Reliance Industries Ltd (RIL) once again proved why it remains one of the most closely watched stocks during India’s earnings season. While heavyweights like Tata Consultancy Services (TCS), Infosys, HDFC Bank, and ICICI Bank have already announced their quarterly numbers, investor attention was firmly fixed on Reliance Industries and its March quarter earnings.
Despite reporting numbers that fell short of market excitement, brokerages remain overwhelmingly bullish on the Mukesh Ambani-led conglomerate, reaffirming their confidence in the stock’s long-term growth story.
Leading brokerages, including Motilal Oswal Financial Services, Morgan Stanley, Elara Capital, Nuvama Wealth Management, and Emkay Global Financial Services, have maintained their ‘Buy’ or ‘Outperform’ ratings on the stock, with some projecting an upside of as much as 27 per cent from current levels.
Reliance Industries Q4 Result
RIL reported a 12.5 per cent year-on-year decline in net profit for the March quarter, as weakness in its core oil-to-chemicals (O2C) business weighed on overall performance.
The global energy downturn impacted refining and petrochemical margins, offsetting the steady gains seen in its consumer-facing businesses, telecom and retail.
The company posted a consolidated net profit of Rs 16,971 crore in the January to March quarter of FY26, compared to Rs 19,407 crore in the same period last year.
While the headline profit disappointed some investors, one milestone stood out, and it was a historic one. For the first time ever, Reliance Industries crossed the USD 10 billion mark in annual profit after tax (PAT), with FY26 PAT reaching USD 10.1 billion.
How big is USD 10 billion?
This is not just a corporate milestone; it is a scale few companies in India have ever achieved.
To understand the magnitude: even if someone spent USD 1 million every single day, it would take nearly 27 years to spend USD 10 billion. That is the kind of wealth we are talking about, generational, nation-scale capital that goes far beyond personal fortune or even conventional corporate success.
In fact, USD 10 billion is larger than the annual GDP of several small countries, underlining the sheer financial muscle of India’s most valuable conglomerate.
| Country | GDP (USD bn) |
| Montenegro | 9.2 |
| Liechtenstein | 9.0 |
| Barbados | 8.0 |
| Yemen | 7.9 |
| Maldives | 7.7 |
| Burundi | 6.9 |
| Fiji | 6.0 |
| Suriname | 4.7 |
| Bhutan | 3.5 |
| Seychelles | 2.3 |
This comparison puts Reliance’s annual profit into perspective, its yearly earnings alone are bigger than the economic output of multiple sovereign nations.
This is precisely why, despite near-term earnings pressure, brokerages continue to remain optimistic. Investors are not just buying quarterly numbers, they are buying into the scale, resilience, and future growth engine of Reliance Industries.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
