Mumbai: Reliance Industries Ltd (RIL) reported a flat consolidated net profit of ₹22,167 crore for Q3 FY26, as revenues from the oil and gas segment declined due to lower production from the KGD6 oil block and higher operating costs from periodic maintenance activities.
This decline was offset by the company’s retail and Reliance Jio businesses, with revenues growing 8.1% and 12.7% YoY, respectively. The company’s Oil to Chemicals (O2C) segment also saw its EBITDA increase 14.6%, as higher transportation fuel crack rates strengthened revenues. Overall, RIL reported revenues of ₹2.93 lakh crores, up 10% from ₹2.67 lakh crore a year earlier.
2025 was an eventful year for India’s largest private listed company, as it looked to expand its reach further across its businesses. Reliance Jio’s has strengthened its position as India’s largest telecom operator, with 5G services accounting for almost 53% of the total data traffic. The company’s partnership with Google for a free, 18-month subscription to Gemini AI has helped here. The company is looking to expand its Jio brand with an IPO sometime this year, while it has announced plans to set up data centres in Jamnagar and Andhra Pradesh.
“FY26 reflects consistent financial delivery and operational resilience across businesses. products, we are connecting mobile phones, homes, appliances and enterprises. The synergistic value delivered by our connectivity and media platforms has meaningfully increased customer engagement. This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA.
Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh new brands and product ranges. The demerger of consumer products business came into effect this 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. Our deep, omni-channel presence across the nation and strong traction in hyperlocal quick deliveries supported a resilient performance by the Retail business.
Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network. Upstream segment EBITDA was impacted by lower volumes and prices.
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,” Mr Mukesh Ambani, Chairman and MD of Reliance Industries, said in a press release.
