RIL shares in focus: Jio IPO timeline & retail surge two big catalysts ahead

RIL Q4FY26 highlights

The company’s consolidated revenue came in at Rs 2.94 lakh crore, up 12.6% YoY, as against Rs 2.61 lakh crore, while it stood at Rs 2.65 lakh crore, QoQ.

The company’s consolidated EBITDA was Rs 44,141 crore, compared to Rs 43,832 crore, 0.7% YoY. It was at Rs 46,018 crore in Q3FY26.

The consolidated EBITDA margin narrowed to 15% from 16.8% in Q4FY25 and 17.4%, QoQ.

Due to the higher feedstock prices caused by the disruption in global energy markets, the Mukesh Ambani-led firm reported a double-digit drop in net profit YoY. The earnings for the fourth quarter of FY26 reflect the dangerous impact of the continuing West Asia conflict on Indian companies’ operations and earnings.

For the whole of FY26, RIL’s consolidated net profit surged by 16% to Rs 80,775 crore, and net sales rose 9.6% to Rs 10.57 lakh crore over the last year. This is the first instance of any Indian firm reporting an annual revenue of more than Rs 10 lakh crore.

However, India’s most valuable company, with a market capitalisation of nearly Rs 18 trillion, witnessed its steepest earnings fall in the last 13 quarters. RIL’s consolidated net profit had previously declined 14.9% YoY in the third quarter of FY23.

If you want to read in detail about the earnings of Reliance Industries, you can read on this link.

RIL – Retail Business

Reliance Retail Ventures’ net revenue grew 11% YoY, and was higher at 14% YoY on a comparable basis (adjusted for FMCG demerger from December 2025).

Quick commerce (QC) offering, JioMart, has scaled up rapidly, with the number of daily average orders rising 29% QoQ (4x YoY) as hyperlocal deliveries scaled up to electronics and fashion & lifestyle categories, with a 2-hour delivery promise.

RIL – Jio Platforms IPO update

“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,” said Mukesh Ambani.

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.

Motilal Oswal on Reliance Industries

The domestic brokerage house has slashed the target price on Reliance Industries to Rs 1,655 from Rs 1,715, still implying an upside of over 25% from the current market price. However, it maintained its ‘Buy’ rating on the stock.

“While the energy business weakness drives the near-term earnings downgrade, sustained mid-to-high teen growth in Reliance Retail and a tariff hike, along with the impending Jio Platforms IPO, remain the key triggers for RIL’s stock price,” said the brokerage.

RIL reported a subdued Q4, with consolidated EBITDA declining 4% QoQ, primarily driven by weaker profitability in the Energy business due to the disruptions caused by the West Asia conflict. However, the company’s consumer-facing businesses remained resilient.

On the other hand, Reliance Retail’s revenue growth picked up to 11% YoY, though EBITDA growth was modest at 3% YoY, as margins contracted 60 basis points YoY due to the ramp-up of low-margin hyper-local deliveries.

RIL share price performance