This report does not constitute a rating action. SINGAPORE (S&P Global Ratings) July 24, 2025--Reliance Industries Ltd.'s growing presence in digital services will improve its earnings quality. Increased earnings contributions from this stable business will protect the India-based conglomerate from currently volatile global macroeconomic conditions. We expect the share of earnings from Reliance Industries' domestically-centered businesses such as digital services and retail to rise to about 60% by the end of fiscal 2026 (ending March 31, 2026), from about 45% in fiscal 2022. These businesses tend to have more predictable performances than the company's cyclical oil and gas-related businesses. Reliance Industries' results for the first quarter ended June 30, 2025, exceeded our expectations, with the company reporting EBITDA of Indian
