Reliance Industries delivers robust Q3FY26 performance as digital, retail and O2C drive growth

THEBUSINESSBYTES BUREAU

MUMBAI, JANUARY 16, 2026

Reliance Industries Limited (RIL) reported a resilient and broad-based performance in the third quarter of FY26, underscoring the strength of its diversified business model as growth in Digital Services, Retail and Oil-to-Chemicals (O2C) offset pressures in the Oil & Gas segment. The company posted consolidated revenues of ₹2,93,829 crore, equivalent to $32.7 billion, marking a strong year-on-year growth of 10.0 per cent, supported by healthy momentum across most operating verticals.

Consolidated EBITDA for the quarter rose 6.1 per cent year-on-year to ₹50,932 crore, or $5.7 billion, driven primarily by robust contributions from the O2C and Jio businesses, while the Oil & Gas segment remained subdued. Consolidated Profit After Tax, including the share of profit or loss from associates and joint ventures, increased by 1.6 per cent year-on-year to ₹22,290 crore, or $2.5 billion, reflecting steady profitability despite a challenging energy environment.

Reliance continued its disciplined capital allocation during the quarter ended December 31, 2025, with capital expenditure of ₹33,826 crore, or $3.8 billion, comfortably covered by cash profit of ₹41,303 crore. The capex was largely directed towards ongoing growth projects in the O2C and New Energy businesses, alongside sustained investments to strengthen and expand the Jio and Retail networks and infrastructure. As a result of strong cash generation, RIL’s consolidated net debt declined marginally to ₹1,17,102 crore as of December 31, 2025, compared to ₹1,18,545 crore at the end of September 2025.

Jio Platforms once again emerged as a key growth engine, with Digital Services revenue rising 12.7 per cent year-on-year to ₹43,683 crore, supported by accelerated subscriber additions and higher engagement. Jio Platforms’ EBITDA increased sharply by 16.4 per cent year-on-year to ₹19,303 crore, aided by a 170 basis points expansion in margins. Net profit for the quarter grew 11.2 per cent year-on-year to ₹7,629 crore, reflecting operating leverage and scale benefits.

Subscriber momentum remained strong, with net additions of 8.9 million during the quarter, taking Jio’s total subscriber base to 515.3 million as of December 2025. JioTrue5G continued to scale rapidly, crossing a major milestone of 253 million users, with 5G now accounting for around 53 per cent of total wireless traffic, driven by consistent growth in user engagement. Fixed broadband also gained traction, with total connected premises rising to 25.3 million, while JioAirFiber accelerated subscriber additions to over 11.5 million users.

During the quarter, Jio further strengthened its value proposition through strategic partnerships and product offerings. The launch of the Jio-Gemini offer expanded eligibility to all unlimited 5G users, providing free access to an 18-month Gemini Pro plan valued at ₹35,100. Additionally, Jio announced the availability of YouTube Premium for JioHome prepaid users on monthly plans above ₹1,499, enabling ad-free and offline viewing along with YouTube Music Premium on large screens. JioAICloud continued to scale its digital ecosystem, reaching approximately 50 million registered users by December 2025, supported by targeted campaigns focused on youth and students.

Jio’s Average Revenue Per User increased further to ₹213.7, driven by higher customer engagement, though partly offset by promotional offers for unlimited 5G and fixed broadband services. The company maintained industry-leading engagement metrics, with per capita data consumption at 40.7 GB per month and total data traffic growing 34 per cent year-on-year to 62.3 billion GB during the quarter.

Reliance Retail delivered a steady performance amid a challenging consumption environment, reporting revenue of ₹97,605 crore, up 8.1 per cent year-on-year. The distribution of festive demand across the second and third quarters, the demerger of RCPL, and GST rationalisation had an impact on revenues. EBITDA for the quarter stood at ₹6,915 crore, up 1.3 per cent year-on-year, with an EBITDA margin of 8.0 per cent.

Retail continued to expand its physical footprint, opening 431 new stores during the quarter to take the total store count to 19,979, with an area under operation of 78.1 million square feet. Customer traction remained strong, with the number of transactions crossing 500 million, reflecting a sharp 47.6 per cent year-on-year increase. The registered customer base expanded to 378 million, reinforcing Reliance Retail’s position as one of the most preferred retailers in the country. JioMart further strengthened its presence in hyper-local commerce, crossing exit daily orders of 1.6 million and recording 53 per cent quarter-on-quarter and over 360 per cent year-on-year growth in average daily orders, making it the fastest-growing player in the segment.

The O2C business posted another quarter of solid performance, with segment revenue rising 8.4 per cent year-on-year to ₹1,62,095 crore, or $18.0 billion. Production meant for sale increased by 1.7 per cent on a year-on-year basis. Fuel retailing operations through Jio-bp continued to scale, with the network expanding 14 per cent year-on-year to 2,125 outlets. This expansion drove volume growth of 24.7 per cent for high-speed diesel and 20.8 per cent for motor spirit, significantly outperforming industry sales volume growth rates of 3.1 per cent for HSD and 5.5 per cent for MS.

O2C segment EBITDA increased 14.6 per cent year-on-year to ₹16,507 crore, or $1.8 billion, benefiting from a sharp increase in transportation fuel cracks and higher sulphur realisation. These gains were partially offset by weakness in downstream chemical margins and higher feedstock freight rates. Favourable ethane cracking economics and strong domestic market placements continued to support overall profitability.

In contrast, the Oil & Gas segment faced headwinds during the quarter, with revenue declining 8.4 per cent year-on-year to ₹5,833 crore, or $649 million, primarily due to lower volumes and price realisation for KGD6 gas and condensate. Segment EBITDA declined 12.7 per cent year-on-year to ₹4,857 crore, impacted by lower revenues and higher operating costs arising from maintenance activities. Average KGD6 production during the quarter stood at 26.1 MMSCMD of gas and 18,746 barrels per day of oil and condensate, with current production levels at approximately 26.1 MMSCMD of gas and 18,400 barrels per day of oil and condensate.

JioStar continued to demonstrate strong operational momentum, maintaining leadership across key platforms and content genres. The segment reported revenues of ₹8,010 crore, with EBITDA including other income at ₹1,303 crore. The television network reached over 830 million viewers, delivering more than 60 billion hours of watch time during the quarter. JioHotstar averaged 450 million monthly active users, up 13 per cent quarter-on-quarter and nearly on par with the IPL quarter in Q1 FY26, highlighting the platform’s sustained traction. The network’s TV entertainment viewership share improved by 100 basis points year-on-year to 34.6 per cent. JioHotstar also delivered its highest-ever engagement for entertainment content in Q3 FY26, while JioStar’s properties achieved unmatched monetisation and consumption across digital and linear television, reinforcing its position as the definitive home of live sports in India.