Reliance Industries Ltd (RIL), India’s most valuable listed company, has surged back into the market spotlight as it enters May 2025 on a wave of strong quarterly results and bold strategic moves.
The conglomerate’s shares have rallied over 12% so far this year, outpacing the broader market and fueling optimism for a potential re-rating in the coming financial year.
Q4 FY25 Results Beat Expectations
Reliance Industries delivered a robust performance in the March quarter, with consolidated net profit rising 6.4% year-on-year to ₹22,434 crore. Revenue from operations climbed nearly 10% to ₹2.64 lakh crore, surpassing analyst forecasts and reflecting healthy growth across its oil-to-chemicals (O2C), retail, and digital services businesses.
The O2C segment, long the company’s core, posted a 15.4% jump in revenue, benefiting from improved demand for petroleum products despite global margin pressures. Reliance Retail continued its rapid expansion, recording a 15.6% increase in revenue and further strengthening its position as India’s largest retailer.
Jio Platforms, the digital arm, added 6.1 million subscribers in the quarter, taking its total base to 488.2 million and posting a 25.7% rise in net profit, driven by tariff hikes and subscriber growth.
Market Reaction: Shares at Multi-Month Highs
Investors responded enthusiastically to the results, with RIL shares jumping over 5% on the day of the announcement-the best single-day performance since mid-2024.
The stock closed at ₹1,422.40 on May 2, 2025, its highest level since October last year, and the company’s market capitalization soared to ₹18.5 lakh crore.
Brokerages have raised their price targets, with some projecting levels as high as ₹1,720, citing the company’s diversified growth engines and improving earnings outlook.
Strategic Shifts and Leadership Changes
Reliance’s transformation from an energy-centric conglomerate to a digital and consumer powerhouse is gathering pace.
The company is ramping up investments in new energy, including solar, green hydrogen, and battery storage, with these segments expected to become key growth drivers over the next three to four years. In retail, Reliance is betting big on fashion, consumer brands, and quick-commerce, aiming to capture a greater share of India’s consumption story.
A notable leadership update saw Anant Ambani appointed as Executive Director effective May 1, 2025, signaling a generational shift and continuity in the company’s long-term vision.
The board also approved plans to raise ₹25,000 crore through non-convertible debentures, bolstering its financial flexibility for future expansion.
Outlook: Poised for a Big Re-Rating in FY26
Analysts believe Reliance Industries is at an inflection point. With heavy capital expenditure cycles in Jio winding down and new growth levers in place, the company is expected to return to a higher earnings growth trajectory.
Morgan Stanley and Goldman Sachs project double-digit earnings growth in both the O2C and retail divisions, with further upside from digital and new energy initiatives.
Despite the strong rally, RIL’s current valuations still offer headroom for further gains, especially as the market anticipates value unlocking in Jio Platforms and continued traction in green energy.
While macro risks such as geopolitical tensions and global demand remain, Reliance’s diversified business model and strategic pivots position it as a bellwether for India’s next phase of economic growth.
As the new week begins, Reliance Industries stands firmly in focus, with investors watching closely for the next wave of announcements that could shape both the company’s and the market’s trajectory in FY26 and beyond.