Perils, comforts for RIL in FY26

Transforming themes

- Manish Joshi

Reliance Industries Ltd's Q4FY25 results show that EBITDA, from its consumer-facing businesses, has outpaced commodity businesses for the fourth quarter in a row. Retail and digital (mainly telecom) reported an EBITDA growth of 17% year-on-year (y-o-y) to ₹23,526 crore, while oil-to-chemicals (O2C) and upstream showed a 10% drop to ₹20,203 crore.

Despite the seasonality factor of the festival-led consumption boost in Q3, retail revenue and EBITDA fell just 1-2% sequentially. Y-o-y retail revenue was up 16% to ₹178,622 crore. The number of total stores was 19,340 as on 31 March, representing just 3% growth based on the average of the past two quarters and Q4-end figures. Thus, average revenue per store grew by an impressive 13%. Amid stiff competition from quick commerce firms, JioMart's quick commerce gained traction, and saw 2.4x sequential growth in daily orders by FY25-end.