Reliance Industries Q3 Results Highlights: EBITDA climbs 6%, Jio 5G subscribers crosses 250 million

Reliance Industries (RIL) continues to focus on domestic market, trying to outperform by innovative products, said T, Chief Operating Officer of the conglomerate’s O2C business.

Freight rates went up due to the geopolitical sanctions, said Srinivasan T, Chief Operating Officer of the conglomerate's O2C business. He further said that this, along with weak downstream deltas, constrained earnings.

Sanjay Barman Roy, President of Exploration & Production (E&P) business at Reliance Industries, said that the company is seeing more LNG exports from North America. Demand from China has been tepid, and he hopes that it will rebound. India gas market looks robust, the executive added.

Jio Hotstar saw its average monthly active users rise to 450 million. Interestingly, Women's World Cup final saw viewership to be more or less at par with men's cricket, the management said.

"We continue to see robust growth in our snacks business. We are seeing more demand for our value packs," said Ketan Mody, COO, Reliance Consumer Products Limited. He added that the company continues to expand and more than double its capacity for beverages.

"We have also started work on our food parks," he further said.

Shein continues to see a pretty good scale up, said Reliance Retail CFO Dinesh Taluja. He added that the app installs have crossed 6.5 million.

Reliance Retail's digital fashion business Ajio saw average bill value grow by over 20% during the October-December quarter of FY26. "Ajio Rush is live across 420 pin codes, and we have launched next day delivery in 26 cities leveraging our store networks," said Reliance Retail CFO Dinesh Taluja.

Reliance Retail CFO Dinesh Taluja said that JioMart added 5.9 million customers during the October-December quarter of the financial year 2026. Customer base meanwhile expanded 43% YoY during the quarter under review.

Reliance Retail CFO Dinesh Taluja said that festive offers and investments in the hyperlocal commerce were the factors impacting margins. Operational metrics and new store additions in hyperlocal commerce show a healthy rate, he added.  Margins were also impacted by one time impact of new labour code, he further said.

"There is no tariff impact on ARPU. this is just organic ARPU increase based on more offerings that we're giving to customers," said  Anshuman Thakur, senior VP of Jio Platforms. Jio's Average revenue per user (ARPU) rose 5.1 percent from a year earlier to Rs 213.7 at the end of Q3 FY26.

"On the enterprise side, we are building more modes to grow our market share to grow monetization," said Anshuman Thakur, senior VP of Jio Platforms.

"Partnership with Google reflects our ability to work with strategic partners, bring important offerings to market at scale, and leverage our deep understanding of consumers and our reach. It is supported by a strong value-sharing arrangement, making it a mutually beneficial relationship for both parties," said Anshuman Thakur, senior VP of Jio Platforms.

"Google Gemini Pro gives customers added value on our network, while also providing us with deeper intelligence on network usage and consumer behaviour, making this a clear win-win partnership," he further said.

Jio accounts for 65% of 5G subscribers in India, says Anshuman Thakur, senior VP of Jio Platforms. "Every quarter we are getting around 20 to 25 million consumers who are converting to 5G or coming into our networks to avail our 5G services. More than 50% of our traffic on the network has now moved to 5g and that has eased a lot of pressure on our 4G network. It has created more capacity for more customers and improve the customer experience," he added.

"We continue to have a very healthy growth rate on subscriber editions. 5G user base has been growing very rapidly. The 5G deployment and expansion across the country, is helping us win more customers," said Anshuman Thakur, senior VP of Jio Platforms.

"The fixed wireless solutions, whose technology was developed and deployed in India, has made us the world's largest fixed wireless operator already," said Anshuman Thakur, senior VP of Jio Platforms.

Reliance's Oil to Chemical segment's revenue for 3Q FY26 is higher by 8.4% YoY to Rs 162,095 crore ($ 18.0 billion). Production meant for sale increased by 1.7% on a Y-o-Y basis, while total oil throughput rose 2%. Segment EBITDA for the quarter increased by 14.6% YoY to Rs 16,507 crore ($ 1.8 billion) due to sharp increase in transportation fuel cracks and higher Sulphur realisation partially offset by weakness in downstream chemical margins and higher feedstock freight rates. Favorable ethane cracking economics and domestic market placements continued to support profitability.

"Reliance Retail delivered a steady quarterly performance, serving millions of customers across their shopping needs. By prioritizing trend-focused assortments and seamless omni-channel experiences, we continue to foster strong customer engagement and loyalty. As we navigate a shifting consumer landscape, we remain steadfast in our vision to redefine Indian retail through innovation and excellence," said Isha M. Ambani, Executive Director, Reliance Retail Ventures.

Mr. Akash M Ambani, Chairman of Reliance Jio Infocomm, said, "Jio has been the catalyst for India's digital revolution by bringing the world's best technology platforms in the hands of Indian users. Jio's over 500 million subscriber base, deep customer insights and pan India distribution network will empower Reliance Intelligence to achieve its aim to make India not just Al-enabled but Al-empowered - where every citizen and enterprise can harness Al tools to create, innovate and grow. This will drive sustained value creation for all stakeholders in the coming years."

Total 5G subscriber base reached 253 million as of December 2025. 5G now accounts for 53% of the firm's total wireless traffic driven by consistent increase in customer engagement. During the quarter, total connected premises with fixed broadband increased to 25.3 million. JioAirFiber continued to accelerate the pace of subscriber additions with a base of over 11.5 million as of December 2025.

Reliance Industries' consolidated performance in Q3 FY26 reflects "consistent financial delivery and operational resilience across businesses", said the conglomerate's Chairman Mukesh Ambani. "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," he added.

The Oil & Gas segment revenue for the quarter was lower by 8.4% YoY at Rs 5,833 crore ($649 million) mainly on account of lower volumes and price realisation for KGD6 gas and condensate. The Oil & Gas segment's quarterly EBITDA declined by 12.7% on YoY basis to Rs 4,857 crore on YoY basis following lower revenues and higher operating cost due to maintenance activities.

The digital services business delivered strong growth, with revenue rising 12.7 percent to Rs 43,683 crore. EBITDA from the segment grew 16.4 percent YoY to Rs 19,303 crore, aided by accelerated subscriber additions and a 170-basis-point expansion in margins.

Reliance Jio’s subscriber base increased to 515.3 million, with its 5G user base crossing 250 million during the quarter. Total home connects crossed 25 million, while JioAirFiber became the first fixed wireless access service globally to surpass 10 million subscribers, ending the quarter with 11.5 million users. Average revenue per user (ARPU) rose 5.1 percent from a year earlier to Rs 213.7.

JioStar continued to report strong operational performance, maintaining leadership across key platforms and genres. Jio's net profit for the quarter grew 11.2% YoY to Rs 7,629 crore.

The retail business posted revenue of Rs 97,605 crore, an increase of 8.1 percent from a year earlier. Growth, however, was impacted by the distribution of festive demand between the September and December quarters, the demerger of Reliance Consumer Products Ltd, and GST rate rationalisation. Despite these, retail EBITDA rose to Rs 6,915 crore. During the quarter, Reliance Retail operated 19,979 stores, with a total operational area of 78.1 million sq ft, while hyper-local delivery operations saw a near fivefold jump in average daily orders.

The O2C business benefited from a sharp increase in transportation fuel cracks, which rose 62-106 percent from a year earlier during the third quarter. This improvement was partly offset by lower downstream chemical margins and higher feedstock freight rates. Overall, O2C EBITDA rose 15 percent from a year earlier to Rs 16,507 crore, helped by higher volumes and a continued ramp-up in fuel retail operations.

The Jio-bp fuel retailing business maintained its growth momentum, with fuel volumes rising 24 percent, supported by strong growth in gasoline and high-speed diesel sales. The retail network expanded further, with Jio-bp operating 2,125 outlets at the end of December, a 14 percent increase from a year earlier.

Consolidated EBITDA rose 6.1 percent to Rs 50,932 crore, supported by earnings growth in the digital services and O2C segments, helping offset weakness in the upstream oil and gas business. The EBITDA margin stood at 17.3%.

Reliance Industries' net profit (pre minority) for the fiscal third quarter rose 1.6 percent from a year earlier to Rs 22,290 crore, while profit before tax increased 3.7 percent to Rs 29,697 crore.

Consolidated revenue rose 10% YoY to Rs 2.94 lakh crore in Q3 FY26, driven by digital services, O2C and retail business. The firm's revenue stood at Rs 2.67 lakh crore in the same period of the previous financial year.

Reliance Industries (RIL) shares rose 0.15% to close at Rs 1,461 apiece. The stock rose more than 15 percent in the past one year, and around 51 percent in the past five years. The company's market capitalisation stands at Rs 19,77,094 crore.

The company is expected to report a steady performance during the quarter under review, supported by a recovery in its oil-to-chemicals business and sustained growth in its telecom and retail segments. Brokerages estimate mid-single-digit to low-double-digit growth in revenue and operating profit from a year earlier, with net profit seen rising modestly amid mixed performance across business segments.

The median of six brokerage estimates shows that RIL’s Q3 FY26 consolidated revenue for the fiscal third quarter is estimated to be Rs 2.54 lakh crore, implying growth of about 6 percent from the year-ago period. EBITDA – earnings before interest, taxes, depreciation, and amortisation – is seen rising 10 percent to around Rs 47,900 crore. Profit after tax is expected to rise 4 percent from a year earlier to Rs 19,200 crore.

Reliance Industries (RIL) will likely release its results for the October-December quarter of the ongoing financial year 2026 around 7 pm today. After that, a detailed presentation by RIL’s senior leadership on the company's financial and operational performance is scheduled at 8 pm.

Commenting on the earnings, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a YoY basis, reflecting agile business operations, a domestic-focused portfolio and structural growth in the Indian economy. Digital services business continues to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership."

IT firm Tech Mahindra posted 14% rise in net profit at Rs 1,122 crore for the quarter ended December 31, 2025. The firm's revenue from operations climbed 8% to Rs 14,393 crore in Q3FY26 as against Rs 13,286 crore in the year-ago period.

Wipro Ltd's Q3 FY26 consolidated net profit fell 7 percent year-on-year to Rs 3,119 crore. The IT major declared an interim dividend of Rs 6 per share.

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Jio Financial Services Ltd (JFSL) reported a consolidated profit of Rs 269 crore for the third quarter ended December 31 as the company's total income more than doubled from a year earlier, led by sharp growth in its core businesses.

Consolidated total income for Q3 FY26 doubled to Rs 901 crore from a year earlier, reflecting higher contribution from lending, payments, asset management and other fee-based businesses. Pre-provisioning operating profit increased 7 percent to Rs 354 crore, with the company noting that income growth was partly offset by higher expenses in line with scaling up across businesses.

A key highlight of the quarter was the rising share of income from operating businesses. Net income from core businesses accounted for 55 percent of consolidated net income in Q3 FY26, compared with 20 percent in the year-ago period.

Reliance Industries delivered robust performance in the September quarter, driven by strong oil-to-chemicals (O2C), Jio and retail businesses.

Consolidated EBITDA registered 14.6 percent year-on-year growth, reflecting agile business operations, a domestic-focused portfolio and structural growth in the Indian economy, while Jio subscriber base crossed the milestone of 500 million with a total subscriber base of 506 million.

Chairman and Managing Director Mukesh Ambani said the new growth engines of new energy, media and consumer brands will build on Reliance’s legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price.

The upstream oil and gas segment is expected to remain a drag on RIL’s overall performance. Lower crude oil realisations during the quarter are likely to weigh on upstream earnings. Brokerage reports flag that softer crude prices and realisation pressures are expected to limit the contribution from the upstream segment on a year-on-year basis.

RIL’s consumer-facing businesses are expected to continue providing stability to consolidated earnings. Reliance Jio’s performance is likely to be supported by higher average revenue per user (ARPU) and subscriber additions, translating into steady growth in operating profit.

Yes Securities expects RIL’s consumer businesses to remain resilient, with the brokerage highlighting that ‘Jio [is expected to report] increased ARPU and subscribers while the Retail segment EBITDA margins [are] to sustain on a growing topline.’ Reliance Retail is expected to maintain its gradual recovery, contributing positively to consolidated EBITDA during the quarter.

The O2C business is expected to be a key driver of RIL’s quarterly performance. Higher Singapore gross refining margins during the quarter and improved refinery throughput are likely to boost refining earnings, even as petrochemical spreads remain relatively soft.

ICICI Securities expects the downstream and consumer segments to lead RIL’s earnings momentum. ‘Retail, RJio, O2C [are expected] to drive earnings growth YoY’, with stronger refining margins supporting O2C performance, the brokerage said.

Brokerage notes to clients said that improved refining economics should more than offset weaker petrochemical spreads, resulting in a year-on-year improvement in overall O2C profitability.

Reliance Industries (RIL) shares rose 1.29% to trade at Rs 1,477.60 apiece. The company is set to announce its results for the October-December quarter of the ongoing financial year 2026 today.

The median of six brokerage estimates shows that RIL’s Q3 FY26 consolidated revenue for the fiscal third quarter is estimated to be Rs 2.54 lakh crore, implying growth of about 6 percent from the year-ago period. EBITDA - earnings before interest, taxes, depreciation, and amortisation - is seen rising 10 percent to around Rs 47,900 crore. Profit after tax is expected to rise 4 percent from a year earlier to Rs 19,200 crore.

Brokerages estimate mid-single-digit to low-double-digit growth in revenue and operating profit from a year earlier, with net profit seen rising modestly amid mixed performance across business segments.

India’s most valuable company, Reliance Industries Limited, is set to announce its results for the October-December quarter of the ongoing financial year 2026. The company is expected to report a steady performance during the quarter under review, supported by a recovery in its oil-to-chemicals business and sustained growth in its telecom and retail segments.