Consolidated ebitda rose 6.1% year-on-year to ₹50,932 crore, while gross revenue increased 10% to ₹2.94 lakh crore, driven by growth across digital services, fuel retailing and consumer businesses.
Net profit attributable to shareholders rose marginally at 0.56% to ₹18,645 crore.
“Reliance’s consolidated performance in Q3 FY26 reflects consistent financial delivery and operational resilience across businesses,” said chairman and managing director Mukesh Ambani.
While Jio’s digital ecosystem is deepening its roots in Indian households, robust growth in the oil-to-chemicals business was led by significantly higher fuel margins, with favourable demand-supply dynamics, along with operational flexibility, he said.
“Upstream segment ebitda was impacted by lower volumes and prices,” Ambani said. “Reliance is entering a new phase of value creation with its initiatives in the AI and new energy domains.”
“Our diversified businesses are throwing up cash, they are profitable,” said Srikanth Venkatachari, chief financial officer, RIL, on a call. “The cash generation is despite an environment where we are all seeing the kind of headwinds, global uncertainty. But you can see the power of a diversified business, which is doing well.”
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Jio Platforms, which houses RIL’s telecom and digital businesses, posted a nearly 11.2% rise in third quarter net profit to ₹7,629 crore, driven by increases in the 5G user base and home broadband subscribers. Jio AirFiber has crossed 10 million subscribers, the fastest a home broadband service has crossed the threshold, the company said.
The total Jio subscriber base had previously gone past the 500 million mark, making it the world’s second-largest, single-country operator.
Fast-expanding Factories
At December-end, its subscriber base was 515.3 million. Jio Platforms reported a 12.7% year-on-year growth in revenue from operations to ₹37,262 crore for the quarter on strong user additions across the mobility and home segments, and an improvement in average revenue per user (ARPU).
Retail Moderates
Reliance Retail Ventures (RRVL) posted a 2.7% increase in net profit to ₹3,551 crore, while revenue from operations expanded by 9.2% to ₹86,951 crore from the year earlier. Gross revenue rose 8.1% to ₹97,605 crore. The country’s largest retailer opened 431 new stores during the quarter, taking total count to 19,979. It said the number of transactions crossed the 500-million milestone.
RRVL’s quarterly ebitda at ₹6,915 crore was up by 1.3% from the year earlier.
Ambani said the retail business was strengthened by the onboarding of new brands and product ranges. “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,” he said.
Big Benefits
The O2C business reported an ebitda of ₹16,507 crore, up 14.6%, aided by stronger transportation fuel cracks and higher volumes. Fuel retail volumes at Jio-bp rose sharply, with high-speed diesel volumes up 24.7% and petrol volumes up 20.8% from the year ago. The Jio-bp network expanded to 2,125 outlets during the quarter, from 1,865.
Giga & Green
Reliance said it is rapidly scaling its integrated solar and battery manufacturing. Solar module yields reached 95% last quarter, with solar cell manufacturing fully commissioned and ramping up using heterojunction technology. Pilot ingot and wafer facilities are operational and being expanded to gigawatt scale, alongside polysilicon and solar glass plants, among the largest outside China.
At its Jamnagar complex in Gujarat, RIL is setting up a fully-integrated solar manufacturing facility with 10 GW annual capacity, scalable to 20 GW, alongside energy storage systems starting at 40 GWh and expanding to 100 GWh. This solar and battery capacity will support round-the-clock captive power generation at RIL’s renewable energy site at Kutch, Gujarat, spread over 550,000 acres.