Mukesh Ambani-led oil-to-retail-to-telecom conglomerate Reliance Industries concluded the last financial year (FY25) on a healthy note.
Reliance saw a year of balanced growth despite external volatility, exhibiting the strength of its diversified business.
The conglomerate’s retail and digital services arm drove the growth engine, while oil-to-chemical (O2C) EBITDA declined.
Here are five key takeaways from Reliance’s FY25 annual report
1. How was Reliance’s financial performance in FY25?
Reliance’s consolidated revenue increased by 7.1 per cent to ₹10,71,174 crore in FY25 compared to ₹10,00,122 crore in FY24. PAT rose 2.9 per cent year-on-year to ₹81,309 crore.
EBITDA grew by 2.9 per cent to ₹1,83,422 crore from ₹1,78,290 crore in the previous year. The consumer businesses contributed over 50 per cent of consolidated EBITDA.
According to Reliance’s annual report, its gross debt as on 31st March 2025 stood at ₹3,47,530 crore, while net debt stood at ₹1,17,083 crore.
“Robust internal cash-flow generation supported investments in growth opportunities across business, while maintaining a conservative balance sheet and investment grade credit ratings,” Reliance said.
Capital expenditure for FY25 stood at ₹1,31,107 crore, compared to ₹1,31,769 crore in FY24.
The company said its investments in FY25 were largely directed towards new O2C projects, retail store expansion, augmenting digital services infrastructure and building manufacturing assets in New Energy.
2. How was Reliance Retail’s performance in FY25?
Reliance Retail’s revenue from operations grew 6.6 per cent YoY to ₹2,91,043 crore for the year. EBITDA jumped 8.6 per cent YoY to ₹25,094 crore, while EBITDA margin increased by 10 bps YoY to 8.6 per cent.
Reliance Retail opened 2,659 stores during the year, bringing its total store count to 19,340, the largest store footprint for any retailer in the country. The registered customer base crossed 349 million.
3. Reliance’s digital service: Jio strengthens market leadership
Revenue from operations of Reliance’s digital services arm jumped 16 per cent YoY to ₹1,31,336 crore in FY25.
EBITDA also saw a healthy 14.7 per cent YoY growth at ₹65,001 crore. However, EBITDA margin declined 60 bps YoY to 49.5 per cent.
The rise in revenue and EBITDA was due to the tariff hike in mobility, increasing penetration of the homes business, and scaling up of digital platforms.
“Jio is extending its leadership in technologies like 5G, fixed broadband and converged networks, to now address the huge opportunity provided by AI services. Jio’s leadership in network, consumer and enterprise technologies will maintain its distinct competitive advantage,” said the company.
“These indigenously developed technologies are being deployed at scale across India and will be taken to the rest of the world. This will ensure a long runway of growth and consistent shareholder returns,” the company added.
4. Solid growth of the media and entertainment business
Revenue from operations of the segment surged 74.9 per cent YoY to ₹17,762 crore in FY25. EBITDA jumped 139.6 per cent YoY to ₹1,833 crore while EBITDA margin climbed 280 bps YoY to 10.3 per cent.
“Reliance has significantly advanced its media and entertainment (M&E) ambitions with JioStar, India’s largest media platform, created by the merger of Viacom18 and Star India, during FY25,” said the company.
5. Weaker transportation fuel cracks impact Reliance’s O2C business
Reliance’s oil to chemicals (O2C) business saw a decent 11 per cent YoY growth in revenue at ₹6,26,921 crore. However, EBITDA declined 11.9 per cent YoY to ₹54,988 crore due
to weaker transportation fuel cracks and multi-year low downstream chemical margins.
EBITDA margin dropped 220 bps YoY to 8.8 per cent.
The company said earnings were supported by higher volumes, operational flexibility, efficient feedstock sourcing, and higher domestic product placement.
The revenue of the oil and gas segment increased 3.2 per cent YoY to 25,211 crore. EBITDA climbed by 4.9 per cent YoY to 21,188 crore, while the EBITDA margin of the oil and gas segment rose 140 bps YoY to 84 per cent.