Reliance Industries Limited Revenue & Financials

The number that tells you the most about Reliance isn't revenue ($125.3 billion in FY2025) or net income ($9.5 billion). It's the EBITDA split. Five years ago, Oil-to-Chemicals contributed roughly 60% of group EBITDA. In FY2025, Digital Services (Jio) alone generated $7.6 billion in EBITDA — more than O2C's $6.5 billion. Add Retail's $2.9 billion and consumer-facing businesses now account for over 55% of the total $21.6 billion. That crossover happened faster than most analysts expected, and it fundamentally changes how you should value this company. An energy conglomerate deserves 6-8x EBITDA. A consumer-digital platform with 488 million subscribers and 19,000 stores growing at 15%+ annually deserves 15-20x. Reliance currently trades at roughly 11x — the market is still catching up to the mix shift. Q4 FY2026 exposed the vulnerability in this transition. Revenue grew 12.5% to $34.6 billion, but net profit fell 12.5% to $2.0 billion because O2C margins compressed while consumer businesses hadn't yet scaled enough to compensate. For full-year FY2026, the picture was healthier: revenue up ~10%, EBITDA up 13.5%. But the quarterly volatility reminds you that Reliance still carries cyclical exposure through its energy business. Net debt of $13.8 billion as of March 2025 looks manageable at 0.64x EBITDA. But context matters: the company is simultaneously funding 5G spectrum payments, retail expansion, new-energy construction, and media content rights. Capital expenditure is running at $15-18 billion annually. The balance sheet can handle it today, but there's less cushion than the headline debt-to-EBITDA ratio suggests. The 7.6% net margin is what it is. You don't run the world's largest refinery, India's largest telecom network, and 19,000 retail stores at software margins. The question isn't whether margins are high enough — it's whether the capital deployed generates adequate returns over a full cycle. So far, the answer has been yes. Jio's return on invested capital is improving as subscriber ARPU rises. Retail is still in investment mode. O2C generates steady returns on a fully depreciated asset base. The consolidated picture works if you're patient enough to see it.