Reliance Industries Becomes First Indian Firm to Cross $124 Billion Revenue Mark

Reliance Industries Limited has achieved a historic milestone by surpassing $124 billion (around ₹10 lakh crore) in annual revenue for FY 2025–26. This makes it the first Indian company to reach such a scale, reinforcing its dominance across multiple sectors and highlighting its transformation into a global business powerhouse.

A Landmark Achievement for Indian Industry

Reliance Industries’ record-breaking revenue marks a defining moment in India’s corporate journey. Crossing the $124 billion threshold places the conglomerate among the world’s largest companies, reflecting its scale, operational strength, and diversified business model.

The company also reported a net profit exceeding $10 billion for the fiscal year, underlining strong profitability alongside revenue growth. This dual achievement showcases Reliance’s ability to maintain financial discipline while expanding aggressively across sectors.

Under the leadership of Mukesh Ambani, Reliance has evolved far beyond its origins. Founded in 1966 by Dhirubhai Ambani as a textile trading firm, the company has transformed into a multi-sector conglomerate with a global footprint.

Business Pillars Driving Growth

Reliance’s success is built on three primary verticals—Digital Services, Retail, and Oil-to-Chemicals (O2C). Each segment has contributed significantly to the company’s growth trajectory.

Digital Services: Transforming India’s Connectivity

The Digital Services segment, led by Jio Platforms, continues to be a major growth driver. Since its launch in 2016, Jio has revolutionised India’s telecom sector by offering affordable data services and rapidly expanding network infrastructure.

By March 2026, Jio’s subscriber base had grown to over 524 million users, including approximately 268 million 5G subscribers. This reflects the rapid adoption of next-generation connectivity across the country.

The segment recorded an impressive 18% year-on-year growth in EBITDA, driven by strong subscriber additions and increasing usage of digital services. Jio’s expansion into fixed broadband through JioAirFiber is another key development, aiming to deliver high-speed internet to millions of homes and businesses without extensive fibre deployment.

Additionally, Jio has built a robust digital ecosystem that includes platforms such as JioCinema, JioSaavn, and JioMart, along with emerging initiatives in artificial intelligence and cloud computing. These offerings not only diversify revenue streams but also enhance customer engagement.

Reliance Retail: Expanding Consumer Reach

Reliance Retail has emerged as India’s largest retailer, playing a crucial role in the company’s overall performance. The segment reported steady growth, supported by its extensive physical and digital presence.

By the end of FY26, Reliance Retail operated more than 20,000 stores across the country, serving a massive customer base of 387 million. The company recorded nearly 2 billion annual transactions, highlighting its strong consumer engagement.

Its omnichannel strategy integrates physical stores with digital platforms like AJIO and JioMart, creating a seamless shopping experience. A notable innovation is the ‘New Commerce’ model, which digitises local kirana stores and integrates them into Reliance’s supply chain network.

This approach not only enhances efficiency but also extends the company’s reach into smaller towns and rural markets, strengthening its position in India’s fast-growing retail sector.

Oil-to-Chemicals Business: Stability Amid Volatility

Reliance’s Oil-to-Chemicals (O2C) segment remains a cornerstone of its operations. Despite global challenges such as fluctuating crude prices and geopolitical tensions, the segment demonstrated resilience with a 10% year-on-year growth in EBITDA.

The business includes world-class refining and petrochemical assets, supported by strong logistics and supply chain infrastructure. Reliance has effectively managed market volatility by optimising feedstock sourcing and diversifying crude supply.

At the same time, the company is focusing on sustainability by adopting circular economy practices and working towards its ambitious goal of achieving net carbon zero emissions by 2035.

Strong Financial Performance Across Metrics

For FY 2025–26, Reliance Industries reported a consolidated EBITDA of $21.9 billion and a net profit of $10.1 billion. This level of profitability surpasses the combined earnings of major Indian IT companies like Tata Consultancy Services, Infosys, and HCL Technologies.

Such performance highlights Reliance’s diversified revenue streams and its ability to outperform across sectors.

Future Growth: Betting Big on New Energy

Looking ahead, Reliance is investing heavily in new energy initiatives, which are expected to become a key growth pillar. The company is focusing on areas such as green hydrogen, solar manufacturing, and advanced battery storage technologies.

These investments align with global sustainability trends and India’s push for clean energy transition. By building capabilities in renewable energy, Reliance aims to secure long-term growth while contributing to environmental goals.

A Global Conglomerate with Long-Term Vision

Reliance Industries’ journey from a textile business to a global conglomerate is a testament to its strategic vision and adaptability. Its diversified operations, strong financial performance, and forward-looking investments position it as a leader not only in India but also on the global stage.

The company’s ability to innovate, scale, and diversify has been key to its sustained success. With continued focus on digital transformation, consumer markets, and clean energy, Reliance is well-positioned to maintain its leadership in the years ahead.

Conclusion

The $124 billion revenue milestone marks a historic achievement for Reliance Industries and sets a new benchmark for Indian corporations. It reflects the company’s scale, resilience, and strategic execution across multiple sectors.

As Reliance continues to expand into new areas while strengthening its core businesses, it remains a symbol of India’s growing economic strength and global ambitions.