Reliance Industries has reported a consolidated net profit of ₹18,645 crore for the October–December quarter (Q3 FY26). The profit was marginally higher than last year but fell short of market expectations, mainly due to higher costs and weaker earnings from retail and oil and gas.
Key financial highlights
Net profit: ₹18,645 crore, up 0.6 percent year-on-year, but below estimates
Revenue from operations: ₹2.69 lakh crore, up 10.5 percent and above expectations
Ebitda: ₹46,018 crore, up around 6 percent but below forecasts
While revenue growth was strong, higher expenses reduced the impact on the bottom line.
Costs that weighed on profit
Depreciation rose nearly 11 percent to ₹14,622 crore as new investments were brought into use
Finance costs increased 7 percent to ₹6,613 crore due to the rollout of spectrum and other large assets
Tax expenses climbed over 10 percent to ₹7,530 crore
Together, these costs limited the conversion of operating gains into net profit.
Oil-to-chemicals remains the main support
The oil-to-chemicals (O2C) business continued to be Reliance’s biggest earnings driver.
Segment revenue rose 8.4 percent to ₹1.62 lakh crore
Ebitda jumped 14.6 percent to ₹16,507 crore
Strong fuel demand, high refinery utilisation and better sulphur realisations supported performance. However, weaker chemical margins and higher freight costs capped gains.
Mixed trends in petrochemicals
Polypropylene and polyethylene demand improved, helped by consumer goods, automobiles and packaging
PVC demand declined due to prolonged monsoon conditions affecting construction and agriculture
PET demand fell as heavy rains disrupted beverage production
Retail remains a weak spot
Retail revenues grew year-on-year, but:
Margins declined due to higher operating costs
Continued investments limited profit growth
The segment added little incremental profit during the quarter
Retail expansion also contributed to higher depreciation at the consolidated level.
Oil and gas drags performance
The oil and gas exploration business continued to underperform.
Revenue fell 8.4 percent to ₹5,833 crore
Ebitda declined 12.7 percent to ₹4,857 crore
Lower output, weaker price realisations from KG-D6 fields and higher maintenance costs hurt earnings.
Capex and balance sheet
Capital expenditure during the quarter stood at ₹33,826 crore
Spending was focused on O2C projects, new energy initiatives and network expansion
Net debt remained stable at ₹1.17 lakh crore
Net debt-to-Ebitda stood at 0.57 times
Commenting on the results, chairman and managing director Mukesh Ambani said Reliance’s performance showed resilience across businesses. He added that the company is entering a new phase of value creation through its push into artificial intelligence and new energy, which he believes will deliver long-term benefits for India and global markets.
