Reliance Industries Q3 FY26 Results Today: Moderate Growth Expected from O2C and Consumer Businesses

Ltd (RIL), India's most valuable company, rose as much as 1.3% in early trade to around ₹1,477-1,480 levels on the NSE, ahead of its Q3 FY26 (October-December 2025) earnings announcement today. The board meeting is underway to approve the standalone and consolidated unaudited financial results for the quarter and nine months ended December 31, 2025. An analyst call is expected post-results to discuss performance across key segments: Oil-to-Chemicals (O2C), Digital (Jio), Retail, and Oil & Gas. Brokerage estimates point to moderate year-on-year (YoY) growth, supported by a recovery in refining margins and steady momentum in telecom and retail, even as upstream (exploration & production) faces softness. Consolidated revenue is projected at around ₹2.54 lakh crore (median of six brokerages), up ~6% YoY. EBITDA is seen rising 10% YoY to approximately ₹47,900 crore. Net profit after tax is expected to increase ~4% YoY to ₹19,200 crore. Key drivers include: O2C segment — Expected to lead with 15% YoY EBITDA growth, aided by stronger gross refining margins (GRMs), better throughput, and a weaker rupee (partly offset by weak petrochemicals). Digital (Jio) — Anticipated 16-17% YoY EBITDA growth, driven by subscriber additions, higher ARPU, and expanding broadband base. Retail — Steady but moderated growth (~8-10% revenue), impacted by festive season timing, discretionary spending weakness, and effects from the Reliance Consumer Products demerger.