◆Altys · Research, Explained

One company.
Four different engines.

Reliance by segment. The biggest seller is not the best earner.

Revenue, one quarter Segment margin
₹1,60,600 cr
9% margin
Oil to Chemicalsrefining + petchem
₹90,000 cr
6% margin
Retailstores + commerce
₹42,700 cr
52% margin
Jiodigital services
₹6,100 cr
83% margin
Oil and Gasupstream

Rank by revenue and the order is one thing.
Rank by margin and it flips.

The takeaway

Revenue is not
where profit lives.

Map a company by segment before you value the whole.

Reliance segment disclosure, quarter ended Sep 2025. Public data. Educational only, not investment advice.

altys.ai · tryaltys.ai/blog