RIL Q3 FY26 Results Show Strong Revenue, Flat Profit

Reliance Industries Ltd reported a mixed financial performance in its Q3 FY26 results, with consolidated revenue posting strong year-on-year growth while net profit remained largely flat, reflecting margin pressure across key business segments. The company’s performance highlights the contrast between its expanding consumer-facing businesses and cost challenges in its legacy energy operations.

For the quarter ended December, consolidated revenue rose by around 10 to 11 per cent year-on-year to approximately ₹2.69 lakh crore, driven by steady growth in digital services, retail operations, and downstream energy activities. However, consolidated net profit stood at about ₹18,645 crore, showing minimal growth compared to the same period last year, despite higher operating income.

The RIL Q3 FY26 results underline the growing importance of Reliance’s diversified business model. Digital services continued to be a key contributor, supported by sustained subscriber growth, rising data consumption, and improved monetisation. The telecom business benefited from expanding 5G usage, helping offset pricing pressure in a competitive market environment.

The oil-to-chemicals segment delivered stable revenue growth during the quarter, supported by higher throughput and improved product mix. However, margins in the segment remained under pressure due to volatile crude prices and softer global refining spreads. While operational efficiency improved, the benefit was not sufficient to drive a meaningful expansion in consolidated profitability.

Retail operations recorded steady topline growth, supported by network expansion and higher footfalls across formats. The segment continued to invest in store additions and supply chain capabilities, which weighed on margins in the near term. Rising operating costs and competitive pricing in consumer categories constrained profit growth, despite strong sales momentum.

At the consolidated level, operating profit growth lagged revenue expansion, reflecting higher depreciation, finance costs, and operating expenses. Continued capital expenditure across digital infrastructure, retail expansion, and new energy initiatives contributed to higher fixed costs during the quarter, impacting net profit growth.

From a market perspective, the RIL Q3 FY26 results signal resilience in revenue generation but highlight the challenge of translating growth into higher earnings amid cost pressures. Investors are likely to focus on margin recovery trends in the coming quarters, particularly in the energy and retail businesses, while monitoring the scalability of digital services and emerging businesses.

As India’s most valuable listed company, Reliance Industries remains a bellwether for corporate earnings and broader market sentiment. The Q3 performance reinforces expectations of steady topline growth while underscoring the importance of disciplined cost management to support profitability in a changing macroeconomic and competitive landscape.