Reliance Q4 results preview: Mukesh Ambani0led Reliance Industries Ltd (RIL) is set to announce its results for the quarter and financial year ended on March 31, 2025 on Friday, April 2026. Along with the results, the oil-to-retail-to-telecom conglomerate will also consider and announce a final dividend for dividend for FY26.

Shares of Reliance Industries have tanked nearly 17 per cent from its 52-week high at Rs 1,611.20, hit in January 2026. It currently commands a market capitalization of Rs 18.3 lakh crore. The stock has remained flat in the last one month and it is marginally up in the last one year. The stock is up only 5 per cent from its 52-week low at Rs 1,285.30, hit a year ago.
 

Reliance Jio IPO buzz

JM Financial sees Reliance Jio IPO as key triggers, which is said to be filed in next few months. Sebi recently relaxed IPO norms for companies valued more than Rs 5 lakh crore, and set to dilute only 2.5 per cent in the IPO. Reliance Jio is likely to raise Rs 35,000-40,000 crore, valuing the telecom major around Rs 14-16 lakh crore.
 

Reliance Q4 results preview

Equirus Securities has pencilled RIL's revenue at Rs 2,79,822.7 crore, up 7.1 per cent YoY and  5.7 per cent QoQ. Ebitda is seen at Rs 45,206.8 crore, up 3.1 per cent YoY but down 1.8 per cent QoQ, with margins contracting to 16 per cent. Net profit is seen at Rs 21,279.5 crore, down 5.1 per cent YoY and 4 per cent QoQ.

Earnings are expected to be stable to weak. Ebitda is expected to decrease 2 per cent QoQ O2C segment: EBITDA/ton expected to decline 5 per cent QoQ, reflecting softer profitability amid losses in petchem and Jio BP pumps partly offset by strong refining, said Equirus. "In the Oil & Gas segment, performance is expected to remain stable, with marginal decline in EBITDA due to slightly lower production."

Motilal Oswal expects RIL's revenue to come in at Rs 2,92,800 crore, up 12 per cent YoY, while Ebitda is seen rising 10.5 per cent at Rs 48,400 crore, with margins contracting by 16.5 per cent. Net profit is seen at Rs 20,500 crore, up 5.6 per cent YoY with PAT margins coming in at 7 per cent for the quarter.

Reliance is expected to report consolidated ebitda of Rs 47,600 crore, up 8.5 per cent YoY and 3.4 per cent QoQ supported by steady performance in Retail & continued momentum in the telecom business. Jio’s revenue is likely to grow 2.5 per cent QoQ, driven by a 0.6 per cent increase in subscriber base along with a 1 per cent sequential improvement in ARPU to Rs 216, said Systematix Institutional Equities.

"Retail Ebitda is expected to jump 3.6 per cent YoY, while margins are likely to stay elevated, expanding by 70 bps. O2C revenue is expected to increase by 13.9 per cent YoY led by a 2.5 per cent YoY jump in throughput while Ebitda  to expand 18 per cent YoY, supported by improved diesel cracks amid a volatile environment," it added.
 

RIL Q4 results: Key triggers to watch

Equirus Securities has cited O2C margin, retail revenue growth, ARPU & subscriber base growth for Jio, price hikes in telecom, EBITDAM Capex updates as key triggers to watch, while Motilal Oswal awaits further clarity on announcements in the new energy business, growth in Retail store additions, and any pricing action in Telecom.
 

RIL target price

Motilal Oswal Financial Services ascribed an equity valuation of Rs 550/share and Rs 540/share to RIL’s stake in JPL and RRVL, respectively. "We assign Rs 174/share to the New Energy business, Rs 30/share equity value to RCPL, and Rs 26/shareto RIL’s stake in JioStar. We have a BUY rating with a target price of Rs 1,715," it adds.

JM Financial Ltd has a 'buy' rating on Reliance Industries with a target price of Rs 1,730, while Systematix has the same rating with a target price of Rs 1,700. Equirus has an 'add' rating on Reliance with a target price of Rs 1,639.