Reliance Infra Q4 FY26 profit slumps 79% to ₹918 cr

Key takeaways from the March 2026 quarter

Reliance Infrastructure (R-Infra) reported a sharp decline in profitability for the March 2026 quarter (Q4 FY26), with higher costs cited as the key reason. Consolidated net profit for the quarter fell 79% year-on-year to ₹918.07 crore. Revenue from operations declined 2.59% to ₹4,001 crore during the same period. Total income also slipped to ₹4,154.34 crore, compared with ₹4,268.05 crore in the corresponding quarter of the previous financial year. While the top line softened, the cost line moved the other way. Total expenses rose 12.25% year-on-year to ₹5,419.87 crore from ₹4,827.97 crore.

What the company reported and where costs rose

The company attributed the decline in quarterly profit to rising expenses. In Q4 FY26, total expenses increased to ₹5,419.87 crore, up from ₹4,827.97 crore a year ago. A major contributor highlighted in the disclosure was power purchase cost. Power purchase expenses rose to ₹3,285.68 crore in the January to March quarter, compared with ₹2,739.62 crore in the same period last year. The combination of a mild decline in operating revenue and a meaningful rise in expenses pushed the profit number lower on a year-on-year basis.

Profit comparison with the previous year’s March quarter

For context, Reliance Infrastructure had posted consolidated net profit of ₹4,387.08 crore in Q4 FY25. In Q4 FY26, this dropped to ₹918.07 crore. Over the same year-on-year comparison window, total income fell from ₹4,268.05 crore to ₹4,154.34 crore. Expenses, however, increased from ₹4,827.97 crore to ₹5,419.87 crore. The company’s update also points to power purchase cost as a notable element of this increase, with the spend rising by more than ₹500 crore year-on-year.

Fundraising plan: board approval for up to ₹3,000 crore

Alongside the quarterly performance update, the company’s board approved plans to raise up to ₹3,000 crore. The provided information did not specify the route, timeline, or the intended use of proceeds. Still, the approval is a key corporate action that investors typically track alongside quarterly results, especially when profitability and cost pressures are in focus.

FY26 performance: profit and revenue trends for the full year

For the full year FY26 (2025-26), R-Infra reported a consolidated profit of ₹2,900.23 crore, down 41.26% from ₹4,937.52 crore in FY25. Full-year revenue was reported as down 13.35% to ₹20,440 crore. Separately, the company’s full-year income was stated at ₹20,862.03 crore for FY26, compared with ₹23,999.29 crore in FY25. These figures indicate a year-on-year decline in the company’s annual scale of operations as well as in profitability.

How the income line moved in the quarter

Within Q4 FY26, total income was ₹4,154.34 crore, down from ₹4,268.05 crore in Q4 FY25. Revenue from operations in Q4 FY26 was reported at ₹4,001 crore, down 2.59%. The gap between revenue from operations and total income reflects the presence of other income lines beyond core operations. The quarter’s results, however, were primarily shaped by the cost increase rather than a steep fall in income.

What earlier FY25 numbers suggest about base effects

The provided data also includes FY25 figures that help explain the base for year-on-year comparisons. Reliance Infrastructure had posted a net profit of ₹4,387.08 crore in Q4 FY25 and reported that income from operations in that quarter declined 12% to ₹4,108.01 crore. In that same FY25 context, the company disclosed consolidated EBITDA in Q4 FY25 at ₹8,876 crore after adjusting for exceptional income of ₹514 crore. For the full year FY25, consolidated EBITDA (adjusted for exceptional income of ₹1,100 crore) was stated at ₹12,288 crore, up 154% year-on-year compared to ₹4,842 crore in FY24. These FY25 disclosures underline that the year-on-year comparison for Q4 FY26 is being measured against a quarter that had unusually high profit.

Market impact: what the numbers mean for investors

The Q4 FY26 results show a clear pattern of cost pressure. With revenue from operations down 2.59% to ₹4,001 crore and total expenses up 12.25% to ₹5,419.87 crore, the reported profit fell sharply year-on-year to ₹918.07 crore. The increase in power purchase cost to ₹3,285.68 crore from ₹2,739.62 crore is a specific operational datapoint that shows where part of the expense expansion came from. The board’s approval to raise up to ₹3,000 crore is another key factor investors will watch, particularly for any future updates on structure and timing. Annual numbers also show moderation, with FY26 profit at ₹2,900.23 crore versus ₹4,937.52 crore in FY25.

Results snapshot table

Full-year comparison table

Conclusion

Reliance Infrastructure’s Q4 FY26 results show a steep year-on-year profit decline to ₹918.07 crore, alongside a modest dip in revenue from operations and a sharp rise in expenses. The company has pointed to higher costs as the main reason, with power purchase expenses rising to ₹3,285.68 crore in the quarter. For FY26, profit fell to ₹2,900.23 crore compared with ₹4,937.52 crore in FY25, while full-year income also declined. The other key development is the board’s approval for raising up to ₹3,000 crore, with further details likely to be tracked through subsequent company disclosures.