India’s two largest business groups are pursuing very different strategies for their next phase of growth.
Reliance Industries Ltd (RIL) is expanding around consumer businesses and new energy. Adani Enterprises Ltd (AEL), meanwhile, is building and scaling infrastructure platforms across airports, roads, data centres, mining and green hydrogen.
Both companies offer exposure to long-term themes. But the nature of that opportunity is very different.
Reliance’s earnings are increasingly consumer-driven
Reliance has evolved beyond its traditional oil and petrochemicals business. Today, the company operates across:
- Oil-to-Chemicals (O2C)
- Oil and Gas
- Jio Platforms
- Retail
- FMCG
- Media
- New energy
In FY26, the company reported:
- Revenue of Rs. 11,75,919 crore, up 9.8 percent.
- EBITDA of Rs. 2,07,911 crore, up 13.4 percent.
- PAT of Rs. 95,754 crore, up 17.8 percent.
Consumer businesses now contribute more than 55 percent of consolidated EBITDA, reducing Reliance’s dependence on energy cycles.
However, Q4FY26 was less robust.
- Revenue rose 12.9 percent to Rs. 3,25,290 crore.
- EBITDA remained largely unchanged at Rs. 48,588 crore.
- PAT fell 8.9 percent to Rs. 20,589 crore.
Higher finance costs and depreciation linked to 5G investments weighed on profitability.
Jio remains Reliance’s biggest growth engine
Jio Platforms ended FY26 with:
- More than 524 million subscribers.
- Over 268 million 5G users.
- Fixed broadband connections of 27 million.
- JioAirFiber homes of 12.9 million.
Data traffic during FY26 increased 30.8 percent to over 241 exabytes.
Financially, Jio delivered:
- Revenue of Rs. 1,46,885 crore.
- EBITDA of Rs. 76,255 crore.
- EBITDA margin of 51.9 percent.
- PAT of Rs. 30,049 crore.
Retail and new energy add another layer of growth
Reliance Retail reported EBITDA of Rs. 27,034 crore, up 8 percent.
The company continues to invest in:
- JioMart.
- Quick commerce.
- Store expansion.
- B2B distribution.
Another long-term bet is new energy.
Reliance is building an integrated solar manufacturing chain covering:
- Modules.
- Cells.
- Wafers.
- Ingots.
- Polysilicon.
- Glass.
Its Kutch project is linked to plans for 125-150 GW peak solar generation capacity over time.
Energy businesses still matter
Despite the growing contribution from consumer businesses, O2C remains a major cash generator.
FY26 O2C numbers showed:
- Revenue of Rs. 6,62,401 crore.
- EBITDA of Rs. 60,546 crore.
But the segment faced pressure from:
- Weak chemical margins.
- Higher logistics costs.
- Fuel retail under-recoveries.
- Policy risks.
- Crude-related volatility.
Oil and Gas EBITDA declined to Rs. 19,050 crore from Rs. 21,188 crore.
Adani Enterprises is entering the monetisation phase
Unlike Reliance, Adani Enterprises acts as an incubator for new businesses.
Its portfolio includes:
- Airports.
- Roads.
- Green hydrogen.
- Data centres.
- Mining services.
- Copper.
- Petrochemicals.
FY26 performance included:
- Total income of Rs. 1,02,943 crore, up 3 percent.
- EBITDA of Rs. 16,464 crore, down 2 percent.
- PAT attributable to owners of Rs. 9,339 crore, up 31 percent.
The March quarter was weaker. The company reported a loss of Rs. 221 crore due to higher depreciation from recently commissioned assets.
Airports are becoming a key earnings driver
Adani Airports operates eight airports, including Navi Mumbai International Airport.
During FY26:
- Total income rose 28 percent to Rs. 13,081 crore.
- EBITDA jumped 55 percent to Rs. 5,394 crore.
The airport platform accounts for:
- Around 23 percent of India’s passenger traffic.
- About 29 percent of air cargo volumes.
Green energy, roads and data centres add to growth
Adani New Industries reported:
- Total income of Rs. 15,563 crore.
- EBITDA of Rs. 4,532 crore.
Operationally:
- Module sales rose 15 percent to 4,904 MW.
- Wind turbine generator deliveries increased 41 percent to 231 units.
Other developments included:
- Completion of the Ganga Expressway.
- Expansion of AdaniConnex data centres to 55 MW operational capacity.
- More than 560 MW of tied-up data centre capacity.
Mining services provide a steady base
Mining operations continue to support earnings.
FY26 figures showed:
- Dispatch volume of 49.4 MMT.
- Revenue of Rs. 4,536 crore.
- EBITDA of Rs. 1,986 crore.
The company currently has:
- 18 MDO contracts.
- Peak capacity of 145 MMTPA.
Capex remains elevated
Adani Enterprises expects FY27 capex of around Rs. 40,000 crore.
Investments are planned across:
- Airports.
- PVC.
- Mining.
- Metals.
- Natural resources.
- New industries.
Management expects Navi Mumbai Airport, Ganga Expressway and Kutch Copper to contribute more than Rs. 3,000 crore of EBITDA in the next fiscal year.
At peak levels, these businesses could add Rs. 6,000-6,800 crore of EBITDA.
Two different opportunities
The investment case for the two companies is built around different strengths.
Reliance Industries
Strengths:
- Diversified earnings base.
- Strong cash flows.
- Profitable growth businesses.
- Lower dependence on any one segment.
Risks:
- Large size makes rapid growth difficult.
- Heavy investments are raising finance costs.
- Energy businesses remain exposed to global cycles.
Adani Enterprises
Strengths:
- Large infrastructure pipeline.
- Several businesses entering the monetisation stage.
- Potential for value creation from new assets.
Risks:
- Higher capex requirements.
- Execution risks.
- Greater dependence on successful asset ramp-up.
For investors seeking stability and established earnings drivers, Reliance offers a more diversified model.
Adani Enterprises, on the other hand, represents a higher-risk, higher-growth story where the pace of execution and monetisation will determine returns.
TL;DR
Reliance Industries and Adani Enterprises are building future growth through different models. Reliance is relying on Jio, retail and new energy, while Adani Enterprises is expanding across airports, roads, green hydrogen and data centres. Reliance offers greater diversification, while Adani provides higher-growth infrastructure exposure.
AI Summary
- Reliance reported FY26 revenue of Rs. 11.76 lakh crore and PAT of Rs. 95,754 crore.
- Consumer businesses contribute over 55% of Reliance’s EBITDA.
- Adani Enterprises posted FY26 income of Rs. 1.03 lakh crore and PAT of Rs. 9,339 crore.
- Airports, roads and green hydrogen are emerging growth drivers for Adani.
- Reliance offers diversified earnings, while Adani represents a higher-growth infrastructure play.
