Adani Group vs Reliance Industries: Revenue, Profit and Business Model
Adani Group does not publish annual revenue. Reliance Industries reported ~$122.6B of revenue in FY2026 and ~$9.4B of net income.
Latest financial snapshot
Adani Group
Adani Group does not publish annual revenue or profit.
Reliance Industries
- Latest revenue
- ~$122.6B (FY2026)
- Net income
- ~$9.4B
- Net margin
- 7.6%
- Revenue growth
- +11.0% a year, FY2022–FY2026
Financial summary
Adani Group
Adani Group does not publish one audited consolidated income statement for the entire promoter portfolio. Its listed companies file separate results in Indian rupees, and adding their revenue can double count transactions or mix different ownership interests. Adani described FY2025 portfolio EBITDA of ~$10.4 billion (₹89,806 crore) and profit after tax of ~$4.71 billion (₹40,565 crore) in a credit compendium covering listed entities. These portfolio measures are not group revenue and are therefore not entered as revenue rows here. For comparison, Adani Enterprises alone reported FY2025 EBITDA of ~$1.94 billion (₹16,722 crore) and profit before tax of ~$758 million (₹6,533 crore); those are AEL figures, not Adani Group figures.
Reliance Industries
FY2026 gross revenue rose to Rs 1,175,919 crore and profit after tax to Rs 95,754 crore. In Q1 FY2027 (April to June 2026) revenue rose 26.6% year on year to about Rs 3.09 lakh crore, the first quarter above Rs 3 lakh crore, while profit attributable to owners fell 22.4% to Rs 20,946 crore because the prior-year quarter included a one-time gain. Recurring EBITDA hit a record Rs 54,067 crore. In September 2026 Reliance raised Rs 13,000 crore through 10-year bonds at a 7.90% coupon.
Revenue and profit by year
Adani Group
Adani Group does not publish annual revenue. What is known about its finances is in the summary above.
Full Adani Group financialsReliance Industries
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$122.6B | ~$9.4B | 7.6% | +9.6% | Source |
| FY2025 | ~$111.9B | ~$8.1B | 7.2% | +7.1% | Source |
| FY2024 | ~$104.5B | ~$8.1B | 7.7% | +2.6% | Source |
| FY2023 | ~$101.8B | ~$7.7B | 7.6% | +26.1% | Source |
| FY2022 | ~$80.7B | ~$7B | 8.7% | — | Source |
Where the revenue comes from
Adani Group
No segment breakdown is published.
Reliance Industries
- Oil-to-chemicals~60%
Oil-to-chemicals
- Retail~25%
Retail
- Jio telecom and digital services~15%
Jio telecom and digital services
- Oil and gas~10%
Oil and gas
Business model and strategy
Adani Group
How it makes money
Adani Group is a promoter portfolio rather than one publicly traded operating company. Cash flows arise inside separate businesses. APSEZ charges for port, terminal and logistics services; power companies earn from electricity generation, transmission and distribution; Adani Airport Holdings earns aeronautical and non-aeronautical revenue; Ambuja Cements and ACC sell building materials;
Growth strategy
Current investment programs include renewable generation at Khavda, airport development, roads, data centers, copper and renewable-equipment manufacturing. These programs sit in specific portfolio companies. Adani Green Energy reported 2,250 MW operational at Khavda in July 2024 against a planned 30 GW development, so the full planned capacity should not be described as already operating.
Competitive advantage
Several Adani portfolio companies own hard-to-replicate infrastructure under long concessions or regulated frameworks. APSEZ combines ports with rail and inland logistics, while energy companies span generation, transmission and distribution. These operating links can support project development, but they do not make the portfolio one consolidated issuer.
Reliance Industries
How it makes money
Reliance makes money through linked businesses. Oil-to-chemicals (O2C) refines crude at Jamnagar into fuels, polymers and polyester and is still the largest revenue line. Jio Platforms sells mobile, home broadband and enterprise connectivity; ARPU reached Rs 215.6 in Q1 FY2027. Reliance Retail runs grocery, electronics, fashion and consumer-brand formats plus JioMart.
Growth strategy
Growth now rests on four bets: listing Jio Platforms (DRHP filed June 19, 2026; SEBI approval August 28, 2026), scaling Reliance Retail and its consumer brands such as Campa, building AI and data-centre capacity announced at the 2026 AGM, and the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar for solar modules, batteries, electrolysers and green hydrogen.
Competitive advantage
Reliance's edge is scale and capital access. Jamnagar is one of the world's largest single-site refining complexes, Jio has the largest subscriber base in Indian telecom, and Reliance Retail has the widest organized store network in India.
Questions about Adani Group vs Reliance Industries
Which company has higher revenue — Adani Group or Reliance Industries Limited?
Reliance Industries Limited reported ~$122.6B (FY2026). A verified revenue figure for Adani Group was not available at the time of this comparison.
What is the market cap of Adani Group vs Reliance Industries Limited?
Reliance Industries Limited has a market capitalisation of $174.0B. A public market cap figure for Adani Group was not available (it may be privately held).
Which is more financially efficient — Adani Group or Reliance Industries Limited?
Reliance Industries Limited generates $292k / employee in revenue per employee. A comparable figure for Adani Group requires matching employee and revenue data from the same reporting period.
How do Adani Group and Reliance Industries Limited make money?
Adani Group and Reliance Industries Limited generate revenue in fundamentally different ways. Adani Group: Adani Group is a promoter portfolio rather than one publicly traded operating company. Reliance Industries Limited: Reliance makes money through linked businesses.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Adani Group vs Reliance Industries overview