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RELIANCE INDUSTRIES Q4 FY25 results: net profit up 6.4% to ₹22,611 crore, revenue up 9.9%
Reliance Industries Ltd reported Q4 FY25 consolidated revenue of ₹2,64,573 crore, up 9.9% from Q4 FY24, while net profit rose 6.4% to ₹22,611 crore and basic EPS was ₹14.34. EBITDA increased 3.1% to ₹43,832 crore, but the margin fell 1.1 percentage points to 16.6%; the results were announced on 25 April 2025.
Key points
- Q4 FY25 consolidated revenue was ₹2,64,573 crore, up ₹23,858 crore or 9.9% from Q4 FY24.
- EBITDA rose ₹1,316 crore or 3.1% to ₹43,832 crore, while the margin declined from 17.7% to 16.6%.
- Net profit increased ₹1,368 crore or 6.4% to ₹22,611 crore, and basic EPS was ₹14.34.
- Against Q3 FY25, revenue rose ₹20,708 crore or 8.5%, while net profit increased ₹681 crore or 3.1%.
- For FY25, revenue was ₹9,80,136 crore, up 7.2%, and net profit was ₹81,309 crore, up 2.9%.
How did RELIANCE INDUSTRIES perform in Q4 FY25?
Reliance Industries reported consolidated revenue of ₹2,64,573 crore for Q4 FY25, up ₹23,858 crore or 9.9% from Q4 FY24. Total income rose 9.9% to ₹2,69,478 crore, while EBITDA increased ₹1,316 crore or 3.1% to ₹43,832 crore. The EBITDA margin fell 1.1 percentage points to 16.6%.
Net profit for the quarter was ₹22,611 crore, up ₹1,368 crore or 6.4% from Q4 FY24. Profit attributable to owners rose 2.4% to ₹19,407 crore, while basic EPS declined ₹13.67 or 48.8% to ₹14.34. On a standalone basis, revenue was ₹1,36,147 crore and net profit was ₹11,217 crore.
Against Q3 FY25, consolidated revenue increased ₹20,708 crore or 8.5% to ₹2,64,573 crore. EBITDA was nearly unchanged, rising ₹43 crore or 0.1% to ₹43,832 crore, but the margin fell 1.4 percentage points to 16.6%. Net profit increased ₹681 crore or 3.1% to ₹22,611 crore, and basic EPS rose ₹0.64 or 4.7% to ₹14.34.
| ₹ crore | Q4 FY25 | Q3 FY25 | Q4 FY24 | YoY | QoQ |
|---|---|---|---|---|---|
| Revenue from operations | 2,64,573 | 2,43,865 | 2,40,715 | +9.9% | +8.5% |
| Other income | 4,905 | 4,214 | 4,534 | +8.2% | +16.4% |
| Total expenses | 2,40,375 | 2,19,436 | 2,17,529 | +10.5% | +9.5% |
| EBITDA | 43,832 | 43,789 | 42,516 | +3.1% | +0.1% |
| EBITDA margin | 16.6% | 18.0% | 17.7% | −1.1 pp | −1.4 pp |
| Profit before tax | 29,103 | 28,643 | 27,720 | +5.0% | +1.6% |
| Tax | 6,669 | 6,839 | 6,577 | +1.4% | −2.5% |
| Net profit | 22,611 | 21,930 | 21,243 | +6.4% | +3.1% |
| EPS (₹) | 14.34 | 13.70 | 28.01 | −48.8% | +4.7% |
EBITDA here is revenue from operations less operating costs (total expenses excluding finance costs and depreciation): before other income and exceptional items. Growth is shown only when both figures are positive. Source: Company's results filing (XBRL).
What changed in RELIANCE INDUSTRIES's costs and profit?
Total expenses rose ₹22,846 crore or 10.5% from Q4 FY24 to ₹2,40,375 crore. Cost of materials increased ₹3,379 crore or 3.3% to ₹1,07,347 crore, employee cost rose ₹866 crore or 12.7% to ₹7,684 crore, finance costs increased ₹394 crore or 6.8% to ₹6,155 crore, and other expenses rose ₹4,770 crore or 12.6% to ₹42,687 crore. Depreciation declined ₹90 crore or 0.7% to ₹13,479 crore.
Other income increased ₹371 crore or 8.2% from Q4 FY24 to ₹4,905 crore. There was no exceptional item. Tax expense rose ₹92 crore or 1.4% to ₹6,669 crore, while profit before tax increased ₹1,383 crore or 5.0% to ₹29,103 crore and net profit rose 6.4% to ₹22,611 crore.
Management said O2C and Energy EBITDA fell 12% because of weak cracks, with polyester chain earnings down 15% and gasoline and gasoil cracks 25-27% below their five-year average. It also said Retail EBITDA increased 14% and Jio Platforms increased 18%, while Oil and Gas was affected by lower production.
| ₹ crore | Q4 FY25 | Q4 FY24 | Change | Change % |
|---|---|---|---|---|
| Cost of materials | 1,07,347 | 1,03,968 | +3,379 | +3.3% |
| Employee cost | 7,684 | 6,818 | +866 | +12.7% |
| Finance costs | 6,155 | 5,761 | +394 | +6.8% |
| Depreciation | 13,479 | 13,569 | −90 | −0.7% |
| Other expenses | 42,687 | 37,917 | +4,770 | +12.6% |
| Total expenses | 2,40,375 | 2,17,529 | +22,846 | +10.5% |
| Other income | 4,905 | 4,534 | +371 | +8.2% |
| Tax | 6,669 | 6,577 | +92 | +1.4% |
Source: Company's results filing (XBRL).
How did RELIANCE INDUSTRIES do in FY25 as a whole?
For FY25, Reliance Industries reported consolidated revenue of ₹9,80,136 crore, up ₹65,664 crore or 7.2% from FY24. Total income increased 7.3% to ₹9,98,114 crore, while profit before tax rose 1.6% to ₹1,06,017 crore and net profit increased 2.9% to ₹81,309 crore. Basic EPS for the year was ₹51.47.
Management said full-year revenue increased 7%, with Jio Platforms reporting a 17% increase and Retail recording a 14% EBITDA increase. It said consumer businesses offset weaker O2C performance, while O2C EBITDA was lower by 8% amid pressure from China capacity, weak demand and lower deltas.
| ₹ crore | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue from operations | 9,80,136 | 9,14,472 | +7.2% |
| Profit before tax | 1,06,017 | 1,04,340 | +1.6% |
| Net profit | 81,309 | 79,020 | +2.9% |
| EPS (₹) | 51.47 | 102.90 | −50.0% |
Source: Company's results filing (XBRL).
What do the balance sheet and cash flow show?
At 31 March 2025, total assets were ₹19,50,121 crore, compared with ₹18,15,123 crore at 30 September 2024, while total equity rose to ₹10,09,626 crore from ₹9,54,324 crore. Borrowings increased to ₹3,47,530 crore from ₹3,36,337 crore, and cash and cash equivalents rose to ₹1,06,502 crore from ₹90,353 crore.
Inventories declined to ₹1,46,062 crore from ₹1,60,950 crore. Trade receivables increased to ₹42,121 crore from ₹30,121 crore, while trade payables rose to ₹1,86,789 crore from ₹1,75,576 crore. For FY25, operating cash flow was ₹1,78,703 crore, compared with ₹1,58,788 crore in FY24.
FY25 investing cash flow was negative ₹1,37,535 crore, compared with negative ₹1,14,301 crore in FY24, while financing cash flow was negative ₹31,891 crore against negative ₹16,646 crore. Capital expenditure was ₹1,39,967 crore in FY25, compared with ₹1,52,883 crore in FY24.
| ₹ crore | As of 31 March 2025 | As of 30 September 2024 |
|---|---|---|
| Total assets | 19,50,121 | 18,15,123 |
| Total equity | 10,09,626 | 9,54,324 |
| Borrowings | 3,47,530 | 3,36,337 |
| Cash and equivalents | 1,06,502 | 90,353 |
| Inventories | 1,46,062 | 1,60,950 |
| Trade receivables | 42,121 | 30,121 |
Source: Company's results filing (XBRL).
| ₹ crore | FY25 | FY24 |
|---|---|---|
| Cash from operations | 1,78,703 | 1,58,788 |
| Cash from investing | −1,37,535 | −1,14,301 |
| Cash from financing | −31,891 | −16,646 |
| Capital expenditure | 1,39,967 | 1,52,883 |
Source: Company's results filing (XBRL).
How has RELIANCE INDUSTRIES done over the last 8 quarters?
Revenue rose year on year in each of the last seven quarters and reached its highest level of ₹2,64,573 crore in Q4 FY25. It was lower at ₹2,34,956 crore in Q2 FY24, before rising through the subsequent quarters. Q4 FY25 revenue was ₹23,858 crore or 9.9% above Q4 FY24.
Net profit rose year on year in each of the last two quarters. It was ₹17,445 crore in Q1 FY25, then increased to ₹21,930 crore in Q3 FY25 and ₹22,611 crore in Q4 FY25. The EBITDA margin peaked at 18.0% in Q3 FY25 and fell to 16.6% in Q4 FY25, its lowest level in the eight-quarter series.
Which businesses drove the quarter?
Oil to Chemicals reported revenue of ₹1,64,613 crore, up 15.4% from ₹1,42,634 crore in Q4 FY24, while EBIT declined to ₹13,139 crore from ₹14,355 crore. The segment reported an EBIT margin of 8.0%. Oil and Gas revenue fell 0.4% to ₹6,440 crore from ₹6,468 crore, while EBIT declined to ₹3,805 crore from ₹4,081 crore; the EBIT margin was 59.1%.
Retail revenue increased 15.6% to ₹88,637 crore from ₹76,683 crore, while EBIT rose to ₹5,314 crore from ₹4,372 crore. Digital Services revenue increased 17.6% to ₹40,861 crore from ₹34,741 crore, and EBIT rose to ₹10,801 crore from ₹8,601 crore, with an EBIT margin of 26.4%.
Others reported revenue of ₹19,920 crore, down 35.9% from ₹31,099 crore, while EBIT increased to ₹202 crore from ₹163 crore. The segment’s EBIT margin was 1.0%.
| Segment | Revenue | Revenue YoY | EBIT | EBIT margin |
|---|---|---|---|---|
| Oil to Chemicals (O2C) | 1,64,613 | +15.4% | 13,139 | 8.0% |
| Oil to Chemicals (O2C) | 1,64,613 | +15.4% | 13,139 | 8.0% |
| Oil and Gas | 6,440 | −0.4% | 3,805 | 59.1% |
| Oil and Gas | 6,440 | −0.4% | 3,805 | 59.1% |
| Retail | 88,637 | +15.6% | 5,314 | 6.0% |
| Retail | 88,637 | +15.6% | 5,314 | 6.0% |
| Digital Services | 40,861 | +17.6% | 10,801 | 26.4% |
| Digital Services | 40,861 | +17.6% | 10,801 | 26.4% |
| Others | 19,920 | −35.9% | 202 | 1.0% |
| Others | 19,920 | −35.9% | 202 | 1.0% |
Source: Company's results filing (XBRL segment data).
What else did the company announce?
The board approved the audited consolidated and standalone financial statements for the year ended 31 March 2025 and the audited quarterly and annual results. The auditors issued unmodified opinions on the consolidated and standalone audited financial results.
The board approved raising up to ₹25,000 crore through listed, secured or unsecured, redeemable non-convertible debentures on private placement, in one or more tranches. It also recommended a dividend of ₹5.50 per equity share of ₹10 each for FY25, subject to shareholder approval.
Other same-day disclosures covered an investor presentation, the acquisition of 100% equity of Kandla GHA Transmission Limited, and the appointment of Anant M. Ambani as Executive Director and Whole-time Director for five years effective 1 May 2025.
What did RELIANCE INDUSTRIES's management say?
Management said Jio added 6.1 million subscribers in Q4 to 488.2 million, had 191 million 5G subscribers and reported ARPU of ₹206.2. It said 45% of data traffic was on 5G and remained largely unmonetised. The company said the Jio 5G capex phase was mostly done, with the bulk of ₹41,000 crore FY25 capex on 5G already behind the company.
Management said O2C and Energy EBITDA fell 12% because of weak cracks, with polyester chain earnings down 15% and gasoline and gasoil cracks 25-27% below their five-year average. It said the PVC project had shifted from ADNOC to Dahej, with planned capacity of 1.25+ million tonnes, and that polyester, PTA and PVC expansion was expected to contribute to EBITDA in 2027-2028.
Management said a 1 GW New Energy solar line had been commissioned, battery construction had started for a 2026 ramp, and ₹75,000 crore of giga-factory capital expenditure was already largely committed. It said New Energy solar factories would commission by end-2025 or early-2026, the battery would start in 2026, and KGD6 had returned to 28 MMSCMD after FPSO maintenance.
The company identified O2C margin pressure from China capacity additions and soft polymer and polyester demand, natural production decline at KGD6, volatility in PX-naphtha-gasoline spreads, and possible caustic chlorine surplus when the Dahej PVC project ramps up. No formal quantitative guidance was issued.
How did RELIANCE INDUSTRIES shares react?
After the after-market filing, Reliance Industries initially fell 1.0% after five minutes, 0.4% after 15 minutes and 0.1% after 30 minutes. On the reaction day, the stock closed 5.0% above its pre-results close, compared with a 1.2% rise for the Nifty 100 and a 0.1% fall for the industry median.
By the next day's close, the stock was up 7.5% from its pre-results close, against a 1.2% rise for the Nifty 100 and a 0.1% rise for the industry median. By the fifth session, it was up 9.0%, compared with a 1.0% rise for the Nifty 100 and a 1.0% fall for the industry median. The reaction-day excess return over the industry median was 5.2 percentage points.
Earlier reaction-day moves were mixed: the stock rose 2.0% on 16 January 2025, fell 2.1% on 14 October 2024, fell 3.6% on 19 July 2024 and fell 1.4% on 22 April 2024.
| After the filing | Stock | Refineries & Marketing median |
|---|---|---|
| 5 minutes | −1.0% | |
| 15 minutes | −0.4% | |
| 30 minutes | −0.1% | |
| Reaction day | +5.0% | −0.1% |
| Next day | +7.5% | +0.1% |
| 5 days | +9.0% | −1.0% |
Minutes are measured from the price when the filing appeared; days from the previous close. Source: MarketPing price-reaction measurement.
| Results filed on | Stock on the reaction day |
|---|---|
| 16 January 2025 | +2.0% |
| 14 October 2024 | −2.1% |
| 19 July 2024 | −3.6% |
| 22 April 2024 | −1.4% |
Source: MarketPing price-reaction measurement.
How did other Refineries & Marketing companies do?
Eight other Refineries & Marketing companies were compared, and their median revenue growth was -1.9%. Six grew more slowly than Reliance Industries, while two grew faster. Five of the peers recorded higher profit.
| RELIANCE INDUSTRIES revenue growth (YoY) | +9.9% |
|---|---|
| Median of 8 other Refineries & Marketing companies | −1.9% |
| Companies with slower revenue growth than RELIANCE INDUSTRIES | 6 of 8 |
| Companies with faster revenue growth than RELIANCE INDUSTRIES | 2 of 8 |
| Companies whose net profit rose | 5 of 9 |
Source: Filed results (XBRL) of the industry's companies.
Quick answers
What was RELIANCE INDUSTRIES's revenue in Q4 FY25?
Revenue from operations was ₹2,64,573 crore, up 9.9% from ₹2,40,715 crore in Q4 FY24 (consolidated).
Did RELIANCE INDUSTRIES make a profit in Q4 FY25?
Yes. Net profit was ₹22,611 crore, against a net profit of ₹21,243 crore in Q4 FY24.
What was RELIANCE INDUSTRIES's EPS in Q4 FY25?
Basic earnings per share were ₹14.34, against ₹28.01 in Q4 FY24.
How did RELIANCE INDUSTRIES shares react to the Q4 FY25 results?
On the reaction day the stock moved +5.0% from the previous close; the median Refineries & Marketing stock moved −0.1%.
When did RELIANCE INDUSTRIES announce its Q4 FY25 results?
On 25 April 2025, in a filing to the NSE.
Sources
- Board Meeting Intimation for Approving Audited Financial Results For The Quarter And Year Ended March 31, 2025; Raising Of Funds By Way Of Issuance Of Debentures; And Recommendation Of Dividend On Equity Shares (BSE, 18 April 2025) · PDF
- Dividend (NSE, 25 April 2025) · PDF
- Outcome of Board Meeting (NSE, 25 April 2025) · PDF
- Outcome of Board Meeting (NSE, 25 April 2025) · PDF
- The earnings call (26 April 2025)
How this was written: every figure in the tables and charts is calculated from the company’s filed results (XBRL) and MarketPing’s price measurements. The text is drafted with AI from those figures and the filings, and a checker removes any sentence carrying a number it cannot trace to them. How we write these.
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