Reliance Q4 results 2026: Profit ₹20,589 cr, ₹6 dividend

Reliance Industries Ltd (RIL) reported its January to March quarter results for FY2025-26 on April 24, posting consolidated net profit of ₹20,589 crore for the quarter ended March 31, 2026. The company also declared a dividend of ₹6 per share.

The quarter’s headline growth was led by Oil-to-Chemicals (O2C), Digital Services, and Retail, with each segment delivering double-digit revenue growth as stated in the company’s disclosures. At the same time, Oil and Gas revenue declined, which the company linked to the natural decline in KG-D6 production, while market commentary flagged disruption and higher costs linked to the West Asia conflict.

Key financials for Q4 FY26

RIL reported gross revenue of ₹3,25,290 crore ($14.3 billion), up 12.9% year-on-year, and EBITDA of ₹48,588 crore ($1.1 billion). The company’s filings and coverage around the results also highlighted the mixed nature of performance across segments, with O2C revenue rising but profitability in specific parts of the energy chain under pressure.

Dividend and headline profitability

The declared dividend of ₹6 per share accompanies the quarterly profit figure of ₹20,589 crore. Beyond the absolute profit number, the broader takeaway from the quarter was that RIL’s consumer-facing and digital businesses supported growth, while parts of the energy portfolio faced operational and macro-driven pressures.

O2C revenue rises on crude prices and domestic fuel volumes

RIL’s O2C segment revenue for the quarter was reported at ₹1,84,944 crore, up 12.4% year-on-year in one disclosure and described as a 12.3% jump in exchange filing coverage, compared to ₹1,64,613 crore a year earlier.

The reported drivers included a sharp increase in crude oil prices of approximately 12% year-on-year and higher volumes in domestic fuel retail. Coverage also noted that energy market disruption linked to the West Asia situation affected companies exposed to imported crude and inputs, which matters for Reliance given its import dependence for much of its crude requirements.

O2C EBITDA slips despite revenue growth

While revenue rose, O2C EBITDA was reported at ₹14,520 crore, down 3.7% from ₹15,080 crore a year earlier. This divergence between revenue and EBITDA is central to how investors interpret the O2C result, because it suggests margin pressure even as the topline benefited from pricing and volumes.

The market narrative around the quarter included higher costs and disruption across freight and insurance, and the broader uncertainty in energy markets as a backdrop to refining and petrochemical profitability.

Oil and Gas revenue and EBITDA decline

RIL’s Oil and Gas revenue declined 8.8% year-on-year to ₹5,867 crore in the March quarter, versus ₹6,440 crore in the year-ago period. Oil and Gas EBITDA fell 18% to ₹4,195 crore, compared with ₹5,123 crore a year earlier.

The company attributed the revenue decline to the natural decline in KG-D6 production. Commentary around the results also pointed to supply chain disruption and market volatility linked to the conflict between the United States and Iran in West Asia, which raised uncertainty and costs for the broader energy ecosystem.

Full-year snapshot: O2C expands, Oil and Gas contracts

On an annual basis for FY2025-26, coverage reported O2C revenues up 5.6% to over ₹6,62,000 crore, from ₹6,26,000 crore in the prior year. Oil and Gas segment revenue for FY2025-26 was reported at ₹23,861 crore, down 5.3% from ₹25,211 crore in FY2024-25.

These full-year figures provide context for the quarter: O2C remains the large revenue engine, while upstream performance is constrained by production trends and realised pricing dynamics.

What the quarter means for investors tracking RIL

For equity investors, the quarter put a spotlight on two simultaneous realities. First, RIL’s scale businesses can produce double-digit revenue growth across O2C, Digital Services, and Retail in the same quarter. Second, energy profitability can be sensitive to operational factors (such as KG-D6 decline) and external shocks (such as the West Asia-linked disruption mentioned in coverage).

The gap between O2C revenue growth and O2C EBITDA decline is also important, because it shapes expectations for how much of the topline momentum translates into operating cash generation.

Key numbers at a glance

Conclusion

RIL’s Q4 FY26 results combined profit of ₹20,589 crore and a ₹6 per share dividend with 12.9% year-on-year growth in gross revenue to ₹3,25,290 crore. O2C revenue rose to ₹1,84,944 crore, while O2C EBITDA slipped to ₹14,520 crore and Oil and Gas performance weakened alongside the KG-D6 production decline. The company’s next set of updates, including segment commentary and any further disclosures in filings, will be closely watched for clarity on margins and operational trends.