---
endpoint: analytics
pattern: 02 · Company fundamentals
status: done
latency_ms: 110449
conversation_id: aa234d68-4b6f-4c8b-b9bd-e78e5b91fdfd
citations: 4
created: 2026-05-31 16:54:25Z
---

# What is Reliance's segment-level revenue mix for FY25?

## Reliance Industries — FY25 Segment Revenue Mix (Consolidated, Year Ended 31-Mar-2025)

Reliance reports under **four principal operating segments** plus an "Others" bucket: Oil-to-Chemicals (O2C), Oil & Gas (Upstream E&P), Retail, and Digital Services [4].

### Primary Segment Information — FY25 (₹ crore)

| Segment | External Turnover | Gross Revenue (incl. inter-seg) | Revenue from Operations (Net of GST) | % of External Turnover | % of Net Revenue |
|---|---:|---:|---:|---:|---:|
| **Oil to Chemicals (O2C)** | 6,25,928 | 6,26,921 | 6,05,006 | **58.4%** | **61.7%** |
| **Retail** | 3,26,872 | 3,30,943 | 2,91,043 | **30.5%** | **29.7%** |
| **Digital Services (Jio)** | 50,318 | 1,54,119 | 1,31,336 | **4.7%** (external) / 14.4% gross | **13.4%** (net) |
| **Oil and Gas (E&P)** | 19,957 | 25,211 | 24,881 | **1.9%** | **2.5%** |
| **Others** | 48,099 | 55,859 | 49,749 | **4.5%** | **5.1%** |
| **Total** | **10,71,174** | **10,71,174** | **9,80,136** | 100% | 100% |

Inter-segment turnover of **₹1,21,879 cr** was eliminated to arrive at the gross total of ₹10,71,174 cr [1][2].

### Segment EBIT (Result before Interest & Taxes) — FY25 (₹ crore)

| Segment | EBIT | % of Total Segment EBIT |
|---|---:|---:|
| **O2C** | 47,257 | 38.6% |
| **Digital Services** | 39,717 | 32.4% |
| **Retail** | 19,070 | 15.6% |
| **Oil and Gas** | 15,840 | 12.9% |
| **Others** | 530 | 0.4% |
| **Unallocable** | (3,024) | — |
| **Total** | **1,19,390** | 100% |

Finance cost of ₹24,269 cr and interest income of ₹10,896 cr yielded **Profit before Tax** of ₹1,06,017 cr [1].

### Geographic Mix (Secondary Segment) — FY25 External Turnover

| Geography | FY25 (₹ cr) | FY24 (₹ cr) | YoY |
|---|---:|---:|---:|
| Within India | 6,86,534 | 6,49,864 | +5.6% |
| Outside India | 3,84,640 | 3,50,258 | +9.8% |
| **Total** | **10,71,174** | **10,00,122** | **+7.1%** |

Source: Note 37 Segment Information, FY25 Consolidated Notes [4].

### Key Observations

- **O2C remains the largest revenue contributor** at ~58% of external turnover and ~62% of net revenue, but its share of segment EBIT (38.6%) is lower than its revenue share — reflecting structurally thinner refining/petrochemical margins versus consumer/digital businesses.
- **Digital Services punches well above its weight in profitability** — only ~4.7% of external turnover but **32.4% of segment EBIT**, driven by Jio's high-margin telecom/connectivity revenue mix. Gross Digital Services revenue (incl. inter-segment) of ₹1,54,119 cr is roughly 3x its external turnover, reflecting heavy intra-group services delivered to other Reliance entities [2].
- **Retail at ~30%** of external turnover but only **15.6% of EBIT** — characteristic low-margin/high-volume retail economics.
- **Oil & Gas (E&P, KG-D6)** is small in revenue (~2%) but contributed **12.9% of segment EBIT** — high upstream margins on gas production.
- **FY25 net revenue (₹9,80,136 cr) was up ~7.2%** versus FY24 net revenue of ₹9,14,472 cr [1].

### Segment Definitions [4]

- **O2C**: Refining, Petrochemicals, fuel retailing (via Reliance BP Mobility), aviation fuel, bulk wholesale marketing. Spans transportation fuels, polymers, polyesters, elastomers.
- **Oil and Gas**: Exploration, development and production of crude oil and natural gas (primarily KG-D6 block).
- **Retail**: Consumer retail and related services (Reliance Retail).
- **Digital Services**: Range of digital services (Jio Platforms — wireless, FTTH, enterprise).
- **Others**: Media, financial services adjacencies, and other non-reportable segments.

---
**Sources**
[1] Reliance Industries Ltd. (500325-IN) — Integrated Annual Report FY2024-25 (Note 37, Primary Segment Information, ₹ in crore — Consolidated Financial Statements for the year ended 31-Mar-2025)
[2] Reliance Industries Ltd. — Annual Report FY2024-25, Notes to Consolidated Financial Statements (inter-segment turnover elimination ₹1,21,879 cr)
[3] Reliance Industries Limited — Q4/Year-Ended Audited Consolidated Segment Information press release (Quarter & Year Ended 31-Mar-2025)
[4] Reliance Industries Ltd. — Annual Report FY2024-25, Note 37 (V) Secondary Segment Information & segment definitions

## Citations

- [1] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [2] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external
- [3] **Reliance Industries Limited - Q4 2025.pdf** · external
- [4] **Reliance Industries Ltd. (500325-IN) - Annual Report for period end 31-Mar-2025 (English) - PDF** · external

