Mumbai’s corporate giant, Reliance Industries Ltd., is riding high after a blockbuster fourth-quarter performance that sent its shares climbing and left analysts scrambling to reaffirm their rosy outlooks. On April 25, 2025, the oil-to-telecom behemoth dropped a financial bombshell: net profit for the January-March quarter hit ₹19,407 crore, a 2.4% jump from last year’s ₹18,951 crore, blowing past Bloomberg’s consensus estimate of ₹18,471 crore. Revenue from operations soared 10% to ₹2.64 lakh crore, fueled by a resurgent oil-to-chemicals (O2C) business and unrelenting growth in retail and digital services. The market ate it up, with Reliance shares spiking over 3% in intraday trading.
The numbers tell a gritty story of a company firing on all cylinders despite a global economic slog. The O2C segment, long the backbone of Reliance’s empire, raked in ₹1.64 lakh crore in revenue, a 15% leap year-on-year, thanks to higher volumes and savvy domestic market plays. But it wasn’t all smooth sailing—lower transportation fuel margins and a polyester chain slump dragged O2C’s EBITDA down 10% to ₹15,080 crore. Still, Reliance’s knack for squeezing efficiency out of volatile crude markets kept the division humming. Mukesh Ambani, the company’s chairman, didn’t mince words: “We’ve faced weak macro conditions and geopolitical headwinds, but our focus on operational discipline and customer obsession delivered.”
Reliance’s retail arm, a juggernaut in its own right, posted a scorching 14% EBITDA growth, driven by aggressive store rollouts and a 19% revenue bump from last year. New shops, packed aisles, and booming demand for electronics, fashion, and groceries kept the cash registers ringing. Meanwhile, Jio Platforms, the digital services powerhouse, flexed its muscle with a 17% EBITDA surge and 191 million 5G subscribers. Jio’s average revenue per user ticked up to ₹181.7, even as it offered unlimited 5G data for free—a bold bet on future monetization. The company’s True 5G network now handles 28% of its wireless data traffic, cementing its lead in India’s digital race.
Brokerages, already starry-eyed about Reliance, doubled down after the results. Analysts from firms like Morgan Stanley and CLSA slapped on price targets as high as ₹1,662 per share, signaling up to 36% upside from current levels. The consensus? Reliance’s retail and telecom bets are poised to keep printing money, while its green energy push—bolstered by solar plant startups and a tightening global supply chain—could spark fresh growth. Even the company’s deleveraging efforts got a nod, with net debt holding steady and free cash flow giving it room to swing big on future investments.
Reliance also made history, becoming the first Indian company to cross ₹10 lakh crore in net worth. Its board approved a ₹5.50 per share dividend for FY25, a cherry on top for shareholders. The conglomerate’s EBITDA for the quarter rose 3.1% to ₹43,832 crore, with consumer businesses like retail and telecom offsetting energy market wobbles.
The stock’s rally reflects a market betting on Reliance’s ability to keep defying gravity. From 5G rollouts to renewable energy gambits, the company’s moves are reshaping India’s corporate landscape. For now, investors and analysts alike seem convinced: Reliance isn’t just playing the game—it’s rewriting the rules.
Net profit for Q4 FY25: ₹19,407 crore, up 2.4% year-on-year. Revenue from operations: ₹2.64 lakh crore, up 10%. O2C revenue: ₹1.64 lakh crore, up 15%. Retail EBITDA growth: 14%. Jio EBITDA growth: 17%. Dividend: ₹5.50 per share. Net worth: ₹10 lakh crore.