Reliance Industries (RIL) reported a 10% year-on-year increase in gross revenue for the third quarter of FY26, reaching ₹293,829 crore ($32.7 billion). Consolidated net profit saw a marginal rise of 0.56% to ₹18,645 crore, compared to ₹18,540 crore in the same period last year. The company's revenue from operations also increased by 10.5% year-on-year to ₹269,496 crore.

The growth was primarily driven by strong performances in the company's digital services and oil-to-chemicals (O2C) businesses. Reliance Jio, the telecom arm, saw its revenue increase by 12.7% year-on-year, fueled by robust subscriber additions, increased average revenue per user (ARPU), and the expansion of digital services. The Oil to Chemicals (O2C) segment also contributed significantly, with an 8.4% year-on-year revenue increase.

However, not all sectors experienced growth. The Oil and Gas segment saw a revenue decrease of 8.4% year-on-year, mainly due to lower volumes and price realization for KGD6 gas and condensate.

Segmental Performance

• Reliance Jio: Reliance Jio's robust performance was a key driver of overall revenue growth. Analysts expect this trend to continue, supported by healthy subscriber additions and increasing FWA traction. Nomura estimates Jio's EBITDA at ₹17,600 crore, up 2% quarter-on-quarter, underpinned by a strong increase in the subscriber base and a modest rise in ARPU to ₹214 per month.
• Retail: Reliance Retail (RRVL) reported a revenue increase of 8.1% year-on-year, driven by growth across all consumption baskets, boosted by festive buying and the wedding season. However, some analysts anticipate a slowdown in retail growth due to a higher base, the festive season shift, GST rationalization, and the demerger of RCPL. Axis Direct estimates a 9% year-on-year rise in net revenue for Reliance Retail to ₹86,600 crore.
• O2C: The Oil to Chemicals segment experienced an 8.4% increase in revenue. Kotak Equities expects O2C EBITDA to grow 10% quarter-on-quarter and 15% year-on-year, supported by stronger refining performance and a weaker INR, partly offset by weaker petrochemicals.

Financial Highlights

• Revenue: Total revenue reached ₹269,496 crore, a 10.5% increase year-on-year.
• Net Profit: Consolidated net profit stood at ₹18,645 crore, a marginal increase of 0.56% year-on-year.
• EBITDA: The company reported an EBITDA of ₹460 billion.

Market Reaction

Shares of Reliance Industries closed at ₹1457.6 on the BSE on Friday.

Overall

Reliance Industries' Q3FY26 results reflect a mixed performance across its diverse business segments. While the digital services and O2C sectors drove revenue growth, other areas such as Oil and Gas faced challenges. The company's consolidated performance demonstrates "consistent financial delivery and operational resilience across businesses," according to Mukesh Ambani, chairman and managing director at Reliance Industries Limited.