Reliance Q3 FY26 Results: Profit Rises Marginally, Jio and O2C Drive Growth
Reliance Industries Limited posted modest profit growth in the December quarter. The company reported a consolidated net profit of ₹18,645 crore. This marked a 0.56% increase year-on-year. Meanwhile, revenue from operations climbed 11% to ₹2.69 lakh crore.
In addition, consolidated EBITDA rose 6% to ₹50,932 crore. Growth was mainly led by Jio and the Oil-to-Chemicals (O2C) business. At the same time, capital expenditure stood at ₹33,826 crore for the quarter.
Consumer Businesses Lead Revenue Growth
Reliance’s overall revenue reached ₹2.94 lakh crore. This reflected a 10% year-on-year increase. Digital Services, Retail, and O2C drove most of this expansion. Consequently, the consumer-facing segments remained the company’s strongest pillars.
EBITDA Growth Lags Revenue
Although revenue grew strongly, EBITDA increased at a slower pace. It rose 6.1% year-on-year to ₹50,932 crore. O2C and Jio delivered solid operational performance. However, weakness in Oil & Gas partly offset these gains. Moreover, margin pressure in Retail also weighed on profitability.
Profit Growth Remains Tepid
Reliance’s net profit came in at ₹22,290 crore for the quarter. This represented a 1.6% year-on-year rise. Despite higher revenues, earnings growth remained relatively subdued.
Jio Emerges as Key Growth Engine
Digital Services revenue jumped 12.7% year-on-year. More importantly, Jio’s EBITDA surged 16.4%. This reflected margin expansion of 170 basis points. During the quarter, Jio also rolled out the “Jio-Gemini” offer. Under this, eligible 5G users received an 18-month free Gemini Pro subscription.
5G Adoption Gains Momentum
Jio crossed 250 million 5G users in Q3. As a result, 5G now accounts for 53% of total wireless data traffic. This signals rapid mainstream adoption of next-generation connectivity.
Higher ARPU and Data Consumption
Jio’s average revenue per user rose to ₹213.7. Stronger engagement supported this increase. Meanwhile, data usage exceeded 40 GB per user per month, highlighting rising digital dependence.
Broadband and AirFiber Expansion
Jio’s fixed broadband network expanded to 25.3 million connected premises. JioAirFiber alone served over 11.5 million users. Notably, it became the world’s first Fixed Wireless Access service to surpass 10 million subscribers.
Retail Continues Steady Expansion
Reliance Retail posted an 8.1% year-on-year revenue increase to ₹97,605 crore. The company opened 431 new stores, taking its total count close to 20,000. Meanwhile, JioMart’s hyper-local delivery service saw strong traction. Customer acquisition jumped 43% year-on-year. Additionally, daily orders climbed to 1.6 million.
O2C Benefits from Strong Fuel Margins
The O2C segment delivered a 14.6% EBITDA increase. Better transportation fuel margins drove this performance. Favourable ethane cracking economics also supported profitability. However, weaker downstream chemical margins limited further gains.
Oil & Gas Weighs on Overall Performance
Reliance’s Oil & Gas business reported lower revenue and EBITDA. Reduced production from the KGD6 block hurt performance. In addition, higher maintenance costs added further pressure.
Final Outlook
Overall, Reliance delivered stable but modest growth in Q3 FY26. Jio and O2C remained the company’s strongest drivers. Meanwhile, Oil & Gas continued to act as a drag. With rising 5G adoption and retail expansion, Reliance appears well-positioned for future growth.
