Mumbai, India – Reliance Industries Ltd. (RIL) has reported an unprecedented consolidated profit of ₹95,754 crore for the fiscal year 2026, alongside a revenue of ₹11.76 lakh crore. This robust performance comes even as Chairman and Managing Director Mukesh Ambani has continued his decision to forego all remuneration, marking his sixth consecutive year without drawing a salary, allowances, perquisites, or stock options.
Ambani's voluntary decision to not accept any compensation began in June 2020, amidst the initial impact of the COVID-19 pandemic, and has continued through FY2021-22, FY2022-23, FY2023-24, FY2024-25, and now FY2025-26. Prior to this, he had voluntarily capped his total annual remuneration at ₹15 crore for twelve consecutive years, starting from FY2008-09.
Navigating Global Headwinds to Deliver Growth
Commenting on the company's performance, Mukesh D. Ambani stated, "Through fiscal FY26, we faced geopolitical disruptions, volatile energy prices and shifting global trade patterns. These headwinds weighed on businesses across the world. India held its economic growth course through all this, as did Reliance. The breadth of our portfolio and strong domestic orientation helped navigate volatility in the external environment."
The company's strong annual results were primarily driven by significant growth in its consumer businesses, which helped offset a weaker March quarter performance attributed to ongoing geopolitical conflicts in West Asia.
Quarterly Performance Overview
For the fourth quarter of FY26, RIL reported an 8.9% decline in net profit year-over-year, settling at ₹20,589 crore. However, quarterly revenue saw a 12.9% increase to ₹3.25 lakh crore, supported by growth across its diverse portfolio, including oil-to-chemicals, digital services, and retail operations. Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) remained flat at ₹48,588 crore for the quarter.
Digital Services and Retail Drive Expansion
- Jio Platforms: The digital services arm saw its quarterly profit rise by 13% to ₹7,935 crore. Jio added 9.1 million net subscribers during Q4 FY26, bringing its total subscriber base across India to over 524 million. Revenue from operations increased by 12.6% to ₹38,259 crore, with Average Revenue Per User (ARPU) growing 3.8% to ₹215 per month.
- Reliance Retail: The retail segment's EBITDA grew 3.1% to ₹6,921 crore, and its gross revenue climbed 10.8% to ₹98,232 crore in the March quarter. Reliance Retail expanded its footprint significantly, opening 1,564 new stores during the quarter, reaching a total of 20,160 outlets nationwide.
Impact on Energy Segments
Conversely, RIL's energy-related businesses faced challenges:
- Oil-to-Chemicals (O2C): EBITDA for the O2C segment decreased by 3.7% to ₹14,520 crore. This was primarily due to higher crude premiums, elevated freight insurance costs exacerbated by the West Asia conflict (which led to a 10-15 times surge in freight costs), and weaker chemical spreads.
- Oil and Gas: The oil and gas segment also reported an 18.1% drop in EBITDA, influenced by decreased production, reductions in gas prices, and higher operating costs.
Despite these sectoral headwinds, the diversified nature of RIL's businesses, particularly the strong performance of its consumer-facing ventures, enabled the company to achieve record annual profitability.