Profit before tax (PBT) for the period under review was Rs 29,697 crore, up 3.7% YoY.
EBITDA improved by 6.1% to Rs 50,932 crore in Q3 FY26 from Rs 48,003 crore in Q3 FY25. EBITDA margin was 17.3% in Q3 FY26 as against 18% in Q3 FY25, down 70 basis points YoY.
Finance costs increased by 7% YoY to Rs 6,613 crore ($ 736 million), largely due to operationalisation of 5G spectrum assets.
Mukesh D. Ambani, chairman and managing director, Reliance Industries, said: 'FY26 reflects consistent financial delivery and operational resilience across businesses.
This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA.
Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh new brands and product ranges. The demerger of consumer products business came into effect this quarter.
Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network. Upstream segment EBITDA was impacted by lower volumes and prices.
Reliance is entering a new phase of value creation with its initiatives in the AI and New Energy domains. I am confident that Reliance will play a pioneering role in the evolution of these epoch-defining technologies, providing sustainable solutions at scale for India and the world.'
Jio Platforms Limited (JPL):
JPL's gross revenue increased by 12.7% to Rs 43,683 crore in Q3 FY26 from Rs 38,750 crore in Q3 FY25. EBITDA stood at Rs 19,303 crore, higher by 16.4% as compared with the value of Rs 16,585 crore posted in corresponding quarter last year.
ARPU increased by 5.1% YoY to Rs 213.7 per subscriber per month with higher customer engagement, partly offset by promotional offers for unlimited 5G and fixed broadband services. Monthly churn was stable at 1.8%, with net subscriber addition of 8.9 million during the quarter.
Reliance Retail Ventures Limited (RRVL):
RRVL's revenue was Rs 97,605 crore (up 8.1% YoY) while EBITDA from operations was Rs 6,770 crore (up 2.1% YoY) in Q3 FY26.
The demerger of consumer products division was completed during the quarter.
The business expanded its store network with 431 new store openings, taking the total store count to 19,979 with area under operation at 78.1 million square feet.
JioMart crossed exit daily orders of 1.6 million and recorded 53% QoQ and over 360% YoY growth in average daily orders, establishing itself as the fastest-growing player in hyper-local commerce.
Oil to Chemical (O2C) Segment:
Revenue from O2C segment for 3Q FY26 rose by 8.4% YoY to Rs 162,095 crore ($18.0 billion).
Production meant for sale increased by 1.7% on a YoY basis. Fuel retailing operations through Jio-bp expanded its network by 14% YoY to 2,125 outlets, driving volume growth of 24.7% for HSD and 20.8% for MS.
Segment EBITDA for 3Q FY26 increased by 14.6% YoY to 16,507 crore ($ 1.8 billion) due to sharp increase in transportation fuel cracks and higher Sulphur realisation partially offset by weakness in downstream chemical margins and higher feedstock freight rates.
Favorable ethane cracking economics and domestic market placements continued to support profitability.
Reliance BP Mobility (RBML) (operating under brand Jio-bp) operated a country-wide network of 2,125 outlets as on 31 December 2025 as against 1,865 outlets as on 31 December 2024.
Oil & Gas (Exploration and Production) Segment:
Revenue for Q3 FY26 was Rs 5,833 crore, down 8.4% YoY. This was on account of lower volumes and price realisation for KGD6 gas and condensate.
The average price realized for KGD6 gas was $9.65 per MMBTU in Q3 FY26 vis-'-vis $9.74 per MMBTU in Q3 FY25. The average price realised for CBM gas was $9.29 per MMBTU in Q3 FY26 vis-'-vis $10.58 MMBTU in Q3 FY25.
JioStar Business:
JioStar reported strong revenues of Rs 8,010 crore with EBITDA (including other income) of Rs 1,303 crore for 3Q FY26.
Television network reached over 830 million viewers, delivering over 60 billion hours of watch time.
JioHotstar averaged 450 million monthly active users (MAUs); up 13% QoQ and almost on par with the IPL quarter (Q1 FY26), clearly demonstrating the platform's momentum.
The network's TV entertainment viewership share improved by 100 basis points YoY to 34.6%, further solidifying its position as a preferred entertainment destination.
Reliance Industries is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.
The scrip had shed 0.06% to end at Rs 1457.60 on the BSE on Friday.
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