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Reliance Industries reported revenue from operations that climbed more than 25 percent year on year to 3.11 trillion rupees in the quarter, according to figures released by the company, although this growth was accompanied by a nearly 31 percent increase in the cost of materials consumed. The Mumbai-based conglomerate, India’s most valuable company by market capitalisation, continues to rely on its traditional oil business for the bulk of earnings despite expansions into telecoms and green energy over the past decade. A Reliance statement noted that the oil-to-chemicals arm weathered multiple headwinds from the Middle East conflict through crude basket diversification, efficient product placement in deficit markets and favourable ethane cracking economics.
Chairman Mukesh Ambani highlighted the unit’s strong performance in a company statement, pointing to all-time high refining margins achieved despite a challenging global energy market backdrop with disrupted supply chains. Ambani added that the oil-to-chemicals business delivered this outcome through record middle distillate cracks and improved downstream petrochemical deltas. Company data placed oil-to-chemicals revenue at 2.02 trillion rupees, a 30.4 percent increase from the prior year, while segment EBITDA rose 17.2 percent to 17,010 crore rupees.
The group’s telecoms division, which is preparing for an initial public offering later this year, posted a 3.3 percent year-on-year rise in average revenue per user, Reliance Industries reported, crediting a better subscriber mix despite discount schemes introduced for fixed broadband customers. Its retail business recorded a 7.4 percent increase in gross revenue, driven by growth in grocery, fashion and consumer electronics segments, even as margins eased slightly amid investments in quick commerce infrastructure. Overall segment EBITDA advanced nearly 10 percent to 51,403 crore rupees, according to a Livemint compilation of the results.
Reliance Industries operates the world’s largest refinery complex in Gujarat, and Statista data for fiscal 2025 placed the conglomerate’s market capitalisation above 17 trillion rupees. Shares in the company have declined more than 15 percent so far this year, underperforming the benchmark Nifty index, the earnings release indicated. The oil and gas segment separately generated revenue of 6,298 crore rupees, up 3.2 percent year on year, with EBITDA holding near 4,973 crore rupees, according to the company.
The quarterly results reflect broad-based growth across key units, with digital services revenue climbing 11.2 percent to 46,900 crore rupees and EBITDA advancing 16 percent to 21,255 crore rupees, Reliance Industries stated. Analysts at Jefferies had projected O2C EBITDA around 17,398 crore rupees prior to the announcement, a figure close to the outcome delivered. These operational gains occurred as the firm maintained its position as the 99th largest company globally by market value, according to CompaniesMarketCap records.
