Reliance Industries reported ₹18,645 cr net profit, a marginal 0.6% YoY growth
Consolidated revenue hit ₹2.69 lakh cr, surging 10.25% driven by consumer verticals
Reliance Jio posted an 11.2% profit jump, with ARPU rising to ₹213.7 this quarter
Reliance Q3 FY26 Results: Net Profit Flat at ₹18,645 Cr, Revenue Surges 10.5% to ₹2.69 Lakh Cr
Festive demand and higher ARPU lift consumer arms, but squeezed EBITDA margin and mixed oil-to-chemicals results temper the beat
Reliance Q3 FY26 Results
Summary
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Reliance Industries Ltd on Friday reported a mixed set of results for the December quarter, with strong contributions from its consumer-facing businesses helping lift revenue even as operating margins narrowed and the oil-to-chemicals (O2C) segment delivered uneven performance. The Mukesh Ambani-led conglomerate posted a consolidated net profit of ₹18,645 crore for Q3 FY26, while consolidated revenue rose to about ₹2.69 lakh crore.
Consumer Business Drove Q3 Growth
Consumer businesses were the main growth drivers during the quarter. Reliance Retail benefited from festive-season demand, posting near single-digit revenue growth as both physical stores and digital channels saw higher footfalls and transactions. The improved consumption environment helped offset pressure in other parts of the group’s portfolio.
At the consolidated level, EBITDA increased year-on-year, but margins contracted, indicating that cost pressures and business mix partly offset operating leverage. Reliance also continued to deploy capital across strategic projects and network expansion, while maintaining healthy cash balances and a relatively modest net-debt-to-EBITDA ratio.
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Jio’s Performance
Reliance Jio also delivered a strong showing, with earnings supported by tariff hikes and rising adoption of 5G services. Average revenue per user increased meaningfully during the quarter, translating into double-digit growth in Jio’s reported earnings and a higher EBITDA contribution from the digital services business.
In contrast, the O2C business showed a mixed trend. While volumes and revenue improved on the back of higher throughput and feedstock flexibility, refining and petrochemical margins remained volatile. Management pointed to weaker fuel cracks and commodity price swings as factors that continued to weigh on profitability, keeping earnings visibility in the segment uneven.
The quarter highlighted the group’s shifting earnings profile, with retail and telecom now playing a more central role in supporting profitability as the legacy energy business remains exposed to global commodity cycles.
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