Reliance Reports Q3 Net Profit of ₹18,645 Crore on Strong O2C Performance

Reliance Industries Limited (RIL) reported a consolidated net profit of ₹18,645 crore for Q3 FY26 (Oct–Dec 2025), up 0.6% YoY, though below estimates, due to higher depreciation, finance costs, and tax expenses. Revenue rose 10.5% to ₹2.69 lakh crore, surpassing expectations. The oil-to-chemicals (O2C) segment led performance with EBITDA up 14.6% to ₹16,507 crore, driven by strong refinery margins, high utilisation, and improved ethane cracking economics. However, petrochemical margins were mixed — polyethylene and polypropylene demand held firm, but PVC and PET saw weakness due to monsoon-related disruptions. Retail revenue grew, but EBITDA growth lagged due to heavy investments in stores and infrastructure, limiting profitability. Meanwhile, the oil & gas (E&P) business declined, with EBITDA down 12.7% to ₹4,857 crore on lower KG-D6 output and realisations. Depreciation rose 11% to ₹14,622 crore, reflecting capital spending across new energy, telecom, and O2C projects. Capex for the quarter was ₹33,826 crore, yet net debt remained stable at ₹1.17 lakh crore (net debt/EBITDA: 0.57x). Chairman Mukesh Ambani highlighted RIL’s shift toward AI and New Energy as key value drivers, positioning the company at the forefront of transformative technologies. Despite short-term margin pressures, Reliance continues to build long-term capacity while maintaining financial discipline.