Telecom, data, oil or retail, where is Mukesh Ambani making the most money from? This report will surprise you because…

Reliance Industries Limited (RIL) has long been known for its oil, gas, and oil-to-chemical business. But with time, things have changed. Today, Reliance is becoming more of a technology-driven company rather than just an energy giant. The company’s results for the first quarter of financial year 2025–26 (Q1 FY26) show a major shift in its earnings pattern. Reliance is now earning more money from its telecom, digital services, and retail business than from its traditional oil and gas operations. So, where is the company making most of its money now?

Reliance Industries record-breaking earnings

In Q1 FY26, Reliance reported a record EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs. 58,024 crore and a net profit of Rs. 30,783 crore. For the past few quarters, there were signs that Reliance’s revenue sources were slowly changing and in this quarter, the shift became even clearer.

Now, instead of relying mainly on oil and gas, Reliance is seeing more profits from its Jio (telecom), digital platforms, and retail stores. These new-age businesses are driving the company’s growth and reshaping its identity.

Reliance Industries EBITDA breakdown for Q1 FY26

Telecom leads the way

Reliance’s telecom and digital arm, Jio Platforms Ltd, reported an EBITDA of Rs. 18,312 crore, which makes up about 32 per cent of the company’s total EBITDA.

Jio’s 5G user base has now crossed 200 million, and its home broadband users have reached 20 million. The company’s ARPU (Average Revenue Per User) has also gone up to Rs. 208.8, showing a 14.9 per cent increase compared to the same time last year.

Retail business grows stronger

Reliance Retail Ventures Ltd (RRVL) posted an EBITDA of Rs. 6,381 crore, which is 12.7 per cent higher than the same quarter last year. In this quarter alone, Reliance Retail earned ₹84,171 crore in revenue and opened 388 new stores across the country. Its customer base has also grown to 358 million (35.8 crore).

Oil-to-chemicals business steady

Reliance’s Oil-to-Chemicals (O2C) segment, which used to be the biggest contributor to the company’s revenue and profit for many years, recorded an EBITDA of Rs. 14,511 crore in the latest quarter. This is a 10.8 per cent increase compared to the same time last year.

However, the revenue from this segment dropped by 1.5 per cent. On the positive side, fuel sales through Jio-bp went up, which helped improve profit margins.

Oil & gas segment sees a decline

Reliance’s traditional oil and gas business, once its core identity, reported an EBITDA of Rs. 4,996 crore, which is a 4.1 per cent drop year-on-year. The company was impacted by lower production from the KG-D6 gas field and falling prices of CBM (Coal Bed Methane) gas. Revenue from this segment also dipped by 1.2 per cent.

Still, the EBITDA margin for the segment remained strong at 81.9 per cent, meaning the company is keeping its costs in check despite lower income.

Data is the new oil for Reliance

For Reliance Industries Limited (RIL), data has now become the new oil. The company is earning more and more money from its digital and data-driven services. This clearly shows that Reliance is changing its strategy and moving away from just oil and gas, and becoming more technology- and customer-focused.

What did Mukesh Ambani say about the future of Reliance?

After the release of the quarterly results, Mukesh Ambani, Chairman and Managing Director of Reliance, said in a statement: “Reliance is fully committed to supporting India’s growth through inclusive development, technological innovation, and energy transformation.”

He added that looking at how the business is performing, he is confident that Reliance will continue doubling in size every 4–5 years, just like it has done in the past.

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