Reliance Q3FY26: Revenue Up 10%, EBITDA Up 6%, PAT ₹22,290 Cr
Reliance Industries Limited reported Q3FY26 results with revenue up 10% and EBITDA up 6%. PAT stood at ₹22,290 crore. Jio Platforms added 8.9 million subscribers, and Reliance Retail achieved record revenue of ₹97,600 crore. The FMCG business grew 60% year-on-year. S&P upgraded RIL's rating to A-.
The announcement includes strong financial performance, a significant credit rating upgrade to A- by S&P (a first for an Indian manufacturing company), and detailed updates on key growth drivers across its diverse business verticals, which are material for investors and the market.
The company reported strong financial results with revenue and EBITDA growth, a significant upgrade in credit rating, and robust performance across its various business segments like Digital Services, Retail, and FMCG.
Reliance Industries Limited (RIL) announced its unaudited financial results for the quarter and nine months ended December 31, 2025. The company reported a consolidated revenue increase of 10% year-on-year, reaching ₹37,262 crore for the quarter. EBITDA saw a 6% rise, and Profit After Tax (PAT) stood at ₹22,290 crore, marking a 1.6% increase.
Digital services were a key driver for revenue growth, while strong performance in the Oil to Chemicals (O2C) segment boosted EBITDA by 15%. However, consolidated profit was muted due to higher finance costs and depreciation, primarily from the capitalization of 5G assets by Jio. For the nine-month period, revenues grew by 9%, EBITDA by 18%, and PAT by 28% year-on-year. The company's balance sheet remained steady with no significant change in net debt or leverage.
S&P upgraded RIL's rating from BBB Plus to A Minus, citing the increasing contribution of less cyclical consumer businesses and anticipated earnings growth outpacing capex. This makes RIL the first Indian manufacturing company with an international A- rating.
Jio Platforms reported over 515 million subscribers, with 8.9 million net additions in the quarter. The 5G user base surpassed 253 million. Jio also saw significant growth in its fixed broadband connections, exceeding 25 million, with 11.5 million homes connected via JioAirFiber using proprietary wireless technology. RJIL's operating revenues increased by 11.8% year-on-year to ₹37,262 crore, with EBITDA up 16.5% to ₹18,408 crore. JPL's consolidated revenues were ₹37,262 crore, a 12.7% year-on-year increase, with EBITDA at ₹19,303 crore.
Reliance Retail achieved its highest-ever revenue of ₹97,600 crore in the quarter, an 8.1% increase, despite factors like GST rate rationalization and the RCPL demerger. EBITDA stood at ₹6,915 crore with an 8% margin. Hyperlocal commerce scaled rapidly, with 1.6 million orders in December, showing a 360% year-on-year growth. The company also entered into an exclusive partnership with Fabletics.
The FMCG business, now a direct subsidiary of RIL from December 1, 2025, reported ₹5,000 crore in revenue for the quarter, a 60% year-on-year increase. Four brands have now crossed ₹1,000 crore in turnover. The company is expanding its capacity in beverages and initiating work on food parks.
JioStar's platform, JioHotstar, saw strong performance in both entertainment and sports. Major entertainment shows like Bigg Boss and originals performed exceptionally well, contributing to a 40% growth in digital watch time. The Women's World Cup saw a 10x increase in live watch time compared to the previous year, with final match viewership on par with an IPL match. Kabaddi has become the second-largest sport on the platform, doubling its viewers and watch time.
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Reliance Industries Limited filed this with the NSE as a statutory disclosure, categorised under quarterly results. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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