Reliance Industries’ Q3 FY26 results show healthy revenue growth, largely driven by Jio, but overall profits remained under pressure due to higher costs and slower performance in retail and oil & gas segments.
New Delhi: Reliance Industries Limited (RIL), the biggest company in India by market value, released its financial results for the October–December 2025 quarter today. Operating revenue grew a healthy 11% from last year to ₹2,69,496 crore, beating what the market had expected. However, profits told a different story. Net profit stayed almost flat at ₹18,645 crore, missing analyst estimates. The numbers show a clear contrast—while businesses like digital services and oil-to-chemicals performed well, pressure from the retail segment and upstream oil and gas weighed on overall profit growth.
Reliance’s total gross revenue rose 10% from last year to ₹2,93,829 crore, largely helped by stronger performance in its consumer businesses. Operating profit (EBITDA) also improved, growing 6.1% year-on-year to ₹50,932 crore. However, higher costs ate into margins, which slipped to 17% from 18% a year ago. On a quarter-on-quarter basis, the picture was modestly better, with net profit up 2.6%, revenue higher by 4%, and EBITDA edging up slightly by 0.3%.
Market analysts had expected net profit of around ₹19,271 crore and revenue of ₹2,57,038 crore. While revenue was higher than expected, profit did not meet estimates. Higher expenses and weaker performance in some segments affected the bottom line, even though the festive season usually supports sales.
Key Financial Snapshot (All Consolidated Figures)
| Metric | Q3 FY26 | Q3 FY25 | YoY Change | Q2 FY26 | QoQ Change | Analyst Estimate |
|---|---|---|---|---|---|---|
| Net Profit (₹ crore) | 18,645 | 18,535 | +0.6% | ~18,165 | +2.6% | 19,271 |
| Revenue from Operations (₹ crore) | 2,69,496 | 2,43,865 | +11% | ~2,59,000 | +4% | 2,57,038 |
| Gross Revenue (₹ crore) | 2,93,829 | ~2,67,000 | +10% | N/A | N/A | N/A |
| EBITDA (₹ crore) | 50,932 | 48,003 | +6.1% | ~50,780 | +0.3% | 47,997 |
| EBITDA Margin (%) | 17 | 18 | -70 bps | ~18 | -100 bps | 18.7 |
Reliance also continued to invest heavily in its businesses. Capital spending for the first nine months of FY26 stood at ₹1,31,107 crore. Most of this was spent on expanding 5G networks, green energy projects, and strengthening the retail business.
Business-wise Performance
Digital Services (Jio Platforms):
Jio was the clear bright spot in the quarter. Its net profit climbed 11.3% to ₹7,629 crore, while strong customer demand pushed gross revenue up 12.7% to ₹43,683 crore. Revenue from operations grew 13% and operating profit (EBITDA) jumped a healthy 16.4% to ₹19,303 crore.
This growth was driven by more users moving to 5G and using more data. Average revenue per user rose 5.1% to ₹213.7, with customers consuming an average of 40.7 GB of data every month. Jio’s subscriber base expanded to 515.3 million after adding 8.9 million new users during the quarter. The number of 5G users crossed 250 million, JioAirFiber reached 11.5 million homes, and total home connections went past 25 million. Importantly, customer exits stayed under control, with churn steady at 1.8%.
Retail (Reliance Retail):
Reliance Retail had a softer quarter compared to earlier periods. Gross revenue grew by about 9.6–10% year-on-year to around ₹90,018 crore, slower than the 18% growth seen earlier. Heavy spending on quick-commerce and intense competition in online retail weighed on profitability, keeping EBITDA growth limited to the mid-single digits.
Oil-to-Chemicals (O2C):
This segment performed well. EBITDA rose about 15–16% compared to last year, helped by better refining margins and higher production levels. This provided strong support to the company’s overall performance.
Oil & Gas (Upstream):
Results were weak in this segment. Lower production and pressure on prices reduced gains from other businesses.
Management View and Outlook
Reliance Chairman Mukesh Ambani described the quarter as the start of a “new chapter” for the company. He said RIL is focusing more on artificial intelligence and new energy businesses to drive future growth. He also highlighted continued investment in clean energy and expanding digital services. Analysts continue to talk about possible IPOs of Jio or the retail business to unlock value, though no timeline has been announced.
Before the results were released, Reliance shares ended the day nearly unchanged at ₹1,457.90 on the NSE, down just 0.06%. As focus shifts to the fourth quarter and the state of the world economy, market experts anticipate little movement in the near future.
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