoY to ₹81,309 crore.

Consolidated EBITDA also grew 2.9 per cent YoY to ₹1,83,422 crore for the last financial year.

“FY25 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

"During FY25, we have laid a strong foundation for our projects in renewable energy and battery operations. In the coming quarters, we will see the transition of this business from incubation to operationalisation. I firmly believe that the New Energy growth engine will create significant value for Reliance, for India and for the world," he said.

Meanwhile, India's largest company by market capitalisation announced a dividend of ₹5.5 for the financial year 2025 (FY25).

Moreover, Reliance's board approved a fundraising plan to raise up to ₹25,000 crore through the issuance of listed, secured/unsecured, redeemable non-convertible debentures in one or more tranches on a private placement basis.

Reliance Q4 results: 5 key takeaways

1. Jio rings loud

The telecom division of the behemoth exhibited healthy growth in the last quarter, with PAT jumping 25.7 per cent YoY to ₹7,022 crore. Revenue from operations increased 17.7 per cent YoY to ₹33,986 crore.

EBITDA of Jio Platforms jumped 18.5 per cent YoY to ₹17,016 crore, while EBITDA margin increased 40 bps YoY to 50.1 per cent.

Jio's ARPU (average revenue per user) increased to ₹206.2 with the continued impact of the tariff hike and a better subscriber mix, partly impacted by a lower number of days in the quarter. Net subscriber addition was 6.1 million during the quarter. As of March 2025, the total subscriber base of Jio was 488.2 million.

Data and voice traffic increased 19.5 per cent and 3.8 per cent YoY, respectively, in Q4FY25. The company said that growing 5G subscriber mix and accelerated home connects drive industry-leading traffic growth.

"Our digital services business achieved record revenue and profit numbers. Steady increase in subscriber base, with an improving mix and increasing user engagement metrics boosted earnings," said Reliance Chairman.

"Strong adoption of our 5G services and our home broadband offerings continues with accelerated addition in subscribers and in the number of home-connects. Jio continues to invest in innovation, focusing on AI capabilities and next-generation technologies, which will shape India’s digital future," he added.

2. Reliance Retail shows consistent growth

Reliance Retail Ventures saw its Q4 revenue from operations growing 16.3 per cent YoY to ₹78,622 crore, while PAT increased 29.1 per cent YoY to ₹3,545 crore.

EBITDA also increased 14.3 per cent YoY to ₹6,711 crore. However, EBITDA margin declined 20 bps YoY to 8.5 per cent during the quarter.

Reliance Retail opened 2,659 stores in FY25, with a total store count of 19,340, and a 77.4 million square feet area.

"The business continued to grow its store footprint, opening 2,659 stores during the year. However, with store rationalisation, the total store count was at 19,340 with a total area of 77.4 million sq. ft..," said the company.

3. Oil-to-chemicals (O2C) segment's margin shrinks

Revenue for the segment increased 15.4 per cent YoY to ₹1,64,613 crore due to higher volumes and increased domestic product placement.

However, EBITDA decreased by 10 per cent YoY to ₹15,080 crore. EBITDA margin of the segment shrank by 260 bps YoY to 9.2 per cent.

The company said EBITDA of the O2C segment declined due to a sharp fall in transportation fuel cracks and lower polyester chain margins, which was partially offset by higher volume, feedstock cost optimisation and higher PP and PVC delta.

"The oil to chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins," said the chairman and managing director of the company.

4. Lower gas production, oil offtake weigh on the oil & gas segment

The oil and gas segment of Reliance Industries remained under pressure during Q4FY25. Its revenue slipped 0.4 per cent YoY to ₹6,440 crore primarily due to lower gas production and lower oil offtake from KGD6.

EBITDA declined 8.6 per cent YoY to ₹ 5,123 crore after higher operating cost due to one-time maintenance activity and a natural decline in KGD6 volumes. Consequently, EBITDA margin dropped 720 bps to 79.5 per cent.

5. JioStar revenues crossed ₹10,000 crore mark

Reliance said the launch of JioHotstar has created the biggest OTT platform in the country.

"Within five weeks of launch, JioHotstar crossed 100 million paid users. JioStar reported revenues of ₹10,006 crore with EBITDA (including other income) of ₹774 crore," said the company.

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