Reliance Q3 results: From profit, revenue to New Energy update— 5 key highlights from RIL Q3 earnings

Reliance Q3 results: Mukesh Ambani-owned Reliance Industries (RIL), on Friday, January 16, reported a nearly 2% year-on-year (YoY) rise in its consolidated profit to ₹22,167 crore for the December quarter of the current financial year (Q3FY26). In the corresponding quarter of the previous financial year, the company's profit was ₹21,804 crore.

Net profit attributable to owners of the company rose 0.60% YoY to ₹18,645 crore from ₹18,540 crore in the same quarter last year.

Consolidated revenue from operations of the oil-to-telecom-to-retail conglomerate stood at ₹2,69,496 crore for the quarter under review, up 10.51% from ₹2,43,865 crore in the same quarter last year.

Consolidated EBITDA of India's largest company in terms of market capitalisation stood at ₹50,932 crore, up 6.1% YoY, while EBITDA margin shrank by 70 bps YoY to 17.3% for Q3FY26.

The company's net debt by the end of the quarter stood at ₹1,17,102 crore compared to ₹1,15,465 crore by the end of Q3FY25 and ₹1,18,545 crore by the end of Q2FY26.

Reliance Q3 results 2026: 5 key highlights

1. Jio Platforms: All-round growth

The segment's revenue from operations increased 12.7% YoY to ₹37,262 crore, while profit rose 11.2% YoY to ₹7,629 crore in the December quarter.

EBITDA also saw an impressive 16.4% YoY growth to ₹19,303 crore, driven by higher revenue and margin improvement.

EBITDA margin climbed by 170 bps YoY to 51.8%, supported by higher ARPU and operating leverage.

ARPU (average revenue per user), or the revenue it earned, on average, from each user over a given period, increased to ₹213.7 from ₹211.4 QoQ and ₹203.3 YoY, with higher customer engagement, partly offset by promotional offers for unlimited 5G and fixed broadband services.

According to the company, monthly churn was stable at 1.8% with net subscriber addition of 8.9 million during the quarter.

"This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA," said Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries.

2. Retail: Margin pressure continues

Revenue from operations saw a healthy 9.2% YoY increase to ₹86,951 crore, while profit inched up by 2.7% YoY to ₹3,551 crore.

EBITDA increased by 1.3% YoY to ₹6,915 crore, but EBITDA margin slipped by 60 bps YoY to 8%.

Notably, the demerger of the consumer products division was completed during the quarter.

Reliance Retail expanded its store network with 431 new store openings, taking the total store count to 19,979 with area under operation at 78.1 million sq. ft. The registered customer base grew to 378 million.

"The demerger of the consumer products business came into effect this quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the consumer products vertical is progressing on its accelerated growth trajectory with a focused organisational structure," said Reliance Chairman.

3. Oil-to-chemicals (O2C): Healthy growth in margin

Revenue of the segment rose by 8.4% YoY to ₹1,62,095 crore. Exports, however, declined by 1.2% YoY to ₹66,830 crore.

EBITDA rose 14.6% YoY to ₹16,507 crore, while EBITDA margin improved by 60 bps YoY to 10.2%.

The company said the segment's EBITDA rose due to a sharp increase in transportation fuel cracks and higher sulphur realisation. However, it was partially offset by weakness in downstream chemical margins and higher feedstock freight rates.

Favourable ethane cracking economics and domestic market placements continued to support profitability, said the company.

Reliance BP Mobility Limited (RBML), operating under the brand Jio-bp, operates a nationwide network of 2,125 outlets, up from 1,865 in Q3FY25, the company said.

4. Oil and gas: Lower revenues, higher operating cost drags margin

Revenue decreased by 8.4% YoY to ₹5,833 crore during the quarter. EBITDA declined 12.7% YoY to ₹4,857 crore, while EBITDA margin decreased by 410 bps to 83.3%.

The fall in revenue was led by lower volumes and price realisation for KGD6 gas and condensate.

EBITDA declined due to lower revenues and higher operating costs due to maintenance activities.

5. New Energy update

The company said it is on track to commission our fully integrated 10 GWp annual solar manufacturing giga factory, and with a plan to further scale up to 20 GWp annual capacity.

Moreover, the company said the construction is in full swing for setting up our 40 GWh annual BESS assembly and cell manufacturing giga factories - commissioning planned in various phases during the year.

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