Reliance Industries Limited (RIL), India’s largest private sector conglomerate, reported a solid rise in revenue for the third quarter of FY26, supported by strong performance from its digital services and oil-to-chemicals (O2C) businesses. While topline growth remained robust, profitability saw only marginal improvement due to higher costs and weaker performance in the upstream oil and gas segment.

Strong Topline Performance in Q3 FY26

During the October–December 2025 quarter, Reliance Industries recorded year-on-year revenue growth of around 10–11%, reflecting the resilience of its diversified business model. Growth was primarily driven by higher contribution from digital services and improved refining margins in the O2C segment.

However, rising operating expenses and pressure from certain businesses limited the pace of net profit growth, which remained largely flat compared to the same period last year.

Digital Services (Jio): The Key Growth Driver

Reliance’s digital arm, Jio Platforms, continued to be the company’s strongest growth engine in Q3 FY26.

Revenue and profits from the digital segment posted double-digit growth

Rapid expansion of 5G services led to a significant increase in subscriber base

Average Revenue Per User (ARPU) improved, indicating better monetisation

Growth in JioAirFiber and fixed broadband services strengthened the company’s digital ecosystem

The digital business has now emerged as a critical long-term value creator for Reliance, delivering both scale and profitability.

Oil-to-Chemicals (O2C): Stable and Resilient

The O2C segment delivered a steady performance during the quarter.

Improved refining margins supported earnings

Strong domestic fuel demand and exports helped offset global volatility

Operational efficiency helped maintain healthy cash flows

Despite fluctuations in crude oil prices, the O2C business remained a dependable contributor to Reliance’s overall revenue.

Retail Business: Growth Continues, Margins Under Pressure

Reliance Retail reported moderate revenue growth in Q3 FY26, driven by higher store additions and increased consumer demand across categories such as grocery, fashion and electronics.

However, profitability growth remained limited due to:

Competitive pricing

Higher operating and expansion costs

While retail remains a long-term growth opportunity, margin improvement will be a key focus going forward.

Oil and Gas Segment: Continued Weakness

Reliance’s upstream oil and gas business remained under pressure during the quarter.

Lower production volumes from key fields

Reduced price realisations

Higher operating costs

This segment negatively impacted overall profitability, highlighting its cyclical and volatile nature.

Strategic Outlook

Reliance Industries’ Q3 FY26 performance highlights the strength of its diversified portfolio:

Digital services and O2C businesses continue to anchor growth

Retail offers long-term scale but faces near-term margin challenges

Upstream energy remains vulnerable to global price movements

The company’s balanced business mix provides stability and positions it well for future growth.