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    Reliance Industries Limited

    RELIANCE
    Oil, Gas & Consumable Fuels·16 Jan 2026
    Management Summary

    Reliance Industries Limited (RIL) delivered a strong Q3 FY26, with overall revenue up 10% and EBITDA up 6%, reaching a PAT of 22,290 crores. Consumer businesses, including Jio Platforms and Reliance Retail, were key growth drivers. Jio Platforms added 8.9 million net subscribers, reaching 515 million, and expanded its 5G user base to over 253 million. Reliance Retail achieved its highest-ever revenue at 97,600 Crores, with quick commerce orders hitting a 1.6 million run rate. The FMCG business grew 60% year-on-year to over 5,000 Crores turnover. The O2C segment showed resilience with a 15% EBITDA increase, benefiting from a strong transportation fuel market. Significant progress was made in New Energy, with plans to commission 10-gigawatt solar and 40-gigawatt hour battery manufacturing capacities. The company maintains a strong balance sheet and received an S&P credit rating upgrade to A-.

    Highlights

    8

    • Overall Revenue up 10%, EBITDA up 6%, and PAT at 22,290 crores (up 1.6%).

    • Jio Platforms customer base reached 515 million, with 8.9 million net additions and over 253 million 5G subscribers.

    • Jio Platforms revenues crossed 37,000 Crores with a 52% EBITDA margin.

    • Reliance Retail achieved highest-ever revenue at 97,600 Crores (up 8.1%), with store count close to 20,000.

    • Quick commerce reached a 1.6 million orders run rate, on track to be the second-largest player.

    • FMCG turnover exceeded 5,000 Crores, up 60% year-on-year.

    • O2C EBITDA increased by 15% to 16,507 Crores, driven by a strong transportation fuel market.

    • New Energy is progressing towards 10-gigawatt integrated solar manufacturing and 40-gigawatt hour battery manufacturing capacities.

    Guidance & targets

    14
    CategoryTargetPriority
    Manufacturing Capacity
    10-gigawatt per peak annual solar manufacturing capacity, scaling up to 20-gigawatt peak
    		High
    Manufacturing Capacity
    40-gigawatt hour battery manufacturing capacity, expanding to 100-gigawatt hour
    		High
    Project Commissioning
    Commissioning of 10-gigawatt peak solar facilities and 40-gigawatt hour battery facilities
    		High
    Generation Capacity Commissioning
    Generation capacity will start coming up
    		High
    ARPU Growth
    5% to 6% ARPU growth a year
    		Medium
    IPO Timeline
    Jio IPO process to start
    		Medium
    Manufacturing Capacity Expansion
    More than doubling our capacity on beverages
    		High
    Project Commencement/Completion
    Work on food parks to begin, Kurnool beverage plant ready by March
    		High
    Market Expansion
    Scale up pet categories
    		High
    Market Expansion
    Expand noodle segment
    		High
    Market Outlook
    Global oil demand to grow by 0.9 million barrels a day
    		Medium
    Market Outlook
    7 million tons new cracker capacity in China to start
    		Medium
    Market Outlook
    Operating rates likely to be at 80% levels only
    		Medium
    Project Execution
    Accelerate Vinyl and PTA projects
    		High
    2 min read

    Detailed Narrative

    Reliance Industries Limited (RIL) reported a strong Q3 FY26, with overall revenue increasing by 10% and EBITDA by 6%, resulting in a Profit After Tax (PAT) of 22,290 crores, up 1.6%. The company's diversified business model, particularly its consumer-facing segments and new energy initiatives, drove this performance despite global uncertainties. The S&P credit rating was upgraded from BBB+ to A-, reflecting confidence in earnings growth from less cyclical consumer businesses.

    In consumer businesses, Jio Platforms demonstrated robust growth, adding 8.9 million net subscribers to reach a total of 515 million. The 5G user base expanded rapidly to over 253 million, with 53% of network traffic now on 5G. Jio's proprietary technology and in-house solutions, including fixed wireless access (FWA) and JioAirFiber, are driving connectivity to 25 million homes. Revenues for Jio Platforms crossed 37,000 Crores with a 52% EBITDA margin. ARPU saw a 1% sequential increase, with management aiming for 5-6% annual organic ARPU growth. The Jio IPO is progressing, with final notifications expected in the next few months⏳.

    Reliance Retail achieved its highest-ever revenue at 97,600 Crores, an 8.1% increase. EBITDA grew 1.3%, with the total store count nearing 20,000, adding 430 stores in the quarter. Quick commerce is scaling rapidly, reaching a 1.6 million orders run rate and on track to be the second-largest player. The FMCG business, post-demerger on December 1, 2025, recorded over 5,000 Crores in turnover, a 60% year-on-year increase, driven by brand acquisitions and market expansion. New categories like pet products and noodles are being piloted and expanded.

    The Oil to Chemicals (O2C) segment saw a 15% increase in EBITDA, reaching 16,507 Crores, primarily due to a strong transportation fuel market and higher fuel cracks (60-100% growth). Domestic market focus and optimized product mix contributed to this. Downstream petrochemicals performance was muted, and feedstock prices and freight rates increased. The Oil & Gas Exploration & Production (E&P) segment's EBITDA was slightly lower due to reduced volumes and prices, though efforts are underway to augment production and slow natural decline. LNG prices moved from $11 to $9.5, aligning with market trends.

    New Energy initiatives are progressing rapidly. RIL is establishing a fully integrated solar manufacturing capacity of 10-gigawatt peak, with plans to scale to 20-gigawatt peak. Battery manufacturing is also underway, with a first phase of 40-gigawatt hour, expanding to 100-gigawatt hour. Commissioning of these facilities is expected in the current year and next few quarters. The company is also setting up electrolyser manufacturing and compressed biogas plants, aiming for significant green power generation capacity within 12-15 months. The total capex for the quarter was Rs.34,000 Crores, allocated across O2C, new energy, Jio, and retail. Management emphasized the strategic advantages of their integrated ecosystem, aiming for lowest cost, scale, and supply chain security.

    This is an AI-generated summary of a publicly available earnings call transcript. It is for informational purposes only and does not constitute investment advice, a recommendation, or an endorsement. inve.money is not a SEBI-registered investment advisor. Please consult a qualified financial advisor before making any investment decisions.