Reliance Industries (RIL) reported an 8.1% drop in consolidated profit after tax to ₹20,616 crore for the March quarter from the year before as the West Asia conflict and other disruptions squeezed the energy business. This was partially offset by the performance of the telecom and retail units.

“Through FY26, we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns,” said RIL chairman and managing director Mukesh Ambani. “These headwinds weighed on businesses across the world.”

Profit after tax for the corresponding previous quarter was at ₹22,434 crore.

For the full year, profit after tax rose 18.5% to ₹95,754 crore, from ₹80,787 crore. Revenue was up 10% to ₹11.76 lakh crore. RIL declared a dividend of ₹6 per share for FY26.

Fourth quarter revenue rose 13% to ₹3.25 lakh crore, from ₹2.88 lakh crore in the year before.

According to Bloomberg analyst estimates, Reliance Industries was expected to post consolidated sales of ₹2.81 lakh crore, up 7.6%, and profit after tax of ₹19,572 crore, up 0.9%.

Fourth quarter net profit attributable to owners fell 12.6% to ₹16,971 crore, from ₹19,407 crore in the year earlier.

Revenue Up for O2C

Ambani said the breadth of RIL’s portfolio and strong domestic orientation helped navigate volatility in the external environment.

The RIL stock ended at Rs 1,327.65, down 1.15%, on the BSE on Friday. Earnings were declared after market hours.

Consolidated ebitda dropped 0.3% to Rs 48,588 crore. The ebitda margin shrank 200 basis points to 14.9%. Outstanding debt at the end of March was Rs 3.74 lakh crore against Rs 3.47 lakh crore at the end of FY25.

The oil to chemicals (O2C) segment saw revenue increase 5.7% to Rs 6.62 lakh crore primarily on account of higher domestic product placement and better price realisation, the company said.

The company diverted propane and butane to boost LPG output and KGD6 gas to priority sectors amid shortages caused by the Gulf conflict, which began on February 28.

“RIL also held fuel prices at retail outlets, leading to under recoveries in fuel retailing. The reintroduction of SAED (special additional excise duties) on exports of diesel and ATF (aviation turbine fuel) also impacted earnings,” RIL said. “Weak polymer deltas with sharp increase in feedstock and energy cost weighed on segment profitability.”

Difficulties in sourcing crude due to the West Asia conflict reduced refinery throughput, which was down 4% in the quarter.

On the oil and gas production front, FY26 revenue dropped 5.4% mainly on account of lower gas and oil and condensate production from the KGD6 block. Revenue was also squeezed by lower realisation for coalbed methane (CBM) gas and KGD6 crude, which was partly offset by higher KGD6 gas price realisation.

Telecom, Digital

Jio Platforms (JPL), which houses RIL’s telecom and digital businesses, posted a nearly 13% year-on-year rise in fourth-quarter net profit to Rs 7,935 crore, driven by continued 5G expansion, rising data consumption and home connects. Sequentially, the profit was up 4%. Jio crossed the Rs 30,000 crore profit mark for the full fiscal year for the first time.

The unit is set to hold an initial public offering by June at a valuation of $135-180 billion, which would make it India’s largest issue. Ambani said the listing will “mark a defining milestone in its journey as it continues to scale new heights and contribute to India’s digital future.”

Jio led the growth of India’s fixed broadband market, adding 10 million subscribers in FY26. Its total fixed broadband base reached 27.1 million as of March, translating to a market share of roughly 43%. This expansion was largely driven by Jio AirFiber, which now has about 13 million subscribers and accounted for more than 75% of the net additions during the year.

For the March quarter, JPL’s revenue from operations stood at Rs 38,259 crore, up 12.6% from a year earlier and 2.7% in the preceding three months, on strong user additions across mobility and homes segments.

Retail

During the quarter, the retail business registered gross revenue of Rs 98,232 crore, up 10.8% from the year before. Ebitda from operations rose to Rs 6,690 crore, up 2.8%. The ebitda margin from operations was at 7.7%. For FY26, the retail business recorded gross revenue of Rs 3.70 lakh crore, a growth of 11.8%, led by broad-based growth across consumption baskets and rapid scale-up of hyper-local commerce. The business registered ebitda at Rs 27,033 crore for FY26, up 7.9%.

JioMart expanded its reach across 5,100 pin codes and 1,200 cities, serviced by a network of over 3,100 stores.

“The most significant shift this year was structural,” said Isha M Ambani, executive director, Reliance Retail Ventures. “Hyper-local commerce orders grew more than four-fold year-on-year. As we enter FY27, our focus is on converting this unmatched reach into deeper customer value.”

Gross revenue at fast moving consumer goods (FMCG) business Reliance Consumer Products doubled to Rs 22,000 crore in FY26, while that for the fourth quarter rose 2.2 times to Rs 7,350 crore from the year earlier. RIL said the Campa brand achieved over Rs 4,700 crore of gross sales in FY26, making it the country’s fourth-largest carbonated soft drink brand with double-digit share in some markets.