Reliance Q4 Results 2026: Key PAT, EBITDA, Dividend

Market opening cues: crude at $103, GIFT Nifty points up

Indian equities are set for a positive start on April 24, even as overnight global cues remained mixed. US markets closed slightly in the red while crude rose to about $103 a barrel, as referenced in market updates. Against that backdrop, GIFT Nifty indicated a lead of around 100 points, pointing to a firmer opening for domestic indices. The session also follows a derivatives-heavy week, with commentary noting Nifty support around 24,200 and resistance near 24,500. Reliance Industries’ earnings are expected to be a key stock-specific driver as the earnings season peaks.

Why Reliance’s Q4 print matters this time

Reliance Industries is scheduled to release its audited standalone and consolidated Q4 FY26 results on April 24, 2026. The company has informed exchanges that its Board of Directors will meet that day to consider and approve results for the quarter and year ended March 31, 2026. The same meeting will also consider a dividend on equity shares for FY2025-26, with record date, ex-date and payment date to be announced later if approved. With audited annual numbers and a potential dividend decision bundled together, the event can shift investor expectations beyond a single quarter.

Key theme: energy disruption and O2C margin pressure

A central issue in previews is pressure on the oil-to-chemicals (O2C) business, linked to higher energy costs and disruptions around West Asia. One preview attributed the year-on-year softness in headline profit to O2C margin compression tied to the Strait of Hormuz energy crisis. Another note flagged higher freight costs, elevated gas costs from lower availability for captive use, and weak petchem spreads as factors weighing on standalone profitability. Market participants are likely to scrutinise management commentary on energy supply disruptions, alongside segment-level profitability trends.

What the Street expects: wide dispersion in PAT estimates

Profit estimates for Q4 FY26 vary meaningfully across sources cited in the text. One set of estimates pegged consolidated PAT between ₹16,200 crore and ₹18,470 crore, described as down 13% to 17% year-on-year. NDTV Profit estimates cited net profit of about ₹16,944 crore, with commentary that net profit may decline roughly 9%. Another projection in the text placed PAT at ₹18,118 crore, versus ₹18,645 crore in Q3 FY26, implying a 3% sequential decline. Separately, a consensus-style band cited revenue of ₹2,98,000 crore to ₹3,10,000 crore and PAT of ₹19,200 crore to ₹21,000 crore, with EBITDA expected near ₹50,000 crore.

Revenue and EBITDA expectations: growth, but margins in focus

Revenue estimates are clustered in the high-₹2 lakh crore range, but the cited bands still differ. One preview estimated consolidated revenue at ₹2.7 trillion to ₹2.8 trillion (₹2,70,000 crore to ₹2,80,000 crore). NDTV Profit estimates cited consolidated revenue at around ₹2,82,748 crore, up 6.7% quarter-on-quarter. Systematix Institutional Equities estimated consolidated revenue growth of about 8% year-on-year to about ₹2,82,000 crore.

On operating performance, NDTV Profit cited EBITDA of about ₹47,343 crore, up 2.9%, with margin expected at 16.7% versus 17.4% in the December quarter. Another preview highlighted EBITDA focus around ₹44,050 crore, while Systematix projected EBITDA of about ₹47,600 crore. A separate reference point in the text framed EBITDA expectation near ₹50,000 crore.

Segment lens: Jio steadier, Retail modest, O2C the swing factor

Segment estimates point to telecom holding up better than the energy-facing pieces of the portfolio. A table in the source material put Reliance Jio EBITDA at about ₹18,230 crore, up 15% year-on-year, with ARPU estimated around ₹216 and supported by 5G traction. Retail EBITDA was cited in the ₹6,830 crore to ₹7,000 crore range, with another estimate around ₹6,900 crore.

For O2C, the cited EBITDA estimate range was ₹15,000 crore to ₹15,100 crore, described as flat to down 9% year-on-year, with higher crude premiums and freight costs listed as key drivers. Kotak Institutional Equities expectations mentioned consolidated EBIT up 2.7% year-on-year but down 2.2% sequentially, while also noting oil and gas EBITDA could be down 9.2% year-on-year.

Dividend watch: board to consider payout on April 24

A dividend recommendation is a key part of the April 24 board agenda. One preview anticipated a dividend recommendation of ₹6 to ₹7 per share, while also noting the stock’s dividend history. The text also cited a prior final dividend of ₹5.50 per share on August 14, 2025, preceded by ₹10 (August 19, 2024), ₹9 (August 21, 2023) and ₹8 (August 18, 2022). Another reference mentioned a dividend payout of ₹15.5 per share and a 1:1 bonus issue in the past two years.

Stock set-up: ratings skew positive, but price was under pressure

Ahead of results, Reliance shares were described as trading under pressure on April 23. The stock closed at ₹1,343.10 on the BSE, down 1.45% from the prior close of ₹1,362.90. In a separate dated reference, the stock closed at ₹1,365.10 on April 17, up 1.61%, with a market capitalisation cited at ₹18,47,317.84 crore.

Broker positioning remains broadly constructive in the data quoted. Bloomberg data cited in the text said 33 of 34 analysts had a ‘Buy’ rating and one had a ‘Sell’. The average 12-month target price was ₹1,736, indicating a potential upside of 29%.

Key data points to track on results day

The immediate market read-through is expected to focus on where reported PAT lands versus the multiple estimate bands, and whether margins match the 16.7% level referenced in previews. Investors are also expected to weigh commentary on consumer businesses and capital allocation. One preview explicitly flagged that management commentary on energy supply disruptions and the Jio IPO could outweigh headline numbers.

Snapshot of estimates and key metrics (as cited)

Conclusion: results plus dividend and commentary in one event

Reliance’s April 24 board meeting combines audited Q4 and full-year FY26 results with a dividend consideration, making it a key event for the stock. Estimates point to modest revenue growth but margin pressure, with O2C the swing factor and Jio expected to stay steadier. The next set of concrete milestones will be the company’s results disclosure, dividend decision, and any updates shared in the post-board analyst interaction referenced in its regulatory notice.