The oil-to-telecom conglomerate reported an EBITDA of Rs 50,932 crore, up 6% year-on-year, led by strong operating performance in Jio and O2C businesses.”Reliance is entering a new phase of value creation with its initiatives in AI and New Energy. I am confident that Reliance will play a pioneering role in the evolution of these disruptive technologies, providing sustainable solutions at scale for India and the world,” said Mukesh Ambani, Chairman and MD, Reliance Industries.
During the quarter, depreciation rose 11% year-on-year to Rs 14,622 crore. Finance costs rose 7% year-on-year to Rs 6,613 crore, largely due to the operationalization of 5G spectrum assets. Tax expenditure, meanwhile, rose 10% year-on-year to Rs 7,530 crore.
Also read: Reliance Jio Q3 results: Profit rises 11% YoY to Rs 7,629 crore; ARPU rises to Rs 213.7
Capital expenditure for the quarter ended December stood at Rs 33,826 crore ($3.8 billion), driven by investments in ongoing growth projects in O2C and new energy businesses and also continued capital expenditure on strengthening and expanding the Jio and Retail network and infrastructure.
O2C segment
The company’s core oil-to-chemicals business reported an 8% increase in sales to Rs 1.69 lakh crore. EBITDA for the segment rose 15% year-on-year to Rs 16,507 crore. due to the sharp increase in transportation fuel cracks and higher sulfur yield, partially offset by weakness in downstream chemical margins and higher commodity freight rates.
Favorable ethane cracking conditions and domestic placement continued to support profitability, the company said.
Fuel retail through Jio-bp expanded its network by 14% year-on-year to 2,125 outlets, driving volume growth of 24.7% for HSD and 20.8% for MS.
“The robust growth in the O2C business was led by significantly higher fuel margins with favorable supply-demand dynamics, along with operational flexibility. I am pleased to highlight strong growth in our fuel retail business, with continued expansion of the Jio-bp network. Upstream segment EBITDA was impacted by lower volumes and prices,” Ambani said.
The company says flexible crude sourcing has maintained throughput despite sourcing challenges during the quarter. Total throughput increased 200 basis points year-over-year to 20.6 MMT.
Trust Jio
The company’s digital and telecom venture Reliance Jio posted 11% growth in net profit at Rs 7,629 crore in the third quarter. Revenues rose 13% YoY to Rs 43,683 crore, driven by robust subscriber growth, ARPU growth and scaling of digital services
EBITDA for the segment rose 16% year-on-year to Rs 19,303 crore, while margins improved by 170 basis points.
ARPU (average revenue per user per month) for the quarter increased 213.7% due to increased customer engagement, partially offset by promotional offers for unlimited 5G and fixed broadband services.
The company’s customer base rose to 515 million at the end of December. The total number of 5G subscribers reached 253 million as of December 2025. 5G now accounts for 53% of total wireless traffic, thanks to consistent increases in customer engagement.
“Jio’s subscriber base, deep customer insights and pan-India distribution network will enable Reliance Intelligence to achieve its goal of making India not just AI-enabled, but also AI-empowered – where every citizen and enterprise can use AI tools to create, innovate and grow. This will drive sustainable value creation for all stakeholders in the years to come,” said Akash Ambani, Chairman of Reliance Jio.
Confidential Retail
Reliance Retail reported steady performance in the December quarter, with growth led by supermarkets, digital commerce and consumer electronics, even as margins fell year-on-year. Profit after tax for the quarter stood at Rs 3,551 crore, up 3% year-on-year.
Quarterly gross sales stood at Rs 97,605 crore, up 8% year-on-year, supported by festive demand, network expansion and increasing digital adoption.
EBITDA for the quarter stood at Rs 6,915 crore, reflecting a 1% YoY increase, while EBITDA from operations rose 2% YoY to Rs 6,770 crore. EBITDA margin fell to 8%, compared to 8.6% a year ago, a contraction of 60 basis points, largely due to the normalization of operating leverage and cost pressures following the rapid scale-up between formats.
During the quarter, Reliance Retail achieved a major operational milestone, with a transaction count of over 500 million. The company added 431 new stores, bringing the total number of stores to 19,979, covering 78.1 million square feet. Its registered customer base grew to 378 million, cementing its position as one of the country’s largest consumer platforms.
The grocery sector recorded consistent growth, supported by festive demand and higher portfolio share. Core categories continued to grow strongly: dairy, frozen and bakery rose 23% year-on-year, staples rose 19% and packaged foods grew 15%.
Festive gifting led to a surge in sustainable food products, with sales of namkeen up 40%, chocolate up 32%, sweets up 10% and dried fruit up 13%. The Metro Wholesale format maintained steady momentum, aided by higher footfalls and the successful execution of the Metro Wholesale Utsav campaign.
“Our retail business also had an eventful quarter, strengthening the portfolio with the introduction of fresh new brands and product ranges. The demerger of the consumer products business came into effect this quarter. With a broad and diverse product basket ranging from classic Indian brands to new labels, the consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational structure,” said Ambani.
Oil and gas
The company’s third quarter revenue is down 8% year-over-year, due to lower volumes and price realization for KGD6 gas and condensate. The average price realized for KGD6 gas was $9.65/MMBTU in Q3FY26, against $9.74/MMBTU in the year-ago quarter.
The average CBM gas price stood at $9.29/MMBTU in Q3FY26, compared to $10.58/MMBTU a year earlier.
EBITDA fell 13% year-on-year to Rs 4,857 crore, due to lower revenues and higher operating costs due to maintenance activities.
JioStar
JioStar reported strong revenues of Rs 8,010 crore with EBITDA (including other income) of Rs 1,303 crore in the December quarter.
The television network reached more than 830 million viewers and delivered more than 60 billion hours of viewing time. JioHotstar averaged 450 million monthly active users, almost on par with the IPL quarter.
JioHotstar also delivered its largest ever engagement in entertainment content in Q3 FY26, led by Bigg Boss across languages, launches of blockbuster series, hit films like Lokah and Mirai, and continued increase in international content consumption.
On Friday, ahead of the results announcement, RIL shares closed 0.15% higher at Rs 1,461 on NSE.
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