Reliance Industries Limited (RELIANCE) Q3 25/26 earnings summary

Executive summary

• Revenue grew 10.5% year-over-year in Q3 FY26, with EBITDA up 6.1% and PAT up 1.6%.

• Digital services and retail led revenue growth, with digital services adding 9 million customers to reach 515 million and retail achieving record revenue of ₹97,912 crore.

• New energy segment advanced with commissioning of solar and battery giga factories, targeting 10 GW solar and 40 GWh battery capacity.

• S&P upgraded credit rating to A-, the first Indian manufacturing company to achieve this, reflecting improved earnings stability and access to new capital pools.

• Strategic acquisitions and new brand launches in FMCG and retail, including RCPL demerger and expansion in staples and beauty brands.

Financial highlights

• Q3 FY26 consolidated revenue was ₹269,496 crore, up 10.5% YoY; EBITDA at ₹50,355 crore, up 6.1% YoY; PAT at ₹22,290 crore, up 1.6% YoY.

• Retail EBITDA at ₹6,915 crore, 8% margin; digital services EBITDA at ₹19,325 crore, margin at 51.8%.

• O2C segment EBITDA at ₹16,507 crore, up 14.6% YoY, with margin improvement from higher fuel cracks.

• CapEx for the period was ₹34,000 crore, with major allocations to O2C, new energy, Jio, and retail.

• Net debt to LTM EBITDA improved to 0.56x, supporting a strong balance sheet and premium credit ratings.

Outlook and guidance

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

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

• Retail and digital services expected to maintain double-digit revenue growth, adjusting for one-offs and seasonality.

• O2C segment to benefit from continued domestic demand and flexible feedstock sourcing.

• Focus on expanding Jio-bp’s network, accelerating downstream expansions, and scaling new energy projects.