Email: [email protected]

Ashok Leyland Ltd.

Automobiles-Trucks / Lcv

Reliance Industries Limited

Oil and Gas

Head Quarters:Mumbai, Maharastra
Managing Director: Mr. Mukesh Ambani

Company Overview

Reliance Industries Limited (RIL), founded in 1966 and headquartered in Mumbai, India, is a diversified conglomerate and the country's largest private-sector corporation. With leadership across energy, petrochemicals, telecommunications, retail, and digital services, RIL is a Fortune 500 company and a key driver of India's economic growth.  

The company operates in sectors including oil & gas refining, petrochemicals, telecom (through Jio, India’s largest 4G/5G network), organized retail (Reliance Retail), and new energy solutions. RIL has a vast global footprint, serving millions of customers and businesses while investing heavily in renewable energy and digital infrastructure.  

Known for its disruptive innovation, RIL revolutionized India’s telecom sector with affordable data and digital services through Jio. Its retail arm is the largest in India, while its refining complex in Jamnagar is among the world’s biggest. The company is also expanding into green energy, aiming to build sustainable and futuristic solutions.  

Listed on the NSE and BSE in India, RIL is recognized for its strong financial performance, strategic acquisitions, and commitment to digital transformation. Under the leadership of Chairman Mukesh Ambani, it continues to shape industries and drive India’s technological and economic progress.

Head Quarters: Mumbai, Maharastra

Managing Director: Mr. Mukesh Ambani

Financial Highlights

  1. Quarterly Performance:

    INR Crores
    Metric Mar 25 Dec 24 Mar 24 YoY % QoQ %
    Revenue 2,66,293 2,44,200 2,41,067 ▲ 10% ▲ 9%
    Operating Profit 42,582 41,824 41,289 ▲ 3% ▲ 2%
    Net Profit 22,611 21,930 21,243 ▲ 6% ▲ 3%

    Insights:

    • Jio Platforms' Strong Growth: Jio added 6.1 million subscribers in Q4 (total 488.2 million), with ARPU reaching ₹206.2. 5G now carries 45% of total data traffic (191 million subscribers). Digital/cloud services drove non-connectivity revenue growth (~40% YoY), and fixed wireless (AirFiber) gained 85% market share with rapid order scaling (2.4x QoQ).

    • Retail Turnaround & Expansion: Q4 revenue grew 16% YoY (EBITDA +14%, PAT +30%), rebounding from a soft H1. Quick commerce orders surged 2.4x QoQ (covering 4,000+ pin codes), while consumer brands crossed ₹11,500 crore annual turnover. Store rationalization concluded (net +500 stores), and SHEIN launched with 12,000+ options.

    • JioStar's Record Scale Post-Merger: The merged media entity (Viacom18 + Disney Star) reached 280 million paid subscribers in just 3.5 months, with 61 million peak concurrent viewers (global record). Consolidated revenue stood at ₹9,497 crore and EBITDA at ₹266 crore for the short post-merger period.

    • Oil & Gas Segment Strength: Achieved its highest yearly EBITDA (₹1,000 crore YoY increase), driven by KG-D6 gas production and CBM optimization via multilateral wells. Gas price ceiling revised to $10.04/mmBtu, supporting stable outlook. Indian gas demand grew 4% (led by city gas distribution).

    • New Energy & O2C Strategic Shifts:

      • New Energy: Commissioned India's first GW-scale solar module line (720W panels); battery (30GWh LFP) and solar manufacturing (polysilicon-to-module) on track for 2025-26. CBG plants scaled to 10 (200 TPD), targeting 55.

      • O2C: Weak global cracks impacted EBITDA (-12%), offset by domestic fuel placement via Jio-bp (MS/HSD volumes +35%, ATF +62%). Major polyester (1MT) and PVC (>1.25MT) expansions announced for 2027-28 commissioning.

  2. Segment Wise Revenue

  3. Geography Revenue

Key Ratios

Ratio Q4 FY25 Industry Benchmark Remarks
EPS 14.34 80-110  
P/E Ratio 27.7 22-28  
RoA (%) 4.39% 4-6%  
RoE (%) 8.51% 8-12%  
Debt/Equity 0.41 0.3-0.4  
OPM (%) 10.5% 16-20%  

Management Updates

  1. Global energy markets remain volatile due to geopolitical conflicts and tariff uncertainties, with weak Chinese demand and new supply additions pressuring O2C margins while LNG prices stay elevated around $14/MMBtu due to supply constraints.

  2. India's telecom sector is seeing rapid 5G adoption with 45% of industry data traffic now on 5G networks, while fixed wireless access emerges as a key growth driver especially in rural areas, supported by recent tariff hikes boosting ARPUs.

  3. Retail trends show quick commerce expanding rapidly with hyperlocal delivery models gaining share, while omnichannel strategies become critical with premium brands generating 8% of sales through direct-to-consumer and online channels.

  4. Media consumption continues shifting to digital platforms, with India setting global records like 61 million live concurrent viewers during sports events, while pay TV demonstrates resilience by adding 1.5 million subscribers during IPL 2025.

  5. Renewable energy transition accelerates with solar module manufacturing scaling up in India, battery storage projects expanding to 30GWh capacity, and bioenergy gaining traction through CBG plants supported by government incentives for waste-to-energy conversion.

Shareholding Pattern

Category Mar 2024 Dec 2024 Mar 2025 YoY Change QoQ Change
Promoters 50.31% 50.13% 50.10% ▼ -0.21% ▼ -0.03%
FIIs 22.06% 19.16% 19.07% ▼ -2.99% ▼ -0.09%
DIIs 16.98% 19.02% 19.36% ▲ +2.38% ▲ +0.34%
Government 0.19% 0.18% 0.17% ▼ -0.02% ▼ -0.01%
Public 10.46% 11.52% 11.29% ▲ +0.83% ▼ -0.23%

Red Flags

Red Flag Parameter Status Severity
Management Changes Anant Ambani appointed Executive Director, effective May 1, 202 Moderate
Auditor Exit No Changes Low
Credit Rating No Changes Low
Share Holding Pattern No Major Changes Low
Liquidity Adequate Low

Conclusion

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