Sequential Improvement and Operating Performance
On a quarter-on-quarter basis, Reliance Industries’ profit rose 3% compared to ₹18,165 crore reported in the September quarter, while revenues increased 4%. Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹50,932 crore, registering a 6% year-on-year growth.
The company said improved operating performance in Reliance Jio and the oil-to-chemicals (O2C) business supported overall profitability during the quarter.
Costs, Capex and Financials
Depreciation expenses increased 11% year-on-year to ₹14,622 crore, while finance costs rose 7% to ₹6,613 crore, largely due to the operationalisation of 5G spectrum assets. Tax expenses for the quarter climbed 10% to ₹7,530 crore.
Capital expenditure during the December quarter stood at ₹33,826 crore, driven by investments in O2C expansion, new energy initiatives, and continued strengthening of Jio and Retail infrastructure.
O2C Business Delivers Strong Margins
The company’s core oil-to-chemicals segment reported an 8% rise in revenue at ₹1.69 lakh crore. Segment EBITDA surged 15% year-on-year to ₹16,507 crore, supported by higher transportation fuel margins and favourable demand-supply dynamics.
Reliance highlighted agile crude sourcing and operational flexibility as key factors that helped maintain refinery throughput at 20.6 million metric tonnes. Fuel retailing arm Jio-bp expanded its network to 2,125 outlets, recording strong volume growth in diesel and petrol sales.
Reliance Jio Leads Digital Growth
Reliance Jio reported an 11% increase in net profit at ₹7,629 crore for Q3 FY26. Revenue grew 13% to ₹43,683 crore, aided by robust subscriber additions, higher average revenue per user (ARPU), and the expansion of digital services.
EBITDA for the telecom business rose 16% to ₹19,303 crore, with margins improving by 170 basis points. ARPU increased to ₹213.7 per month, reflecting higher customer engagement, despite promotional offers for unlimited 5G services.
The company’s total subscriber base reached 515 million, with 5G users accounting for 253 million by the end of December 2025.
Retail Business Shows Steady Expansion
Reliance Retail delivered stable performance during the festive quarter, posting a 3% year-on-year rise in profit after tax at ₹3,551 crore. Gross revenue increased 8% to ₹97,605 crore, driven by grocery, digital commerce and consumer electronics.
The company added 431 new stores, taking the total count close to 20,000 outlets across India. While EBITDA margins moderated slightly due to cost pressures, customer transactions crossed 500 million during the quarter.
Oil and Gas and Media Ventures
The oil and gas segment saw an 8% decline in revenue due to lower production volumes and softer price realisations. EBITDA from the segment declined 13% to ₹4,857 crore.
Meanwhile, media and entertainment arm JioStar reported revenues of ₹8,010 crore, with strong digital engagement on JioHotstar and sustained viewership across television platforms.
Outlook and Leadership Commentary
Mukesh Ambani said Reliance is entering a new phase of value creation with investments in artificial intelligence and new energy. He expressed confidence that these initiatives would create sustainable long-term value for India and global markets.
Shares of Reliance Industries ended marginally higher on the NSE ahead of the results announcement, reflecting cautious optimism among investors.
