Transcript of the discussion on the Audited Financial Results (Consolidated and Standalone) of the Company for the quarter and year ended March 31, 2026, at the analyst meet held on April 24, 2026, is attached and also available on the website of the Company.

Reliance reported FY2025-26 revenue growth of 10% and EBITDA growth of 13.5%, with consumer businesses now contributing over 55% of group EBITDA. Jio Platforms delivered strong performance with 524 million subscribers, 268 million 5G users, and EBITDA margin improvement of 190 basis points to 52%. Retail achieved its highest-ever quarterly revenue of Rs.98,000 crore with 11% growth, while crossing 20,000 stores milestone. The March quarter faced significant headwinds from the Middle East geopolitical crisis, with crude supply disruptions through the Strait of Hormuz reducing availability by ~10 million barrels per day. The company successfully maintained near-full refinery throughput through agile sourcing from Venezuela, Russia, Brazil, and Mexico. Despite a flat Q4 EBITDA, management expressed confidence given the challenging environment, with CFO noting the 4% O2C decline does not capture the full difficulty of the operating conditions.