Reliance Industries (RELIANCE) Q3 25/26 earnings summary

Executive summary

• Revenue grew 10.5% year-over-year in Q3 FY26 to ₹269,496 crore, with EBITDA up 6.1% to ₹50,932 crore and PAT up 1.6% to ₹22,290 crore; nine-month revenue up 8.6%, EBITDA up 18.3%, and PAT up 28.1%.

• Strong customer additions in digital and retail, with 9 million net adds, 515 million total subscribers, and store count near 20,000.

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

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

• Robust profitability and cash flow generation despite macro headwinds and global uncertainties.

Financial highlights

• Retail revenue reached a record ₹97,912 crore in Q3 FY26, up 8.1% year-over-year; EBITDA at ₹6,915 crore with 8% margin.

• Digital services revenue at ₹44,653 crore, up 13% year-over-year; EBITDA margin at 51.8%.

• O2C EBITDA up 15% year-over-year to ₹16,507 crore, driven by strong transportation fuel margins.

• FMCG turnover exceeded ₹5,000 crore, up 60% year-over-year post-demerger.

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

Outlook and guidance

• Retail and digital businesses expected to maintain double-digit growth, with short-term volatility attributed to seasonality and one-offs.

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

• New energy business on track to commission first generation within 12-15 months, with significant capacity expansion planned.

• O2C and petrochemicals to benefit from domestic market focus and feedstock flexibility; industry rationalization expected to restore margins.

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