Reliance Industries Q4FY26: From O2C margin squeeze, 12% profit dip to Jio IPO timeline- 4 key takeaways

The company reported a consolidated net profit of Rs 16,971 crore in Q4 FY26. Its profit in Q4 FY25 was at Rs 19,407 crore. Sequentially, Reliance Industries’ profit was down 8.9%.

#1 RIL Q4FY26: EBITDA margin decline

Reliance Industries reported a 200 basis-point YoY decline in EBITDA margin during the quarter. The company’s EBITDA margin slipped to 14.9% in the March quarter, compared with 17.3% and 16.9% in the December’ 25 and March’ 25 quarters, respectively.

Reliance Industries’ EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) stood at Rs 48,588 crore in Q4 FY26, compared to Rs 48,737 crore in the same quarter last year.

#2 Reliance Industries Q4FY26 revenue

Reliance Industries’ revenue from operations increased by 12.8% on a yearly basis during the quarter. The company reported consolidated revenue of Rs 2,98,621 crore in Q4 FY26, compared to Rs 2,64,573 crore in the corresponding quarter of the previous fiscal year.

Mukesh Ambani, Chairman and Managing Director, Reliance Industries, said that through fiscal FY26, the company faced geopolitical disruptions, volatile energy prices, and shifting global trade patterns.

“The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment,”, Mukesh added.

#3 RIL Q4FY26 O2C performance

Reliance Industries’ flagship business vertical, Oil to Chemicals, reported 12.4% YoY revenue growth during the quarter. The vertical posted a revenue of Rs 1,84,944 crore in Q4 FY26. The segment’s EBITDA declined 3.7% YoY during the quarter, standing at Rs 14,520 crore.

O2C vertical’s EBITDA margin took a 130 basis points hit in the March quarter. RIL’s EBITDA margin came down to 7.9% in Q4 FY26, compared to 9.2% in Q4 FY25.

“Earnings were constrained by continuing weak margin environment for downstream chemicals and disruptions caused by outbreak of conflict in Middle East region towards the year-end.”, RIL said in a statement.

#4 Reliance Jio IPO timeline

RIL’s telecom arm, Reliance Jio, reported 12.6% YoY revenue growth in the March quarter. Reliance Jio reported a revenue of Rs 38,259 crore in Q4 FY26, up from Rs 33,986 crore in Q4 FY25. The vertical’s profit also grew 13% YOY to Rs 33,986 crore.

“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,” Ambani said.

With a customer base of 52.4 crore, Reliance Jio’s Average Revenue per User (ARPU) increased 3.8% YoY to Rs 214.