Reliance Industries Q3 result : Reliance Industries Limited has shown strength across all business verticals in the third quarter of the financial year. Due to this, its revenue has seen double digit growth. Jio Platforms led the revenue growth with 13 percent growth compared to last year. This was followed by Reliance Retail and Oil-to-Chemicals business. In these, a growth of more than 8 percent has been seen on annual basis.
Shares of Reliance Industries have generated double-digit earnings in the December quarter and the current financial year. This stock has gained 15.1 percent in the current financial year. At the same time, it has seen a growth of 14.3 percent in the December quarter. The stock closed at Rs 1,457.9 on NSE on Friday.
Reliance has achieved revenue of Rs 2.94 lakh crore in the December quarter. This is 10 percent more than Rs 2.67 lakh crore of the same period of the last financial year. This increase is due to telecom, retail and oil-to-chemical segments.
In this quarter, the company’s profit after tax has increased by 1.6 percent compared to last year at Rs 22,290 crore. Whereas in the same quarter last year it stood at Rs 21,930 crore.
Other income of the company increased by 16.6 per cent to Rs 4,914 crore during the same period, as against Rs 4,214 crore in the same period last year. Whereas, tax expenditure during this period increased by 10.1 percent to Rs 7,530 crore as compared to last year. The company has said that its finance cost increased by 7 percent to Rs 6,613 crore in Q3. The main reason for this was the operationalization of 5G spectrum assets. Whereas, in this quarter, the company’s depreciation cost stood at Rs 14,622 crore, an increase of 10.9 percent on an annual basis.
3) Operating Profit
In the December quarter, the company’s EBITDA (earnings before interest, tax, depreciation and amortization) increased by 6.1 per cent to Rs 50,932 crore from Rs 48,003 crore on an annual basis. However, EBITDA margin has declined from 18 percent to 17.3 percent on an annual basis. There has been a decline of 70 basis points in this.
4) Jio Platforms
In the December quarter, Jio further grew its subscriber base by offering attractive offers backed by its comprehensive, indigenous technology stack tailored for the Indian markets. The company showed strong financial performance with 16.4 percent EBITDA growth. Jio Platforms made revenue of Rs 43,683 crore in this quarter. This is 12.7 percent more than last year. This growth was due to increase in subscribers, increase in ARPU (average revenue per user) and expansion of digital services. In the third quarter, its number of customers increased by 6.9 percent to 51.53 crore.
ARPU increased to Rs 213.7 in Q3FY26. This was due to higher customer engagement, although this declined slightly due to promotional offers for unlimited 5G and fixed broadband services. This was 5.1 percent higher than Rs 203.3 in Q3FY25. Whereas, in this quarter, data traffic increased by 34 percent to 62.3 billion GB and voice traffic increased by 4.8 percent to 1.53 trillion minutes.
The company said its EBITDA grew 16.4 percent versus last year due to strong revenue growth and operating leverage, which expanded margins by 170 basis points.
By December 2025, Jio’s total 5G subscriber base will reach 253 million. Due to the continuous increase in customer engagement, 5G now accounts for about 53 percent of the total wireless traffic.
5) Reliance Retail
Reliance Retail Ventures has contributed 33 percent to the total revenue of RIL. Reliance Retail’s revenue has increased by 8.1 percent in this quarter and stood at Rs 97,605 crore. This growth has occurred across all consumption baskets due to the festive shopping and wedding season. The company said the split of festive purchases between Q2 and Q3, the impact of the demerger of the consumer products division and GST rationalization limited revenue growth.
The demerger of the Consumer Products division was completed in the quarter. Mukesh Ambani said, “With a large and diverse range of products, from classic Indian brands to new-age labels, the consumer products vertical continues its rapid growth path with a focused organizational structure.”
In the third quarter the company expanded its store network and opened 431 new stores, taking the total store count to 19,979 in Q3FY26. Its EBITDA for the three months ended December stood at Rs 6,915 crore, up 1.3 per cent compared to last year. However, its margin was 8 percent.
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The oil-to-chemicals (O2C) business achieved revenue of Rs 1.62 lakh crore in the quarter, which is 55 percent of the company’s total revenue. There was an increase of 8.4 percent on annual basis. Chairman Mukesh Ambani said, “Strong growth in the oil-to-chemicals (O2C) business was driven by improved demand-supply dynamics and operational flexibility coupled with significantly higher fuel margins.”
The production for sale in this segment increased by 1.7 percent compared to last year. Fuel retailing operations through Jio-bp expanded its network by 14% to 2,125 outlets, leading to volume growth in HSD by 24.7% and MS by 20.8%.
O2C EBITDA stood at Rs 16,507 crore, up 14.6 per cent year-on-year. This was contributed by a sharp increase in transportation fuel cracks, higher volumes and higher sulfur realisation. But this was somewhat limited due to declining downstream chemical margins and higher feedstock freight rates. During the same period, the segment’s margin increased by 60 basis points to 10.2 percent.
7) Oil and Gas
Oil and gas exploration and production segment revenue declined 8.4 per cent to Rs 5,833 crore during the third quarter compared to last year, mainly due to lower volumes and price realization of KGD6 gas and condensate.
“The average price of KGD6 gas in Q3FY26 stood at $9.65 per MMBTU (Metric Million British Thermal Unit), compared to $9.74 per MMBTU in Q3FY25. The average price of CBM gas in the same period stood at $9.29 per MMBTU, compared to $10.58 per MMBTU last year,” Reliance said.
KGD6 production declined by 9.8 percent to 61.8 BCFe (billion cubic feet equivalent). However, CBM production increased by 6.4 percent to 2.82 BCFe during the same period.
Its EBITDA declined 12.7 per cent year-on-year to Rs 4,857 crore due to lower revenue and increased operating costs due to maintenance activities.
8) Jiostar
JioStar Business posts strong revenue of Rs 8,010 crore in December quarter. There was an increase of 10.8 percent on annual basis. EBITDA (including other income) in this quarter was Rs 1,303 crore and margin was 18.6 percent.
The company said its television network reached more than 830 million viewers in the third quarter, generating more than 60 billion hours of watch time. With this, the network’s TV entertainment viewership share increased by 100 basis points year-on-year to 34.6 percent. The company further said that JioHotstar had an average of 45 crore monthly active users (MAUs), which was 13 percent more than the previous quarter and almost the same as in the IPL quarter (Q1FY26).
Reliance said that its capital expenditure (except the amount spent on spectrum) for the quarter ending December 2025 stood at Rs 33,826 crore. This expenditure was driven by investments in ongoing growth projects in the O2C and new energy businesses and continued capital expenditure to strengthen and expand the Jio and retail networks and infrastructure. The company’s capital expenditure in the December 2024 quarter was Rs 32,259 crore.
10) Debt and cash levels
The company’s outstanding debt as of December 31 stood at Rs 3.46 lakh crore, while it stood at Rs 3.5 lakh crore in the December 2024 quarter. Its net debt during this period was Rs 1.17 lakh crore, whereas in the same period last year it was Rs 1.15 lakh crore. Reliance said that cash and cash equivalents in this quarter stood at Rs 2.29 lakh crore, whereas it was Rs 2.34 lakh crore in the same period last year.
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