Reliance Industries Ltd showed resilience across businesses in the fiscal third quarter, with revenue growing in double digits.
Jio Platforms led revenue growth with a 13 percent increase from a year earlier, followed by the Reliance Retail and oil-to-chemicals businesses, each of which grew by more than 8 percent over the year.
Reliance Industries’ shares delivered double-digit gains during the December quarter and in the financial year to date, rising 15.1 percent and 14.3 percent, respectively. The stock closed at Rs 1,457.9 on the NSE on Friday.
Here are 10 key highlights of the quarterly earnings:
1) Topline
Reliance recorded revenue of Rs 2.94 lakh crore in the December quarter, up 10 percent from Rs 2.67 lakh crore in the corresponding period of the previous fiscal, driven by the telecom, retail and oil-to-chemical segments.
2) Bottomline
Profit after tax for the quarter increased by 1.6 percent from a year earlier to Rs 22,290 crore from Rs 21,930 crore profit in the year-ago quarter.
Other income during the same period soared 16.6 percent to Rs 4,914 crore, rising from Rs 4,214 crore, while tax expenses increased by 10.1 percent from a year earlier to Rs 7,530 crore in the same period.
Reliance said its finance cost in Q3 soared 7 percent to Rs 6,613 crore crore, largely due to operationalisation of 5G spectrum assets, while there was a 10.9 percent on-year increase in depreciation cost to Rs 14,622 crore during the quarter.
3) Operating Performance
EBITDA (earnings before interest, tax, depreciation and amortisation) for the December quarter grew by 6.1 percent to Rs 50,932 crore from Rs 48,003 crore in the same period last year. However, EBITDA margin narrowed 70 bps to 17.3 percent from 18 percent in the same period.
In the December quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered robust financial performance, with 16.4 percent EBITDA growth.
Jio Platforms recorded revenue at Rs 43,683 crore for the quarter, increasing by 12.7 percent from a year earlier led by robust subscriber addition, increase in ARPU (average revenue per user) and scale-up of digital services, with customer base rising 6.9 percent to Rs 51.53 crore in the same period.
ARPU rose to Rs 213.7 in Q3FY26 with higher customer engagement, partly offset by promotional offers for unlimited 5G and fixed broadband services, up 5.1 percent from Rs 203.3 in Q3FY25, while data traffic during the same quarters surged 34 percent to 62.3 billion GB and voice traffic 4.8 percent to 1.53 trillion minutes.
Its EBITDA increased by 16.4 per cent from a year earlier, driven by strong revenue momentum and operating leverage, leading to 170 bps of margin expansion, the company said in its filing.
"Total 5G subscriber base reached 25.3 crore as of December 2025. 5G now accounts for ~53 percent of total wireless traffic driven by consistent increase in customer engagement."
Reliance Retail Ventures, which contributed 33 percent to gross revenue, registered 8.1 percent growth in revenue to Rs 97,605 crore for the quarter, with growth across all consumption baskets driven by festive buying and the wedding season.
Distribution of festive buying between Q2 and Q3, impact of consumer products division demerger and GST rationalisation constrained revenue growth, the company said.
The demerger of the consumer products division was completed during the 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," Mukesh Ambani said.
The business expanded its store network with 431 new store openings, taking the total store count to 19,979 in Q3FY26. Its EBITDA in the three-month ended December increased 1.3 percent year-on-year to Rs 6,915 crore with a margin of 8 percent.
6) O2C
The oil-to-chemicals (O2C) business recorded revenue at Rs 1.62 lakh crore for the quarter -- 55 percent of the company’s gross revenue -- growing 8.4 per cent YoY. "Robust growth in oil-to-chemicals (O2C) business was led by significantly higher fuel margins with favourable demand-supply dynamics, along with operational flexibility," chairman Mukesh Ambani said.
Production meant for sale increased by 1.7 percent from a year earlier. Fuel retailing operations through Jio-bp expanded its network by 14 percent to 2,125 outlets, driving volume growth of 24.7 percent for HSD and 20.8 percent for MS.
O2C EBITDA surged 14.6 percent year-on-year to Rs 16,507 crore with a sharp increase in transportation fuel cracks, higher volumes, and higher Sulphur realisation, partially offset by a decline in downstream chemical margins and higher feedstock freight rates. The margin expanded by 60 bps to 10.2 percent in the same period.
7) Oil & Gas
Oil and gas exploration and production segment revenue during the quarter declined 8.4 percent from a year earlier to Rs 5,833 crore, mainly on account of lower volumes and price realisation for KGD6 gas and condensate.
"The average price realised for KGD6 gas was $9.65 per MMBTU (Metric Million British Thermal Unit) in Q3FY26 against $9.74 per MMBTU in Q3FY25. The average price realised for CBM gas was $9.29 per MMBTU against $10.58 per MMBTU in the same period," Reliance said.
KGD6 production declined 9.8 percent to 61.8 BCFe (billions of cubic feet equivalent), however, CBM production increased 6.4 percent to 2.82 BCFe during the same period.
Its EBITDA dropped 12.7% to Rs 4,857 crore on a year-on-year basis following lower revenues and higher operating costs due to maintenance activities.
8) JioStar
JioStar business reported strong revenue of Rs 8,010 crore for the December quarter, growing 10.8 per cent YoY, with EBITDA (including other income) of Rs 1,303 crore and a margin of 18.6 percent for the quarter.
Reliance said the television network reached over 830 million viewers, delivering over 60 billion hours of watch time, and the network's TV entertainment viewership share improved by 100 bps YoY to 34.6 per cent share. JioHotstar averaged 450 million monthly active users (MAUs), up 13 percent QoQ and almost on par with the IPL quarter (Q1FY26), it added.
9) CapEx
Capital expenditure for the quarter ended December 2025 (excluding amount incurred towards spectrum) stood at Rs 33,826 crore driven by investments in ongoing growth projects in O2C and New Energy businesses; and continued capital outlay towards strengthening and expansion of the Jio and Retail network and infrastructure, Reliance said.
The capital expenditure in December 2024 quarter was Rs 32,259 crore.
10) Debt and Cash Levels
Outstanding debt as of December 31 stood at Rs 3.46 lakh crore, against Rs 3.5 lakh crore as of December 2024 quarter, while net debt was Rs 1.17 lakh crore compared to Rs 1.15 lakh crore during the same period.
Reliance said cash and cash equivalents for the quarter were at Rs 2.29 lakh crore, against Rs 2.34 lakh crore in corresponding period last year.
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