Reliance Industries Posts 10% Revenue Jump to ₹3.1 Lakh Crore in Q3FY26, Powered by Jio and O2C

Mumbai, 18 January 2026: Reliance Industries Limited (RIL) announced a robust set of unaudited financial results for the quarter ended 31 December 2025, with consolidated revenue climbing 10% year-on-year (YoY) to over ₹3.1 lakh crore. The conglomerate’s performance was propelled by strong contributions from its digital services and oil-to-chemicals (O2C) segments, even as retail growth moderated. Consolidated profit after tax (PAT) stood at ₹22,290 crore, marking a 1.6% YoY increase.

Jio Platforms Drives Growth With 515 Million Subscribers and Soaring 5G Adoption

The digital services arm, Jio Platforms, was a primary growth engine. Its revenue surged 12.7% YoY to ₹37,262 crore, with EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) growing 16.5% to ₹18,408 crore. A key highlight was the subscriber base crossing 515 million, with a net addition of 8.9 million customers during the quarter. The 5G user base expanded rapidly to 253 million, accounting for over 53% of the network’s total traffic. The home broadband segment also saw exceptional traction, adding nearly a million homes per month to reach over 25 million connections, with a significant portion served by its proprietary fixed wireless access technology.

O2C Business Sees 15% EBITDA Surge on Robust Fuel Cracks and Domestic Focus

The O2C segment delivered a 15% YoY growth in EBITDA to ₹16,507 crore, benefiting from stronger global fuel cracks. Transportation fuel cracks grew between 60% to 100% YoY. The business also emphasised domestic market placement through its Jio-bp outlets, achieving volume growth of 24% for gasoline and diesel combined. This strategic shift helped mitigate challenges in the petrochemicals downstream, where margins remained under pressure due to global oversupply and weak demand deltas.

Reliance Retail Revenue Hits ₹97,600 Crore Amid Strategic Investments and Portfolio Change

Reliance Retail recorded its highest-ever quarterly revenue at ₹97,600 crore, an 8.1% increase YoY. However, EBITDA growth was muted at 1.3%, with margins at 8%. The company cited three primary factors: festive promotions, accelerated investment in its hyperlocal quick-commerce business, and a one-time impact from new labour codes. Its quick-commerce venture, JioMart, scaled aggressively to a 1.6 million order run-rate, positioning it to become the sector’s second-largest player. The quarter also saw the operational demerger of Reliance Consumer Products Limited (RCPL), which has been reported separately.

New Energy Gigafactories on Track, Eyeing Captive Power and Green Fuels

RIL’s new energy business reported significant progress on its ambitious 10-gigawatt integrated solar manufacturing ecosystem at Jamnagar. Key milestones include the commissioning of module and cell manufacturing facilities, with ingot, wafer, polysilicon, and glass plants at advanced stages. The company reiterated its plan to use this captive production for round-the-clock green power generation at its Kutch site and for producing green hydrogen and ammonia for both domestic use and export markets, particularly Japan and Korea.

S&P Upgrades RIL to ‘A-‘ on Strengthening Consumer Earnings Profile

In a significant development, rating agency S&P Global upgraded RIL’s long-term issuer rating by two notches to ‘A-‘ from ‘BBB+’. The upgrade reflects the agency’s view that a higher portion of RIL’s earnings is now generated from less-cyclical consumer businesses, leading to more predictable cash flows. This marks RIL as the first Indian manufacturing company to achieve an international ‘A-‘ rating, which is expected to improve its access to global capital and reduce borrowing costs.

Reliance Industries Share Price Decline 3.40% in Early Trade

On the NSE, Reliance Industries Ltd share price was trading at ₹1,408.30 as of 10:47 am IST, down ₹49.60 or 3.40% for the day. The stock opened higher at ₹1,450.60. The company currently commands a market capitalisation of ₹19.06 lakh crore and trades at a price-to-earnings (P/E) ratio of 22.90. Over the past year, the stock has moved between a 52-week high of ₹1,611.80 and a 52-week low of ₹1,114.85. Reliance Industries offers a dividend yield of 0.39%, with a quarterly dividend amount of ₹1.37 per share.

References: https://www.bseindia.com/xml-data/corpfiling/AttachLive/1eb1611f-3be0-4a9e-975b-6ce43eeb5081.pdf

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