"Reliance Q3: Growth in revenue, but profits hit a speed bump…

📊 Key Financial Highlights (Q3 FY26) - Revenue: ₹2,93,829 crore, up 10% YoY - EBITDA: ₹50,932 crore, up 6.1% YoY - Net Profit (PAT): ₹22,290 crore, up just 1.6% YoY - EBITDA Margin: 17.3%, slightly lower than last year - Segmental Performance: - O2C (Oil-to-Chemicals): EBITDA up 14.6% YoY, margin expansion of 60 bps - Jio Platforms: EBITDA up 16.4% YoY; 5G subscribers crossed 250 million - Retail: EBITDA up 1.3% YoY; hyper-local deliveries surged 4.6x YoY 👀 Investor Watchouts - Flat Profitability: Despite revenue growth, PAT growth was muted, reflecting pressure in oil & gas and higher depreciation. - Margin Compression: EBITDA margin slipped 70 bps sequentially, signaling cost pressures. - Retail Growth Slowing: Retail EBITDA growth was modest, raising questions on near-term scalability. - Debt & Capex: Continued investments in 5G rollout and retail expansion could weigh on free cash flows. 📈 Stock Impact - Current Price: ₹1,457.90 (slightly down 0.06%) - The muted stock reaction shows investors were expecting stronger profit growth. - Near-term trading likely to remain range-bound unless catalysts emerge from Jio monetization or O2C margin expansion.