Financial Performance and Review
Operating Environment
Global economic expansion continued, with IMF estimating global growth at 3.4% for CY25, improving from CY24 growth of 3.1%. Inflationary pressures have moderated marginally across many economies but remained sticky, reflecting evolving trade dynamics and an uptick in key commodity prices. Central banks across major economies continued their easing cycle but adopted a more cautious stance towards the end of CY25, signalling the likely end of policy easing cycle.
Despite these stabilising trends, trade uncertainties, and ongoing regional conflicts continued to weigh on market sentiment, global trade flows, and investment decisions.
End of Fiscal 2026 saw significant supply-side disruptions in energy markets from the Middle East conflict, leading to spike in energy prices. Brent crude prices rose from $70/bbl towards $100/bbl, posing fresh stagflationary risks for the global economy.
The Indian economy is estimated to grow at 7.6% in FY 2025-26, up from 7.1% in FY 2024-25, as RBI rate cuts along with cuts in personal tax and GST led to recovery in consumption demand. Supportive inflation backdrop led RBI to ease policy rates by 100 bps in FY 2025-26. RBI also enhanced liquidity through measures like CRR Cuts, bond purchases and long-term FX swaps. Depreciation pressure on Rupee intensified during second half on back of foreign portfolio outflows and surge in crude oil prices. At the end, Rupee registered the largest annual depreciation against Dollar to close the year at around 95 levels.
Total India oil demand was at 243.2 MMT, growing 1.7% on a Y-o-Y basis, led by transportation fuels. Mobile data traffic in India is estimated to have surged 25% Y-o-Y to reach 285 Exabytes in FY 2025-26, driven by accelerated 5G adoption.
Backed by favourable demographics and a large domestic market, India remains well positioned for sustained high growth. Trade engagements with the European Union and the
United States are expected to improve sentiment and aid the ongoing growth recovery.
Performance Overview
RIL successfully navigated complex global scenarios, benefitting from its diversified business portfolio, operational agility and robust Indian market demand. The Company delivered a strong financial performance marked by record revenues and profits.
Consolidated revenue grew by 9.8% Y-o-Y, at Rs. 11,75,919 crore (US$ 124.0 billion), driven by robust double-digit growth in Digital Services, Retail and Media & Entertainment businesses. Exports for the year was Rs. 2,78,808 crore.
EBITDA for FY 2025-26 was at Rs. 2,07,911 crore (US$ 21.9 billion), expanding 13.4% Y-o-Y, boosted by strong performances in Digital Services and O2C segments. PAT at Rs. 95,754 crore (US$ 10.1 billion), was up 17.8% as compared to the previous financial year. Consolidated cash-profits for the year increased to Rs. 1,71,258 crore growing 16.6% Y-o-Y.
Segment Performance
Digital Services (EBITDA up 17.8%):
Jio solidified its leadership in the Indian digital ecosystem, crossing several operational milestones. The business delivered strong performance led by increasing 5G adoption, higher ARPU and greater traction in broadband offerings.
Retail (EBITDA up 7.7%): The Retail business demonstrated resilience and scale. Revenue growth remained well-rounded, with contribution from all consumption baskets and an expanding footprint. The rapid scale-up of quick hyperlocal deliveries and fast fashion offerings reflects responsiveness to evolving consumer preferences.
Media & Entertainment (EBITDA up 218.7%): The business achieved record levels of viewership, registering industry-leading engagement metrics and robust double-digit revenue growth. EBITDA improved significantly with strong margin delivery.
Oil to Chemicals (EBITDA up 10.1%): O2C business continued to exhibit operational excellence amid highly volatile energy markets. While transportation fuel cracks remained supportive, the segment maximised profitability through higher operating rates, optimised feedstock sourcing and higher domestic product placements.
Oil and Gas (EBITDA down 10.1%):
Oil and Gas business witnessed a moderation in revenues and EBITDA, in line with natural decline in production in the KG D6 block and softer gas prices.
Consolidated Net Debt
RIL maintained a robust balance sheet with strong internal cash-flow generation, disciplined capital allocation and prudent leverage management. Gross debt as on March 31, 2026 was Rs. 3,74,421 crore (US$ 39.5 billion) and Net debt stood at Rs. 1,24,717 crore (US$ 13.2 billion).
Capex
RILs capital expenditure for FY 2025-26 stood at Rs. 1,44,271 crore (US$ 15.2 billion) as compared to Rs. 1,31,107 crore in the previous financial year. Capex requirements were adequately funded by cash profits. Capex was principally directed towards growth projects in the O2C and New Energy business, along with continuing growth initiatives in Digital Services and Retail businesses.
Standalone
Performance
Standalone revenue for RIL was Rs. 5,46,852 crore (US$ 57.7 billion), down 1.9% compared to the previous financial year. EBITDA stood at Rs. 78,085 crore (US$ 8.2 billion), growing 5.3% Y-o-Y. Standalone Profit After Tax was higher by 24.4%, at Rs. 43,851 crore (US$ 4.6 billion). Profitability for O2C business was driven by sharply improved margin environment for transportation fuels, offsetting subdued downstream petrochemical deltas. Lower earnings in upstream segment were attributable to natural decline in field output and lower gas price realisation.
Movement in Key Financial Ratios
The Debt Service Coverage Ratio increased from 2.06 in FY 2024-25 to 4.03 in FY 2025-26, due to lower finance cost and principal repayments of loans during the year.
The Net Profit Margin increased from 6.3% in FY 2024-25 to 8.0% in FY 2025-26, due to higher net profit.
Return on Capital Employed increased from 14.6% in FY 2024-25 to 20.7% in FY 2025-26, due to higher profit and reduction in capital employed.
Long Term Debt to Working Capital increased from 7.53 in FY 2024-25 to 17.12 in FY 2025-26, due to higher debt and efficient working capital management.
Interest Coverage Ratio increased from 5.59 in FY 2024-25 to 8.83 in FY 2025-26, due to higher operating profit along with lower finance costs.
The Return on Net Worth* improved to 10.1% in FY 2025-26 as against 8.2% in previous year due to increase in net profit during the year.
*Adjusted for CWIP and revaluation
Liquidity and Capital Resources
Macro Environment
FY 2025-26 saw heightened volatility in financial markets amid tariff uncertainty and global geopolitics.
In India, the first half of the financial year saw RBI easing monetary policy leading to an environment of softening domestic yields with 10y G-sec yields easing towards 6.25%. The second half of the year saw yields reversing upwards as RBI shifted its stance from accommodative to neutral, causing 10y G-sec yields to harden towards 7%. Rupee came under downward pressure on account of FPI outflows, rising trade deficit and fresh tensions in Middle East.
Fund Raising
The year 2025 unfolded against a backdrop of heightened market fluctuations. Trade dynamics shifted as US tariff moves realigned global supply chains. Despite this turbulent market environment, the Company was able to raise financing across currencies and products at competitive cost for long tenors to finance capital expenditure and to refinance its scheduled maturities.
Offshore Facilities
Samurai Loan - JPY 91.9 Billion (~$625 Million Equivalent)
The Company tied up these facilities to refinance its JPY debt maturing during the year. The transaction witnessed participation from 10 Japanese and Taiwanese banks. This was the largest Samurai loan ever by an Indian corporate and the third-largest ever by an Asian corporate.
ECA-supported Facilities (~$500 Million Equivalent)
RIL tied up ~US$ 500 million equivalent KSURE (Korean Export Credit Agency) supported untied facilities to finance capital expenditure of the Company. This is KSUREs first untied facility for any corporate globally.
NEXI-supported Facilities (~$600 Million Equivalent)
RIL tied up ~$600 million equivalent NEXI (Japanese Export Credit Agency) supported untied facilities to finance certain expenses relating to the Companys solar photovoltaics (PV) and battery gigafactories. This is NEXIs first untied facility for any corporate globally. The facility has the longest average tenor for any Export Credit Agency supported facility globally.
Liquidity Management
Reliance prioritises liquidity management by maintaining a strong cash reserve to safeguard operations against sudden market volatility.
Further, by maintaining sufficient undrawn credit lines, the Group ensures it can consistently meet its short-term obligations. RIL utilises diverse trade financing and structured products to optimise its working capital. RILs investment strategy is continuously refined to balance stable returns with immediate fund accessibility.
Credit Rating
S&P raised RILs rating from BBB+ to A- in December 2025 reflecting rising contribution from less cyclical, consumer-facing businesses resulting in improved earnings stability. The rating upgrade will provide RIL access to new pools of capital at finer spreads.
Instrument |
Rating Agency |
Ratings |
Remarks |
| International Debt | S&P | A- | Two notches above Indias sovereign rating |
| International Debt | Moodys | Baa2 | One notch above Indias sovereign rating |
| Long-term Debt | CRISIL | AAA (Stable) | Highest rating by CRISIL |
| Long-term Debt | CARE | AAA (Stable) | Highest rating by CARE |
| Long-term Debt | ICRA | AAA (Stable) | Highest rating by ICRA |
| Long-term Debt | India Ratings | AAA (Stable) | Highest rating by India Ratings |
Way Forward
RILs commitment to enhancing shareholder value is anchored in its diversified business portfolio, resilient cash flows and a robust balance sheet. The Companys financial architecture is defined by active monitoring of market trends and swift response to shifting macroeconomic conditions. RIL will continue to explore sophisticated financing structures to support expansion across both emerging and established verticals. Integral to this trajectory is a resolute adherence to capital allocation rigour, ensuring that financial strategy is reinforced by comprehensive risk mitigation and optimal balance sheet structure.
Retail
Reliance Retail is the largest and the most profitable retailer in India, operating in an integrated retail ecosystem that combines physical stores, digital commerce and distribution platforms. Today, Reliance Retail is positioned as Indias largest omni- channel retailer with the scale and capabilities to serve customers seamlessly across touchpoints.
Reliance Retails operating model prioritises accessibility, affordability and availability, while fulfilling the daily needs of millions across every consumption basket.
Industry Overview
India is one of the worlds fastest- growing retail markets, and expected to become the third-largest by 2030.
The countrys retail sector is entering a transformative phase, fuelled by the rising purchasing power of a young, digitally savvy, and aspiring population. The retail sector, estimated at US$ 1.07 trillion in 2024, is projected to reach US$ 1.93 trillion by 2030, growing at a CAGR of 10% according to Deloitte- FICCI 2025 report. Growth is being led by the expansion of physical stores in underpenetrated regions and the continued rise of e-commerce, enabling seamless, anytime access for consumers. E-commerce penetration, estimated at 7% in 2024 is expected to double to 14% by 2030 ably supported by omni-channel strategies adopted by retailers.
Key Trends Shaping the Market
Rapid growth of quick commerce delivery models is bringing a structural shift in the way consumers shop in India.
Premiumisation is transforming Indian retail from mass consumption to value-driven, high-quality experiences across categories.
Fast fashion is reshaping demand patterns, with shorter trend cycles and faster inventory turns driving apparel consumption. Social media and platform-led discovery are accelerating impulse purchases and increasing wardrobe turnover frequency.
Business Performance
During the year, Reliance Retail recorded Gross Revenue of Rs. 3,71,085 crore, reflecting a growth of 12.1% over the previous year. EBITDA for the year stood at Rs. 27,034 crore, translating into an EBITDA margin of 8.2%, slight moderation due to growing contribution of hyper-local commerce.
Retail
Performance was supported by network expansion, improved category mix, private label contribution and operating efficiencies across supply chain and fulfilment.
The business opened 1,564 stores during the year, taking the total store count to 20,160 stores. The registered customer base increased to 387 million, while total transactions during the year stood at over 1.9 billion.
The business continued to invest and strengthen its position as one of the fastest- growing players in hyper-local commerce.
Financial Performance
(RCrore) |
FY 2025-26 | FY 2024-25 | Y-o-Y Change |
| Value of Sales and Services | 3,71,085 | 3,30,943 | 12.1% |
| Revenue from Operations | 3,28,202 | 2,91,043 | 12.8% |
| EBITDA | 27,034 | 25,094 | 7.7% |
| EBITDA margin* | 8.2% | 8.6% | (40 bps) |
*EBITDA margin is calculated on Revenue from Operations
Consumer Electronics
Reliance Retail is the leader in consumer electronics retailing in India. It operates Digital and MyJio Stores, each designed to offer a differentiated value proposition, immersive in-store experience, and extensive product assortment.
Reliance Retail operates resQ, Indias first multi-product, multi-brand, and multi-location service network.
Reliance Retail operates JioMart Digital business that partners with a large network of merchants nationwide for distribution.
Strategic Progress
• Stores delivered robust growth driven by sharper merchandising and a curated assortment, aided by GST rate rationalisation in select categories.
• Demand remained resilient across categories, with higher footfalls during seasonal peaks, festivals and promotional events.
• resQ expanded service availability through newer plans, additional categories and strengthened service centres, significantly deepening post- purchase consumer engagement.
• Own Brands strengthened the portfolio with acquisition of Kelvinator brand IP for India along with launch of differentiated product offerings, while JioMart Digital business maintained growth with deeper merchant engagement and an expanding customer base.
Fashion and Lifestyle
Reliance Retail is the largest player in Indias fashion retailing landscape, with presence in over 1,500 cities.
The business operates diverse specialty store concepts with an extensive portfolio of own and partner brands spanning value, premium, bridge-to- luxury, and luxury segments, supported by a vertically integrated mind-to-shelf model that enables fresh fashion across stores on a regular basis.
Strategic Progress
• Apparel & Footwear delivered steady performance with improved store experience, stronger assortments, and weekly fresh-fashion drops, sustaining a ~30-day mind-to- shelf cycle.
• Ajio maintained growth momentum supported by catalogue expansion, events and promotions. Ajio Rush, offering under 4-hour deliveries, expanded to newer markets.
• Premium Brands broadened its portfolio through new partnerships and continued the global expansion of owned intellectual properties, thereby strengthening premium engagement across channels.
During the year, the business entered into several strategic brand partnerships, including exclusive associations with Stella McCartney, Kurt Geiger, Max & Co. and Fabletics.
• Tira, the omni-channel beauty destination continues to reshape Indias beauty retail landscape, offering a curated assortment of the best global and home-grown brands, making it the go-to destination for beauty products and services.
• Jewellery business recorded steady growth supported by higher-value purchases and new occasion-led designs for weddings and festivals.
Grocery
Reliance Retail is Indias largest grocery retailer, that offers a wide assortment of fresh produce, daily essentials, and general merchandise through diverse store concepts and integrated digital platforms. Its value-driven proposition and strong product availability are enabled by scaled sourcing and robust supply chain capabilities.
Strategic Progress
• The Grocery business delivered healthy growth on the back of stronger footfalls, sharper value propositions, and improved in- store execution.
• Premium formats offering curated selection and an immersive food experience continued to gain traction.
• Category growth remained broad- based with continued catalogue expansion in non-food categories such as General Merchandise, Home & Personal Care, and Value Apparel.
• Metro maintained its growth momentum and continued to expand wallet share with focused initiatives across Kirana and HoReCa channels.
JioMart and Milkbasket
JioMart is a multi-category digital commerce platform designed to enable seamless shopping across consumption baskets. It continues to expand hyper-local fulfilment capabilities to deliver faster and more convenient service.
Milkbasket is a subscription-based service enabling scheduled daily delivery of household essentials.
Strategic Progress
• With a network of 3,100+ stores serving over 5,100 pincodes across 1,200+ cities, JioMart continued to scale its hyper-local commerce capabilities. This enabled faster fulfilment, supported strong customer acquisition and engagement, and helped maintain operating efficiency.
JioMart broadened its product catalogue across key consumption baskets, improving choice and availability for customers.
Milkbasket sustained growth momentum, supported by rising customer adoption, repeat usage and ongoing enhancements in service reliability and the subscription experience.
Connectivity
Connectivity business supports distribution of Jio mobility and home connectivity services through MyJio and Digital stores and partner retailers. The ottering includes services and related devices, with activation and support integrated into the retail network to improve accessibility and customer service.
SCOT Analysis
Strengths
• Largest integrated omni-channel retailer in India.
• Large and growing customer franchise supported by extensive network coverage.
• Uniquely positioned across value, mid-market and premium segments to serve diverse customer cohorts.
• Hyper-local commerce scale leveraging the store network for fulfilment with strong unit economics.
• Adoption of AI and advanced analytics across the value chain to drive efficiency and smarter decision-making.
• Superior execution and partner ecosystem for scaling domestic and global brands.
Opportunities
• Growing share of organised retail and evolving consumer preferences.
• Growth in own brands in Fashion & Lifestyle and Consumer Electronics and exclusive partnerships to strengthen differentiation and margin resilience.
• Deeper penetration in Tier 2/3 and under-served micro-markets through calibrated formats and hyper local fulfilment.
Challenges
• Limited supply of quality malls and high-street real estate suitable for stores.
• Continued need to attract, train and retain specialised and frontline talent to support expansion, productivity, and service levels.
Threats
• Macroeconomic volatility affecting consumer sentiment, discretionary spending and trading patterns.
• Geopolitical disruptions and global supply chain volatility may impact sourcing, logistics and input costs.
Outlook
Indias consumption environment remains structurally attractive, supported by favourable demographics, improving income levels and expanding digital infrastructure. Government initiatives, including tax relief and supportive economic measures, are expected to boost disposable incomes and aid consumption. While near-term demand may remain sensitive to macro conditions, medium-term prospects for organised retail remain positive.
Reliance Retail expects to continue focusing on expansion, operational efficiency, and customer-centric innovation, while strengthening its integrated ecosystem across stores and digital platforms with prudent investments and disciplined risk management.
Indias fastest-growing FMCG company,
RCPL is committed to the vision of making global quality products at affordable prices accessible to all.
Reliance Consumer Products Limited (RCPL) takes a consumer-first approach, combining sharp brand focus, value offerings and disruptive innovation. The business offers high quality, affordable branded products across all major consumer categories and segments.
RCPL is driving backward integration in its supply chain to achieve cost efficiencies that are passed on to the consumers. RCPLs state-of-the-art in-house R&D enables rapid ideation- to-launch cycles. Its multi-pronged channel strategy ensures wide product availability across diverse retail touchpoints.
Industry Overview
Indias FMCG industry is set for explosive growth in the next five years largely driven by macroeconomic and demographic tailwinds. Currently estimated at Rs. 25 lakh crore, FMCG, the fourth-largest sector in India, is projected to grow at a CAGR of ~17% in the next five years.
The key drivers for this growth are Indias large and young population, rising disposable incomes leading to a shift from unbranded to branded consumption. Consumer behaviour is evolving, with people becoming increasingly quality conscious and value-driven. Greater purchasing power is translating into higher purchase frequency & preference for healthier and better-for-you products, presenting a significant and sustained growth opportunity for branded FMCG players.
Business
Performance
RCPLs gross revenue doubled in the last one year to Rs. 22,000 crore. Growth has been fuelled by Staples and Beverages categories. Campa achieved Rs. 4,700+ crore in gross sales in FY 2025-26. In March 2026, it became Indias fourth-largest carbonated soft drinks brand, capturing double-digit market share in key markets.
Independence brand achieved ~H 2,600 crore sales and has been recognized as one of Indias Most Trusted Brands of 2026, building long-term consumer loyalty. RCPL has become Indias third- largest branded water player in March 2026 on the back of Campa Sure and Independence water. The business rapidly scaled up its distribution reach, expanding its outlets to 3 million+ through 5,000+ distributors.
Diversified Category Play
RCPL is building leadership across priority consumption categories, with the ambition to become one of Indias leading diversified FMCG companies. The current revenue mix remains anchored in Staples and Beverages, while Food and Home & Personal Care are progressing from pilot initiatives to scalable growth platforms. As the portfolio deepens and distribution expands across target markets, these emerging categories are beginning to contribute meaningfully to overall momentum.
Supply Chain/Food Parks
Strategically vital to Companys growth are the world-class, unique, vertically integrated Food Parks that the business is building at various locations across the country. These would provide significant cost advantages arising from scale, backward integration, and cross- category efficiencies.
Mergers and Acquisitions
RCPL intends to outpace industry growth through accelerated organic expansion, supplemented by targeted strategic partnerships and acquisitions. In the past year, RCPL has taken a majority stake in prominent staples and millet businesses (Udhaiyam, Manna). RCPL has also widened its global footprint by acquiring international company Goodness Group and global brands like Brylcreem, Toni & Guy, Matey, and Badedas. RCPL is also in the process of modernising and reviving heritage Indian brand SIL in the processed foods category.
International Business
Global expansion remains a strategic priority for RCPL. The portfolio is already present across select markets in the Middle East, Africa and South Asia, with recent global acquisitions providing entry into Australia, the UK and Europe. RCPL believes its differentiated value proposition of combining quality with accessible pricing, is not just relevant in India, but also holds relevance across international markets.
SCOT Analysis
Strengths
• Strong value proposition centered around global quality at affordable prices is driving rapid consumer adoption and trust.
• Expansive and diverse product portfolio, spanning a wide range of categories.
• Robust supply-chain with significant investments to increase capacity and reduce cost to serve.
• Cutting-edge in-house R&D delivering First-in-India and First-in-World products at speed.
Opportunities
• Unlock cost leadership through vertically integrated Food Parks powered by best-in-class manufacturing technologies.
• Leverage Reliance Retail and Metros existing infrastructure to maximise distribution reach and efficiency.
• Deepen penetration into Tier-2+ & rural markets - growing 2x of urban to unlock the next wave of RCPLs growth.
Challenges
• Challenging dominant incumbents in mature, commoditised categories where established players hold significant market share.
• Managing cost and margin pressures while simultaneously scaling across markets, channels, and building world-class supply chain infrastructure.
Threats
• Increasing global uncertainties is putting pressure on energy, freight and raw material costs. Broader geopolitical shifts could further destabilize global supply chain.
• Changes in the regulatory framework could impact the speed of scale-up and the innovation pipeline.
Outlook
RCPL will continue its accelerated growth trajectory, with revenues expected to grow multifold by 2030, while aspiring to emerge as one of the leading global branded consumer products companies.
Digital
Services
Jio is a technology platform, conceived to drive digital transformation in India by democratising access to digital connectivity and digital services. This platform is built on key tenets of proprietary technology and phygital distribution capabilities across the country. Jios connectivity platforms form the fundamental pillar of Indias growing digital economy and as of March 2026, serving over 524 million customers, including consumers and businesses.
Industry Overview
India: Worlds Third-largest Digital Economy, being Propelled by Connectivity
India is the fastest-growing large economy globally, with digital-led sectors emerging as the main drivers of national growth. According to the Government of India estimates, digital economy is 13% of the countrys Gross Value Added (GVA) at US$ 0.5 trillion in 2025, and is set to cross US$ 1 trillion contributing ~20% of the GVA by 2030. The building blocks of this digital growth - digital payments, e-commerce, cloud services, media, and other digitally enabled sectors, are all driven by connectivity as the backbone, with high-speed broadband across mobility and fixed line now available pan-India.
Availability of world-class connectivity infrastructure will also propel AI adoption in India and make it a key enabler for Indias AI-driven digital revolution. Recent estimates by Competition Commission of India expect Indian AI market to grow to US$ 131 billion by 2032. Stanford University too ranks India 3rd in its 2025 Global AI Vibrancy Ranking.
Highly-engaged Billion Broadband Users Driving Need for New Digital Use Cases
Indias broadband subscriber base crossed 1 billion across Mobility, Wireline and Fixed Wireless Access (FWA) during the year. These billion users are highly engaged with average monthly data consumption of over 25GB on mobile devices and that on home broadband being almost 10x of the usage on mobile network. According to Ericsson Mobility Report, Indian smartphone users will have the highest digital engagement across users globally with average per capita data usage at 65 GB/month. Improving network quality with rapid adoption of 5G and FWA and Indias Digital Public Infrastructure are the key drivers.
This scale of engagement is attracting global technology companies to offer best-in-class digital services across AI tools, cloud compute, and media and entertainment, among others.
Regulatory
Developments
Key regulatory developments during the year:
• TRAI is carrying out consultation for Spectrum Auction in IMT bands, including the upper 6 GHz and 600 MHz bands.
• TRAI recommended reducing spectrum usage charges for microwave spectrum and E-Band to a uniform charge of 0.10% of AGR.
• Government has notified the rules under Digital Personal Data Protection Act, 2023 to protect the digital personal data. Progressive implementation timelines are provided, and the rules will come into full effect by May 2027.
• TRAI recommended the implementation of Calling Name Presentation (CNAP). Operators have implemented the on-net CNAP while testing for offnet CNAP is underway.
Business Performance
Financial Performance
(Rs. Crore) |
FY 2025-26 | FY 2024-25 | Y-o-Y Change |
| Value of Sales and Services | 1,76,164 | 1,54,119 | 14.3% |
| Revenue from Operations | 1,49,965 | 1,31,336 | 14.2% |
| EBITDA | 76,560 | 65,001 | 17.8% |
| EBITDA margin* | 51.1% | 49.5% | 160 bps |
*EBITDA margin is calculated on Revenue from Operations
Revenue and EBITDA growth for the Digital Services business in FY 2025-26 were 14.3% and 17.8% Y-o-Y, led by healthy subscriber addition, ARPU growth and scale-up of digital services. Customer engagement on the Jio network remained robust, with average per capita data and voice usage at 42.3 GB and 988 minutes per month, and a subscriber base of over 524 million for the quarter ending March 2026.
Jios Deep-rooted Engineering and Tech Culture is Catalysing Innovation
Jio has been at the forefront of Indias digital transformative with investments in new technologies to provide customers with differentiated value proposition. This has resulted in more customer engagement and expanding use-cases of digital services to streaming, cloud gaming, cloud computing, and AI. Jios platform is built on an end-to-end proprietary technology stack with core capabilities across:
• Network: Standalone 5G stack, Indigenous UBR Technology, OSS/ BSS Systems
• Device engineering: JioBharat, Jio Set-Top-Box, 5G Radios, Jio Frames
• Software and operating systems:
Jio TeleOS, JioBharat OS
• Applications: MyJio App, JioTV+ JioSaavn, JioAICloud, JioPC and, JioGames
Innovation is integral to Reliances DNA, and drives multiple aspects of its business operations, leading to cost efficiencies, reduced time-to- market, optimised network planning and rollout, and real-time performance management. This includes innovative distribution architecture, use of digital twin in neural maps and AI tools for optimisation across network and operations.
Reliance is committed to its vision of AI Everywhere,
For Everyone
Jio created data economy in India and now Reliance is aggressively pursuing its strategy to build sovereign AI infrastructure in India. To support this, RIL has recently announced a plan to invest Rs. 10 lakh crore for the development of multi-gigawatt (GW) scale AI-ready data centres, creating a sustainable, high-performance compute backbone that will bring the cost of AI down for every Indian citizen. By combining domestic compute capacity with localised, multilingual, voice-first platforms, Reliance will empower everyone - from farmers and students to large corporations - to innovate and compete with cutting-edge AI solutions and services.
Jio Extends Market Leadership across Mobility and Fixed Broadband
As of March 2026, Jio had over 524 million total customers, including 268 million+ 5G users and 27 million+ fixed broadband connections. In three years since its launch, Jios True5G network has surpassed the scale of Jios 4G network and now accounts for 55% of wireless data traffic. Jios proprietary point-to-multi-point Unlicensed Band Radio (UBR) technology has significantly increased market reach and the capacity to connect premises with fibre-like fixed broadband
Digital Services
Connectivity giving up to 1 Gbps symmetrical bandwidth. This has driven Jios fixed broadband market share to ~43% as of March 2026.
Jios unparalleled coverage and capacity are enabling global scale engagement on its network which carried over 241 Exabytes of total data traffic during FY 2025-26, growing 30.8% Y-o-Y and making it one of the largest data operators globally. The scale of Jios digital transformation is diversified across demographics, income brackets and geographic locations.
Jio Provides Nation-Scale Gateway to Digital India
Extensive pan-India reach, large, diversified and highly engaged customer base, together with multi- layered access ecosystem, makes Jio a highly preferred gateway to digital India. It has an extensive multi-layered phygital network for providing seamless access of owned and third-party digital services, including:
• MyJio App to enable personalised digital discovery and access to a large library of digital services.
• Jio Set-top-box and Jio TV+ application to enable at home digital use cases across entertainment, cloud compute, cloud gaming and smart home solutions.
• Pan-India network of localised and scalable physical touchpoints with feet-on-street personnel trained for sales, installation and customer service.
During the year, Reliance Intelligence partnered with Google, providing Millions of Jio users with 18 months of complimentary access to Google AI Pro (Gemini).
On the enterprise front, Reliance Enterprise Intelligence Limited (REIL), was established as joint venture with Meta to leverage Metas open- source Llama models and Reliances vast enterprise and SMB footprint to deliver enterprise-ready AI solutions.
In addition, Jio also partnered with Jio BlackRock and JioHotstar for joint go-to-market development offering Jio customers unique value proposition across multiple use cases.
Taking Technologies Developed in India to Global Markets
Jios digital service offerings are based on indigenous technologies which enables control over the entire value chain. After large-scale development of 5G and FWA stack in India, Jio as a managed services provider would provide its proprietary network technologies in select international markets in partnership with local operators. This will include cloud-native RAN, 5G core, OSS/BSS platforms, UBR-based FWA, JioBharat, JioTV+ and Jio Set-top-box.
SCOT Analysis
Strengths
• Amongst the most advanced connectivity infrastructure globally.
• Unmatched digital and physical distribution footprint in India.
• Technology offerings span across consumer and enterprise segments.
Challenges
• Unforeseen disruptions across the global technology supply chain.
• Investment in developing use cases and increasing engagement across its digital platforms.
Opportunities
• Jios 5G network leadership is driving Indias progress towards 5G and fixed broadband connectivity.
• Jio is ready to take its technology stacks to global markets.
• AI penetration in India to be driven by Jios high speed, low-latency network.
Threats
• Evolution of new technologies and services could change consumer behaviour and make current technologies redundant.
• Irrational price competition could impact long term returns.
Outlook
Jio has been the catalyst for Indias digital transformation by bringing world-class technology platforms to Indian users. Jios over 524 million subscriber base and pan-India distribution network will further drive Indias AI leadership and enable citizens and enterprises to harness AI tools to create, innovate and grow. This, together with continued growth momentum in mobility and fixed broadband businesses will drive sustained value creation for all stakeholders over many years.
Media and Entertainment
Reliance cemented its leadership position in Indias Media & Entertainment sector as its core pillars - JioStar, Jio Studios, and Network18 - delivered record-breaking metrics in viewership, engagement and monetisation. JioStar further fortified its stronghold across linear and digital platforms, emerging as a primary destination for entertainment and sports consumption at scale. Network18 widened its lead in the news cycle. Jio Studios set new box-office benchmarks by delivering Indias highest grossing film of all time. Reliances leadership is built on decades of creative excellence, deep audience trust, and an unrivalled pulse on the evolving Indian consumer.
Media and Entertainment
Industry Overview
Indian Media and Entertainment sector grew 9.1% Y-o-Y in 2025 to reach Rs. 2.78 trillion.
Digital Emerges as the Undisputed Growth Engine
Digital media breached Rs. 1,00,000 crore in revenues for the first time in 2025. Digital Ad grew 26% to Rs. 94,700 crore, accounting for 63% of total ad spend. Indians spent 1.2 trillion hours on their phones in 2025, with 59% devoted to media and entertainment, cementing online video as the engine of long-term segment growth. The digital ecosystem is more converged, data-led and commerce-integrated - poised for exponential growth.
Large-Screen Experience redefined by Connected TVs
While linear TV continues to deliver unmatched reach, rapid growth of CTV is redefining the large screen experience. With CTV households reaching 68 million in 2025, powered by rapid broadband proliferation, CTV ad revenues have surged 42% to Rs. 9,900 crore. Advertisers increasingly shifting budgets towards measurable, targeted large-screen formats.
Sports is a Key Catalyst for Digital Adoption
Live sports produced the biggest audience moment in streaming history— JioHotstar delivered 72.5 million concurrent streams during the ICC Mens T20 World Cup final, a new global record. In an on-demand world, sports compels millions to show up simultaneously — driving advertiser demand, platform investment and digital adoption at scale.
Source: EY-FICCI M&E Report March 2026
Business Performance Financial Performance
(Rs. Crore) |
FY 2025-26 | FY 2024-25* | Y-o-Y Change |
| Value of Sales and Services | 40,682 | 20,696 | 96.6% |
| Revenue from Operations | 34,917 | 17,762 | 96.6% |
| EBITDA | 5,842 | 1,833 | 218.7% |
| EBITDA margin** | 16.7% | 10.3% | 640 bps |
Entertainment
JioStar has reinforced its status as Indias premier entertainment powerhouse, achieving unparalleled scale and cultural resonance across every major language and genre.
In the high-stakes Hindi GEC (Pay) segment, the network commanded a 48% market share, claiming 7 of the top 10 shows. A defining highlight was the return of Kyunki Saas Bhi Kabhi Bahu Thi - Season 2, which delivered record viewership and became the biggest fiction launch in five years across TV and Digital. The network continued to dominate high-impact reality programming, with Colors sweeping the top three non-fiction spots led by Laughter Chefs 3, Bigg Boss S19, and Pati Patni Aur Panga.
JioStars regional footprint remains equally formidable, with market-leading positions in general entertainment genre across Marathi (54%), Malayalam (49%), Kannada (46%), Bangla (43%), Telugu (40%) and Tamil (34%). JioStars Kids, English, and Youth portfolios retained their #1 position.
On the Digital front, JioHotstar continues to pioneer the future of streaming. Bigg Boss saw a staggering 40% growth in watch time across editions, while the platforms first AI-led show, Mahabharat: Ek Dharmayudh, garnered exceptional multi-language traction. With an extensive library of international content alongside their dubbed local language versions and acclaimed originals like Special Ops Season 2 and Criminal Justice: A Family Matter, JioStar remains the definitive destination where stories are consumed at scale.
Sports
JioStar remains Indias premier Sports aggregator reaching a billion screens with over 250 days of live action. By merging cutting-edge technology with content innovation, JioStar has delivered a step-change in fan engagement and interactivity across mobile, connected TV, and linear platforms; delighting both consumers and advertisers.
IPL 2025 set the gold standard, with the Finals drawing 426 million viewers and achieving a digital record of 237 million live viewers for any T20 match. Notably, women now account for 47% of IPL viewership on Star Sports, highlighting crickets expanding demographic appeal.
The Womens World Cup emerged as a cultural phenomenon with digital viewership growing by 10x as compared to the previous edition.
The Final garnered 185 million viewers, matching the scale of marquee IPL fixtures and establishing womens cricket as a mainstream property.
T20 World Cup 2026 set a world- record 72.5 million peak concurrency, becoming one of the most-watched ever. IPL 2026 saw a record opening weekend reaching 515 million+ viewers across TV and digital, reinforcing the massive popularity of live cricket in India and JioStars position as the home of cricket.
This momentum extends beyond cricket; strong growth in engagement across Wimbledon, US Open and Pro Kabaddi League reinforces JioStar as a year-round multi-Sports destination.
By setting new performance benchmarks, JioStar is deepening Sports fandom and reshaping how India watches and engages with the magic of Sports.
Digital Platform
During the year, JioHotstar solidified its reign as Indias premier digital entertainment ecosystem, scaling to an average of a massive 451 million monthly active users. Engagement was consistent throughout the year, establishing JioHotstar as a default entertainment destination.
This years, strategic mandate was improving monetisation and platform excellence. By overhauling platform discovery and personalisation, JioHotstar achieved superior recommendation accuracy and sharper audience targeting. These capabilities were reinforced by a strong and diversified content slate across entertainment, sports, and continued investments in AI across the value chain, including the launch of conversational discovery through a strategic partnership with OpenAI to redefine search and content discovery.
The platform also launched Tadka, a micro-content hub with 100+ shows, and introduced integrated in-app commerce during IPL-26, enabling viewers to seamlessly order food while watching IPL, thereby turning passive viewers into active consumers.
Network ?J
Network18 fortified its leadership position as Indias #1 news network.
TV network achieved record viewership share of 14.1%. Digital portfolio maintained its leadership, reaching around 300 million people per month across platforms. The network also amplified its efforts to diversify into non-news segments, to build new growth levers for the future.
The network reinforced its leadership in national markets through its flagship channels - News18 India, CNN
News18, and CNBC TV18, supported by strong content and brand equity.
Its pan-India presence was further bolstered by clear leadership in key regional markets, including Marathi, Bengali, and Kannada.
Network18s digital news portfolio was Indias leading online news publisher, driven by marquee brands like Moneycontrol, CNBCTV18, News18, and Firstpost. Moneycontrol Pro continued to be recognised as Indias largest paid digital news subscription platform and Moneycontrol Super Pro, the premium subscription product, saw encouraging response from customers. Moneycontrols fintech business grew substantially to establish itself as one of the leading digital-first service platforms. Firstpost continued to be Indias top destination for global news, crossing 9 million subscribers on YouTube. Network18 also established a clear leadership in terms of reach and engagement on third party platforms, particularly YouTube.
SCOT Analysis
Strengths
• Pre-eminent multi-platform scale across television, digital, sports and news, anchored by JioStar, Network18 and Jio Studios.
• Deep understanding of the consumer and content eco-system ensures the ability to deliver breakout hits.
• A best-in-class technology platform ensures a seamless consumer experience at scale.
Challenges
• Heightened competition continues to exert upward pressure on content costs.
• Audience fragmentation necessitates platform- agnostic and multi-format content strategies.
• Content piracy continues to present a persistent risk.
Opportunities
• Emerging formats such as micro-dramas are unlocking new engagement and monetisation avenues.
• AI-led optimisation across content creation and production offers structural efficiency gains.
• Integration of commerce within the streaming ecosystem opens incremental participation in Indias expanding digital commerce landscape.
Threats
• Rapid technological advancement and shifting consumer behaviour demand sustained innovation to maintain competitiveness.
Outlook
AI will define the next era of entertainment and, as Indias largest Media & Entertainment platform, Reliance has the responsibility to lead this transformation - reimagining everything from script to screen and from idea to experience.
AI is not being viewed merely as a driver of business efficiency; rather, it is being embedded into the core of operations to help shape the next era of entertainment and build deeper fan engagement. Focus remains on strengthening leadership on the large screen, enabling the transition from linear to connected TVs, differentiating the mobile offering through interactivity, voice and vertical video, and enhancing the personalisation engine. JioStar will continue to be the home of sports in India and bring to life some of the most loved stories from around the world. As the customer value proposition continues to evolve, active efforts are underway to expand monetisation models beyond traditional advertising and subscription streams.
Record-smashing, Era-defining Year for Jio Studios - Indias No. 1 Content Studio
In eight short years, Jio Studios, the content arm of RIL, has produced stories that have set new box office records and connected with audiences in a manner that has redefined Indian cinema. Consistently profitable since inception, Jio Studios has firmly positioned itself as the No. 1 content studio, representing creativity, scale and disruption.
FY 2025-26 saw Jio Studios release the record smashing spy action thrillers Dhurandhar and Dhurandhar: The Revenge (together the Dhurandhar franchise), creating new benchmarks in box office, release strategy, monetisation models and customer engagement, globally.
Never before in the world, let alone India, had a film franchise been conceived, financed and shot as two parts and released so close to each other (December 2025 and March 2026). This conviction from Jio Studios disrupted the storytelling landscape and created history. The first part on its own created a record to become the highest grossing Indian film of all time. The film saw an unprecedented run of 15 straight weeks till the second part hit the cinema screens amid massive anticipation and smashed records set by the first part.
• Dhurandhar franchise raked in record setting K3,000 crore+ in gross revenues worldwide.
• Achieved an unprecedented 40%+ of India box office
• Dhurandhar: The Revenge - the highest grossing film of all time in India (11,300 crore+)
• Dhurandhar: The Revenge - Top 10 global box office charts 2026 across Hollywood films (1440 crore+)
• Highest ever footfalls in India (7.5 crore+)
• 300%+ ROI for the franchise
• Music albums of the franchise both ranked #1 on India Spotify and
Apple Music charts for several weeks and made it to the Top 5 Global Spotify chart, generating over 40 billion views and streams across YouTube and leading music streaming platforms.
Additionally, Jio Studios monetised 4 theatrical films, 3 direct-to-digital films and 4 web originals, across languages and platforms, including Baramulla, which received massive critical acclaim and ranked Top 3 among Netflixs non-English films and Bhagwat Chapter 1: Rakshas, on ZEE5, which went on to become one of the most viewed films on the platform. Jio Studios films once again swept over 200+ awards across categories, demonstrating the popularity as well as critical acclaim.
Jio Studios has achieved the unique distinction of having the highest grossing film three years in a row with Stree2 in 2024, Dhurandhar in 2025 and Dhurandhar: The Revenge in 2026, demonstrating consistency and undisputed leadership.
In line with its consolidation strategy,
Jio Studios recently acquired 50.1% stake in Indias most globally recognised production house Sikhya Entertainment, multiple Academy Award? winner, true to its vision of India to the World. The collaboration brings together Jio Studios scale and vision with Sikhyas globally resonant, culturally rooted storytelling.
Looking ahead, Jio Studios will continue to expand its presence in the entertainment value chain with a technology first approach including AI as well as extend its distribution footprint globally, by cultivating meaningful alliances and partnerships. Jio Studios looks to expanding Indias soft power in shaping India centric narratives that will resonate with global audiences.
Oil to Chemicals
The Oil to Chemicals (O2C) business portfolio encompasses transportation fuels, polymers and elastomers, intermediates, and polyesters. Its world- class refineries and petrochemical units are seamlessly integrated across sites, supported by cutting-edge logistics and supply chain infrastructure.
Strategic
Objective
Accelerate new energy integration and materials businesses while ensuring sustainability through circular economy with target to become Net Carbon Zero by 2035.
Drive multi-fold improvement in Velocity, Efficiency, Quality & Outcomes by transforming workflows and creating an AI native deep-tech O2C Business with advanced manufacturing capabilities.
Industry Overview
Refining
In FY 2025-26, global oil demand growth remained highly volatile amid shifting macroeconomic and geopolitical conditions. Although demand momentum remained strong through first 3 quarters, it was sharply disrupted in March 2026 by the Middle East conflict. The ensuing Middle East crisis heightened uncertainty, disrupted trade flows, and weakened consumer demand. In FY 2025-26, global oil demand increased by 0.7 mb/d to 104.5 mb/d, while supply rose by 2.9 mb/d to 106.2 mb/d, resulting in surplus situation. Reflecting this imbalance, ICE Brent crude prices averaged at $69.1/bbl, down $9.12/bbl Y-o-Y.
Global refinery throughput in FY 2025-26 rose by 1.1 mb/d to 84 mb/d, supported by higher runs in Asia and the Middle East, driven by new capacity ramp-ups and improved refining margins. However, reduced Middle East runs in March weighed on FY 2025-26 throughput levels.
FY 2025-26 also saw refinery capacity rationalisation of around 1.2 mb/d, majorly in Europe and North America, resulting in global refinery utilisation averaging 81%.
On the product side, gasoline demand rose Y-o-Y by 240 kb/d to 27.5 mb/d, diesel by 132 kb/d to 29.8 mb/d, and jet fuel by 204 kb/d to 8 mb/d in FY 2025-26. However, demand growth weakened in the fourth quarter, due to disrupted product flows through the Strait of Hormuz amid Middle East conflict which resulted in higher delivered prices across East-of-Suez markets.
Overall, FY 2025-26 oil market was shaped by rising OPEC+ supplies, evolving sanctions on Iran and Russia, escalating trade-tariff pressures, and the outbreak of the Middle East conflict, which together dampened demand growth and intensified price volatility.
Indias petroleum demand is experiencing sustained growth on the back of government infrastructure push for greenfield access-controlled highways, rising vehicle population, increased industry activity and passenger and freight travel on roads and airways. The petroleum product demand rose to 243 MMTPA up 1.7% Y-o-Y. India is also balancing energy
Source: IEA, CMA, ICIS, Platts, CCF, WoodMac, OPIS
Oil to Chemicals demand with long-term climate goals by building capacity for renewables and developing circular economy. A policy push has helped build charging network presence close to 70,000 charging stations and 8,500 gas stations with a rapidly increasing 7.5 to 8 million EV parc and 9 million CNG-CBG vehicle parc.
Polymers and Elastomers
Global ethylene demand increased by 1.7% Y-o-Y to 189.0 MMT in CY25 with capacity addition of 6.6 MMT resulting in marginal decrease in operating rate by 13 bps to 81.5%.
Global Polymer demand increased to 259.0 MMT in CY25, compared to 253.6 MMT in CY24. In CY25, Global PE, PP, and PVC demand grew by 2.0%, 2.6% and 1.7%, respectively.
In FY 2025-26, Domestic Polymer demand grew by 2.3%. PP domestic demand grew by 6.7%, driven by packaging, cement, furniture, households sectors and PE demand grew by 2.9%, led by packaging, infrastructure, and FMCG sectors. PVC demand declined by 6.4% mainly in pipe sector on account of extended monsoon season.
Global demand for E-SBR and PBR increased by 1.6% and 1.0% respectively in CY25. During FY 2025-26, domestic SBR and PBR markets expanded by 7.2% and 8.0% Y-o-Y respectively driven by growth in Tyre sector.
Intermediates and Polyesters
In CY25, global Intermediates demand rose by 3.6% to 184.9 MMT, driven by higher polyester demand growth. Global PX demand grew by 3.7% at 58.3 MMT in CY25. PTA and MEG witnessed 3.6% and 3.4% growth, respectively, due to steady growth in downstream polyesters.
Global Polyester demand grew by 4.8% to 101.3 MMT in CY25, driven by improvement in demand from Asian countries. Global PSF, PFY, and PET demand grew by 5.0%, 4.8% and 4.7%, respectively.
In FY 2025-26, Domestic Polyester demand was stable. Domestic PSF and PFY demand grew by 4.7% and 1.3% respectively, led by improvement in downstream operations and GST rationalisation. However, PET domestic demand declined by 6.5% on account of extended monsoon and EPR mandate to use recycled PET.
Business Performance Financial Performance
(Rs. Crore) |
FY 2025-26 | FY 2024-25 | Y-o-Y Change |
| Revenue | 6,62,401 | 6,26,921 | 5.7% |
| EBITDA | 60,546 | 54,988 | 10.1% |
| EBITDA margin | 9.1% | 8.8% | 30 bps |
O2C Revenue for FY 2025-26 increased by 5.7% Y-o-Y to Rs. 6,62,401 crore (US$ 69.9 billion) primarily on account of higher domestic product placement and better price realisation.
O2C EBITDA for FY 2025-26 was at Rs. 60,546 crore (US$ 6.4 billion) led by stronger transportation fuel cracks, efficient feedstock sourcing and higher domestic product placement. Earnings were constrained by weak downstream chemical margins and disruptions caused by Middle East conflict towards the year-end.
Production Meant for Sale (In mmt)
Particulars |
Products |
FY 2025-26 | FY 2024-25 |
| Transportation | Gasoil | 26.8 | 25.7 |
| Fuels | Gasoline/Alkylate | 14.9 | 15.7 |
| ATF | 5.2 | 5.3 | |
| Polymers | PP | 3.1 | 3.0 |
| PE | 2.3 | 2.2 | |
| PVC | 0.8 | 0.8 | |
| Elastomers | 0.4 | 0.4 | |
| Intermediates and Polyesters | PX and By-products | 1.4 | 1.3 |
| Benzene and Derivatives | 0.5 | 0.5 | |
| PTA | 2.1 | 2.3 | |
| MEG and By-products | 1.2 | 1.1 | |
| Filament | 1.6 | 1.7 | |
| Staple | 0.8 | 0.9 | |
| PET | 1.0 | 1.1 | |
| Others | Fuels, Solids and Others | 8.8 | 9.2 |
Total |
70.9 | 71.2 |
Transportation Fuel
RILs transportation fuel segment overall production meant for sale optimised to capture improved fuel margins.
Despite a challenging margin environment with heightened disruptions in trade flows due to global geopolitics, RIL effectively navigated the business environment. Cracks in key fuel categories improved this year compared to last year due to steady demand growth, an uncertain geopolitical, policy environment and increased refinery outages. Singapore gasoline 92 RON cracks averaged $9.3/bbl (vs $7/bbl last year), gasoil 10-ppm cracks at $23.6/bbl (vs $14.4/ bbl), and jet/kerosene cracks at $22.8/ bbl (vs $13.6/bbl). RILs strategic positioning and efficient and flexible operations ensured maximum netbacks by adapting to market volatility and complexities.
Jio-bps Active Technology fuels deliver extra mileage at no added cost to the customer, helping the company outperform the industry. Superior fleet and driver loyalty programmes boost sales in fleet and on-demand door-delivery segment.
In partnership with IndusInd Bank and RuPay, Jio-bp launched the Mobility+ Credit Card with fuel, lifestyle, and UPI benefits for on- the-go consumers. Operating 2,199 Jio-bp outlets nationwide, Reliance BP Mobility Limiteds (RBML) HSD sales grew 29% and MS 32% Y-o-Y, outperforming industry growth of 3.1% and 6.5%, respectively.
Jio-bp is enabling Indias energy transition to low carbon fuels. Under Jio-bp Pulse, RBML has set up 6,200+ charging points across 1,071 sites, delivering 35 GWh with leading uptime. The Gas Mobility network has expanded to 162 sites, while the CleanNGreen CBG network has reached 112 outlets sourcing gas from RIL biogas plants. RBML also operates 50 CNG outlets, with plans to accelerate rollout.
Polymers and Elastomers
Polymer prices remained under pressure during FY 2025-26 amidst higher global capacity additions. Polymer deltas witnessed mixed trend during FY 2025-26. HDPE-Naphtha and PVC delta were higher by 1.5% and 1.3% respectively, while PP-Naphtha declined by 5.1%. Feedstock price trend was mixed. Asian Naphtha prices decreased by 7.1% Y-o-Y, while US Ethane prices increased by 15.6% Y-o-Y led by higher US gas prices. For RIL ethane cracking remained favourable despite high ethane price.
Intermediates and Polyesters
In FY 2025-26, Polyester Chain delta declined by 1.2%. PX-Naphtha delta was up 3.3%. Integrated producers continued to optimise production based on PX vs. gasoline economics. PTA-PX delta decreased by 9.8% due to significant capacity expansion of PTA in China. MEG-Naphtha delta declined marginally by 0.6%. PET delta weakened due to substantial capacity increase in China. Filament and Staple delta remained range bound due to increased China exports and US tariff disruption.
SCOT Analysis
Strengths
• Extremely flexible refinery operation to adapt to volatile market dynamics.
• Integrated and diversified feedstock sourcing across the value chain enhancing cost efficiency and resilience.
• Strong domestic presence, supported by an extensive supply chain network, warehousing, and distribution capabilities.
• Expanding multi-energy footprint (EV charging, CNG, CBG) supporting transition readiness.
Challenges
• Moderate liquid fuels demand growth, volatile market and changing supply sources.
• Feedstock price fluctuations impacting spreads.
• Global overcapacity in downstream chemical exerting margin pressure.
• Weather and regulatory impacts dampening select segment demand.
Opportunities
• Indias infrastructure, mobility and industrial growth driving fuel and downstream chemical demand.
• Stable non-OECD oil demand growth and increasing fuel market deficit.
• Trade deals and GST rationalisation aiding domestic demand growth in polyester and downstream sectors.
Threats
• Geopolitical tensions, sanctions and tariff pressures causing price and trade volatility.
• Rising Chinese exports and global overcapacity affecting downstream chemical product margins.
• Energy transition, EV growth, and carbon regulations reducing long-term fossil fuel demand.
Outlook
Global oil demand growth is expected to be sluggish due to higher oil prices and economic slowdown in FY 2026-27 amid Middle East conflict. Refinery and oil infrastructure damages which caused product supply losses are likely to take a longer period to recover, resulting in continual volatility in the market. The FY 2026-27 outlook remains extremely vulnerable to geopolitical, macro-economic and policy risks.
In FY 2026-27, volatile product and feedstock prices, supply disruptions from the Middle East, Government of India directives on SAED, petrochemical feedstock usage and duty exemption on key petrochemical products may weigh on domestic demand and margins.
Oil and Gas
FY 2025-26 marked a year of disciplined operations for the Oil & Gas business. Despite a volatile commodity environment, RIL remained focused on sustaining production, improving recovery, and strengthening its contribution to Indias domestic gas supply, with average production of 26.7 MMSCMD, i.e. ~30% of domestic output.
KG Basin assets continued to operate safely and efficiently, supported by robust offshore infrastructure. Targeted production optimisation initiatives and planned development wells in KG D6 are expected to enhance recovery. The CBM portfolio also delivered improved productivity through multilateral horizontal wells and connectivity to the national gas grid.
Strategic
Objective
To generate resilient growth and sustainable stakeholder value through disciplined exploration, efficient development, and responsible production of hydrocarbons. The focus is on maximising recovery from existing assets, accelerating monetisation of discovered resources, and leveraging infrastructure-led exploration to strengthen reserves and production sustainability while supporting Indias energy security with reliable domestic supply.
Industry Overview
Global oil demand increased by 800 kb/d in CY25 to ~104 mb/d but elevated inventories, combined with macroeconomic uncertainty and muted industrial activity in key regions, led to an ~11% Y-o-Y decline in average Brent crude price. Global natural gas demand is estimated to have increased by around 0.5% during 2025, driven by higher consumption in Europe and North America, which offset subdued demand in Asia. Indias natural gas demand remained resilient at ~192 MMSCMD in 2025. Indias gas consumption was impacted in March 2026 due to reduced LNG imports from Middle East amid Middle East conflict. Looking ahead, expanding gas infrastructure is expected to support growth in domestic gas demand.
ESP Portfolio
Blocks with RIL |
|
| Conventional Blocks | KG-DWN- 98/3 (RIL 66.67%, bp 33.33%) NEC-OSN-97/2 (RIL 66.67%, bp 33.33%) KG-UDWHP-2018/1 (RIL 60%, bp 40%) KG-UDWHP-2022/1(RIL 60%, bp 40%) GS-OSHP-2022/2 (ONGC 40% RIL 30%, bp 30%)* |
| Coal Bed | SP (East)-CBM-2001/1 |
| Methane | (RIL 100%) |
| Blocks | SP (West)-CBM-2001/1 (RIL 100%) |
Emerging Trends and Business Response
Structural Trend |
Implications for the Business |
Strategic Response |
| Expansion of Indias Gas Economy | Rising domestic gas demand from CGD, fertiliser and power sectors. | Prioritise domestic production growth from existing fields. |
| Mature Basin Decline & Capital Efficiency | s Natural production decline in deepwater assets increases focus on recovery and capital discipline. | Execute targeted infill drilling in R-Cluster and Satellite Cluster. Deploy multilateral horizontal wells (MLW) in CBM to enhance productivity. |
| Infrastructure-led Monetisation | Capital constraints favour brownfield optimisation over greenfield development. Faster monetisation enhances returns. | Prioritise near-field prospects with fast-track tie-in potential. Leverage hub-and-spoke development model in KG Basin. |
| Exploration & Resource Accretion | Sustained value creation requires continuous reserve replenishment. | Advance exploration in existing blocks in KG Basin. Scout for new acreages in the OALP bid rounds. |
Business Performance
Revenues and EBITDA were down 5.4% and 10.1% respectively, primarily due to natural production decline in KG D6 leading to lower volumes and lower price realisation partly offset by increased CBM gas production.
Financial Performance
(Rs. Crore) |
FY 2025-26 | FY 2024-25 | Y-o-Y Change |
| Revenue | 23,861 | 25,211 | (5.4%) |
| EBITDA | 19,050 | 21,188 | (10.1%) |
| EBITDA margin | 79.8% | 84.0% | (420 bps) |
Price Realisation |
FY 2025-26 | FY 2024-25 | Y-o-Y Change |
| KG D6 Gas (US$/mmbtu) | 9.81 | 9.65 | 1.7% |
| CBM Gas (US$/mmbtu) | 9.43 | 10.95 | (13.9%) |
| Condensate (US$/bbl) | 71.96 | 79.80 | (9.8%) |
KG Basin
KG D6 Deepwater Production
KG D6 Block continues to deliver strong performance, achieving 99.9% uptime and zero LTI while delivering average gas production of ~25.9 MMSCMD and oil production of ~18,170 bbl/day in FY 2025-26. To maximise recovery from the Field, four infill wells are planned in the Block targeting incremental ~220 BCF of gas. Additionally, three workover wells are also planned in FY 2026-27 for production sustenance.
Exploration Strategy
RILs exploration strategy is focused on leveraging existing infrastructure. Blocks KG-UDWHP-2018/1 (KG UDW1), KG-UDWHP-2022/1 (KG UDW2) and GS-OSHP-2022/1 awarded under OALP Rounds II, VIII and IX, respectively, have received Petroleum Exploration Licenses. Exploration surveys are underway to pursue prospects. Controlled Source Electromagnetic Survey (CSEM) activity was undertaken in KG-UDWHP-2018/1 (KG UDW1), KG- UDWHP-2022/1 (KG UDW2) blocks. Under Infrastructure-led Exploration
(ILX), exploration prospects matured with drilling plans in KG D6.
Coal Bed Methane
RIL is producing Coal Bed Methane (CBM) from Block SP (West)- CBM- 2001/1, with over 320 wells contributing to an average output of ~0.88 MMSCMD in FY 2025-26, a 9.8% Y-o-Y increase.
In the block SP (West)-CBM-2001/1, multi-lateral horizontal well (MLW) programmes (first of its kind in India) have been successfully implemented reversing the Field decline. The first campaign is complete, and second is underway.
Reliance Gas Pipeline Limited, a subsidiary of RIL, operates the 304-km common carrier Shahdol- Phulpur Natural Gas Pipeline from Shahdol (MP) to Phulpur (UP) connecting the CBM Gas fields with the National Gas Grid providing access to consumers across the country.
Update on Arbitrations and Other Legal Issues
There are certain disputes relating to the E&P Business of the Company which are presently sub judice before various courts and tribunals. The details of these disputes have been provided in the notes to accounts (refer Note 34.3 and 34.4 of Standalone Financial Statement).
SCOT Analysis
Strengths
• KG Basin leadership with scalable deepwater infrastructure.
• With contribution of ~30% of Indias domestic gas production, RIL is a critical partner in Indias transition to a gas-based economy.
Challenges
• Natural production decline in existing fields.
• Exposure to commodity prices volatility.
• Capital intensity of deepwater developments with long payback cycles.
Opportunities
• Potential to monetise nearby resources using existing infrastructure.
• Participation in future OALP bid rounds, expanding deepwater and frontier acreage footprint.
• Implementing AI-driven technologies to optimise recovery factors and reduce downtime.
Threats
• Global LNG oversupply cycles impacting domestic benchmark-linked pricing.
• Rapid shift towards renewables may reduce long-term oil and gas demand.
Outlook
Natural gas is expected to play an increasingly critical role in Indias energy transition, with its share in the energy mix targeted to rise from around 6% to 15% by 2030. RILs gas portfolio remains well-positioned to support this structural shift, contributing nearly 30% of the countrys domestic gas production. Continued development of deepwater and CBM assets, supported by existing infrastructure and operational efficiencies, is expected to further augment supplies and cater to Indias growing gas demand in FY 2026-27 and beyond.
New Energy
Powering a Net Carbon Zero Future
Reliance is transitioning from planning to large-scale execution, building a gigawatt-scale clean energy ecosystem with unmatched vertical integration. Reliances mission is clear - enable Reliances transition to Net Carbon Zero by 2035.
• The Dhirubhai Ambani Green Energy Giga Complex in Jamnagar is being developed across 5,000 acres, with 44 million sq. ft. of manufacturing and operational built-up area and is envisioned as the worlds most integrated clean energy manufacturing ecosystem outside China.
• The platform will create over 2,00,000 green jobs, reduce Indias energy import dependence, lower RIL Groups energy costs significantly, and deliver long-term shareholder returns.
Global and Indian Energy Landscape
The global energy industry is at an inflection point. By 2030, renewables are expected to generate ~50% of global electricity, led by solar PV and wind.
• Indias 2030 targets include 500 GW of non-fossil capacity and 5 MMTPA of Green Hydrogen production.
• Reliance is central to this transition, with the Kutch renewable platform designed to meet ~10% of Indias electricity demand within a decade.
Business Updates: Execution at Scale Solar PV Manufacturing
FY 2025-26 was a landmark year, with core manufacturing assets commissioned and Phase Rs. operational.
• RIL is progressively commissioning its cell and module lines and is ramping up the production of HJT cells - the largest utility-scale, high efficiency cells in the market.
• The first 200 MWp of HJT modules delivered 10% higher energy yield and 25% lower degradation versus industry standards, with 720 Wp BIS-certified panels.
• RIL remains on track for the facility to scale to 10 GWp per annum, with expansion to 20 GWp planned, targeting 26% module efficiency, with polysilicon, glass, ingots, and wafers being commissioned in phases toward full integration.
Energy Storage (BESS)
The BESS giga-factory is in advanced commissioning.
• RIL will be operationalising 40 GWh of annual capacity, with a roadmap to 100 GWh.
• With civil construction complete and equipment installation underway, production will ramp through second half of 2026, focused on LFP chemistry for utility-scale BESS and mobility.
Green Hydrogen, Fuels and Electrolysers
• RIL secured exclusive technology licensing from Nel ASA for alkaline electrolysers in India, with rights for captive use globally.
• Reliance has started work on setting up electrolyser giga-factory and will be commissioning and ramping up the facility in phases over next few quarters.
• The business is working towards building 3 MMTPA of green hydrogen equivalent capacity by 2032 for global markets.
• Reliance has entered into a green ammonia long-term offtake agreement with Samsung C&T Corporation, with supply over a 15-year period commencing in the second half of FY 2029
Renewable Energy Generation and Transmission
In Kutch, RIL is developing a 550,000- acre renewable hub.
• At peak installation, the site will deploy 55 MWp of solar modules and 150 MWh of battery containers daily.
• Solar generation is expected in
FY 2026-27 for captive use and green fuel production.
• A dedicated Kutch-Jamnagar transmission corridor will deliver 24x7 green power.
Bio Energy
RIL is building Indias largest integrated CBG platform, converting agricultural residue, energy crops, and industrial waste into clean fuel at Global scale.
• RIL contributes to over 30% of Indias Compressed Biogas (CBG) production, supplying Green fuel to >40,000 vehicles daily through ~270 Retail outlets including distributors other than RBML, making it largest player in the countrys emerging bioenergy sector.
• CBG Production has reached 270+ TPD, with 35 operating plants (capacity ~700 TPD), and is on track to reach 1,100 TPD with 55 operating plants by end of FY 2026-27.
• On track to commission 6 Largest CBG Complex (50 TPD+) PAN India in FY 2026-27.
• Engaged 80,000+ farmers and supported 10,000+ jobs.
Over the next five years, RIL targets to establish integrated CBG hubs to achieve 1 million tonnes annual CBG capacity.
Reliance Risk Management Framework provides a consistent, clear and robust framework for managing risks across the group and is therefore fundamental to RILs performance and progress. The Integrated Risk Framework enables the Group to ensure that risk management activities are effectively designed, implemented and operated.
Governance
Framework
Reliances Risk Management Framework is structured as an end- to-end framework for managing and reporting risks arising from the Groups operations to the Board.
Executive Committees ensure oversight and governance through the Group Operational Risk Committee, Group Financial Risk Committee, Group Audit & Disclosure Committee, Group Compliance Committee and Group People Committee.
Business Risk and Assurance Committees are headed by the Business, Function and Group
leadership who consolidate multidisciplinary perspectives on critical organisational risks, prioritise the most significant risks and coordinate risk management, internal control and assurance activities across the Three Lines of Defence.
Business and Functional Leaders maintain safe and reliable incident-free daily operations through identification, mitigation and monitoring both existing and emerging risks on a day-to- day basis.
Risks and Response Strategic and Commercial Risks Climate Change and Energy Transition
Impact on: o
Risk Description
Growing physical risks from climate change increasingly impact businesses. Sudden hazards, coupled with long- term shifts (chronic) in climate patterns may influence RILs assets, operations, and supply chains.
Furthermore, transition risks arising from evolving regulations, rising stakeholder expectations, changing consumer preferences, and technological advancements could potentially impact RIL.
Risk Response
Reliance executes business continuity and risk mitigation strategies. Each business performs risk assessments and develops tailored risk management plans. Facilities are built to withstand climate-related challenges. Additionally, the Company undertakes necessary actions to support workforce well-being and maintain diversified supply chains.
Committed to fostering sustainable energy solutions and innovative materials, Reliance continues investing in energy transition. The Company is making strong progress in bioenergy, solar, energy storage and green hydrogen. RIL integrates climate- related considerations into strategic planning, investment evaluations, risk management protocols and long- term supply and demand projections. Reliance tracks progress toward its Net Carbon Zero target, supported by robust governance.
Commodity Prices and Markets
Impact on:
Risk Description
Global energy and materials prices are inherently volatile, influenced by multiple factors that impact supply- demand balances. These include pace of economic activity, consumer sentiment, new applications and use cases, capacity additions, and supply disruptions. Unplanned shutdowns, geo-political tensions and conflicts further contribute to volatility. Currency fluctuations, speculative trading, climate events, and regulatory or policy changes such as tariffs and sanctions also impact commodity prices and availability
Risk Response
RIL leveraged feedstock flexibility and domestic placement to sustain downstream operating rates. Higher share of Time Chartered vessels mitigated freight risk while maximising product value. Crude sourcing diversified from alternate sources to ensure feed stock availability.
Risk and Governance
Customer Experience and Retention
Impact on:
Risk Description
Customer Experience and Retention risk refers to the potential loss of revenue, market share, and brand equity arising from failure to consistently meet customer expectations across products, services, and engagement channels. Additionally, adverse customer sentiment, particularly through digital and social channels, may amplify reputational impact.
Risk Response
Reliance enhances product offerings and service delivery by providing customers with world-class products and offerings ensuring:
- Best-in-class technology
- Ubiquitous coverage across geographies and channels
- Customer-centric solutions supported by an agile service model
- Innovative products and offerings to create new market segments
The Company mitigates risk through standardised service protocols, employee training programmes, customer feedback mechanisms, loyalty initiatives, and regular monitoring of key retention and satisfaction metrics.
A consistent push to incorporate a bevy of new technologies is undertaken to deliver enhanced experiences, enabling customers to visualise, customise, try- on and engage in interactive shopping.
Oversight Over Investee Companies/Alliances
Impact on: Risk Description
The Company has acquired various small and mid-sized startup companies in the Digital and Retail space that are expected to provide strategic edge and growth. Such strategic alliances with businesses / companies may create financial, operational, compliance and reputational impacts if such strategic partners are inadequately monitored and governed.
Risk Response
Reliance aligns with investee companies and partners through clearly defined governance structures, periodic performance reviews, representation on oversight committees, standardised reporting requirements and internal audit or compliance assessments where applicable. Management conducts regular evaluations to ensure alignment with strategic objectives and regulatory expectations.
The Companys mission is to invest in emerging technologies and build horizontal capabilities at global scale. These new technologies help deliver the Jio effect across Indias digital ecosystem and provide a strong competitive advantage driving growth, operating leverage and stakeholder returns.
Oversight is maintained through the RIL Group governance framework while preserving adequate operating independence.
Talent to Support Scaling Business
Impact on:
Risk Description
As businesses scale rapidly, the need for skilled and future-ready talent becomes critical. Rapid growth in store networks, digital channels, new energy and supply chain operations may create pressure on leadership capacity, frontline staffing, and specialised capabilities.
Risk Response
Reliance invests in nurturing and retaining talent through structured workforce planning, competitive compensation frameworks, leadership development programmes, standardised training modules, succession planning, and performance management systems. Management periodically reviews attrition trends, productivity metrics, and talent pipeline readiness to ensure alignment with growth objectives.
Data Privacy Risk Impact on:
Risk Description
Rising digital adoption elevates privacy risks across the data lifecycle and increases exposure to regulatory non- compliance, including Indias DPDPA.
Risk Response
RIL follows Privacy-by-Design and Privacy-by-Default principles, supported by robust data governance and privacy protocols that ensure secure, ethical processing and compliance with applicable laws.
Cybersecurity Risk Impact on:
Risk Description
As RIL accelerates digital transformation and large-scale AI adoption, its attack surface expands, compounding cybersecurity challenges amid evolving threats; therefore, cybersecurity and responsible AI governance are now critical enterprise priorities.
Risk Response
RIL adopts a business-aligned, risk-based, and threat-informed cybersecurity approach, anchored in Zero Trust and defence-in-depth principles. The framework integrates Responsible AI-by-Design and is reinforced through AI-driven monitoring, proactive vulnerability assessments, and internal as well as independent governance reviews.
Safety and Operational Risks Health, Safety and Environmental (HSE) Risks
Impact on: [N]
Risk Description
Reliance has established robust systems to proactively identify potential risks that may affect its stakeholders and remains committed to mitigating HSE risks across all operations. Expanding operational footprint, across hydrocarbon and New Energy Initiatives introduces evolving HSE risk. Considering the operational environment of RILs facilities, it manages and mitigates a range of risks, i.e. loss of containment of hazardous materials, fire and explosion hazards, human factors, contractor safety, exposure to extreme weather conditions, natural disasters, etc. Effective risk management, compliance, and safety measures are crucial to safeguarding employees, customers, and ensuring business continuity.
Risk Response
RIL manages material HSE risks through an integrated Operating Management System (OMS) framework and overseen through risk-based assurance, leveraging Three Lines Model, prioritising governance, value creation, and risk management to go beyond the traditional focus on identifying gaps alone. RILs assurance model includes periodic OMS conformance assessment, safety culture surveys, leadership site visits, and incident investigation using root cause and learning-from-events methodologies with close loop corrective and preventive actions.
RIL has introduced Life Saving Rules and Process Safety Fundamentals aligned with industry best practices. Digitalisation of risk management has progressed, enabling analytics to enhance barrier assurance and early anomaly detection to improve incident prevention and reporting. HSE risk management is integrated throughout project lifecycle of all projects including hydrocarbon, New Energy Initiatives, with appropriate controls at every stage gate. Contractor safety addressed via pre-qualification, competency verification, and task-based controls (start work checks) with verification of effectiveness. The Change Agents for Safety, Health, and Environment (CASHE) programme empowers workforce engagement, with initiatives to inculcate a human performance and learner mindset, supporting continuous improvement and asset facing personnel engagement. Leaderships strong HSE and sustainability commitment drives a zero-incident culture, protecting stakeholders and aligning with RILs operational excellence vision.
Physical Security and Natural Calamity Risks
Impact on: JN,
Risk Description
Reliance faces inherent risks related to asset security, supply chain losses, platform abuse and data theft.
Risk Response
Security risk assessments shape strategy. Mitigation focuses on surveillance, asset protection, preventive and proactive audits for loss prevention, online transaction analysis, predictive analytics, and effective training. RIL operates with Law Enforcement Agencies to enhance security and maintain business integrity
Compliance and Control Risks Regulatory Compliance Risks
Impact on:
Risk Description
Increased regulatory scrutiny and changing businesses with strategic acquisitions/JVs require swift alignment with evolving legal and regulatory compliances across jurisdictions.
Risk Response
Reliance has adopted a digitally integrated, comprehensive enterprise- wide compliance management framework. This maps business processes, risks, and controls with real- time regulatory updates. Continuous training, periodic audits, automated alerts, and strong governance oversight ensures zero tolerance toward non-compliance and strengthens compliance readiness.
Financial Risks Treasury Risks
Impact on:
Risk Description
Foreign Exchange Risk: Rupee depreciation impacts the landed cost of the foreign currency liabilities.
Liquidity Risk: Tight liquidity conditions can impact the rollover of maturing liabilities.
Interest Rate Risk: High interest rates for USD and INR borrowings impact RILs finance costs.
Credit Risk in Investment Portfolio:
Corporate Bonds and Debt Mutual Funds in RILs portfolio are exposed to issuer-specific credit risk.
Risk Response
Foreign Exchange risk: Foreign currency borrowings are hedged through a combination of natural hedges and market hedges.
Liquidity Risk: High cash balances, timely refinancing and staggered repayments helped us mitigate the liquidity risk.
Interest Rate Risk: Maintaining an appropriate mix of fixed and floating rate liabilities helped minimise the impact of interest rate risk on finance costs.
Credit risk in investment portfolio:
RIL invested in highly rated select Corporate Bonds. Investment in Debt Mutual Funds are carried out under a risk management framework which minimises credit risk.
Insurance - Risk Mitigation
The Company follows a structured insurance framework to protect its enterprise-wide assets and operations through comprehensive risk transfer and risk management practices.
The objective is to secure required cost-efficient insurance coverage, thereby strengthening balance sheet resilience and supporting the Companys strategic priorities.
Major Awards and Recognitions
Leadership and Innovation
• RIL has been recognised as a Great Place to Work? for the 6th consecutive year, Retail for the 5th consecutive year
• RIL won five awards at the Brandon Hall Group Awards 2025
• RIL was recognised in IAM Asia IP Elite 2025 for its strong intellectual property systems and IP management practices among leading Asia-Pacific companies
• RIL was recognised as winner of the South Asia Innovation Awards 2025 by Clarivate for significant advancements and innovative contributions to the Petrochemical and Energy industry
• RIL was recognised as winner in the Questel IP Excellence Award 2025
• Reliance Industries Limited was recognised as winner in Manufacturing (Large scale) category at the CII Industrial Innovation Award 2025
• RIL and JPL have been recognised among Indias Top Innovative Companies at CII Industrial Innovation Awards 2025
• SEZ Refinery won two prestigious IMexI (Integrated manufacturing excellence initiative) awards
- India Icon Prize 2025, securing National Topper recognition
- Gold Award in Smart Manufacturing and Platinum in Safety
• SEZ Refinery won the Refinery of the Year award at the FIPI Awards 2026, presented at India Energy Week (Goa)
• JioHotstar: Awarded AI/ML Market Disruptor of the Year (AWS AI Award 2025)
• JioHotstar: Platform of the Year (SportsPro Media Awards 2025)
• Star Sports: Recognised as Best Digital and SaaS Platform (Sports Technology Awards 2025)
• Jio Platforms Limited (JPL) has been recognised by Clarivate as the winner of the South Asia Innovation Awards 2025 in the Telecommunications category
Reliance Foundation
• Mrs. Nita M. Ambani received the Global Peace Honour Award at the Gateway of India, acknowledging her leadership in education, sports, healthcare, arts, and culture. She paid tribute to Indias martyrs and emphasised Reliance Foundations commitment to inclusive nation- building. She was also conferred the prestigious KISS Humanitarian Award 2025 at the Kalinga Institute of Social Sciences (KISS) for her outstanding humanitarian initiatives.
• Mrs. Nita M. Ambani, Founder & Chairperson, Reliance Foundation conferred with the Best Corporate Promoting Sports - High Performance award at FICCIs India Sports Awards 2025
• Mr. Anant Ambani became the youngest and first Asian to receive the Global Humanitarian Award for 2025, presented by the Global Humane Society. His dedication and unwavering commitment to wildlife have shaped a lifelong mission rooted in compassion and care. He continues to work toward a future where India leads the world in wildlife care and compassionate stewardship
• Reliance Foundation Skilling and Employment received the Indian CSR Award 2025 for the Best Skill Development Initiative, recognising efforts to empower Indias youth
• Reliance Foundation was honoured with an appreciation certificate and felicitated by the Honble Chief Minister of Andhra Pradesh, Shri N. Chandrababu Naidu, for exemplary contribution in mitigating the impact of Cyclone Montha providing early warning to the fishing and farming communities
• Reliance Foundations Rural Transformation programme was recognised at the 19th CII National Awards for Excellence in Water Management 2025 for its project in Patan, Gujarat, identified as a Noteworthy Project in Water Management under the Beyond the Fence category
• Reliance Foundation won eight awards for communication efforts through the year including an International - Innovation SABRE Awards South Asia 2025; others included the ET BrandEquity Trendies Awards, DoGood Awards, etc. for powerful storytelling with 360-degree video, presenting of disaster response efforts and capturing ground stories
Retail
Consumer Electronics
• ET Edge Best Brands of The Year Award for Reliance Digital
• Reliance Digital named Omni-Channel Retailer of the Year at BW Marketing World Next Gen Digi Content Awards
Fashion and Lifestyle
• Effie India 2025 Awards for the category Integrated Advertising Campaign: Products for Amante
• Reliance Jewels won the Integrated Marketing Campaign of the Year by ET Great India Retail Awards 2026
Grocery
• Kantar BrandZ Awards 2025 for Category Leader in Retail and Most Valuable Brand
• Images Retail Awards 2025 for Images Most Admired Retailer of the year and Retail Design/Experience for Freshpik
Digital
• Reliance Jio has been honoured as Telecom Network Operator of the Year by Economic Times Telecom Awards 2026
• Reliance Jio has been honoured as 5G growth Leader - Recognised for Performance by The Fast Mode Awards 2025
• Jio was honoured as an Iconic Brand of India at ET Now Iconic Brands 2025
• MyJio was awarded Most Effective App for Consumers at the Maddies Awards 2025
• Jio won the Telco to Ace Fixed Broadband award at Twimbit Telecom Awards 2025
• Jio Platforms Limited has been recognised at Skoch Awards 2025 under Digital Transformation (Digital Customer Experience) for its Next- Gen Zero Touch SIM Activation & Onboarding initiative
• JPL has been recognised among Asia IP Elite at the IAM IPBC Asia Awards 2025 for excellence in strategic use and development of intellectual property
• Jio Platforms Limited secured Runner-up for Best Patent Portfolio (Large ICT) at the CII Industrial Intellectual Property Awards 2025
• JPL was awarded the National Award/Gold medal for Enterprises, highlighting achievements in patent filing, grants, and commercialisation by The World Intellectual Property Organisation (WIPO)
Media and Entertainment
JioHotstar
• The Trial: Pyaar, Kaanoon, Dhokha - Season 2: Best OTT Series - Crime/ Drama at SCREENXX Summit & Awards 2025
• Murder in Mahim: Best Thriller/ Horror Show at E4M Play Streaming Media Awards 2025, Best Actor (Male) at SCREENXX Summit & Awards 2025
• Criminal Justice: A Family Matter: Best Director (SCREENXX Summit & Awards 2025)
• Special Ops 2: Recognised for Best Visual Effects, Best Director (Jury Choice), Best Actor (Male) (Jury
Choice) at SCREENXX Summit & Awards 2025
• Shekhar Home : Best Actor (Female) Series (Critics Choice) at Filmfare OTT Awards 2025
Jio Studios
• Jio Studios: Awarded as Game Changer of the year at SCREENXX Summit & Awards 2025
• Dhurandhar: 8 wins across multiple categories, including Best Film, Pathbreaking Film, Best Director and Best Actor at Bollywood Hungama Best of 2025
• Ardaas Sarbat De Bhale Di:
Best Film, Best Screenplay, Best Supporting Actor (Male) at Filmfare Punjabi Awards 2025
• Laapataa Ladies: 13 historic wins across multiple categories, including Best Film, Best Actress and Best Director at Filmfare Awards 2025,
18 historic wins across multiple categories, including Film of the year - Peoples Choice at Times of India Films Awards 2025
• Ek Don Teen Chaar: Best Actress at Filmfare Awards Marathi
• Sector 36: Best Actor (Male), Best Supporting Actor, Best Debut Director at Filmfare OTT Awards
HSE and Sustainability
• RIL received multiple awards at the Gulf Energy Information Excellence Awards for
- Integrated Electrical Automation and Energy Management System
- Electrical Equipment Performance Management
- Risk Pulse - Barrier Health Monitoring System
- Zero Flaring Design on MJ Ruby EFSI Deepwater Operations
• Jamnagar Refinery renewed its ISCC+ certification for the third consecutive year in August 2025
• SEZ Refinery was ranked Best in the World in Energy, Maintenance and Personnel indices in the Global Solomon Fuel Study 2024
• PCG Complex received the Safe Manufacturing Site of the Year at GMEA 2025, British Safety Council International Safety Award and, GEEF Global Sustainability Champion Awards under the platinum category
• DMD won the FICCI Chemicals and Petrochemicals Awards 2025 for Leader in Energy Management and Leader in Water Management
• HoMD was awarded Sustainability Leader of the Year at the FICCI Chemicals and Petrochemicals Awards 2025
• SMD received the Platinum (First) Award in Manufacturing - Large, Non-Hazardous category at the FICCI Awards for Excellence in Safety Systems
• RIL won FICCI chemicals and petrochemicals Award 2025 for Green Products Category for the development of Bio plastics for innovative work on PBAT composites products development
• DTA Refinery Best-in-Class globally for chemical, additives & catalyst costs (Solomon Index)
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