Reliance Industries’ Profit Rises Nearly 10% On Year in July-September; Revenue up 10%

Reliance Industries Ltd. posted a near double-digit year-on-year rise in consolidated net profit and revenue for the September quarter as most business segments recorded growth, except oil and gas.

The Mukesh Ambani-led conglomerate reported a consolidated net profit of ₹181.65 billion, up nearly 10% on year but down almost 33% on quarter. Revenue from operations rose 10% on year and just over 4% on quarter to ₹2.59 trillion.

“Reliance delivered a robust performance during the September quarter led by strong contribution from O2C, Jio and Retail businesses,” Chairman and Managing Director Mukesh Ambani said in a statement.

Consolidated earnings before interest, tax, depreciation, and amortisation (EBITDA) rose nearly 15% on year to ₹503.67 billion. The EBITDA margin improved to 17.8% from 17.0% in the year-ago period.

Oil-to-Chemicals Segment
The oil-to-chemicals division, which accounted for around 62% of total revenue, saw net sales rise just over 3% on year and quarter to ₹1.61 trillion. EBITDA jumped 21% on year to ₹150.08 billion, with margins expanding 130 basis points to 9.3%. The gains were driven by stronger transportation fuel cracks and better polymer margins, partly offset by weaker polyester deltas.
Reliance BP Mobility Ltd. (Jio-bp) expanded its retail outlets to 2,057 from 1,821 a year earlier. Volumes of high-speed diesel grew 34%, while petrol volumes rose 32%.

Retail Segment
Revenue from retail jumped 19% on year and nearly 8% sequentially to ₹905.44 billion, contributing about 35% to the total top line. EBITDA grew 17% on year to ₹68.16 billion, though margin slipped 20 bps to 8.6%.

Reliance Retail Ventures opened 412 new stores in the quarter, taking the total count to 19,821. The company said growth was supported by festive demand and continued expansion of JioMart, which now serves over 1,000 cities.

Digital Services
Revenue from digital services rose 15% on year and 4% sequentially to ₹436.17 billion. EBITDA was ₹188.82 billion, up 17% on year. Within this, Jio Platforms’ revenue increased nearly 15% on year to ₹363.32 billion, while EBITDA rose to ₹187.57 billion.
The subscriber base grew 5.8% on year to 506.4 million. Average revenue per user improved to ₹211.4 from ₹195.1 a year earlier. Total data traffic surged 30% on year to 58.4 billion GB, with 5G now accounting for around half of total wireless usage.

Oil and Gas Segment
Revenue from the oil and gas business fell nearly 3% on year to ₹60.58 billion, while EBITDA declined more than 5% to ₹50.02 billion. Margins narrowed to 82.6% due to maintenance-related costs and lower gas production.
Production from the KG-D6 field dropped 8% on year to 63.5 billion cubic feet equivalent, while CBM gas output rose 6% to 2.75 billion cubic feet equivalent.

Balance Sheet and Capex
Net debt stood at ₹1.19 trillion as of September 30, 2025, with capital expenditure during the quarter at ₹357.62 billion. The company said it continues to invest in expanding its digital, retail, and new energy businesses.