Reliance Industries Limited (RIL), India’s most valuable conglomerate, delivered a resilient and record-setting performance for the financial year ended March 31, 2025. Despite global macroeconomic headwinds and energy market volatility, RIL achieved consolidated gross revenue of ₹1,071,174 crore ($125.3 billion), marking a 7.1% increase year-on-year. Net profit after tax (including joint ventures) stood at ₹81,309 crore, up 2.9% YoY.

Notably, RIL became the first Indian company to cross ₹10 lakh crore in total equity, underlining its dominant stature across diverse sectors including energy, retail, digital services, media, and new energy.

Consolidated Financial Overview

For FY25:

• Gross Revenue: ₹1,071,174 crore (+7.1% YoY)
• EBITDA: ₹183,422 crore (+2.9% YoY)
• Profit After Tax (PAT): ₹81,309 crore (+2.9% YoY)
• Capital Expenditure: ₹131,107 crore
• Dividend Declared: ₹5.5 per share

Mukesh Ambani, Chairman and Managing Director, acknowledged the year’s challenges but attributed RIL’s performance to operational discipline, digital innovation, and its deep integration across India’s economic growth sectors.

Segment Performance Snapshot

Let’s break down the performance across RIL’s core verticals:

1. Jio Platforms: Surging Ahead with Digital Growth

Jio Platforms Limited (JPL) continued to deliver industry-leading growth with a 17.8% rise in Q4 revenue, totaling ₹39,853 crore. For FY25, revenue reached ₹1.50 lakh crore and net profit grew by 21.9% YoY to ₹26,109 crore.

Key growth drivers:

• Increased ARPU to ₹206.2, up 13.5% YoY
• Total data traffic rose to 184.5 exabytes in FY25
• Subscriber base crossed 488 million, including 191 million 5G users
• Jio’s broadband, digital services, and AI initiatives continue to scale rapidly

Jio also entered into a strategic alliance with SpaceX to offer Starlink services in India, pending regulatory approval. Collaborations with AMD, Cisco, and Nokia aim to build AI-powered telecom operations, positioning Jio as a future-ready digital infrastructure leader.

2. Reliance Retail: Omnichannel Strategy Pays Off

Reliance Retail Ventures Limited (RRVL) posted an annual revenue of ₹3.30 lakh crore, growing 7.9% YoY. Net profit rose 11.6% to ₹12,392 crore. The company opened 2,659 new stores, taking its total count to 19,340.

Growth Highlights:

• 1.39 billion transactions during FY25 (+10.6%)
• JioMart quick delivery expanded to 4,000+ pin codes
• Registered customer base rose to 349 million (+14.8%)
• Digital and new commerce now contribute 18% to revenue
• Consumer Brands delivered ₹11,450 crore in just the second year

AJIO Luxe and premium fashion brands continued to strengthen their portfolio, while grocery, electronics, and own FMCG brands like Campa saw robust traction.

3. Oil-to-Chemicals (O2C): High Volumes, Low Margins

The O2C business posted revenue of ₹6.26 lakh crore in FY25, up 11.0% YoY. However, EBITDA dropped 11.9% YoY to ₹54,988 crore due to weakness in global fuel and petrochemical margins.

Despite margin pressures, higher domestic product placement and operational efficiency helped stabilize earnings. Total throughput reached a record 80.5 MMT, and gasoline, gasoil, and ATF placements grew 42%, 33%, and 62% respectively.

Key operational efficiencies:

• Enhanced crude sourcing and feedstock optimization
• Boosted high-octane gasoline exports
• Sustained high capacity operations at Jamnagar Complex

4. Oil & Gas Exploration: Highest-Ever Annual EBITDA

RIL’s Oil and Gas segment recorded its best-ever performance, with EBITDA at ₹21,188 crore, up 4.9% YoY. Revenue reached ₹25,211 crore (+3.2% YoY), led by higher production from KGD6 and CBM fields.

Challenges included:

• Decline in KGD6 production in Q4
• Lower realized prices for CBM gas at $10.95/MMBTU (vs $14.43 in FY24)

The company has completed the first phase of multi-lateral CBM well development, with plans to ramp up gas output in FY26.

5. Media and Entertainment (JioStar): New Powerhouse Emerges

The JioStar venture, launched post-merger of Viacom18 and Star India, reported ₹10,006 crore revenue since November 2024. The OTT platform JioHotstar reached 503 million MAUs by March 2025.

Milestones:

• ICC Champions Trophy final reached 61 million peak concurrency
• IPL 2025 viewership up 35% YoY on digital
• Sparked OTT innovation with launch of “Sparks” and regional language content
• JioStar TV now commands 34% viewership share across India

JioStar’s rapid scale-up highlights RIL’s growing dominance in India’s entertainment ecosystem.

Balance Sheet and Leverage

As of March 2025:

• Outstanding Debt: ₹3.47 lakh crore
• Cash & Equivalents: ₹2.30 lakh crore
• Net Debt: ₹1.17 lakh crore
• Net Debt to EBITDA Ratio: 0.64x (comfortably low)

RIL’s robust cash position and prudent capital deployment reinforce its strong financial foundation.

Strategic Outlook

Looking ahead, Mukesh Ambani emphasized the transition to new energy businesses, particularly renewables and battery storage. FY25 laid the foundation for these verticals, which are set to operationalize in FY26.

Reliance has also committed significant investment toward AI, digital platforms, and green mobility through Jio-bp’s nationwide charging network and bio-gas ventures.

Conclusion

Reliance Industries’ FY25 performance is a testament to its successful diversification strategy, operational agility, and technological foresight. While global energy markets remain uncertain, RIL’s focus on consumer, digital, and sustainable energy platforms positions it well for long-term value creation.

With India’s economic growth engine revving up and digital consumption deepening, Reliance stands at the epicenter of the next wave of opportunity.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice. Readers are encouraged to consult a qualified financial advisor before making any investment decisions.