Mukesh Ambani-led Reliance Industries reported a flat 1.66% YoY profit at Rs 22,167 in Q3FY26 as slow growth in its retail business offset gains in other segments. Revenue at its key oil and gas segment also saw a drop.
Here are 5 key takeaways from Reliance Industries’ Q3FY26
#1. Reliance Industries’ consolidated revenue up 10%; EBITDA rises 6.1%
Reliance Industries’ consolidated gross revenue rose 10% year-on-year to Rs 2.94 lakh crore in Q3 FY26, while EBITDA increased 6.1% to Rs 50,932 crore.
“Reliance is entering a new phase of value creation with its initiatives in the AI and New Energy domains. I am confident that Reliance will play a pioneering role in the evolution of these epoch-defining technologies, providing sustainable solutions at scale for India and the world,” Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries said while commenting on the Q3 earnings.
#2. Oil to Gas-Lower gas volumes, price dip weigh on segment
Revenue from Reliance Industries’ oil and gas segment fell 8.4% to Rs 5,833 crore, making it the only segment to report a decline in Q3FY26.
“Q3FY26 revenue is lower by 8.4% year-on-year, on account of lower volumes and price realizations for KGD6 gas and condensate,” Reliance Industries said in its Q3 press release. “The average price realized for KGD6 gas was $9.65/MMBTU in Q3FY26 compared with $9.74/MMBTU in Q3FY25. The average price realized for CBM gas was $9.29/MMBTU in Q3FY26 compared with $10.58/MMBTU in Q3FY25,” the company added.
#3. Oil to chemical- Strong refining margins lift Reliance O2C profitability in Q3FY26
The O2C segment of Reliance Industries reported revenue of Rs 1.62 lakh crore in Q3FY26, marking an 8.4% increase compared with Q3FY25. EBITDA grew at a faster pace, rising 14.6% year-on-year to Rs 16,507 crore, highlighting improved profitability despite volatility in global energy markets.
It is important to note that Reliance Industries, operator of the world’s largest refining complex, said on January 6 that it was not expecting any Russian crude oil deliveries. This move could sharply cut India’s Russian oil imports during the month to the lowest level in years. Reliance reduced its imports from Russia following US and EU sanctions, along with higher tariffs imposed by former US President Donald Trump on Indian exports.
However, in its Q3 earnings release, the company said Singapore gasoil (10-ppm) cracks rose to $24.5 per barrel in Q3FY26 from $15.1 per barrel a year earlier. The increase was driven by continued disruptions in Russian fuel supplies and unplanned outages in other regions. “US and EU sanctions on Russian refiners further tightened fuel markets,” Reliance Industries said.
#4. Jio Platforms- Subscriber growth, higher ARPU lift Jio Platforms Q3 profit
Jio Platforms, which houses Reliance Industries’ telecom and digital businesses, reported an 11.3% year-on-year (YoY) rise in consolidated net profit to Rs 7,629 crore in Q3 FY26, driven by an increase in subscriber base, average revenue per user (ARPU), and the scaling up of digital services.
Revenue from operations rose 12.7% YoY to Rs 37,262 crore during the quarter, compared with Rs 33,074 crore in Q3 FY25.
ARPU increased 5.1% to Rs 213.7 during the quarter.
“ARPU increased to Rs 213.7, led by higher customer engagement, partly offset by promotional offers for unlimited 5G and fixed broadband services,” the company said in its statement.
No fresh comments are made by the company regarding the Reliance Jio IPO. According to Mukesh Ambani’s address to shareholders last August, the IPO is expected in H1FY26.
#5. Reliance Retail Ventures- Festive, wedding demand lifts Reliance Retail Q3 revenue
The retail arm of Reliance Industries, Reliance Retail Ventures (RRVL), posted revenue of Rs 97,605 crore in Q3 FY26, up 8.1% year-on-year (YoY). EBITDA rose marginally by 1.3% to Rs 6,915 crore, while the EBITDA margin stood at 8% during the quarter.
“RRVL’s revenue increased by 8.1% YoY, with growth across all consumption baskets driven by festive demand and the wedding season. However, the distribution of festive buying between Q2 and Q3, the impact of the consumer products division demerger, and GST rationalisation constrained top-line growth,” the company said in its release.