The Mukesh Ambani‐led conglomerate reported its Q4FY25 results. Investors had a smile on their faces: consolidated net profit came in at about ₹19,407 crore, slightly up from last year, and revenue rose to around ₹2.64 lakh crore. Reliance’s earnings beat expectations, sparking a rally. RIL hit an intraday high of ₹1,374.9 on the BSE, up 5.7%, adding roughly ₹1 trillion to its market value. Let’s look at the key numbers which brought this surge!
What’s behind the rally?
It boils down to the Q4 numbers. Reliance reported a 2.4% year-on-year rise in net profit for Jan–Mar FY25. Revenue from operations climbed nearly 10% YoY to about ₹2.64 lakh crore. The results beat analyst forecasts (Street consensus was around ₹18,471 crore), and the board recommended a healthy final dividend of ₹5.50 per share.
| Q4 FY25 Metrics | Value |
| Revenue | ₹2.64 lakh crore (up 10% YoY) |
| Net profit | ₹19,407 crore (up 2.4% YoY) |
| Dividend | ₹5.50 per share for FY25 |
These figures show that even with a tough global backdrop, Reliance kept earning more than before. For context, its stock had dipped to around ₹1,114 in early April, so this earnings beat gave the Reliance Industries share price a nice lift and helped the Sensex rally 600 points today.
Also read: Shriram Finance share price crashes after Q4 results
Jio and retail are powering the gains
Digging into businesses explains why earnings were stronger. The telecom arm, Reliance Jio, and the Retail arm both had great quarters. Jio Platforms posted a 26% jump in net profit to ₹7,022 crore. This was thanks to tariff hikes and more subscribers: Jio added 6.1 million new users in Q4, and its ARPU (average revenue per user) hit ₹206. In short, customers are paying more and there are more of them – both good for the bottom line. Reliance Jio also saw an 18% rise in EBITDA, reflecting its strong digital services growth.
Retail was another standout. Reliance Retail Ventures Ltd reported a 29-30% jump in quarterly profit (about~₹3,519 crore) and revenue growth of around 16%. The retail team credits this to better efficiencies, new store formats, and tech investments.
On the flip side, the oil-to-chemicals (energy) segment struggled. Refining and chemical margins were weak, so O2C EBITDA fell about 10% YoY. Oil & Gas revenue dipped slightly and EBITDA was down 9%. Still, the strength in retail and telecom more than made up for it.
You may also read: Cyient Q4 profit falls nearly 10% despite modest revenue rise
Analysts remain upbeat
Brokerage reports quickly highlighted these wins. Most still rate the stock a buy. For example, Citi Research kept a “Buy” call with a target price of ₹1,520, noting the good retail recovery and long-term upsides like 5G monetisation and value unlocking at the upcoming AGM.
Nuvama Institutional Equities was even more bullish, lifting its target to ₹1,708. It sees Reliance’s new energy push and refining margins as keys, and expects the new energy segment to add up to 50% to profit in time.
Similarly, Nomura (buy, TP ₹1,650) and JP Morgan (overweight, TP ₹1,530) praised the results. Nomura pointed to three near-term triggers: ramping up new energy businesses, more Jio tariff hikes, and a possible Jio IPO or listing. JP Morgan applauded retail’s 16% growth in revenue and profit. Even Macquarie (outperform, TP ₹1,500) said Jio remains the main earnings driver, while retail momentum is picking up rapidly.
In other words, analysts’ Reliance Industries stock analysis is generally positive. Many have raised their target price for the share after the Q4 beat. That’s reassuring for investors who follow the Reliance Industries share news: the narrative is growth beyond oil, with telecommunications and retail fueling the rally.
You may also like: SBI Life Insurance Q4 results analysis
Looking ahead: New energy and Jio IPO on the radar
What about the road ahead? Management and analysts both point to big things coming. On the earnings call, CFO Srikanth noted Reliance has built a 1 GW solar module line and is aiming for a 10 GW-per-year solar factory in Jamnagar. This is the push into “new energy” – a mix of solar, battery factories, green hydrogen, etc. Broking houses are hyped: as Nomura and Nuvama said, new energy ramp-up is a key trigger for future profits.
Another catalyst: Jio’s future. Analysts keep talking about Jio’s eventual IPO/listing. The benefits are twofold – the jump in Jio’s valuation and the release of cash for Reliance. Citi’s note mentioned upcoming value-unlocking news at the AGM, while Nomura explicitly called a potential Jio IPO a near-term trigger. Investors love this idea because Reliance’s massive net worth (over ₹10 lakh crore!) is partly made up of Jio’s value.
Put simply, the story is: Reliance’s core energy business might remain a bit dull for now, but its tech and retail arms are on fire – and that has lifted the Reliance Industries share price. The management is steering the company into clean energy and new businesses, and analysts are confident these will fuel more growth.
Conclusion
Reliance Industries’ Q4FY25 results tell a powerful story, not of massive one-time wins, but of steady growth across digital, retail, and energy segments, combined with clear plans for the future. With revenue and profit both growing, strong momentum in Jio and Retail, and new energy ambitions getting serious, the company has managed to excite both investors and analysts.
The surge in Reliance Industries’ share price is a reflection of how markets are not just reacting to the past quarter but also buying into the company’s future roadmap. With talks of Jio IPO, tariff hikes, and green energy growth, Reliance seems to be positioning itself smartly for the next decade.
