Reliance Industries: how the business works

Fuel buyers, Jio users and shoppers pay Reliance; most of the money buys crude oil and goods, and about ₹7 of every ₹100 is left as profit for shareholders.

• 01In FY26, crude oil, other materials and goods bought for resale took ₹62.3 of every ₹100 that came in.
• 02Jio and retail earned 49.8% of Reliance's own EBITDA measure in FY26. Refining and chemicals earned 29.1%.

• Oil to chemicals (O2C)

  Refines crude oil into transport fuels and into chemicals used to make plastics and polyester. It also sells fuel at its pumps and to airlines.

• Jio (digital services)

  Mobile and home broadband service. Jio had 533.3 million customers in Jun 2026, of whom 285 million used 5G, and 28.6 million fixed broadband subscribers.

• Retail

  Grocery, fashion and electronics stores: 20,169 stores with 78.4 million sq ft of space in Jun 2026.

• Oil and gas

  Finds and produces oil and natural gas, including from the KG-D6 block, where ICRA says gas output is in natural decline.

• Others

  Businesses too small to report alone, such as media (through JioStar, a venture with Disney), consumer brands and real estate.

Source: Q1 FY27 consolidated and standalone unaudited results (PDF, incl. segment information and notes); ICRA rating letter and rationale (ICRA AAA/Stable, A1+), intimated to exchanges; Media release: Q1 FY27 consolidated results and 3 more

• Buyers of fuels and chemicals

  50%

  of revenue

  Drivers at its fuel pumps, airlines, bulk fuel buyers and factories that use petrochemicals, in India and abroad. Exports were ₹278,808 crore in FY26.

• Shoppers

  28%

  of revenue

  396 million registered customers buying at 20,169 stores (Jun 2026).

• Jio users

  13%

  of revenue

  533.3 million customers paid an average of ₹215.6 a month in Q1 FY27 (average revenue per user, or ARPU).

• Viewers, advertisers and other buyers

  6%

  of revenue

  Media viewers and advertisers, buyers of its consumer brands, and other small businesses.

• Oil and gas buyers

  2%

  of revenue

  Buyers of the oil and natural gas from its fields.

Source: Q4 FY26 and FY26 consolidated audited results (XBRL, integrated filing); Chairman's Statement at the 49th AGM (19 Jun 2026); Media release: Q1 FY27 consolidated results and 1 more

1. 1Customers paid ₹1,075,675 crore for fuels, chemicals, phone plans, store goods and more in FY26.
2. 2Other income added ₹28,962 crore, including an ₹8,924 crore gain on selling listed shares.
3. 3Crude oil, materials and goods bought for resale cost ₹688,663 crore, after stock changes.
4. 4Staff, other running costs, depreciation, interest and tax took another ₹320,364 crore.
5. 5Partners in Jio, retail and other units got ₹14,979 crore. Reliance shareholders kept ₹80,775 crore (incl. ₹144 crore from associate firms).

Source: Integrated Annual Report FY26 (incl. consolidated financial statements)

Each line = amount ÷ total money in × 100. Lines may not add to exactly ₹100 because of rounding.

Source: Integrated Annual Report FY26 (incl. consolidated financial statements)

• Crude oil and bought goods

  Raw materials, including crude oil, cost ₹443,101 crore in FY26. Goods bought to resell cost ₹255,829 crore more.

• The Jamnagar refinery

  ICRA's Oct 2026 rating letter calls it the world's single largest crude oil refinery. It can process 1.4 million barrels a day.

• Spectrum (airwave licences)

  Jio needs government-licensed airwaves. Spectrum was valued at ₹188,120 crore on 31 Mar 2026, with ₹99,552 crore of instalments due after more than a year.

• Stores

  20,169 stores with 78.4 million sq ft of space in more than 7,000 cities and towns (Jun 2026).

• Capital spending

  It spent ₹122,916 crore in cash on plants, networks and other assets in FY26. Reliance's own capex measure, which excludes spectrum, was ₹144,271 crore.

Source: Integrated Annual Report FY26 (incl. consolidated financial statements); ICRA rating letter and rationale (ICRA AAA/Stable, A1+), intimated to exchanges; Media release: Q1 FY27 consolidated results and 1 more

Source: Integrated Annual Report FY26 (incl. consolidated financial statements); Integrated Annual Report FY25 (incl. consolidated financial statements); Analyst presentation Q4 FY26 / FY26

Source: Q4 FY26 and FY26 consolidated audited results (XBRL, integrated filing); Media release: Q1 FY27 consolidated results; Analyst presentation Q4 FY26 / FY26

Source: ICRA rating letter and rationale (ICRA AAA/Stable, A1+), intimated to exchanges; Media release: Q1 FY27 consolidated results; CARE (CARE AAA/Stable) and CRISIL (CRISIL AAA/Stable) rating letters, intimated to exchanges and 2 more

• Jio: more revenue per user

  Working

  ARPU ₹215.6 in Q1 FY27, up from ₹208.8

  Jio's average monthly revenue per user rose 3.3% in a year, and customers reached 533.3 million. Digital services EBITDA rose 17.8% to ₹76,560 crore in FY26.

  Status: Working, on track against what the company said.

• Retail stores and consumer brands

  Mixed

  Retail EBITDA ₹27,034 cr in FY26, up 7.7%

  Retail EBITDA grew in FY26. Reliance Retail's EBITDA fell 1.1% in Q1 FY27 to ₹6,309 crore. In the same quarter the company said retail revenue grew 7.4%, or 11.6% after adjusting for the consumer-brands demerger.

  Status: Mixed, partly on track.

• Battery and solar factories (New Energy)

  Early

  About 1 GW of solar modules made by Jun 2026

  Management said on 17 Jul 2026 that the first 40 GWh battery factory phase would be ready this year, and that it was on track for 20 GW a year of solar manufacturing capacity.

  Status: Early, too early to judge.

• AI data centres

  New

  First 120 MW due by end of 2026

  The Chairman said at the 19 Jun 2026 AGM that the first 120 MW of AI data-centre capacity at Jamnagar would be commissioned by the end of 2026. Reliance also set up an AI venture with Meta in Aug 2025.

  Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Source: Chairman's Statement at the 49th AGM (19 Jun 2026); Media release: Q1 FY27 consolidated results; Media release: Q1 FY26 consolidated results and 3 more

EBITDA = profit before interest, tax and wear-and-tear of assets. Financial year runs April to March (March year end). Net profit is the share belonging to the company's owners.

• Borrowings rose from ₹266,305 crore in Mar 2022 to ₹374,421 crore in Mar 2026.
• Not counted as borrowings here: spectrum dues of ₹99,552 crore due after more than a year and lease liabilities of ₹23,579 crore (Mar 2026).
• Reliance's own net debt uses a wider cash figure (₹249,704 crore), giving ₹124,717 crore in Mar 2026 and ₹122,914 crore in Jun 2026.
• Interest cover = FY26 EBITDA (leaving out other income) ÷ finance costs of ₹27,061 crore. EBITDA here also leaves out other income; Reliance's own EBITDA figure includes it (₹207,911 crore in FY26).
• Net worth = equity belonging to Reliance shareholders. Minority partners own a further ₹181,836 crore of equity in its subsidiaries.
• Supplier-finance arrangements, where banks pay suppliers and Reliance repays the banks later, stood at ₹76,377 crore (Mar 2026). They sit in payables, not borrowings.

Source: Integrated Annual Report FY26 (incl. consolidated financial statements); Media release: Q1 FY27 consolidated results; Media release: Q4 FY26 and FY26 consolidated results

Source: Shareholding pattern Dec 2023 (XBRL); Shareholding pattern Mar 2024 (XBRL); Shareholding pattern Jun 2024 (XBRL) and 9 more

Source: Allotment of PPD Series R non-convertible debentures (13,00,000 NCDs of ₹1 lakh each)

• Mukesh D. Ambani

  Chairman and Managing Director

• Anant M. Ambani

  Executive Director · since 2025

  Executive Director from 1 May 2025 for five years.

• Nikhil R. Meswani

  Executive Director

• Hital R. Meswani

  Executive Director

• P.M.S. Prasad

  Executive Director

• Srikanth Venkatachari

  Chief Financial Officer

Source: Integrated Annual Report FY26 (incl. consolidated financial statements); Appointment of Anant M. Ambani as Whole-time Director (Executive Director) from 1 May 2025; Chairman's Statement at the 48th AGM (29 Aug 2025) and 5 more

Auditor

Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP (joint auditors), since 2022

Auditor changes

29 Aug 2022: S R B C & Co LLP and D T S & Associates LLP → Deloitte Haskins & Sells LLP and Chaturvedi & Shah LLP (on completion of the earlier auditors' five-year term at the 2022 AGM)

Audit qualifications

None reported

Related-party dealings

Related-party transactions were not reviewed for this page. They are listed in the notes to the FY26 annual report.

Credit rating

ICRA AAA (Stable), 21 Oct 2026

A credit rating describes the company's ability to repay debt. It is not a rating of the share.

Source: Integrated Annual Report FY22 (incl. consolidated financial statements; PDF inside NSE zip); Integrated Annual Report FY26 (incl. consolidated financial statements); ICRA rating letter and rationale (ICRA AAA/Stable, A1+), intimated to exchanges and 4 more

Share price

₹1,293.90

Market value (market cap)

₹1,750,975 cr

P/E

21.7×

P/B

1.9×

Source: NSE historical price data, RELIANCE EQ, 24 Jun to 3 Jul 2026 (JSON); Shareholding pattern Jun 2026 (XBRL); Integrated Annual Report FY26 (incl. consolidated financial statements)

• Raw-material prices

  Refining profits swing with prices

  Oil-to-chemicals is half of segment revenue. Its EBITDA fell from ₹62,389 crore in FY24 to ₹54,988 crore in FY25, then rose to ₹60,546 crore in FY26. ICRA calls O2C and oil and gas profits cyclical.

  Watch Oil-to-chemicals segment EBITDA each quarter.

• Legal

  KG-D6 gas-migration dispute

  After a Delhi High Court bench ruled against Reliance on 14 Feb 2025, the oil ministry demanded US$2.81 billion from the KG-D6 partners. Reliance's share is US$1.87 billion. Reliance says it does not expect any liability and is appealing to the Supreme Court.

  Watch The Supreme Court appeal and any change in Reliance's disclosure of this claim.

• Regulation

  Sanctions on Russian crude oil

  On 24 Oct 2025 Reliance said it was assessing new EU, UK and US restrictions on Russian crude imports and on refined-product exports to Europe. It said it would comply with EU rules on refined products imported into Europe. On 26 Mar 2026 it rejected media reports alleging it bought Iranian-origin crude.

  Watch Further company statements on where it buys crude, and O2C margins.

• Execution

  Large spending on new businesses

  Cash capital spending totalled ₹656,899 crore from FY22 to FY26. Battery, solar and AI data-centre projects are not yet a reported segment. ICRA calls these plans large, capital-intensive and technology-dependent.

  Watch Whether New Energy shows up in FY27 results, as the Chairman said it would.

• Other

  Partners take a growing share of profit

  Profit going to minority partners in subsidiaries rose from ₹7,140 crore in FY22 to ₹14,979 crore in FY26. Jio Platforms' Oct 2026 IPO is a fresh issue of up to 27 crore new shares, which lowers Reliance's 66.43% stake once allotted.

  Watch Reliance's stake in Jio Platforms after the IPO, and minority interest in each result.

• Debt

  Debt and spectrum dues

  Borrowings rose 41% from Mar 2022 to ₹374,421 crore in Mar 2026. Jio also owed ₹99,552 crore in deferred spectrum payments due after more than a year, which are not counted as borrowings.

  Watch Borrowings and company-reported net debt each quarter; ICRA says Jio IPO money will mostly repay Jio's loans.

• Competition

  Competition in retail

  ICRA notes that retail margins are modest and that quick commerce (fast home delivery apps) has added competitive pressure. Reliance Retail's profit fell 14% in Q1 FY27.

  Watch Retail segment EBITDA and store additions each quarter.

• Raw-material prices

  Falling gas output at KG-D6

  ICRA says gas volumes at KG-D6 are in natural decline. Oil and gas EBITDA fell from ₹21,188 crore in FY25 to ₹19,050 crore in FY26.

  Watch Oil and gas segment EBITDA and any new field output.

Source: Integrated Annual Report FY25 (incl. consolidated financial statements); Analyst presentation Q4 FY26 / FY26; ICRA rating letter and rationale (ICRA AAA/Stable, A1+), intimated to exchanges and 11 more

Source: Integrated Annual Report FY22 (incl. consolidated financial statements; PDF inside NSE zip); Integrated Annual Report FY23 with AGM notice (incl. consolidated financial statements); Board recommends 1:1 bonus issue (outcome of board meeting) and 9 more

What does Reliance Industries do?

Reliance Industries reports five businesses: oil-to-chemicals (refining, petrochemicals and fuel retailing), oil and gas production, retail stores, digital services under Jio, and others such as media. In FY26 its revenue from operations was ₹1,075,675 crore.

How does Reliance Industries make money?

Reliance Industries earns most of its revenue from selling fuels and chemicals: oil-to-chemicals was 50.4% of FY26 segment revenue, retail 28.2% and Jio's digital services 13.4%. By the company's own EBITDA measure, digital services was the largest earner in FY26 at 36.8%, ahead of oil-to-chemicals at 29.1%.

Who are Reliance Industries' customers?

Reliance Industries sells fuels and petrochemicals in India and abroad. In Jun 2026 it also had 533.3 million Jio customers and 396 million registered retail customers. Reliance does not disclose revenue by customer.

How big is Reliance Industries?

Reliance Industries had revenue from operations of ₹1,075,675 crore in FY26, up from ₹980,136 crore in FY25. Net profit belonging to its shareholders was ₹80,775 crore in FY26, up from ₹69,648 crore.

Who owns Reliance Industries?

In Sep 2026 the promoter group of Reliance Industries (the controlling family and its companies) held 50.44% of the shares. Foreign investors held 16.67%, Indian institutions 21.72%, and individuals and others 11.17%. These filed percentages leave out shares held behind global depositary receipts. No promoter shares were pledged.

How much debt does Reliance Industries have?

On 31 Mar 2026 Reliance Industries had borrowings of ₹374,421 crore and cash plus current investments of ₹243,408 crore, so net debt was ₹131,013 crore. Spectrum dues of ₹99,552 crore due after more than a year and lease liabilities are not counted in these borrowings.

How much of Jio and Reliance Retail does Reliance Industries own?

On 31 Mar 2026 Reliance Industries owned 66.43% of Jio Platforms and 83.56% of Reliance Retail Ventures. Jio Platforms' Oct 2026 IPO is a fresh issue of up to 27 crore new shares, which lowers that stake once allotted. The new stake had not been disclosed by 26 Oct 2026.

What dividend does Reliance Industries pay?

Reliance Industries declared a dividend of ₹6 a share for FY26, up from ₹5.50 for FY25. It paid ₹7,443 crore of dividends to its shareholders during FY26.

Source: Integrated Annual Report FY26 (incl. consolidated financial statements); Q1 FY27 consolidated and standalone unaudited results (PDF, incl. segment information and notes); Q4 FY26 and FY26 consolidated audited results (XBRL, integrated filing) and 6 more

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