Reliance Industries Q4 FY26: Key results and outlook

What the quarter signalled for Reliance

Reliance Industries’ March quarter (Q4 FY26) landed in the middle of an abrupt shift in global energy conditions and a still-strong domestic demand backdrop. In the edited Refinitiv StreetEvents earnings call transcript, management described the first 11 months as supportive for consumption, with robust domestic activity, a good monsoon, and policy moves such as GST rationalisation and an easing rate cycle. The same commentary flagged strong traffic growth on the 5G network from a telecom lens.

But the tone changed going into March as energy markets tightened sharply. The transcript referred to price spikes that were “almost doubling” and “70% higher in some cases”, including gas moving “up to double”, highlighting the key variable for Reliance’s oil-linked businesses during the quarter.

Board meeting and reporting schedule

Reliance had informed exchanges that its Board of Directors meeting was scheduled for Friday, April 24, 2026. The agenda included consideration and approval of standalone and consolidated audited financial results for the quarter and year ended March 31, 2026. The same meeting was also slated to include a dividend recommendation for the financial year ended March 31, 2026.

Market participants tracked not just the quarterly numbers, but also how the company framed the operating environment after the late-February escalation in West Asia and its impact on crude, freight, and insurance costs.

Q4 FY26 headline numbers reported by Refinitiv

Refinitiv StreetEvents financial performance data for Q4 FY26 showed a top line increase with weaker gross profit.

• Revenue: ₹294,059 crore (QoQ +11.01%, YoY +12.50%)
• Gross profit: ₹29,333 crore (QoQ -6.57%, YoY -3.36%)
• Net profit: ₹20,616 crore

The same Refinitiv block repeated the Q4 FY26 net profit figure of ₹20,616 crore.

How energy volatility shaped expectations into the print

A Bloomberg survey cited in the provided material reflected the uncertainty around the quarter. Analysts estimated Q4 FY26 revenue at ₹281,000 crore, with EBITDA estimated at ₹47,108.3 crore and net profit estimated at ₹16,943.5 crore.

The March quarter volatility was linked to disruptions around the Strait of Hormuz, which the report noted handles about 20% of global oil supplies. Equirus Research described the period as “defined by the single largest supply shock since 2022”, pointing to sharp dislocations across commodity markets.

Segment watch: O2C and upstream under pressure

Brokerage previews in the material were consistent on one point: the oil-to-chemicals (O2C) segment was the key swing factor.

Kotak Institutional Equities expected consolidated O2C EBITDA of ₹15,000 crore, described as flat year-on-year and down 8.9% quarter-on-quarter, attributing the sequential pressure to energy market disruption related to the West Asia conflict. The same note estimated E&P EBITDA at ₹4,650 crore, down 9.2% year-on-year, citing lower KG-D6 volumes.

Another preview cited O2C EBITDA at ₹15,100 crore, down 9% quarter-on-quarter and flat year-on-year. It listed drivers including high crude premiums, elevated freight and insurance costs, increased liquefied petroleum gas output, fuel retailing losses, and diversion of K-G gas. Upstream EBITDA was seen at ₹4,680 crore, down 4% quarter-on-quarter due to lower production and higher maintenance costs.

Digital and retail: steadier trajectory in broker notes

In the same set of previews, telecom and retail were positioned as stabilisers during a volatile energy quarter.

Systematix Institutional Equities estimated consolidated revenue growth of about 8% year-on-year to ₹282,000 crore, with consolidated EBITDA expected to rise 8.5% year-on-year to ₹47,600 crore. It pegged net profit at ₹19,217 crore, a 1% decline from the same period last year.

On Jio, Systematix said revenue was likely to grow about 2.5% quarter-on-quarter, driven by a roughly 0.6% increase in subscriber base and a sequential improvement in ARPU to about ₹216. PL Capital also pointed to a 1% sequential increase in ARPU to ₹215.8, alongside steady subscriber additions, with Jio EBITDA expected to rise 3.3% quarter-on-quarter.

For retail, Kotak assumed consolidated EBITDA of ₹7,000 crore (up 4.2% year-on-year, up 1.3% quarter-on-quarter). PL Capital anticipated retail EBITDA around ₹6,870 crore, describing it as still somewhat under pressure.

Stock performance and what the market was pricing in

Reliance shares were under pressure ahead of the results. The material noted that on April 23 the stock traded at ₹1,352.70, down 0.75%, with a market capitalisation of ₹1,830,000 crore. Over the prior month, the stock had dropped by nearly 4%, and its six-month performance was lower by 7%.

Another snapshot in the same set of notes said the stock had declined 16.5% from its 52-week high of ₹1,611. It also said that in 2026 the stock was down 14.5%, compared with an 8.9% drop in the Sensex.

Dividend watch: recent payout history in focus

Beyond operating performance, the board meeting included a dividend recommendation, keeping income-focused investors attentive to the company’s payout pattern. The provided material listed Reliance’s recent final dividend history as:

• ₹5.50 per share (final dividend on August 14, 2025)
• ₹10 per share (August 19, 2024)
• ₹9 per share (August 21, 2023)
• ₹8 per share (August 18, 2022)

Key numbers at a glance

What matters from here

The March quarter combined two competing forces visible across the provided material: domestic demand support and telecom traffic growth on one side, and energy-led volatility in crude, freight, insurance, and gas availability on the other. That mix is why broker notes repeatedly flagged O2C margins, refining cracks, and petrochemical spreads as key monitorables, alongside Jio ARPU and subscriber additions.

The next concrete marker is the company’s formal board outcome on results approval and the dividend recommendation for the year ended March 31, 2026, as outlined in the regulatory schedule for April 24.