Reliance Industries Ltd (RIL) Q3 FY26 Results

Executive Summary Reliance Industries Limited (RIL) has delivered a resilient performance for the quarter ending December 31, 2025, characterized by steady bottom-line growth. The results were primarily driven by a sharp recovery in the Oil-to-Chemicals (O2C) segment and sustained momentum in Digital Services. Key Financial Highlights Consolidated Revenue: ₹2.65 lakh crore, up from ₹2.55 lakh crore in Q2 and significantly higher than ₹2.40 lakh crore YoY. Net Profit: ₹18,645 crore, reflecting growth against both the previous quarter (₹18,165 crore) and the previous year (₹18,540 crore). EBITDA: Reported at ₹46,018 crore. Margins: Consolidated EBITDA margin stood at 17.4%, a slight moderation compared to 18.3% YoY, reflecting mix changes and investment phases in consumer businesses. Segment Performance 1. Oil-to-Chemicals (O2C): The Growth Engine The O2C segment outperformed expectations, buoyed by favorable demand-supply dynamics and robust transportation fuel cracks. Revenue: ₹1.62 lakh crore (vs ₹1.49 lakh crore YoY). EBITDA: Surged to ₹16,507 crore, driven by improved refining margins and higher throughput. Margins: EBITDA margins expanded to 10.2% (up from 9.4% sequentially), highlighting strong operational efficiency. 2. Reliance Retail: Continued Expansion Despite the structural impact of the RCPL demerger, the retail arm showed top-line strength. Revenue: ₹97,912 crore, an 8% increase sequentially. EBITDA: Stood at ₹6,915 crore. Strategy: EBITDA margins eased to 7.1% (from 7.6% YoY) as the company prioritized aggressive investments in customer acquisition, network expansion, and scaling omni-channel/hyperlocal capabilities.