A mixed bag of a year for Reliance Industries

A critical fiscal year has come to an end for India’s largest behemoth, Reliance Industries Ltd.

Many records were set in 2025-26, celebrated in RIL’s earnings release: 

• Consolidated annual revenue came in at a record Rs 11,75,919 crore, up 9.8% year-on-year.
• Consolidated EBITDA—earnings before interest, taxes, depreciation and amortization—stood at Rs 207,911 crore, up 13.4% YoY, another record.
• Consolidated profit after tax (PAT), at Rs 95,610 crore, was up 18.3% YoY—also a record.

In the midst of all these records lies buried a listless quarterly performance. For the March quarter, EBITDA, PBT and PAT were down 0.3%, 6.6%, and 8.1% …