Reliance Industries Ltd (RIL), India’s most valuable company in terms of market capitalization, saw its shares rise 4% after a higher-than-expected quarterly profit, led by a strong performance in its telecom and retail businesses. The market received the company’s strong March-quarter results, which indicated resilience across its diversified business segments amid macroeconomic headwinds.
The group had a consolidated net profit of ₹21,243 crore for the March 31, 2025 quarter, a 0.1% growth over the comparable previous year period. The growth though appears minuscule, beat market analysts’ expectations in view of the mixed worldwide economic climate and the weakening of petrochemical margins.
Reliance’s telecom division, Jio Platforms, and its large retail business were the major contributors to this performance. Jio’s user base grew to 481.8 million from 470.9 million in the earlier quarter, and its ARPU increased to ₹181.7. With Jio’s upcoming launch of an AI platform and steady investment in 5G, analysts project further revenue growth in this sector.
In the meantime, Reliance Retail’s topline grew 10.6% to ₹76,627 crore in Q4. The segment has been growing steadily with store additions, digital commerce, and strategic alliances. Reliance Industries Chairman and Managing Director Mukesh Ambani pointed to the “strong customer engagement” and “innovation focus” as growth enablers in retail. The segment also added ₹5,823 crore in EBITDA for the quarter, up 18.5% YoY, reflecting strong margin growth.
Whereas petrochemical and refining activities were under strain from worldwide inventory drawdowns and softer chemical spreads, the segment nonetheless returned a robust EBITDA of ₹14,000 crore, highlighting the group’s operational efficiencies. Reliance’s new energy ventures, including its green hydrogen and solar pursuits, continue to attract long-term investor interest despite waiting for commercialization on full scale.
The share market reaction was quick and positive. Reliance’s share price rose to ₹2,954.80 on Monday, its biggest intraday increase since July 2023. The stock is now trading close to 15% higher in 2025, beating the Nifty 50 index. Brokerages such as Jefferies and Morgan Stanley reiterated their positive calls, citing the company’s growth momentum in consumer and digital services.
Jefferies, in its recent note, highlighted how Jio and Retail now contribute more than 50% of Reliance’s EBITDA, demonstrating the transformation of the company from being a petrochemical-dominated conglomerate to being a consumer-and-tech-led business. “The retail and digital momentum is sustainable,” the firm noted, projecting a robust earnings path to FY26.
Reliance has also indicated that it will demerge and list its financial services business, Jio Financial Services (JFS), independently. With JFS already in the market, the market is eagerly following its plans for lending, insurance, and asset management, which are set to release more value for shareholders.
Mukesh Ambani, in his post-results statement, underscored the commitment of the company to “nation-building, sustainability, and shareholder value creation.” He reaffirmed that RIL’s building a technology-led, consumer-facing business is “firmly on track,” and strategic investments in various sectors will “power the next phase of growth.
As Reliance approaches FY26, investor sentiment is upbeat. The fact that the company has managed to report robust earnings in the face of a complicated macroeconomic environment, and expand into high-growth businesses such as telecom, retail, and clean energy, highlights it as a bellwether of India’s economy.
With retail demand strong, digital services rapidly expanding, and energy transition projects in the works, Reliance Industries seems to be in good shape to continue its upward trajectory—both financially and by valuation.
