Reliance Industries Limited (RIL) reported a gross revenue of Rs.1,071,174 crore. while net profit after tax and share of associates also grew 2.9 per cent to Rs.81,309 crore (~$9.5 billion). For the fourth quarter (January–March 2025), RIL’s gross revenue climbed 8.8 per cent Y-o-Y to Rs.288,138 crore. Capital expenditure during Q4 stood at Rs.36,041 crore ($15.3 billion).

Reliance Retail Ventures Limited (RRVL) recorded a gross revenue of ₹330,870 crore (~$38.7 billion) in FY25, representing a 7.9 per cent Y-o-Y growth. EBITDA grew 8.6 per cent to ₹25,053 crore, with the EBITDA margin on net sales improving by 20 basis points Y-o-Y to 8.6 per cent. Annual depreciation increased by 7.7 per cent to ₹5,996 crore, while finance costs fell 4.1 per cent.

In Q4 FY25, RRVL reported a 15.7 per cent Y-o-Y increase in revenue to ₹88,620 crore (~$10.4 billion). Operational EBITDA rose 14.6 per cent to ₹6,510 crore with an operational margin of 8.3 per cent. Overall EBITDA for the quarter reached ₹6,711 crore, up 14.3 per cent, with margins at 8.5 per cent. Depreciation for the quarter decreased by 3.4 per cent to ₹1,402 crore, while finance costs remained steady.

Operationally, Reliance Retail continued its expansion with 2,659 new store openings during the year. After rationalisation, the company operated 19,340 stores covering 77.4 million square feet. The registered customer base grew 14.8 per cent Y-o-Y to 349 million, while total transactions rose 10.6 per cent to 1.39 billion. In Q4 alone, 1,085 new stores were launched, and 361 million transactions were recorded—a 16.1 per cent Y-o-Y increase. Digital Commerce and New Commerce channels contributed 18 per cent to total revenue during the quarter.

The Fashion & Lifestyle segment maintained robust momentum during local festivals and the wedding season. Trends stores are transitioning to the digitally enabled Trends 3.0 format. In-house brands such as Netplay and Avaasa supported a 9 per cent Y-o-Y growth in contribution.

Ajio, Reliance Retail’s fashion and lifestyle e-commerce platform, added 1.9 million customers in Q4 and expanded its product portfolio by 44% Y-o-Y to 2.4 million options. Same-day and next-day delivery were introduced in 26 cities. The launch of Shein on Ajio and a successful ‘All Star Sale’ helped onboard over 600,000 new customers. Ajio Luxe, the premium arm, now offers over 800 brands through an omni-channel strategy.

Meanwhile, margins in the polyester chain fell to 2 decade lows, with the average chain margin declining to $451/MT in FY25. PX margins over naphtha dropped by 35% due to oversupply, though MEG margins improved by 46%.