Reliance Q3 results: On Friday, January 16, Mukesh Ambani’s Reliance Industries (RIL) announced a roughly 2% year-over-year (YoY) increase in its consolidated earnings to ₹22,167 crore for the December quarter of the current fiscal year (Q3FY26). The firm made ₹21,804 crore in profit during the same quarter of the prior fiscal year.
Reliance Q3 Results Overview
The company’s owners’ net profit increased 0.60% year over year to ₹18,645 crore from ₹18,540 crore in the same period the previous year.
For the quarter under review, the oil-to-telecom-to-retail conglomerate’s consolidated revenue from operations was ₹2,69,496 crore, up 10.51% from ₹2,43,865 crore in the same period previous year.
Profit, Revenue and Debt Snapshot
In terms of market capitalization, India’s biggest company’s consolidated EBITDA was ₹50,932 crore, up 6.1% YoY, while its EBITDA margin decreased by 70 basis points YoY to 17.3% for Q3FY26. By the end of the quarter, the company’s net debt was ₹1,17,102 crore, up from ₹1,15,465 crore at the end of Q3FY25 and ₹1,18,545 crore at the end of Q2FY26.
Reliance Q3 performance for 2026: five salient points
📊 Reliance Q3FY26 Financial Highlights
- Consolidated Profit: ₹22,167 crore (↑ 2% YoY)
- Revenue: ₹2.69 lakh crore (↑ 10.5% YoY)
- EBITDA: ₹50,932 crore (↑ 6.1% YoY)
- EBITDA Margin: 17.3%
- Net Debt: ₹1,17,102 crore
1. Jio Platforms: Overall expansion
In the December quarter, the segment’s profit climbed 11.2% YoY to ₹7,629 crore, while its operating revenue jumped 12.7% YoY to ₹37,262 crore.
Due to increased sales and improved margins, EBITDA also saw a remarkable 16.4% YoY rise to ₹19,303 crore. With increased ARPU and operational leverage, the EBITDA margin increased by 170 basis points year over year to 51.8%.
ARPU and Subscriber Growth
Due in part to promotional offers for limitless 5G and fixed broadband services, ARPU (average revenue per user), or the income it generated, on average, from each user over a given time, grew to ₹213.7 from ₹211.4 QoQ and ₹203.3 YoY.
With a net subscriber acquisition of 8.9 million throughout the quarter, the business reports that monthly churn remained steady at 1.8%. With a 16.4% increase in EBITDA, the company had a strong financial performance, according to Reliance Industries Chairman and Managing Director Mukesh D. Ambani.
2. Retail: There is still pressure on margins
While profit increased by 2.7% YoY to ₹3,551 crore, revenue from operations experienced a robust 9.2% YoY growth to ₹86,951 crore. EBITDA margin fell by 60 basis points YoY to 8%, while EBITDA climbed by 1.3% YoY to ₹6,915 crore.
During the quarter, the consumer goods division’s demerger was noteworthy. With 431 new store openings, Reliance Retail increased the number of stores in its network to 19,979, with 78.1 million square feet of operating space. The number of registered clients increased to 378 million.
Consumer Products Demerger Impact
“This quarter, the consumer goods company’s demerger took effect. Reliance Chairman said, “The consumer goods sector is moving forward on its rapid development trajectory with a disciplined organizational structure, with a large and diversified product basket spanning from traditional Indian names to new age labels.”
3. Chemicals derived from oil (O2C): Healthy margin growth
The segment’s revenue increased by 8.4% year over year to ₹1,62,095 crore. On the other hand, exports fell 1.2% year over year to ₹66,830 crore. EBITDA margin increased by 60 basis points YoY to 10.2%, while EBITDA increased 14.6% YoY to ₹16,507 crore.
According to the business, the segment’s EBITDA increased as a result of increased sulfur realization and a substantial rise in transportation fuel cracking. Higher feedstock freight rates and poor downstream chemical margins, however, somewhat offset it.
Fuel Cracks and Mobility Expansion
According to the corporation, favorable ethane cracking economics and domestic market placements continued to sustain profitability. According to the firm, Reliance BP Mobility Limited (RBML), which operates under the Jio-bp brand, has 2,125 stores countrywide, up from 1,865 in Q3FY25.
4. Gas and oil: Higher operational costs and lower sales reduce margin
During the quarter, revenue dropped by 8.4% year over year to ₹5,833 crore. EBITDA margin dropped by 410 basis points to 83.3%, while EBITDA fell 12.7% year over year to ₹4,857 crore.
Lower volumes and price realization for KGD6 gas and condensate were the main causes of the revenue decline. Lower sales and increased operational expenses from repair operations caused EBITDA to drop.
5. Update on New Energy
⚡ Reliance New Energy Expansion Update
- Solar Manufacturing: 10 GWp giga factory on track
- Expansion Plan: Scale up to 20 GWp capacity
- BESS Capacity: 40 GWh annual production
- Status: Construction in full swing
- Commissioning: Phased rollout during the year
According to the firm, it plans to expand to a 20 GWp annual capacity and is on schedule to launch its fully integrated 10 GWp annual solar production mega plant.
Additionally, the business said that work is on to establish our 40 GWh yearly BESS assembly and cell manufacturing mega facilities, with commissioning scheduled at different stages throughout the year.
Frequently Asked Questions
1. What was the overall performance of Reliance Industries in Q3FY26?
Strong performance in Jio Platforms and consistent growth in retail and O2C businesses were the primary drivers of Reliance Industries’ approximately 2% YoY improvement in consolidated profit to ₹22,167 crore and 10.5% YoY increase in sales to ₹2.69 lakh crore.
2. In terms of profit growth, which segment made the most contribution?
With 12.7% YoY revenue growth and 16.4% YoY EBITDA growth, Jio Platforms was the largest contributor. This growth was fueled by increased ARPU, subscriber additions, and enhanced operational leverage.
3. Why were Reliance Retail’s margins still under strain?
Despite strong revenue growth and store expansion, retail margins were affected by increased operational expenses and competitive pricing, which resulted in a 60 bps YoY reduction in EBITDA margin.
4. What was the performance of the Oil-to-Chemicals (O2C) industry?
Despite poor chemical margins, the O2C business produced good margin expansion, with EBITDA reaching 14.6% YoY due to higher fuel cracking and sulfur realisations.
5. How far along is Reliance’s New Energy business?
In addition to establishing 40 GWh battery energy storage (BESS) giga factories with staggered commissioning scheduled throughout the year, Reliance is on pace to commission a 10 GW solar manufacturing giga factory that can be expanded to 20 GW.
Conclusion
Strong growth in Jio Platforms and increased profitability in the O2C sector helped Reliance Industries produce a solid Q3FY26 result. The company’s rapid development in New Energy demonstrates its long-term commitment on sustainable and future-ready companies, despite pressure on retail margins and oil and gas revenues.
All things considered, RIL is well-positioned for consistent growth and wealth creation in the next years thanks to its varied business and ongoing investments.
Disclaimer: This content is for informational purposes only and should not be considered financial or investment advice. Please consult a qualified financial advisor before making any investment decisions.
