Jio Subscriber Net Adds
8.9M
+8.9M QoQ
Jio added 8.9 million net subscribers in Q3, taking total to 515.3 million.
RELIANCE
Conglomerate
15 Jan 2026
Reliance Industries Ltd — Q3 FY26
Reliance Industries reported a solid Q3 FY26 with consolidated revenue up 10% YoY and EBITDA up 6%, driven by strong O2C performance (15% EBITDA growth) and digital services (16% EBITDA growth).
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
Reliance Industries reported a solid Q3 FY26 with consolidated revenue up 10% YoY and EBITDA up 6%, driven by strong O2C performance (15% EBITDA growth) and digital services (16% EBITDA growth). PAT grew 1.6% to ₹22,290 crore, muted by higher depreciation from 5G asset capitalization. Jio added 8.9 million subscribers, reaching 515 million, with ARPU improving organically to ₹213.7. Retail revenue grew 8.1% to ₹97,600 crore, with quick commerce scaling to 1.6 million orders (360% YoY). New energy manufacturing is on track for 10 GW integrated solar capacity, with first generation expected in 12-15 months. Management remains constructive on retail despite short-term volatility and sees continued cash generation from diversified businesses. Key risk: sustained weakness in petrochemical margins and global oversupply could pressure O2C earnings.
रिलायंस इंडस्ट्रीज की तीसरी तिमाही (अक्टूबर-दिसंबर 2025) में कमाई 10% बढ़ी। कंपनी का मुनाफा (PAT) 1.6% बढ़कर ₹22,290 करोड़ रहा, लेकिन 5G नेटवर्क पर खर्च बढ़ने से यह कम रहा। जियो ने 8.9 मिलियन नए ग्राहक जोड़े, कुल 515 मिलियन हुए। हर ग्राहक से औसत कमाई (ARPU) ₹213.7 पहुंची। रिटेल कारोबार की कमाई 8.1% बढ़कर ₹97,600 करोड़ हुई, जिसमें क्विक कॉमर्स (तेज डिलीवरी) 360% बढ़ा। नई ऊर्जा (सोलर) का काम चल रहा है, 12-15 महीने में पहला उत्पादन शुरू होगा। कंपनी को रिटेल और दूसरे कारोबारों से पैसा आता रहेगा। लेकिन पेट्रोकेमिकल की कमजोर मांग और दुनिया भर में अधिक आपूर्ति से मुनाफा कम हो सकता है।
Key Numbers
Jio ARPU
₹213.7
+1% QoQ
ARPU improved organically by 1% sequentially to ₹213.7, driven by mix and data consumption.
Quick Commerce Orders (Dec run rate)
1.6M
+360% YoY
Reliance Retail's quick commerce reached 1.6 million monthly orders, growing 360% YoY.
Jio 5G Subscribers
253M
+20-25M QoQ
Jio's 5G subscriber base crossed 253 million, with 65% share of India's 5G subscribers.
What Changed vs Last Quarter
NEW
New energy solar manufacturing to commission 10 GW integrated capacity this year
First phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, with expansion to 20 GW underway.
NEW
First renewable generation capacity to come online in 12-15 months
Kutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar.
NEW
Jio IPO imminent, awaiting final government notification
Jio Platforms IPO is being worked on internally; final details depend on government notification expected in next few months.
DROPPED
Jio home connections to ramp up significantly
Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
DROPPED
New Energy RE/RTC power generation from next year
First renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.
DROPPED
PVC project completion by end of calendar 2026
The large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.
DROPPED
Jio EBITDA margin expansion to continue
Jio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.
NEW RISK
Petrochemical margin weakness persists
Global ethylene oversupply and low operating rates (~80%) continue to pressure naphtha-based cracker margins, though Reliance's ethane advantage mitigates impact.
NEW RISK
Retail growth volatility from seasonality and demerger
Q3 retail revenue growth was impacted by festival shift, GST rationalization, and RCPL demerger; underlying double-digit growth may take time to normalize.
NEW RISK
New energy project execution and cost overruns
Large-scale integrated solar and battery manufacturing involves complex construction; any delays or cost overruns could impact returns.
NEW RISK
China's silver export restrictions could affect solar cell costs
China restricted silver exports; though management downplays impact due to HJT technology and diversification, silver is a key input for solar cells.
RISK GONE
Petrochemical margins remain weak
Polyester chain margins are under pressure due to massive capacity additions in China, and global cracker operating rates are low at 79.5%.
RISK GONE
E&P production decline from KG D6 fields
Natural decline in KG D6 fields is reducing output, though less than expected. Augmentation plans are in early stages.
RISK GONE
No near-term tariff hike for Jio
Management stated no current plans for base tariff hikes, relying on nudges to higher plans. This could limit ARPU growth if competition intensifies.
RISK GONE
Quick commerce competition and investment drag
Retail is investing heavily in quick commerce (600 dark stores), which may pressure margins in the near term as the business scales.
Management Guidance
New energy solar manufacturing to commission 10 GW integrated capacity this year
First phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, with expansion to 20 GW underway.
Management guidance expansionFirst renewable generation capacity to come online in 12-15 months
Kutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar.
Management guidance expansionJio IPO imminent, awaiting final government notification
Jio Platforms IPO is being worked on internally; final details depend on government notification expected in next few months.
Management guidance otherKey Risks
Petrochemical margin weakness persists
Global ethylene oversupply and low operating rates (~80%) continue to pressure naphtha-based cracker margins, though Reliance's ethane advantage mitigates impact.
medium · management_commentaryRetail growth volatility from seasonality and demerger
Q3 retail revenue growth was impacted by festival shift, GST rationalization, and RCPL demerger; underlying double-digit growth may take time to normalize.
low · analyst_questionNew energy project execution and cost overruns
Large-scale integrated solar and battery manufacturing involves complex construction; any delays or cost overruns could impact returns.
medium · data_observationChina's silver export restrictions could affect solar cell costs
China restricted silver exports; though management downplays impact due to HJT technology and diversification, silver is a key input for solar cells.
low · analyst_questionNotable Quotes
We are the first Indian manufacturing company with an international rating of A minus.
We have gained over 800 basis points market share in the last 12 months, and that rate, if anything, is only picking up.
We are pretty uniquely positioned in the way that we are able to leverage our existing network of 2,500, 3,000 stores to do quick commerce.
Frequently Asked Questions
What was Reliance's revenue in Q3 FY26?
Reliance reported revenue of — in Q3 FY26, representing a +10% change compared to the same quarter last year.
What guidance did Reliance management give for FY27?
New energy solar manufacturing to commission 10 GW integrated capacity this year: First phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, with expansion to 20 GW underway. First renewable generation capacity to come online in 12-15 months: Kutch solar generation (round-the-clock power) will start delivering electricity within 12-15 months, with annual installation of 20 GW peak solar. Jio IPO imminent, awaiting final government notification: Jio Platforms IPO is being worked on internally; final details depend on government notification expected in next few months.
What are the key risks for Reliance in FY27?
Key risks include Petrochemical margin weakness persists — Global ethylene oversupply and low operating rates (~80%) continue to pressure naphtha-based cracker margins, though Reliance's ethane advantage mitigates impact.; Retail growth volatility from seasonality and demerger — Q3 retail revenue growth was impacted by festival shift, GST rationalization, and RCPL demerger; underlying double-digit growth may take time to normalize.; New energy project execution and cost overruns — Large-scale integrated solar and battery manufacturing involves complex construction; any delays or cost overruns could impact returns.; China's silver export restrictions could affect solar cell costs — China restricted silver exports; though management downplays impact due to HJT technology and diversification, silver is a key input for solar cells..
Did Reliance meet its previous quarter's guidance?
Of 2 tracked promises, management 0 met, 0 close, 2 missed.
Where can I read the full Reliance Q3 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.