Reliance Industries Q4 FY2025: Robust Growth in Jio, Retail

Reliance Industries Limited (RIL), India’s largest conglomerate by market capitalization, continues to set benchmarks in the corporate world with its Q4 FY2025 results. Announced on April 25, 2025, the company’s performance reflects its ability to navigate a complex global economic landscape while delivering robust growth. With consolidated revenue soaring 9% year-on-year (YoY), EBITDA climbing 4%, and profit after tax (PAT) rising 6.4%, Reliance Industries demonstrates resilience and strategic foresight. The standout performers, Jio Platforms and Reliance Retail, have driven this success, while the oil-to-chemicals (O2C) segment faced headwinds. This article dives deep into RIL’s Q4 performance, exploring the key drivers, challenges, and future outlook.

What Fueled Reliance Industries’ Q4 Success?

Reliance Industries’ Q4 FY2025 results, reported on April 25, 2025, showcase its diversified portfolio’s strength. The company’s consolidated revenue reached ₹2.64 lakh crore, a 9% YoY increase from ₹2.39 lakh crore in Q4 FY2024. This growth was underpinned by stellar performances from Jio Platforms and Reliance Retail, which offset weaker results in the O2C segment. The EBITDA rose 4% to ₹48,737 crore, though margins faced pressure due to higher operational costs. PAT grew 6.4% YoY to ₹22,434 crore, surpassing analyst expectations of ₹18,471 crore, as noted by The Economic Times.

The company’s ability to deliver these results amid global macroeconomic challenges, including weak demand and geopolitical shifts, highlights its operational discipline. Mukesh Ambani, Chairman and Managing Director, emphasized, “Our focus on customer-centric innovation and fulfilling India’s growth requirements has helped Reliance deliver a steady financial performance” The Financial Express.

How Did Jio Platforms Drive Growth?

Jio Platforms, Reliance Industries’ telecom and digital services arm, emerged as a powerhouse in Q4 FY2025. The platform reported an 18% YoY revenue increase to ₹33,986 crore, driven by a robust subscriber base and higher average revenue per user (ARPU). Jio’s subscriber count reached 488.2 million by March 2025, up by 6 million from the previous quarter, with ARPU rising 13.5% YoY to ₹206.20 Business Standard.

The rollout of Jio’s 5G network has been a game-changer. By Q4 FY2025, 45% of Jio’s wireless traffic was carried on its 5G network, reflecting strong adoption. Jio’s private 5G network, designed for secure and low-latency connectivity, has also gained traction, with dedicated slices for enterprise users ensuring optimal performance Moneycontrol. Additionally, Jio’s fixed wireless access (FWA) solution, a world-first point-to-multipoint system, has lowered deployment costs, making high-speed broadband accessible to more households.

Jio’s digital services, particularly JioHotstar, have also contributed significantly. Following the Viacom18-Disney Star merger, JioStar became India’s largest media and entertainment platform, boasting 280 million paid subscribers and 503 million monthly active users (MAUs) in March 2025. The platform’s coverage of major sporting events like the IPL 2025 and ICC Champions Trophy drove a 38% surge in viewership, with 1.4 billion digital views during the IPL’s opening weekend upstox.com.

What Role Did Reliance Retail Play?

Reliance Retail Ventures, another cornerstone of Reliance Industries’ growth, delivered a stellar performance in Q4 FY2025. The segment’s revenue from operations grew 16% YoY to ₹78,622 crore, fueled by an expanded store network and robust growth in quick commerce. The company’s EBITDA rose 14.3% to ₹6,711 crore, though margins dipped slightly to 8.5% due to investments in new formats The Hindu BusinessLine.

Reliance Retail’s store count increased significantly, with new openings across consumption categories, including fashion, grocery, and electronics. The quick commerce segment, leveraging JioMart’s infrastructure, saw strong traction, catering to urban consumers’ demand for rapid delivery. Nomura estimated core retail revenue at ₹57,500 crore, up 15% YoY, with EBITDA margins at 7.5% The Economic Times.

The retail arm’s ability to rebound despite consumption challenges underscores its adaptability. Analysts at CLSA remain bullish, citing Reliance Retail’s potential to capitalize on India’s growing consumer market and its plans to enter the luxury jewelry segment Moneycontrol.

Why Did the O2C Segment Underperform?

While Jio and Retail shone, Reliance Industries’ oil-to-chemicals (O2C) segment faced challenges due to global market dynamics. Weak demand, oversupply, and volatile crude prices impacted profitability. The segment’s EBITDA declined as margins were squeezed by higher input costs and lower realizations. Despite these headwinds, RIL’s focus on operational efficiency mitigated some of the impact.

The O2C segment’s performance was also affected by lower gas output from the KG-D6 fields, leading to an 8.6% drop in pre-tax profit to ₹5,123 crore The Financial Express. However, Jio-bp, RIL’s fuel retail joint venture with BP, reported strong growth, with diesel and petrol sales rising 24.4% and 25.4%, respectively, in Q4 FY2025.

How Are New Energy Initiatives Progressing?

Reliance Industries is making significant strides in its new energy ambitions, aligning with India’s renewable energy goals. In Q4 FY2025, the company commissioned a gigawatt-scale solar module production line, a key milestone in its clean energy journey. RIL has guided for solar module production to scale further by the end of CY2025, with 30 GWh battery production starting in the second half of CY2025 NDTV Profit.

These initiatives position Reliance Industries as a leader in India’s transition to sustainable energy. The company’s capital expenditure for FY2025 stood at ₹1,31,107 crore ($15.3 billion), with a significant portion allocated to new energy and digital infrastructure The Financial Express.

What’s Next for Reliance Industries?

Looking ahead, Reliance Industries is poised for continued growth, driven by its digital and retail businesses. Analysts expect Jio to benefit from future tariff hikes, improved data pricing, and 5G monetization. CLSA maintains an ‘Outperform’ rating with a price target of ₹1,650, citing a potential 30% upside in 2025 The Economic Times. The planned IPOs of Jio Platforms and Reliance Retail in FY2026 are also key catalysts, with investors closely monitoring management commentary The Financial Express.

Reliance Retail is projected to double in size within four years, with expansions into new categories like luxury jewelry. The company’s focus on quick commerce and store network growth will further strengthen its market dominance. Meanwhile, the new energy segment’s progress, particularly in solar and battery production, aligns with global sustainability trends, enhancing RIL’s long-term value proposition.

When Will Investors See More Dividends?

Reliance Industries announced a dividend of ₹5.50 per equity share for FY2025, the first in nearly three quarters Moneycontrol. This move reflects confidence in the company’s cash flow generation, despite a 7% rise in finance costs due to higher debt (₹3.47 lakh crore as of March 31, 2025). With a dividend yield of 0.38% and a market cap of ₹17.59 trillion, RIL remains a favorite among investors NSE India.

How Does the Market View Reliance Industries?

On April 25, 2025, RIL’s stock closed at ₹1,300.40 on the NSE, down 0.09%. Despite this minor dip, the stock has gained over 6% in 2025, with a 52-week high of ₹1,608.80 The Financial Express. Brokerages like Kotak Institutional Equities have upgraded RIL to a “buy” rating, citing its diversified growth drivers CNBC-TV18.

Posts on X reflect positive sentiment, with users highlighting RIL’s outperformance in Q4 FY2025. One user noted, “Reliance Industries’ Q4 profit reached ₹194.07 billion, exceeding estimates, driven by strong retail and digital performance” [X Post]. However, these posts are not conclusive evidence and reflect current market sentiment rather than definitive facts.

Conclusion: A Bright Future Ahead

Reliance Industries’ Q4 FY2025 results underscore its ability to thrive in a challenging global environment. Jio Platforms and Reliance Retail have emerged as growth engines, with Jio’s 5G rollout and Retail’s quick commerce expansion setting new benchmarks. While the O2C segment faced hurdles, RIL’s strategic investments in new energy and digital infrastructure position it for long-term success. With potential IPOs on the horizon and a robust dividend policy, Reliance Industries remains a cornerstone of India’s economic growth story.