CONSOLIDATED RESULTS FOR QUARTER ENDED 31ST DECEMBER, 2025
Consolidated 9M FY26 EBITDA at ₹ 159,323, up 18.3% Y-o-Y and PAT at ₹ 75,165, up 28.1% Y-o-Y
Consolidated 3Q FY26 EBITDA at ₹ 50,932, up 6.1% Y-o-Y
O2C EBITDA up 14.6% at ₹ 16,507 crore, margin up 60 bps, Jio-bp volumes up 24%
Jio Platforms EBITDA up 16.4% Y-o-Y at ₹ 19,303 crore, Margin up 170 bps
Jio 5G subscribers crossed 250 million, Fixed Broadband base crossed 25 million
Reliance Retail EBITDA up 1.3% Y-o-Y at ₹ 6,915 crore
Reliance Retail’s hyper-local deliveries’ average daily orders up 4.6x Y-o-Y
Quarterly Performance (3Q FY26 vs 3Q FY25)
Gross Revenue increased by 10.0% Y-o-Y to ₹ 293,829 crore ($ 32.7 billion)
o JPL revenue increased by 12.7% Y-o-Y led by robust subscriber addition, increase in ARPU and
scale-up of digital services.
o RRVL revenue increased by 8.1% Y-o-Y, with growth across all consumption baskets driven by
festive buying and wedding season. Distribution of festive buying between 2Q and 3Q, impact of
consumer products division demerger and GST rationalization constrained top-line growth.
o Oil to Chemicals (O2C) revenue increased by 8.4% Y-o-Y. Production meant for sale increased by
1.7% on a Y-o-Y basis. Additionally, company’s fuel retailing operations through Jio-bp expanded
its network by 14% Y-o-Y to 2,125 outlets, driving volume growth of 24.7% for HSD and 20.8% for
MS.
o Oil and Gas segment revenue decreased by 8.4% Y-o-Y mainly on account of lower volumes and
price realisation for KGD6 gas and condensate.
EBITDA increased by 6.1% Y-o-Y to ₹ 50,932 crore ($ 5.7 billion).
o JPL EBITDA increased by 16.4% Y-o-Y driven by strong momentum in revenue and operating
leverage leading to 170 bps margin expansion.
o RRVL EBITDA increased marginally to ₹ 6,915 crore with an EBITDA margin of 8.0%.
o O2C EBITDA increased by 14.6% Y-o-Y with sharp increase in transportation fuel cracks, higher
volumes and higher Sulphur realization partially offset by decline in downstream chemical margins
and higher feedstock freight rates.
o Oil and Gas segment EBITDA decreased by 12.7% Y-o-Y following lower revenues and higher
operating cost due to maintenance activities.
Depreciation increased by 10.9% Y-o-Y to ₹ 14,622 crore ($ 1.6 billion).
Finance Costs increased by 7.0% Y-o-Y to ₹ 6,613 crore ($ 736 million), largely due to
operationalisation of 5G spectrum assets.
Tax Expenses increased by 10.1% Y-o-Y at ₹ 7,530 crore ($ 838 million).
Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 1.6% Y-o-Y to
₹ 22,290 crore ($ 2.5 billion).
Capital Expenditure for the quarter ended 31st December, 2025, stood at ₹ 33,826 crore ($ 3.8 billion)
driven by investments in ongoing growth projects in O2C and New Energy businesses; and continued
capital outlay towards strengthening and expansion of the Jio and Retail network and infrastructure.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “Reliance’s consolidated performance in 3Q FY26 reflects consistent financial
delivery and operational resilience across businesses.
Jio’s digital ecosystem is deepening its roots in Indian households. Through our mobility and broadband
products, we are connecting mobile phones, homes, appliances and enterprises. The synergistic value
delivered by our connectivity and media platforms has meaningfully increased customer engagement. This
quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its
comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust
financial performance with 16.4% growth in EBITDA.
Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh
new brands and product ranges. The demerger of consumer products business came into effect this
quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the
consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational
structure. Our deep, omni-channel presence across the nation and strong traction in hyperlocal quick
deliveries supported a resilient performance by the Retail business.
Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply
dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing
business, with continuing expansion of the Jio-bp network. Upstream segment EBITDA was impacted by
lower volumes and prices