Global economic expansion continued, with IMF estimating global growth at 3.4% for CY25, improving from CY24 growth of 3.1%. Inflationary pressures have moderated marginally across many economies but remained sticky, reflecting evolving trade dynamics and an uptick in key commodity prices. Central banks across major economies continued their easing cycle but adopted a more cautious stance towards the end of CY25, signalling the likely end of policy easing cycle.
Despite these stabilising trends, trade uncertainties, and ongoing regional conflicts continued to weigh on market sentiment, global trade flows, and investment decisions.
End of Fiscal 2026 saw significant supply-side disruptions in energy markets from the Middle East conflict, leading to spike in energy prices. Brent crude prices rose from $70/bbl towards $100/bbl, posing fresh stagflationary risks for the global economy.
The Indian economy is estimated to grow at 7.6% in FY 2025-26, up from 7.1% in FY 2024-25, as RBI rate cuts along with cuts in personal tax and GST led to recovery in consumption demand. Supportive inflation backdrop led RBI to ease policy rates by 100 bps in FY 2025-26. RBI also enhanced liquidity through measures like CRR Cuts, bond purchases and long-term FX swaps. Depreciation pressure on Rupee intensified during second half on back of foreign portfolio outflows and surge in crude oil prices. At the end, Rupee registered the largest annual depreciation against Dollar to close the year at around 95 levels.
Total India oil demand was at 243.2 MMT, growing 1.7% on a Y-o-Y basis, led by transportation fuels. Mobile data traffic in India is estimated to have surged 25% Y-o-Y to reach 285 Exabytes in FY 2025-26, driven by accelerated 5G adoption.
Backed by favourable demographics and a large domestic market, India remains well positioned for sustained high growth. Trade engagements with the European Union and the United States are expected to improve sentiment and aid the ongoing growth recovery.
RIL successfully navigated complex global scenarios, benefitting from its diversified business portfolio, operational agility and robust Indian market demand. The Company delivered a strong financial performance marked by record revenues and profits.
Consolidated revenue grew by 9.8% Y-o-Y, at ₹ 11,75,919 crore (US$ 124.0 billion), driven by robust double-digit growth in Digital Services, Retail and Media & Entertainment businesses. Exports for the year were ₹ 2,78,808 crore.
EBITDA for FY 2025-26 was at ₹ 2,07,911 crore (US$ 21.9 billion), expanding 13.4% Y-o-Y, boosted by strong performances in Digital Services and O2C segments. PAT at ₹ 95,754 crore (US$ 10.1 billion), was up 17.8% as compared to the previous financial year. Consolidated cash-profits for the year increased to ₹ 1,71,258 crore growing 16.6% Y-o-Y.
Digital Services (EBITDA up 17.8%): Jio solidified its leadership in the Indian digital ecosystem, crossing several operational milestones. The business delivered strong performance led by increasing 5G adoption, higher ARPU and greater traction in broadband offerings.
Retail (EBITDA up 7.7%): The Retail business demonstrated resilience and scale. Revenue growth remained well-rounded, with contribution from all consumption baskets and an expanding footprint. The rapid scale-up of quick hyperlocal deliveries and fast fashion offerings reflects responsiveness to evolving consumer preferences.
Media & Entertainment (EBITDA up 218.7%): The business achieved record levels of viewership, registering industry-leading engagement metrics and robust double-digit revenue growth. EBITDA improved significantly with strong margin delivery.
Oil to Chemicals (EBITDA up 10.1%): O2C business continued to exhibit operational excellence amid highly volatile energy markets. While transportation fuel cracks remained supportive, the segment maximised profitability through higher operating rates, optimised feedstock sourcing and higher domestic product placements.
Oil and Gas (EBITDA down 10.1%): Oil and Gas business witnessed a moderation in revenues and EBITDA, in line with natural decline in production in the KG D6 block and softer gas prices.
RIL maintained a robust balance sheet with strong internal cash-flow generation, disciplined capital allocation and prudent leverage management. Gross debt as on March 31, 2026 was ₹ 3,74,421 crore (US$ 39.5 billion) and Net debt stood at ₹ 1,24,717 crore (US$ 13.2 billion).
RIL’s capital expenditure for FY 2025-26 stood at ₹ 1,44,271 crore (US$ 15.2 billion) as compared to ₹ 1,31,107 crore in the previous financial year. Capex requirements were adequately funded by cash profits. Capex was principally directed towards growth projects in the O2C and New Energy business, along with continuing growth initiatives in Digital Services and Retail businesses.
Standalone revenue for RIL was ₹ 5,46,852 crore (US$ 57.7 billion), down 1.9% compared to the previous financial year. EBITDA stood at ₹ 78,085 crore (US$ 8.2 billion), growing 5.3% Y-o-Y. Standalone Profit After Tax was higher by 24.4%, at ₹ 43,851 crore (US$ 4.6 billion). Profitability for O2C business was driven by sharply improved margin environment for transportation fuels, offsetting subdued downstream petrochemical deltas. Lower earnings in upstream segment were attributable to natural decline in field output and lower gas price realisation.
The Debt Service Coverage Ratio increased from 2.06 in FY 2024-25 to 4.03 in FY 2025-26, due to lower finance cost and principal repayments of loans during the year.
The Net Profit Margin increased from 6.3% in FY 2024-25 to 8.0% in FY 2025-26, due to higher net profit.
Return on Capital Employed increased from 14.6% in FY 2024-25 to 20.7% in FY 2025-26, due to higher profit and reduction in capital employed.
Long Term Debt to Working Capital increased from 7.53 in FY 2024-25 to 17.12 in FY 2025-26, due to higher debt and efficient working capital management.
Interest Coverage Ratio increased from 5.59 in FY 2024-25 to 8.83 in FY 2025-26, due to higher operating profit along with lower finance costs.
The Return on Net Worth* improved to 10.1% in FY 2025-26 as against 8.2% in previous year due to increase in net profit during the year.
*Adjusted for CWIP and revaluationFY 2025-26 saw heightened volatility in financial markets amid tariff uncertainty and global geopolitics. In India, the first half of the financial year saw RBI easing monetary policy leading to an environment of softening domestic yields with 10y G-sec yields easing towards 6.25%.
The second half of the year saw yields reversing upwards as RBI shifted its stance from accommodative to neutral, causing 10y G-sec yields to harden towards 7%. Rupee came under downward pressure on account of FPI outflows, rising trade deficit and fresh tensions in Middle East.
The year 2025 unfolded against a backdrop of heightened market fluctuations. Trade dynamics shifted as US tariff moves realigned global supply chains. Despite this turbulent market environment, the Company was able to raise financing across currencies and products at competitive cost for long tenors to finance capital expenditure and to refinance its scheduled maturities.
The Company tied up these facilities to refinance its JPY debt maturing during the year. The transaction witnessed participation from 10 Japanese and Taiwanese banks. This was the largest Samurai loan ever by an Indian corporate and the third-largest ever by an Asian corporate.
RIL tied up ~US$ 500 million equivalent KSURE (Korean Export Credit Agency) supported untied facilities to finance capital expenditure of the Company. This is KSURE’s first untied facility for any corporate globally.
RIL tied up ~$600 million equivalent NEXI (Japanese Export Credit Agency) supported untied facilities to finance certain expenses relating to the Company’s solar photovoltaics (PV) and battery gigafactories.
This is NEXI's first untied facility for any corporate globally. The facility has the longest average tenor for any Export Credit Agency supported facility globally.
Reliance prioritises liquidity management by maintaining a strong cash reserve to safeguard operations against sudden market volatility.
Further, by maintaining sufficient undrawn credit lines, the Group ensures it can consistently meet its short-term obligations. RIL utilises diverse trade financing and structured products to optimise its working capital.
RIL’s investment strategy is continuously refined to balance stable returns with immediate fund accessibility.
S&P raised RIL's rating from BBB+ to A- in December 2025 reflecting rising contribution from less cyclical, consumer-facing businesses resulting in improved earnings stability.
The rating upgrade will provide RIL access to new pools of capital at finer spreads.