Reliance Industries Limited (RIL), led by Mukesh Ambani, delivered better-than-expected results for the fourth quarter of FY25, reporting a 6% year-on-year (YoY) increase in consolidated net profit. The oil-to-telecom-to-retail conglomerate posted a consolidated net profit of ₹22,434 crore for the January–March quarter, compared to ₹21,143 crore in the same period last year.
Digital and Retail Segments Drive Growth
Reliance Jio Platforms continued its strong performance, with profit after tax (PAT) jumping 25.7% YoY to ₹7,022 crore. Revenue rose 17.7% to ₹33,986 crore, while EBITDA grew 18.5% YoY to ₹17,016 crore. The EBITDA margin improved by 40 basis points to 50.1%. Jio’s 5G user base climbed to 191 million, with an average revenue per user (ARPU) of ₹206.20.
Reliance Retail Ventures also showcased robust growth. Revenue from operations increased 16.3% YoY to ₹78,622 crore, while PAT surged 29.1% to ₹3,545 crore. EBITDA for the quarter stood at ₹6,711 crore, marking a 14.3% YoY rise. However, the EBITDA margin slightly declined by 20 basis points to 8.5%. A notable factor was a significant sequential rise in hyper-local delivery volumes.
Mixed Results in Energy Segment
The Oil-to-Chemicals (O2C) segment witnessed a 15.4% YoY revenue increase, reaching ₹1.64 lakh crore. However, EBITDA declined 10% to ₹15,080 crore due to weak transportation fuel cracks and softer margins in the polyester chain. The Oil & Gas segment also faced pressure, with EBITDA dropping 8.6% to ₹5,123 crore, impacted by lower output from the KG-D6 basin, reduced coal-bed methane pricing, and one-off maintenance expenses.
Overall Financial Performance
According to Seema Srivastava, Senior Research Analyst at SMC Global Securities, Reliance’s Q4 performance reflects a resilient business model, with strong momentum in digital and retail offsetting softness in energy. Revenue for the quarter rose 8.8% YoY to ₹2.88 lakh crore, while net profit attributable to shareholders was ₹19,407 crore, marking a 2.4% rise.
Market Outlook and Share Price Target
Technical analysts are optimistic about the stock’s near-term trajectory. Ganesh Dongre of Anand Rathi noted that Reliance shares are forming a symmetrical descending pattern on the weekly chart. A breakout above ₹1330 could ignite bullish momentum, with a potential rally towards ₹1425. Conversely, failure to maintain this level may lead to weakness, pulling the stock back to support zones at ₹1260 and ₹1220.
Dongre recommends a “buy-on-dips” strategy, particularly near the support range, citing an attractive risk-reward opportunity for long-term investors.
