Reliance Industries Becomes First Indian Firm to Surpass ₹10 Lakh Crore in Total Equity

Mukesh Ambani-led Reliance Industries has become the first Indian company to surpass a total equity of over Rs 10 lakh crore. The announcement came following the release of its Q4 financial results. Previously, Reliance had also achieved the distinction of being the first Indian firm to hit a market capitalisation of Rs 20 lakh crore.

Q4 FY25 Performance Overview

For the January-March 2025 quarter, which marks the fourth quarter of the FY25 financial year, Reliance Industries reported a consolidated net profit of Rs 19,407 crore. This marks a 2.4% year-on-year increase compared to Rs 18,951 crore in the same period last year. The company also showed a sequential profit rise from Rs 18,540 crore reported in the October-December quarter.

Revenue Growth Across Businesses

Revenue from operations climbed to Rs 2.6 lakh crore in Q4 FY25, up from Rs 2.4 lakh crore in Q4 FY24. This growth was supported by a strong performance in the telecom and retail sectors.

Telecom Segment Drives Growth

Jio Platforms Ltd, Reliance’s telecom and digital services arm, posted a 26% year-on-year increase in Q4 profit at Rs 7,022 crore. For the entire fiscal year, Jio’s profit stood at Rs 26,120 crore, up 22%. The telecom segment saw robust growth in all key metrics: data consumption, data minutes, ARPU (average revenue per user), and total subscriber count.

The subscriber base rose to 488.2 million from 482.1 million in Q3 FY25. ARPU increased to Rs 206.2 from Rs 203.3 in the previous quarter and Rs 181.7 in the same quarter last year.

Retail Arm Sees Robust Expansion

Reliance Retail Ventures Ltd reported a 29% year-on-year growth in profit at Rs 3,545 crore. The company opened 238 new stores during the quarter, bringing the total count to 19,340. Despite this, operational area fell slightly by 2.1% to 77.4 million square feet, due to rationalisation of underperforming stores. The segment benefited from rising customer footfall and improved quick commerce activity.

Oil-to-Chemicals (O2C) Business Faces Margin Pressure

The company’s oil-to-chemicals (O2C) business reported a 10% decline in EBITDA for Q4 FY25, amounting to Rs 15,080 crore. For the full fiscal year, EBITDA dropped 12%. This was attributed to lower fuel cracks and weaker polyester chain margins. However, Reliance mitigated the impact by increasing domestic fuel sales.

Fuel Retail Sees Volume Growth

The joint venture Jio-bp, a fuel retail business with BP of the UK, witnessed a 24.4% rise in diesel sales and a 25.4% increase in petrol sales during the quarter.

Oil and Gas Business Impacted by Lower Output

The oil and gas segment reported an 8.6% decline in pre-tax profit to Rs 5,123 crore, mainly due to reduced output from the KG-D6 fields. Average daily production in Q4 stood at 26.73 million standard cubic metres of gas and 19,000 barrels of oil.

Mukesh Ambani’s Commentary on FY25

Reliance Chairman Mukesh Ambani described FY25 as a challenging year globally, marked by weak macroeconomic conditions and geopolitical volatility. Despite these challenges, he highlighted Reliance's commitment to operational excellence, innovation, and nation-building efforts.

He noted the resilience of the O2C business despite significant pressures in energy and downstream chemical markets. Ambani praised the company’s ability to optimise feedstock and operations to capture margins across its integrated value chains.

Conclusion

Reliance Industries’ consistent performance across diverse verticals, including telecom, retail, and oil & gas, continues to reinforce its leadership position in the Indian corporate landscape. Crossing the Rs 10 lakh crore equity milestone underlines the group's financial strength and long-term strategic vision.