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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).
bullish
high
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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।
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Petrochemical margin weakness persists
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Jio Subscriber Net Adds
8.9M
+8.9M QoQ
Jio added 8.9 million net subscribers in Q3, taking total to 515.3 million.
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.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q3 FY25
Early onset of monsoon rains impacted AC sales and consumer electronics revenue growth, which was lower than expected.
Mentioned in Q1 FY25, Q3 FY25
Refining and petrochemical margins remain under pressure from global capacity additions and weak demand; management highlighted 30-70% margin declines over five years.
Mentioned in Q2 FY25, Q4 FY25
Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
Fast read
Guidance and risk preview
First phase of 10 GW peak annual solar manufacturing (ingot, wafer, cell, module) to be fully commissioned and ramped up during the current year, w...
Global ethylene oversupply and low operating rates (~80%) continue to pressure naphtha-based cracker margins, though Reliance's ethane advantage mi...
View Risks →