Reliance Industries Q3 Results FY26: Profit at ₹22,290 Crore, EBITDA Hits Record ₹50,932 Crore

Reliance Industries Q3 Results FY26 reflect steady growth across telecom, retail, and energy businesses, with consolidated profit rising to ₹22,290 crore and EBITDA reaching a record ₹50,932 crore. Revenue grew 10% year-on-year, supported by strong digital subscriber additions, retail expansion, and improved refining margins.

Reliance Q3 Results 2026 underline the company’s structural transformation, with consumer-facing businesses now contributing the majority of earnings. This shift has reduced cyclicality and improved earnings visibility, a key factor driving institutional capital flows into the stock.

Official Data Source: Reliance Industries NSE filings

Reliance Q3 Results 2026: Key Highlights

• Revenue: ₹293,829 crore (up 10% YoY)
• EBITDA: ₹50,932 crore (up 6.1% YoY)
• Profit After Tax: ₹22,290 crore (up 1.6% YoY)
• Digital EBITDA growth: 16.1% YoY
• O2C EBITDA growth: 14.6% YoY
• Retail revenue growth: 8.1% YoY

Reliance Q3 Results 2026: Consolidated Financial Performance

Revenue growth was driven by telecom subscriber additions, strong retail sales, and improved refining margins.

Reliance Q3 Results 2026: Segment EBITDA Breakdown

Consumer businesses now account for a significant portion of EBITDA, highlighting the structural shift in Reliance’s earnings mix.

Digital Services: Telecom Driving Earnings Growth

• Total subscribers: 515.3 million
• Net additions: 8.9 million
• 5G users: 253 million
• Broadband connections: 25 million+
• ARPU: ₹213.7

Digital EBITDA rose 16.4% YoY due to subscriber growth and ARPU improvement.

For broader IT sector trends, read: IT Sector Outlook 2026.

Retail Business: Expansion Continues

• Revenue: ₹97,605 crore (up 8.1% YoY)
• EBITDA: ₹6,915 crore
• Stores: 19,979
• Customer base: 378 million
• Quick-commerce orders: 1.6 million daily

Retail growth was driven by festive demand and rapid expansion of digital and hyperlocal commerce networks.

Consumer Products (FMCG) Growth

• Revenue: ₹5,065 crore (up 60% YoY)
• Strong growth in beverages and daily essentials
• Four brands crossed ₹1,000 crore annual sales

Oil-to-Chemicals: Margin Recovery

• Revenue: ₹162,095 crore
• EBITDA: ₹16,507 crore
• EBITDA margin: 10.2%

Gasoline cracks rose 106% and gasoil cracks rose 62% YoY, boosting refining profitability.

Exploration & Production

• Revenue: ₹5,833 crore (down 8.4% YoY)
• EBITDA: ₹4,857 crore (down 12.7% YoY)

New Energy Business: Long-Term Growth Engine

• 10 GW solar manufacturing capacity under development
• Target expansion to 20 GW
• 40 GWh battery gigafactory under construction
• Large renewable energy project in Kutch

Management expects new energy, AI, and consumer businesses to become major growth drivers.

Balance Sheet and Capital Allocation

• Net debt: ₹117,102 crore
• Net debt/EBITDA: 0.56x
• Credit rating upgraded to A-

The balance sheet remains strong despite heavy capital expenditure across telecom, retail, and new energy.

Capital Allocation Strategy

Reliance’s capital allocation continues to focus on three pillars:

• Telecom infrastructure and digital platforms
• Retail expansion and consumer brands
• New energy ecosystem development

This diversified investment approach reduces reliance on cyclical energy earnings and improves long-term valuation multiples.

Peer Comparison: Energy Sector Positioning

Within the energy sector:

• ONGC and Oil India remain upstream commodity-linked companies.
• IOC and BPCL depend heavily on refining margins.
• Coal India is linked to thermal coal demand.

Reliance’s telecom and retail exposure provides structural growth advantages over these peers.

Related posts:

• Energy & PSU Sector Outlook 2026
• ONGC Q3 Results FY26
• IOC Q3 Results FY26

Valuation Context and Institutional View

Reliance continues to command a premium valuation compared with traditional energy companies due to:

• Telecom subscriber growth
• Retail consumption exposure
• New energy optionality
• Diversified earnings base

Institutional investors increasingly view Reliance as a hybrid consumer-technology-energy platform rather than a pure energy stock.

Reliance Q3 Results 2026: Sector Capital Flow Impact

Capital flows into Indian equities have increasingly favored companies with strong consumer and digital exposure. Reliance’s diversified earnings base positions it well within this trend.

Telecom and retail segments offer higher return-on-capital profiles compared with traditional refining or upstream businesses. As a result, the company attracts long-term institutional capital seeking structural growth rather than cyclical commodity exposure.

The ongoing expansion of the new energy ecosystem further enhances the company’s capital-flow attractiveness, especially as global funds allocate capital toward renewable and ESG-aligned assets.

Outlook

Reliance expects continued growth across telecom, retail, and consumer businesses. Investments in new energy and digital infrastructure are expected to support long-term earnings growth.

Conclusion

Reliance Industries Q3 Results FY26 demonstrate stable earnings growth, strong telecom performance, and improving refining margins. The company’s shift toward consumer-facing and new energy businesses continues to reshape its long-term growth trajectory.

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