In Q3FY25-26 Reliance Industries Limited (RIL) reported sales ₹2,64,905 crore up 10.38% year-on-year (y-o-y), driven by growth across digital services, oil-to-chemicals (O2C) and retail segments. Operating profit was ₹46,018 up 5.09% y-o-y. Operating profit margin (OPM) was 17.37% down 87bps (basis points). Net profit was ₹ 18,645 crore up 0.57% y-o-y. Net profit margin (NPM) was 7.04% down 69bps y-o-y.
Segment-wise Performance
Digital Services (Jio Platforms)
The digital services segment delivered strong performance with revenue rising 12.7% to ₹37,262 crore. Profit after tax increased 11.2% to ₹7,629 crore, while earnings before interest tax depreciation and amortisation (EBITDA) grew 16.4% to ₹19,303 crore.
EBITDA margin improved by 170bps to 51.8%, supported by higher average revenue per user (ARPU) and operating leverage. ARPU increased to ₹213.7 from ₹203.3 in the year-ago quarter, aided by higher customer engagement. The segment added 8.9 million (million) net subscribers during the quarter, with monthly churn remaining stable at 1.8%.
Retail
The retail segment reported revenue growth of 9.2% to ₹86,951 crore, while profit after tax rose modestly by 2.7% to ₹3,551 crore. EBITDA increased 1.3% to ₹6,915 crore, though EBITDA margin declined by 60bps to 8%.
During the quarter, RIL completed the demerger of its consumer products division. Reliance Retail expanded its footprint with 431 new store openings, taking the total count to 19,979 stores with 78.1mnsqft (million square feet) of operational area. The registered customer base reached 378mn.
Oil-to-Chemicals (O2C)
The O2C segment recorded revenue growth of 8.4% to ₹1,62,095 crore. EBITDA rose 14.6% to ₹16,507 crore, with EBITDA margin improving by 60bps to 10.2%. Exports from the segment declined 1.2% to ₹66,830 crore.
EBITDA improvement was driven by higher transportation fuel cracks and sulphur realisation, partially offset by weakness in downstream chemical margins and elevated feedstock freight rates. Reliance BP Mobility Limited operated 2,125 fuel retail outlets as of 31 December 2025, up from 1,865 a year earlier.
Oil and Gas
The oil and gas segment faced headwinds with revenue declining 8.4% to ₹5,833 crore. EBITDA fell 12.7% to ₹4,857 crore, while EBITDA margin contracted by 410bps to 83.3%. The decline was attributed to lower volumes and price realisation for gas and condensate from the KG-D6 block, along with higher operating costs due to maintenance activities.
Other Highlights
For the nine months ended 31 December 2025, RIL reported consolidated revenue of ₹7,77,054 crore and net profit attributable to owners of ₹63,804 crore. Other income for the nine-month period included ₹8,924 crore from proceeds of sale of listed investments.
The company redeemed listed unsecured non-convertible debentures worth ₹1,650 crore and listed secured non-convertible debentures worth ₹1,000 crore during April-December 2025.
New Energy Initiatives
RIL reported progress on its new energy initiatives, with the company on track to commission a fully integrated 10GW (gigawatt) per annum solar manufacturing facility, with plans to scale up to 20GW annual capacity. Construction is underway for 40GW-hour annual battery energy storage system assembly and cell manufacturing facilities, with phased commissioning planned during the year.
Management Commentary
"Reliance's consolidated performance in Q3FY26 reflects consistent financial delivery and operational resilience across businesses," said Mukesh Ambani, chairman and managing director. "Reliance is entering a new phase of value creation with its initiatives in the artificial intelligence and New Energy domains."
The financial results were reviewed by the audit committee and approved by the board of directors at their respective meetings held on 16 January 2026. The statutory auditors conducted a limited review of the results.
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