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

Executive summary

• Revenue grew 10.5% year-over-year to ₹269,496 crore in Q3 FY26, with EBITDA up 6.1% to ₹50,932 crore and PAT up 1.6% to ₹22,290 crore; strong profitability and cash flow generation despite macro headwinds.

• Consumer businesses saw strong customer additions, with digital services reaching 515 million subscribers and retail adding 5.9 million new customers.

• Retail revenue hit a record ₹97,912 crore, up 8.1%, with EBITDA at ₹6,915 crore and margin at 8%.

• Digital services revenue rose 13% year-over-year, with EBITDA margin at 51.8% and 8.9 million net subscriber additions in Q3.

• New energy business made significant progress on solar and battery gigafactories, with commissioning on track and expansion of renewable projects.

Financial highlights

• Consolidated revenue up 10.5% year-over-year to ₹269,496 crore; EBITDA up 6.1% to ₹50,932 crore; PAT up 1.6% to ₹22,290 crore.

• Nine-month EBITDA up 18.3%, PAT up 28.1% year-over-year; O2C segment up 15%, digital services up 18%, retail up 10%.

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

• S&P upgraded credit rating from BBB+ to A-, improving access to capital and lowering spreads.

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

Outlook and guidance

• Management expects short-term volatility in retail growth rates due to seasonality and one-offs but remains constructive on long-term double-digit growth.

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

• O2C business expects continued robust domestic demand and margin support from rationalization in global petrochemical capacity.

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

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