RELIANCE Reliance Industries Ltd · Other Q4 FY26 · concall

Pattern: fuel retail losses price

Refused to commit on quick commerce ambition dark.

Fuel retail losses price — answer hedged.
Q1 fy27 procurement freight — answer hedged.
B2c network slicing mobility — answer hedged.

2 deflections · 7 weak · 8 clean — pushback across 9 of 17 Q&A turns

Focused evidence 9 of 17

Probal Sen · ICICI Securitiesweak

The second question that I had, Sir, was with respect to the fuel retail, where I think it was mentioned very clearly that we have unlike earlier occasions when margins were turned negative, operations would be curtailed. We have managed to continue our operations. But is there some sort of a level at which we sort of look at then, sort of price increases, because obviously losses are significant even for us, I would presume, in this quarter. So how are we looking at that business in terms of?

So, I think we have actually increased our sales substantially when you look at previous year versus current year, we are talking of, double digit or even 20 type of growth. So, the pain is definitely there. We are about 4% to 5% of the market like I was showing market share wise. So, there is some pain, but we have to look at the long-term picture. What we have done is we said that there would be phases when it is kind of not so good and then there would be phases when it is growing. So, what we have to look at is slightly longer term rather than just from quarter to quarter. So, while there is some pain in domestic marketing of fuels, PSUs take a fairly large burden of that because they have 95% of the share. We have a lesser share and then if we just step away from a quarter to quarter, and look at long term. Probably this is a market which will continue with the fossil fuels for maybe a longer period, let us say than Europe or some other places, which will be there. So, it is a kind of a view that we continue to supply products to domestic market we will not be making any curtailments there.

Nitin Tiwari · Phillip Capitalweak

Good evening. Thanks for the opportunity. My question is again on the refining side only. So, as you had indicated that in the month of March, in the Q4, we did see some volatility in terms of procurement, freight, and other factors. So how is the situation now in the Q1? How comfortable we are in terms of managing our procurement, freight, and other costs? And how should we see the margin environment panning out for us, particularly on both refining and petrochemical side for the rest of the year?

So, situation is still maybe I would say from worst to, has come worse, okay. It is a degree of change which is happening gradually as things return to some degree of normalcy. Having said that, we have seen cooling off if you look at the market, the cracks have cooled off significantly from what we have seen. Same way the, what should I say, the war risk, then the freight rates and also the premium on the crude like there were instances when it went up to, generally, I am talking about not specific grade or something, it went up to about $40 a barrel. Now people are talking about something which is more reasonable, maybe half that. So, there is some improvement, but I think the situation is very fluid. Nobody really knows what is going to happen. In a lighter vein, I do not know if I have to pray to God, maybe things will start improving but having said that, situation is slightly better, but it can just change. We are seeing that every day it changes. So, my guess is as good as anyone's guess here. The way we would look at it is refining is tight. The market has apprehensions of availability of product. So, we think structurally it is likely to remain reasonably strong. I would tend to say that.

Sanjesh Jain · ICICI Securitiesweak

We are not looking at anything on B2C kind of a business in the mobility?

No, even on the mobility, so you create specialized slices for different use cases. As I said, gaming will be a B2C direct to consumer offering. No, not today. You could again, you could potentially do that, the network supports it, but whether consumers need something like that, but the consumers pay a premium for that and whether that would be regulatory compliant, I think those are the things that we will need to work through.

Manish Adukia · Goldman Sachsdeflection

I have a couple of questions on retail, quick commerce first. There seems to be a fair bit of competition in the market. Horizontal e-commerce players seem to be adding a fair bit of dark stores. And of course, you have the three quick commerce players. In that scenario, how do you see the industry consolidating in the next few years and what are your ambitions about the quick commerce industry? Do you, like a dark store target, a market share target, a user target and would you be like a consolidator in the industry if the opportunity comes? That would be my first question.

See, the way we look at our stores is they are omni stores, right? Ultimately, I am looking at wallet share of the consumer, right? People have different needs, where they go for weekly or monthly shopping missions to a store and they do top up from online deliveries, right? I am using the same big box store to deliver to the customer or walk into the customer, right? Ultimately, that is what I care about. Dark stores are only meant to fill the gaps where because my network is designed for walk in. Now, if there is enough concentration at some location, we have to meet the service levels, I need to put a dark store, we put a dark store, right. So that is how we look at it. I think that we have a sufficient network right now. We have store expansion plans. Those continue and I think that will couple with how the industry grows where the demand is. We do not have a specific because we do not look at dark store or walk-in store. Frankly, every store in my network can deliver to the customer. What is the right node to service to the customer from. I do not think I would be able too early. Let us see how the industry evolves. There are quite a few players. So, we will see. We are pretty clear. For us, it is more around, looking at the wallet share of the customers and meeting their needs, right? How the industry evolves, we will all see.

Percy Panthaki · IIFLweak

Sir, my question is on retail. So, you have delivered 11% growth in retail this quarter. However, if I want to evaluate the retailing business performance on a like-for-like basis, if I deduct 75% of your RCPL sales from the base to make it comparable, it is like a 15% to 16% growth in the retailing business. Now, this has come with only a 1% increase in the square footage on a Y-o-Y basis, so, just wanted to understand that this significant increase, despite the square footage being low, is it mainly the ramp up of the quick commerce or e-commerce business or it is a good mix between a very strong SSSG at the physical stores plus the QC and e-com ramp up? The reason why I am asking this question is if I want to make a mental model for your growth in future, how do I split it in three parts, your SSSG for the physical stores, your increase in square footage and the ramp up of QC, if you can even just very roughly tell me the percentage contribution of each of these three in addition to answering the earlier question.

Sure, so one, I think I had spoken in my presentation, the impact of RCPL takes the revenue growth from 11% to 14%. There is roughly a 3% point impact because in Q4 last year, that revenue was there it has gone out right. See for the purpose of reporting we are doing SSSG because that means offline, which continue to be healthy single digits. It is also a mix issue. It depends on where the growth is coming from, because the productivity of different formats, formats vary, so difficult to extrapolate from square footage to this thing. But overall, I would say there is healthy growth in the stores, also QC and B2B are ramping up as well. Now, that is obviously reflected in the margins also. If you have looked at my margins, they have come down a bit because my hyper local deliveries are growing pretty rapidly. Internally, we look at the big box growth from the same box how much I am able to deliver, whether the customer walks in or I have to deliver, right? When we look at from our network design perspective, where is the demand and to service that demand, what do I need? Now, it is a customer preference for different need customer want to walk in or they want to just get things delivered, depending on what the requirement is the need for convenience and we do both ways, right? So, for us, it is the wallet share of the customer right. It is just from a reporting perspective, we are saying SSSG. Now, practically, if you think at it, if I am delivering, even delivering from the store, that entire sales is coming to me from that box and internally, that is how we look at it.

Pranav Kshatriya · Emkayweak

I have questions on Reliance Jio. So, the first question is, if I look at the JPL number ex of Jio, the EBITDA was somewhere between Rs. 800 Crores to Rs. 900 Crores a quarter, that has increased to almost Rs. 1300 Crores in this quarter. So, what is driving that increase? That is my first question and some color on the timelines for Jio's IPO, because we basically publicly stated that first half of 2026 is when we should expect Jio IPO. Is that timeline still old because we still not seen the DRHP? The last question, any update on the AI data center which you are planning? Thank you.

So, I will take first and on second and third Anshuman would be there. On first clearly the services which we have is a comprehensive set of services for home and enterprises. The large part of margin expansion is coming from the operating leverage here because the cost for delivering the services has not gone up. A large part of our contracts are structured like that and that is leading to the margin expansion in digital services. On your second and third question on IPO, we have a statement in today's press release as well. It is fairly imminent. We are working towards it, and we will keep you posted. A lot of the work has been done. So, we will keep you posted in the coming days and on the third question around the AI data centers. So firstly, I would like to clarify that the AI data centers are not being done in Jio Platforms Limited. They are going to be part of the intelligence business, so RIL or the intelligence entity that has already been created. We have started. There is work going on our own data centers that we need for our captive purposes as well as for our partners in Jamnagar. So that work is going on. We are also working towards our gigawatt scale data centers. And that is something that in the next few quarters, we will see more progress on and then we will update you.

Deepti Chaturvedi · CLSAweak

I have one question on the media business. So JioHotstar has five times the MAUs of Netflix. I mean, has it had a break even? That is the first question, and your linear TV has a disproportionate share in the industry. So, is the TV advertising for you still growing or it is degrowing?

Yes, on the first one, I think our overall subscription business is one part of the overall business. We have a very large and profitable entertainment business that is driven a lot by TV, to the point that you were making. And our overall profitability is a combination of all those businesses. As I mentioned to you earlier, entertainment is a very profitable business that we have and on TV we are seeing a large improvement in monetization as per some of the numbers that I showed you before. So, I think that is the momentum that we are going to see and the final performance will be a balance of those two.

Vikash Jain · CLSAweak

Thanks. Just one last on retail. When do you think this because of maybe quick commerce or whatever, the dilution in EBITDA margin, by when do you think we will get that stability? Because your EBITDA growth, again, has been just about, I think, 3% Y-o-Y so perhaps because there is more revenue and that is lower margin, so when do we reach that stage that we start getting closer to double digit EBITDA growth, if that is possible?

See, it is just a function of each business contributing. It is just a function of the mix, how quickly the offline business grows versus the quick commerce business grows versus the B2B business grows, right? It is a function of the mix. If we slow down the growth of online business, market will start improving. It is a mix as far as the online business continues to grow faster.

Aditya Suresh · Macquariedeflection

Good evening. Anshuman, I had a question for you. You are obviously seeing a lot of momentum in Jio from a subscriber perspective. Let us say 525 million that further expands. You are going to get the IPO out as well. So, if you take, let us say, a one, two-year kind of view, what does success look like for Jio in terms of financial metrics like ROIC, free cash flows, any goalposts which you can speak to?

Not really, because look, we are not going to get into forward looking and, where we want to be in a couple of years. For now, I think I will tell you what the priority areas are, but I am not going to put numbers to where we want to be in one or two years. Priority area on mobility gained some more market share because we have the network advantage, we have product advantage, and we have fairly differentiated offerings, so we would want to capitalize on that. Home is a priority for sure and that is something that we have been innovating a lot, and we have seen good pickup in experience. We have had to do some, changes in between, moving to NLOS, etc., new equipment being put on the ground, but otherwise that is growing steadily and that is a priority. Enterprises, to an extent, is a priority. We want to gain more market share there. We have a much more room to grow and gain market share there and then of course, digital services. We have launched a few in the last couple of quarters and we want them to scale up, ramp up. Those would be the priority areas. I will not get into numbers where we would like to be. But yes, they are going to be exciting times. Next couple of years is going to be very exciting for Jio.

▸ Other Q&A (8)

Probal Sen · ICICI Securities

A couple of questions with respect to the refinery operation first up. Now, my understanding is if alternate crudes continue to be sort of the only option that we have, the dispute sustains for a while longer, now the chemical composition of crudes from the US and Africa and even Venezuela are markedly different in terms of sulfur content, API and others. So, how much of distillate yield can actually change because obviously, US crudes and Venezuelan crudes are geared towards more of light distillates. I think Russian and Middle East crudes are obviously something that are more optimal from our Indian distillate yield perspective, so do you see that as a risk at all? If, those are the only crudes that are available for us?

So Venezuelan crude typically tends to be very heavy. It is a very heavy oil, and US of course is lighter crude. Canadian is heavy. Then we have South American crudes from let us say Colombia, Ecuador, which are heavy. And we have mentioned in the past that one of the unique features of our refinery is actually processing heavy crude oil. So, the re-entry of Venezuela actually is at one time, we were taking a lot of Venezuelan crude. So that is actually a positive for us. Now, what is the lookalike for the Middle East grades is actually Urals from Russia. It is a great and then from the east, there are also some lighter barrels which come from the Russian pack. So, I think we do not foresee too much of a problem in terms of the composition of crude. So, what we do in the refineries, we blend the light, medium, heavy and then process it. So, we do not see that as a constraint because Russia is very much like a lookalike to the Middle Eastern crudes. Sulfur wise and gravity wise we are okay. And we have a preference for some of these heavy barrels. So, we kind of designed to take care of that. I hope that answers.

Nitin Tiwari · Phillip Capital

Thanks Sir, one more, if I may. What percentage of our production is impacted by SAED?

See, I think the entire DTA refinery is exposed to the SAED. So, whenever SAED, like in the past SAED was introduced on gasoline, diesel, jet fuel and things like that. Like I mentioned, we are, most of the product is getting sold domestically. So, the SAED takes a different form of a discount to that. So, there is an impact on the piece, which is the domestic. No, it is not the entire, like I told you, two or three products, right now it is only diesel, only diesel, gasoline and jet. Jet is of course small; we hardly produce anything. So it is mostly on the diesel that we are experiencing.

Sanjesh Jain · ICICI Securities

One question on telecom. Anshuman, in your statement, you talked about differentiated services through network slicing. What are we looking there? And what is the opportunity in terms of increasing the realization or increasing the subscriber? How are we looking there?

So, as you know, with our SA technology, we are able to create network slices. We are already doing that for our fixed wireless offering, and which is why we have been able to do that more successfully than the other operators, give them a more consistent performance level to subscribers. Now you can stretch that, you can use the same architecture to create slices for specialized services, and these would typically start with enterprise offerings where enterprises need certain dedicated places for assurance of throughput, etc., but then these can go beyond that, gaming for instance. So, where people need higher throughputs and which they are willing to pay a premium for. So that is something that our network is ready for, but of course we have to see if the market, the regulations, etc., are also ready for those.

Manish Adukia · Goldman Sachs

And just to follow on the electronics and fashion that you talked about with the two-hour launch. So, how exactly do the network and the supply chain work in that scenario? Can the customer, for example, when they order, you would have different riders placed at different points? How is the backend supply chain working?

No so, you do not place riders anywhere. These are all gig workers, right? I have enough density in the network, right. Now, a rider who is there, I can assign him to a, if the order comes for grocery, I can assign from a grocery store. We also have limited assortment of other categories in dark stores also. But I, when I have my other let us say an electronic store, I can expose the entire grab and go assortment, right and the same rider will go and pick up from let us say the digital store and deliver to the customer. You do not have dedicated riders for a store. It is the network that polygon that you play.

Percy Panthaki · IIFL

And you have a fairly large square footage now. So, on this big base, how do you look at square foot additions like this 1% growth, which we saw this year? Was it a year of consolidation or you think that basically, now, whatever physical infrastructure you wanted to build, is largely built and from here on, it will every year be sort of a very slow growth on this?

See, we will continue to build. There's a lot of penetration to be done, especially in the tier two and beyond cities. We will continue to build the store footprint. I guess, last year, we have opened quite a few and we have closed a few - that is a regular exercise. But on net, net, you will continue to see store square footage of stores increasing. And you will also continue to see the productivity increasing.

Deepti Chaturvedi · CLSA

Anshuman, questions. First, what drove JPL growth to be higher than Jio's growth? That is the first question. And on Jio, are you expecting further acceleration and subscriber additions so that in absence of tariff hike, double digit growth continues?

So, on the first one, I am sort of feel free to add, the digital services are growing off a smaller base. So, in terms of percentage growth, you will expect to see higher growth there. We are launching more services. We have spoken about our data center offering, Meghraj, where the scale of that customer update has picked up quite a bit. Our AI cloud offering plus some of the new products we have launched, plus our enterprise offering. That is expected to grow faster, just because it is growing off a smaller base, the percentage growth will be faster. Not to say that Jio or the connectivity piece will not grow, that will also continue to grow, but you expect digital services to grow faster. And on the second one, look, there is certain organic growth which we will expect both in realizations because people will continue to use more services. People will tend to upgrade in the plans that they use and subscribe to some of the additional services that we are offering. So, you should expect some increase in the ARPU even without any tariff increases and we spoke about this 4% to 5% kind of number that we have been observing over the last few quarters. That kind of growth happens even without any tariff increases. And then of course, the subscriber growth rate will be there. We do expect to continue to gain market share in the market. We have a differentiated better offering with much better 5G than what the other operators have been able to establish. So, we do expect to gain market share in the market.

Vikash Jain · CLSA

Sorry, one question on oil and gas. So, what is known is, of course, what I meant was the downstream part. I am sorry, Sanjay. So, what is known about certain products like LPG having supply challenges, you talked about PVC having supply challenges, but beyond those obvious ones, which are the other chemical and petrochemical products where you believe availability can be a challenge if this continues? Like for example, because we are producing more LPG, are the propane-linked products that supply is getting challenged or what are the other areas where we are seeing the challenges?

Yes, partly you are right, because wherever LPG is used as a fuel those end consumption sectors are struggling. In fact, the government is now working in a very cohesive manner, they have formed what is called a joint working group. And this working group is a combination of Ministry of Petroleum, Ministry of Department of Chemicals, Petrochemicals and couple of other ministries also like food and public administration were also part of it. What this group is trying to do is to ensure that the key critical end sector requirements are not starved off for the feed stocks. And therefore, exceptions are being made from the LPG control order to ensure that these critical sectors are not starved for feed, but other than that yes there is as I said naphtha is critically short, EDC also has impacted the supplies. The biggest impact has been on methanol and that will probably have an impact on the fertilizer sector, the end sector. Natural gas has got very badly impacted because of Ras Laffan getting hit and that will also have its impact. The government is of course trying its best to ensure that the critical sectors remain unimpacted to the best extent possible.

Vikash Jain · CLSA

One small one on FMCG, revenue has been written as Rs. 22,000 Crores, but if you look at the two key brands where the revenue is given, that is only less than Rs. 7,500 Crores. What are the other big products or brands which are contributing?

So, when I talked about the Campa brand, so that was only one particular brand under the beverage category. So, our beverage category, the revenue is more than about Rs. 6,000 Crores and similarly, when I talked about Independence brand, it was one part of the category for our daily essentials. So, the other larger contributor for this whole category is daily essentials for our business right now, which is almost contributing about 40% to the revenue. So, these are the two major contributors for our revenues.

▸ Prepared remarks (5 blocks)

Sh V Srikanth 00:00:01 – 00:06:32 (Group Performance) The first 11 months seem pretty different from what happened in March and in 11 months it seemed like fastest growing economy, domestic activity was fairly robust, and from our own telecom point of view significant growth in traffic on the 5G network and so on. All the measures taken on GST rationalization, the easing rate cycle, monsoons were good and that gave broadly consumption tailwinds were decent there, energy prices also give or take, was range bound and even growth in both fuel and refined products remained steady and then you go into March. We all know the numbers almost doubling of 70% higher in some cases, even in gas it went up to double, of course the concern for everybody and all of us is the fact that the supply shock and its impact on industry and consumer confidence, that is something that as it is happening, everybody is grappling with it. Rupee depreciation obviously is an area of concern, 11% for the year and 4% just in March and the bias will be there if this situation were to persist because on the back of widening gap, these are concern areas , it all depends on what is the outcome of the war, when does the settlement happen, but were it not these are really the immediate concern areas in everybody's mind. In this context, when I just look at FY2025-26 the full year and before I go into the quarter 10% up on revenue, 13.5% on EBITDA, this of course includes the one time that we had in the sale of listed shares. Now, with the consumer businesses contributing more than 55% of EBITDA and PAT growth was also good, and I have provided the details of the standalone profitability of RIL, JPL and RRVL. So, JPL at year-on-year PAT increase is about 15% and RRVL about 12%, RIL close to 24 and this is really the mix. Overall growth 13%, digital very strong 18%, subscribers, 5G subscriptions, broadband mix, customer engagement, all these metrics are very good strong numbers . Retail 8% growth on EBITDA and this is muted because of the scale up of the hyperlocal e-commerce. Also, fashion and lifestyle demand was a bit soft. O2C up 10% despite everything and as Srini will talk through in the presentations about what happened there and Oil and Gas has been more about the fall in overall production, the reservoir reserves coming down. This I just thought, just put a five-year context. Overall is up more than 2x, but digital is again more than 2x, retail two and a half times, O2C close to two. So, in a more broader timeframe I just wanted to emphasize this more than doubling is something that we have been doing and this is again another indication. Just going into for the quarter, as you can see overall EBITDA growth is flat and actually it is about consumer. When I say consumer here I am taking both Jio and retail that is up 14%, which really negates the impact of energy, which has been lower and more on PAT has been on a quarter-on-quarter lower because of depreciation and interest on the back of the capitalization of the 5G assets, and more specifically on Oil-to-Chemicals down 4% and actually the 4% does not bring the overall context of how difficult the environment was. One, of course, last year, year back, same time the overall numbers were strong and when you look at what happened in terms of just physical inability to get crude, in fact if you see the throughput for us it was lower by 4% and just getting physical crude, the premium which was trading on top of the benchmarks, logistics cost, insurance cost, the sheer volatility that we saw there and coupled with under recoveries on fuel retailing, the introduction of SAED, there are million things which have happened in this quarter and that is what I meant by saying that 4% number really does not capture what the environment was and in that sense I am very happy or delighted to look at this performance and the quality of the performance is very strong. Oil and Gas because of gas volumes, digital services has been good, 16% on the back of subscriber additions, which was up 7.5%, and the 5G user base has been growing at about 40% and retail more broad based consumption that we have seen and the hyperscale expansion, which Dinesh will talk through in the retail presentations and this is again, same five year perspective I just thought to put that overall still net debt we have been able to keep that in control or continuing the capex vis a vis what is the cash profit , all of those trends have remained fairly strong and these numbers say that the EBITDA has been at about 0.64, which against what we have been talking about below one. Sh Anshuman Thakur 00:06:36 – 00:18:28 (Jio Platforms) Thank you Srikanth. Good evening, everyone. Update on the Jio Platforms results for the quarter and the full year. So strong double-digit growth in our digital services business, which is already a global scale business and then showing double digit growth. We ended the year with 524 million subscribers that is a net add of 36.3 million during the year and it has been fairly sustained picking up over the last couple of quarters, 268 million 5G user base, so that is an addition of 77 million during the year of 5G subscribers. That makes us our 5G subscriber base the largest outside of China, the single country operator . Number one in homes as well 27 million fixed broadband connects that was a net addition of almost 10 million during the year and 12.9 million JioAirFiber homes. So roughly 75% of the connections coming in through the AirFiber, where we are by far the largest globally with our AirFiber product across 5G and UBR. On the financial metrices, the revenue for the year at Rs.1,46,085 Crores, which was up 14.6% year-on-year, Rs.76,255 Crores of EBITDA that was almost 19% year-on-year, EBITDA margin of 52%. We saw a 190-basis points improvement there, increase there and one of the metrices we have been tracking is the amount of data consumed on the network. Total data traffic increased to 241 Exabytes for the year, around 66 Exabytes for this quarter, so that is 31% increase year-on-year. So, across all of the operating and financial metrices, we see strong growth and continue to see strong growth on these. I will just speak a bit about some of the priority areas, focus areas for us currently and as we move forward mobility continues. We have the largest market share; we are growing that business rapidly. There are a few priority areas, focus areas for us to improve the product offering and gain more market share. On the product side, the 5G premium services with our stack, we are able to offer. Now, of course, some of this is being done on a trial basis. We need to ensure that we are fully regulatory compliant, but these products are ready for the market. AI-first network being used, on our network we have been implementing a whole bunch of intelligence, AI automations, energy optimization, for example, is being done on our network and we should see good results coming out of these in the next few quarters. We have done some network innovations. Again, as you all know, we manage our own network, the core has been completely developed by us, we do a lot of innovation on the radio as well. We have been able to work on some proprietary beam form cell design, which helps us improve coverage and capacity, especially in specific locations. So, if there is a match in a stadium or there is a high traffic zone, we are able to now enhance capacity, which has always been a challenge area for operators, and we have been able to come up with our own proprietary solutions to address improve customer experience in these situations. Distribution strategy, on the 5G side working with OEMs to see how we can improve the experience for users as it take new devices, same attachment, etc., and you will hear about some of this in the market, leveraging our distribution as a digital gateway for digital platforms and services coming into the country, be it Gemini, be it JioHotstar, that continues to be a focus area, helps us improve our customer attraction, customer engagement and also gets us some more revenues, which is always welcome and also helps us in getting improving our ARPUs. On the customer experience side, you would have seen some recent third party reports, which have all rated us as the best network, multiple awards including download speed 1.8 times competition, 99.9% time on network and a very important metric which is 5G coverage experience, where third party results are showing that our users are able to access 5G services most of the time they are on the network. So, converting network leadership to premium subscriber engagement and I think just more customer engagement, just more traction with customers as they remain on the network. Homes continues to be a priority for us, we had a good year, we have now reached 27 million subscribers, almost 10 million net adds during the last 12 months, and 75% of those coming through AirFiber, which is working at scale, working really well. Last time I had spoken about the non-line-of-sight deployment that we had started doing and that is now working on the ground and in practical and with some of these things when you deploy in the field is when you sometimes which face some challenges and you need to appropriately adjust. We have done those, we have been through that, and this now further expands the addressable market from our point of view, where there were situations where line of sight was becoming a restricting factor for us. With this now working at scale and we have started upgrading the hardware in most cases, this is enabling us to now connect more sites and more premises with this new technology. So, we are very optimistic about this working at scale and will help us increase the run rate, increase the acquisition rate even more. On the bunch of activities, a lot of initiatives we have taken on the quality and assurance side, rapid technician onboarding very important because now that we were working at a scale where 25 to 30, and there are days when we are adding 50 to 60,000 homes in a day you need to have scaled technical manpower on the ground and therefore, this rapid technician onboarding is a very important consideration from our point of view, which we have been able to do. One day installation, over 90% of the installations are happening within 24 hours, of course we will strive will target to take this closer to 100% and most of the times the limiting factor again becomes the availability of a technician. It is not about the network or the infrastructure readiness.

AI checks on the KPIs so that we can keep real time, we can track those real time and take real time action and we pretty much been near zero complaints from a service quality point of view, be it fiber and also AirFiber. Enterprises, we continue to focus on this to enhance new account penetration. Our proprietary solutions, we have spoken about this in the past, but those are now commercially available in the market, being provided to our enterprise customers. Managed connectivity, where we take care of end-to-end requirements of enterprise customers, primarily with Wi-Fi, firewall, surveillance, any of their requirements and as we have told you in the past most of our customers are taking something beyond just connectivity and these kind of managed services, managed connectivity solutions are very popular with enterprise customers. The high-powered UBR last mile and being able to offer that as a cost-effective solution and in quicker time, again, very popular with enterprises. In case of dispersed locations, a lot of enterprises which have presence across multiple geographies or multiple locations, they are preparing our AirFiber solution because we are able to connect those locations in quick time and give them an integrated, standardized solution, which is quite popular. Our share of large deal wins, it is natural as well not now, but we are the largest operator, but also the fact that the large deals would tend to take more time to convert. These are longer lead cycles, but we are now seeing an increasing share in these wins, dedicated terabyte-level connectivity that we are able to offer on backbone and again the integrated solutions that we have spoken in the past about be it manufacturing, retail, BFSI, government verticals, all of which where we are seeing good, large deal wins and digital solutions manage Wi-Fi, manage compute are our solutions, which are needed by not only by large enterprises, but SMEs, small enterprises, now it is all managed compute, JioPC which we are working in partnership with SaaS players. This is again very popular with SMEs, something that is need of the hour because the computer penetration even now is low and these are AI ready kind of compute solutions, which are going to be needed increasingly, in the next few quarters you will see a lot of need coming up for these even with smaller businesses. Large enterprises of course can spend a bit more on cloud and on compute infrastructure, but even for them this is more cost effective and more efficient. Coming to the key operating matrices for the quarter on the connectivity, for the connectivity business RJIL, we ended the quarter ended the year at 524.4 million subscribers that was a net add of 9.1 million subscribers, 54% of the mobility consumers are already on 5G, they are consuming 5G services and as you saw in that third party reports when they consume 5G they are consuming 5G most of the time they are mostly on 5G. Rs.214 ARPU most of you got it right I saw some of the reports 4% year-on-year growth in ARPU, but as you all know this year there was no tariff action, this is mostly coming in from organic routes. Per capita data consumption increased to 42.3 GB per month, and this continues to see very healthy growth, and we are expecting this to keep growing like this with more use cases coming in now within AI-enabled use cases, people watching media of course continues to be very popular and the monthly churn rates also reducing. So, all in all, all operating metrics is doing quite well and in line with what we would have expected, but the traction is building up more. Financials for RJIL connectivity business, healthy steady growth Rs.33,381 Crores for the last quarter, EBITDA of Rs.18,771 Crores, so EBITDA margin improving to 56.2%, 230-basis point increase over the year in the EBITDA margin and revenue growing by 11.2% year-on-year. Of course, some of the JPL revenues are growing faster than this, but this continues to show very high, very steady growth and even without a tariff increase. So, this is growth coming from new customers and more utilization by the customers. The results for JPL both quarterly and the full year are given here. So operating revenues of Rs.38,259 Crores that is a 12.6% growth year-on-year, EBITDA grew to Rs.20,060 Crores, 17.9% year-on-year and PAT at 7,935, 13% growth year-on-year. On full year results, on the right column there Rs.1,46,885 Crores as a revenue, Rs.76,255 Crores EBITDA and we crossed Rs.30,000 Crores in PAT not necessarily a milestone, but it feels good to have crossed another 30,000 number. With that, I will hand over to Dinesh to take you through the results for the retail business. Sh Dinesh Taluja 00:18:33 - 00:28:05 (Retail) Good evening, everyone. On the retail business, we had a pretty strong quarter. For the quarter, we had the highest ever revenues of Rs.98,000 Crores. In fact, normally Q3 is the strongest quarter for any retailer, but this time Q4 our revenue was even marginally higher than Q3, so overall, very good performance, 11% growth on a Y-o-Y basis for the full quarter. Now, if you recollect, RCPL business was demerged out in the last quarter adjusted for that, the growth is almost 14%, for the full year the growth is 12% and if you exclude RCPL demerger the growth would be even higher. EBITDA came in at Rs.6,900 Crores, EBITDA margin is at 7.9%. Hyperlocal commerce continues to grow pretty steadily. We had a 30% growth in average daily orders on a quarter-on-quarter basis, and 300% growth on a Y-o-Y basis. The number of registered customers continues to show healthy trend with a 11% growth Y-o-Y, the transactions have grown 1.93 billion for the full year, which is a 39% growth. So, if you look at the 12% growth in revenue versus 39% growth in transactions, that is because of the high frequency quick commerce orders. We opened 333 total new stores during the quarter and crossed the milestone of 20,000 stores during this quarter. Overall revenue, as I was saying, the highest ever revenue in EBITDA in the history of the company, revenue was at Rs.98,000 Crores, EBITDA at Rs.6,900 Crores and PAT at Rs.3,500 Crores. Sh Ashutosh Goyal 00:28:18 - 00:33:02 (FMCG) Thank you. Good evening, everyone. From an FMCG business perspective, we closed our revenue of Rs.22,000 Crores in 2026 and for the Q4 alone, we delivered a revenue of Rs.7350 Crores, both these are two times growth on the similar period for the last year. In terms of Campa brand, we delivered a revenue of Rs.4700 Crores making it fourth largest carbonated soft drink brands in the country in a very short span of time. Independence our essential brand delivered a revenue of Rs.2600 Crores for the year and became one of the most promising and trusted brand in the country. Our package drinking water business is growing and scaling up very fast right now, and we have become third largest water player in the country. We started following into our international business last year, and this year we have our presence in 40 countries. In terms of the category performances, we saw categories growing across the board. So, beverages grew by about 3.2 times over the last year, and this was primarily led by the supply chain expansion and strong execution in the market. In terms of daily essentials, we grew by about 1.6 times over the last year led by our brand Independence and certain new acquisitions like Udhaiyam and Manna. Sh Ishan Chatterjee 00:33:17 – 00:42:16 (JioStar) Hi everyone. I will walk through the details of the JioStar business now. We had a very strong Q4, and I would like to call your attention to maybe two things on this page. The first is the sheer scale that JioStar is now operating at. As you can see from the slide, we achieved a monthly active user reach of 550 million people in March, and that was driven by a very strong lineup of sports, but also on the entertainment side. On the sports side, the big property that we had, as you can see on the right-hand side, is the T20 World Cup. We also, in the T20 World Cup, broke a world record for the maximum number of concurrent streams at the same time, at 72.5 million, the previous record was held by a global company that the record was 65 million across the globe, across multiple markets. We did 72.5 million in India alone during the World Cup. The other thing I wanted to call out was, if you look at the chart that you see in the middle of the page, even when we do not have marquee cricket like World Cup, you can see that we are hitting on average now, a steady number of over 400 million MAUs, which is a reflection of the scale of our platform. The second thing that I wanted to call out from this last quarter is that we made foundational bets on technology and on AI driven technologies, in particular, to make sure that we are competitive in a very increasingly technology-led marketplace. Sh Karan Suri 01:09:54 – 1:13:48 (New Energy) Thank you so much. For the New Energy let me actually this time, will start from the revenue first. We had a very significant event in the last quarter where we have signed probably one of the world's largest green ammonia supply contract with Samsung C&T. This effectively demonstrates the confidence that the off-takers have in our integrated green energy and green chemicals ecosystem. And the development work, which is already happening on the ground. This is one of the very one of the first supply contracts that we have signed and obviously we are in advanced discussions with the number of off-takers from Japan, Korea and Europe. So, you will see more announcements. Walking backwards effectively from revenue, there is a significant work which is now happening on our generation site at the Kutch where we are developing this solar generation around the clock renewable energy generation complex, which is progressing rapidly. The entire land development project development work is progressing. The detailed engineering work is already at full speed for the entire 12 parcels of 5.3 lakh acres of land. Sh Sanjay Barman Roy 01:14:00 – 01:20:15 (Exploration & Production) Good evening, everyone. Let me just give you a recap of the quarter gone by. So, the production was pretty steady. Essentially, we are still managing the decline. It is much lower than what we had envisaged but there is a decline. We had expected about 12% to 14% decline as against that we are getting about, we are being able to manage it to 8% decline. So that is reflected in the production figures. Overall, if you look at it on the EBITDA number as well as EBITDA margins, now EBITDA margins are slightly lower than the previous quarters only because in terms of the operating costs, they have been slightly higher.

10% up on revenue, 13.5% on EBITDA, this of course includes the one time that we had in the sale of listed shares. Now, with the consumer businesses contributing more than 55% of EBITDA and PAT growth was also good, and I have provided the details of the standalone profitability of RIL, JPL and RRVL. So, JPL at year-on-year PAT increase is about 15% and RRVL about 12%, RIL close to 24 and this is really the mix. Overall growth 13%, digital very strong 18%. Retail 8% growth on EBITDA. O2C up 10% despite everything.

On the financial metrices, the revenue for the year at Rs.1,46,085 Crores, which was up 14.6% year-on-year, Rs.76,255 Crores of EBITDA that was almost 19% year-on-year, EBITDA margin of 52%. We saw a 190-basis points improvement there, increase there. Total data traffic increased to 241 Exabytes for the year, around 66 Exabytes for this quarter, so that is 31% increase year-on-year. Financials for RJIL connectivity business, healthy steady growth Rs.33,381 Crores for the last quarter, EBITDA of Rs.18,771 Crores, so EBITDA margin improving to 56.2%, 230-basis point increase over the year in the EBITDA margin and revenue growing by 11.2% year-on-year. The results for JPL both quarterly and the full year are given here. So operating revenues of Rs.38,259 Crores that is a 12.6% growth year-on-year, EBITDA grew to Rs.20,060 Crores, 17.9% year-on-year and PAT at 7,935, 13% growth year-on-year. On full year results, on the right column there Rs.1,46,885 Crores as a revenue, Rs.76,255 Crores EBITDA and we crossed Rs.30,000 Crores in PAT.

For the quarter, we had the highest ever revenues of Rs.98,000 Crores. 11% growth on a Y-o-Y basis for the full quarter. Adjusted for RCPL demerger the growth is almost 14%. EBITDA came in at Rs.6,900 Crores, EBITDA margin is at 7.9%. Overall revenue was at Rs.98,000 Crores, EBITDA at Rs.6,900 Crores and PAT at Rs.3,500 Crores.

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