Reliance Industries Ltd (RIL) shares surged 3.3% to an intraday high of Rs 1,343 on the BSE on Monday after India’s leading conglomerate reported a 2% rise in consolidated net profit to Rs 19,407 crore for the fourth quarter ended March 2025, beating Street estimates of Rs 18,471 crore.
Revenue from operations rose 10% year-on-year (YoY) to Rs 2.64 lakh crore during the same period.
Sequentially, net profit increased 5% from Rs 18,540 crore reported in the December quarter, while revenue grew 8% quarter-on-quarter. EBITDA rose 4% YoY to Rs 48,737 crore.
"FY25 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year," said Mukesh Ambani, Chairman and MD, RIL.
O2C Business
The oil-to-chemicals (O2C) segment reported a 10% year-on-year (YoY) decline in EBITDA to Rs 15,080 crore, driven by lower transportation fuel cracks and weaker polyester chain margins, partially offset by higher volumes and cost optimisation. However, revenue grew 15% YoY to Rs 1.64 lakh crore.
"The oil-to-chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins," said Ambani.
Jio Platforms
Jio Platforms recorded an 18% year-on-year (YoY) revenue growth to Rs 39,853 crore, while EBITDA rose 18% to Rs 17,016 crore. Net profit for the quarter stood at Rs 7,022 crore, up 26% YoY.
ARPU for the quarter increased to Rs 206.2, aided by the flow-through of tariff hikes and an improved subscriber mix. Data traffic surged 24% YoY to 184.5 exabytes, while the subscriber base crossed 488 million, including 191 million 5G users.
"Jio continues to drive consistent outperformance in customer engagement with world-class network technologies and a wide bouquet of digital services," said Akash Ambani, Chairman, Reliance Jio.
Reliance Retail
Revenue for Q4FY25 came in at Rs 88,620 crore, up 16% year-on-year (YoY), led by strong performance across the consumer electronics and grocery segments. EBITDA stood at Rs 6,711 crore, up 14% YoY, while net profit rose 29% YoY to Rs 3,519 crore.
"Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, and continued tech investments," said Isha Ambani, Executive Director, RRVL.
Oil and Gas Business (Exploration and Production)
Revenue for the oil and gas business in the fourth quarter fell 0.4% YoY to Rs 6,440 crore, while EBITDA declined 9% to Rs 5,123 crore.
Production volumes from the KG-D6 block stood at 26.73 MMSCMD of gas and 20,300 barrels per day.
Should you buy, sell, or hold RIL's stock? Here’s what brokerages say:
Motilal Oswal
Motilal Oswal has reiterated a 'Buy' rating on Reliance with a revised target price of Rs 1,515 (earlier Rs 1,510).
Retail growth showed steady recovery in Q4, although RJio’s performance was slightly weaker. Reliance Retail delivered strong, broad-based growth, while RJio faced a softer quarter. Capex and net debt moderated during the period.
Motilal Oswal has lowered its FY26–27E EBITDA/PAT estimates by 2% due to cuts in RJio and E&P segments but expects a 13–14% CAGR over FY25–27, driven by strong growth in RJio and retail.
CLSA
CLSA has maintained an 'Outperform' rating on Reliance with a target price of Rs 1,650.
Q4 PAT came in slightly ahead of estimates. Management guided for strong growth resumption in Reliance Retail from Q1FY26. For the first time, RIL has committed to offering quick commerce services with deliveries under 30 minutes, without delivery or hidden charges.
Nomura
Nomura has also given a 'Buy' call on Reliance, raising the target price to Rs 1,650.
It highlighted robust results across segments and identified three near-term triggers: the scale-up of the new energy business, upcoming tariff hikes for Jio, and a potential IPO or listing for Jio that could unlock further value for Reliance.
JPMorgan
JPMorgan has maintained an 'Overweight' rating on Reliance with a target price of Rs 1,530.
The firm highlighted that Reliance Retail’s 16% YoY growth in revenue and EBITDA was a major positive in Q4. With attractive valuations, it believes the share price could rise in the near term.
Morgan Stanley
Morgan Stanley also maintained an 'Overweight' rating with a higher target price of Rs 1,606.
It noted that Reliance outperformed expectations in both operations and earnings, especially in retail and O2C margins. Key growth drivers for 2026 include the ramp-up of the new energy business, traction in consumer brands, and margin expansion in fashion and lifestyle segments.
Macquarie
Macquarie gave an 'Outperform' rating with a target price of Rs 1,500.
It pointed out that Q4 results were in line, with Jio contributing the most to group EBIT growth. Retail revenue growth momentum improved significantly — moving from 3% in H1FY25 to 9% in the December quarter and now to 16% — along with slight margin expansion.
Nuvama
Nuvama rated Reliance a 'Buy' with a target price of Rs 1,708.
It noted that Q4 EBITDA of Rs 438 billion, up 3% YoY, beat estimates, driven by strength across segments. Nuvama also sees the commissioning of the HJT module manufacturing facility as a key positive for unlocking new energy opportunities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Revenue from operations rose 10% year-on-year (YoY) to Rs 2.64 lakh crore during the same period.
Sequentially, net profit increased 5% from Rs 18,540 crore reported in the December quarter, while revenue grew 8% quarter-on-quarter. EBITDA rose 4% YoY to Rs 48,737 crore.
"FY25 has been a challenging year for the global business environment, with weak macro-economic conditions and a shifting geo-political landscape. Our focus on operational discipline, customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance during the year," said Mukesh Ambani, Chairman and MD, RIL.
O2C Business
The oil-to-chemicals (O2C) segment reported a 10% year-on-year (YoY) decline in EBITDA to Rs 15,080 crore, driven by lower transportation fuel cracks and weaker polyester chain margins, partially offset by higher volumes and cost optimisation. However, revenue grew 15% YoY to Rs 1.64 lakh crore.
"The oil-to-chemicals business posted a resilient performance despite considerable volatility in energy markets. Significant demand-supply imbalances in downstream chemicals markets have led to multi-year low margins," said Ambani.
Jio Platforms
Jio Platforms recorded an 18% year-on-year (YoY) revenue growth to Rs 39,853 crore, while EBITDA rose 18% to Rs 17,016 crore. Net profit for the quarter stood at Rs 7,022 crore, up 26% YoY.
ARPU for the quarter increased to Rs 206.2, aided by the flow-through of tariff hikes and an improved subscriber mix. Data traffic surged 24% YoY to 184.5 exabytes, while the subscriber base crossed 488 million, including 191 million 5G users.
"Jio continues to drive consistent outperformance in customer engagement with world-class network technologies and a wide bouquet of digital services," said Akash Ambani, Chairman, Reliance Jio.
Reliance Retail
Revenue for Q4FY25 came in at Rs 88,620 crore, up 16% year-on-year (YoY), led by strong performance across the consumer electronics and grocery segments. EBITDA stood at Rs 6,711 crore, up 14% YoY, while net profit rose 29% YoY to Rs 3,519 crore.
"Reliance Retail delivered strong growth in revenue and profits, powered by improved efficiencies, innovative formats, and continued tech investments," said Isha Ambani, Executive Director, RRVL.
Oil and Gas Business (Exploration and Production)
Revenue for the oil and gas business in the fourth quarter fell 0.4% YoY to Rs 6,440 crore, while EBITDA declined 9% to Rs 5,123 crore.
Production volumes from the KG-D6 block stood at 26.73 MMSCMD of gas and 20,300 barrels per day.
Should you buy, sell, or hold RIL's stock? Here’s what brokerages say:
Motilal Oswal
Motilal Oswal has reiterated a 'Buy' rating on Reliance with a revised target price of Rs 1,515 (earlier Rs 1,510).
Retail growth showed steady recovery in Q4, although RJio’s performance was slightly weaker. Reliance Retail delivered strong, broad-based growth, while RJio faced a softer quarter. Capex and net debt moderated during the period.
Motilal Oswal has lowered its FY26–27E EBITDA/PAT estimates by 2% due to cuts in RJio and E&P segments but expects a 13–14% CAGR over FY25–27, driven by strong growth in RJio and retail.
CLSA
CLSA has maintained an 'Outperform' rating on Reliance with a target price of Rs 1,650.
Q4 PAT came in slightly ahead of estimates. Management guided for strong growth resumption in Reliance Retail from Q1FY26. For the first time, RIL has committed to offering quick commerce services with deliveries under 30 minutes, without delivery or hidden charges.
Nomura
Nomura has also given a 'Buy' call on Reliance, raising the target price to Rs 1,650.
It highlighted robust results across segments and identified three near-term triggers: the scale-up of the new energy business, upcoming tariff hikes for Jio, and a potential IPO or listing for Jio that could unlock further value for Reliance.
JPMorgan
JPMorgan has maintained an 'Overweight' rating on Reliance with a target price of Rs 1,530.
The firm highlighted that Reliance Retail’s 16% YoY growth in revenue and EBITDA was a major positive in Q4. With attractive valuations, it believes the share price could rise in the near term.
Morgan Stanley
Morgan Stanley also maintained an 'Overweight' rating with a higher target price of Rs 1,606.
It noted that Reliance outperformed expectations in both operations and earnings, especially in retail and O2C margins. Key growth drivers for 2026 include the ramp-up of the new energy business, traction in consumer brands, and margin expansion in fashion and lifestyle segments.
Macquarie
Macquarie gave an 'Outperform' rating with a target price of Rs 1,500.
It pointed out that Q4 results were in line, with Jio contributing the most to group EBIT growth. Retail revenue growth momentum improved significantly — moving from 3% in H1FY25 to 9% in the December quarter and now to 16% — along with slight margin expansion.
Nuvama
Nuvama rated Reliance a 'Buy' with a target price of Rs 1,708.
It noted that Q4 EBITDA of Rs 438 billion, up 3% YoY, beat estimates, driven by strength across segments. Nuvama also sees the commissioning of the HJT module manufacturing facility as a key positive for unlocking new energy opportunities.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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