On April 28, 2025, Reliance Industries Limited (RIL), the powerhouse behind everything from Jio’s blazing-fast internet to sprawling retail stores across India, dropped its fourth-quarter results for the fiscal year 2024-25 (January-March 2025). The numbers were impressive, and the market responded with a cheer: RIL’s stock skyrocketed, posting its best day in nearly a year. Let’s unpack what happened, why it matters, and how Reliance’s latest moves are keeping investors buzzing.
A Strong Quarter That Beat the Odds
Reliance pulled in a hefty ₹2.64 lakh crore ($31 billion) in revenue for the quarter, a solid 9.9% jump from ₹2.39 lakh crore a year ago. That’s no small feat in a world where global markets are jittery and energy prices are a rollercoaster. The company’s profit after tax climbed 6.1% to ₹22,434 crore, blowing past what analysts had predicted (around ₹19,407 crore). For the full year, Reliance raked in nearly ₹10 lakh crore in revenue and a profit of ₹80,787 crore, proving it’s got the muscle to keep growing even when times are tough.
The company also shared some love with shareholders, announcing a ₹5.5 per share dividend (pending approval), a nod to its confidence in keeping the cash flowing. But what really got people talking was how Reliance’s different businesses—think oil refineries, Jio’s 5G network, and those shiny new retail stores—came together to drive this success.
The Stars of the Show: Jio, Retail, and More
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Jio Platforms: The Digital Dynamo
Jio, Reliance’s telecom and digital arm, is like the cool kid who keeps leveling up. Its net profit soared 26% to ₹7,022 crore, thanks to higher mobile tariffs and a growing appetite for its home broadband and 5G services. Jio added 6.1 million new subscribers, bringing its total to a jaw-dropping 488.2 million. The average user is now spending ₹206.2 per month, a sign that Jio’s premium offerings, like AirFiber and JioHome, are hitting the mark. With 5G rolling out and 18 million homes connected to Jio’s broadband, it’s clear this business is on fire.
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Reliance Retail: Shoppers Can’t Get Enough
If you’ve stepped into a Reliance store or ordered from JioMart lately, you’re part of this story. Reliance Retail brought in ₹88,620 crore in revenue, a 15.7% leap from last year, fueled by festive shopping sprees and 1,085 new stores popping up across India. From Campa cola gaining a double-digit market share to the JioStar platform (born from the Viacom18-Star India merger) captivating 760 million viewers monthly, Reliance is redefining how Indians shop and chill. The retail arm’s EBITDA grew 14.3% to ₹6,711 crore, showing it’s not just about sales—it’s about smart growth.
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Oil to Chemicals: Grit in Tough Times
The Oil to Chemicals (O2C) business, which includes Reliance’s massive refineries, had a mixed bag. Revenue climbed 15.4% to ₹1.65 lakh crore, thanks to strong domestic demand and higher volumes. But low margins in chemicals, a global issue, put some pressure on profits. Still, Reliance’s team worked magic by tweaking operations and cutting costs, keeping the segment steady.
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Oil and Gas: A Smaller Slice
The Oil and Gas segment saw a 5.2% revenue dip to ₹6,370 crore, mainly because of lower output from the KG D6 block. But don’t count it out—this business still delivered its best-ever annual EBITDA, thanks to earlier production boosts.
Big Moves for the Future
Reliance isn’t just resting on its laurels. The company’s board greenlit raising up to ₹25,000 crore through bonds, a sign it’s gearing up for big bets—think more solar panels, green hydrogen projects, or maybe even fancier Jio tech. Speaking of new energy, Reliance snapped up Kandla GHA Transmission Limited for ₹20 crore to support a 3GW green hydrogen project, doubling down on its eco-friendly ambitions.
In a family-business twist, Anant M. Ambani was named Executive Director for five years starting May 1, 2025, ensuring the next generation is ready to steer the ship. Mukesh Ambani, the chairman, summed it up nicely: “Our Oil to Chemicals business held strong despite crazy energy markets... Retail kept shining, and Jio’s broadband is winning hearts across India.”
The Stock Market Goes Wild
When the results hit, investors couldn’t get enough. On April 28, RIL’s stock soared 5.27% to close at ₹1,366 on the NSE, its biggest daily gain since June 2024. That pushed the company’s market cap to a staggering ₹18.45 trillion, cementing its status as India’s corporate kingpin. Oh, and Reliance made history as the first Indian company to cross ₹10 lakh crore in net worth—talk about a flex!
Wall Street’s Indian cousins were all in. Firms like Motilal Oswal and Nomura slapped “Buy” ratings on the stock, with Goldman Sachs earlier predicting a 28% upside. But not everyone was popping champagne. Some folks on X pointed out the profit growth was “meh” at 2.4%, with one user joking it was “less than my savings account interest.” RIL’s U.S. ADR even closed in the red, hinting at mixed global vibes. Still, the stock’s technicals looked solid, cruising past its 200-day moving average, a bullish sign for traders.
What’s Not Perfect?
No story’s complete without a few bumps. The O2C segment’s slim margins, thanks to a global chemical glut, are a headache. Reliance’s net debt, while down to ₹1.15 lakh crore, is still a big number, though its debt-to-EBITDA ratio improved to a comfy 0.6. The company spent ₹32,259 crore on new projects in Q4 alone, which is great for growth but could pinch profits in the short term.
Why This Matters
Reliance’s results aren’t just numbers—they’re a snapshot of India’s economic pulse. Jio’s keeping us connected, Retail’s making shopping fun, and the green energy push shows Reliance is thinking about tomorrow. With whispers of a Jio IPO later this year and more tariff hikes on the horizon, the company’s got plenty of tricks up its sleeve.
For everyday Indians, Reliance’s success means more jobs, better tech, and maybe even cheaper solar power down the road. For investors, it’s a reminder that this giant knows how to deliver, even when the world’s throwing curveballs. Sure, there are risks—global trade wars, oil price swings—but Reliance’s knack for balancing its businesses makes it a bet worth watching.