Reliance Industries (RELIANCE) investor relations material

Executive summary

• Added 9 million customers in consumer businesses, reaching 515 million; strong home traction with 25 million connections and significant margin expansion.

• Achieved robust growth across digital, retail, and energy businesses, with strong profitability and cash flow generation despite macro headwinds and global uncertainties.

• Upgraded international credit rating to A-, reflecting improved earnings stability and access to new capital pools.

• Continued progress in New Energy with commissioning of solar and battery gigafactories and expansion of renewable projects.

• Consolidated revenue from operations for Q3 FY26 was ₹269,496 crore, up 10.5% year-over-year; net profit at ₹22,290 crore, up 1.6% year-over-year.

Financial highlights

• Q3 FY26 consolidated revenue rose 10% YoY to ₹293,829 crore; EBITDA up 6.1% YoY to ₹50,932 crore; PAT at ₹22,290 crore, up 1.6%.

• 9M FY26 revenue grew 8.6% YoY; EBITDA up 18.3% YoY; PAT up 28.1% YoY.

• Net profit margin (consolidated) for Q3 FY26 was 7.6%; operating margin was 10.7%.

• Net debt to LTM EBITDA improved to 0.56x, reflecting strong balance sheet and cash flow visibility.

• CapEx for the period was nearly INR 34,000 crore, with strong cash generation and stable net debt.

Outlook and guidance

• S&P upgraded credit rating from BBB+ to A-, citing higher earnings from less cyclical consumer businesses and strong free cash flow.

• Earnings growth expected to outpace capex over the next 12–24 months, led by positive free operating cash flow.

• Oil demand projected to grow in CY26, with steady domestic demand for fuels and chemicals.

• CapEx allocation: INR 9,000 crore for O2C, INR 8,000 crore for new energy, INR 7,500 crore for Jio, INR 4,000 crore for retail.

• New energy generation capacity to start coming online in the next 12-15 months, with most output for captive use and green fuels.