Reliance Q3 FY26 Results Analysis: Revenue Growth, Jio & Margin Trends

Reliance Industries Limited (RIL) announced its Q3 FY26 results on 16 January 2026, delivering modest profit growth alongside strong consolidated revenue expansion. The Reliance Q3 FY26 Results were supported by sustained momentum in digital services, steady performance in oil-to-chemicals (O2C), and continued scale-up in retail operations. At the same time, profitability remained under pressure due to higher operating costs, increased depreciation, and softer chemical margins.

This analysis of Reliance quarterly results examines segment-wise performance, assesses how Jio's growth is reshaping earnings quality, and outlines key risks and opportunities across O2C, retail, and energy businesses. It provides investors and long-term shareholders with a clear framework for interpreting the Reliance Q3 results and tracking the drivers most likely to influence performance in the coming quarters.

Table of Contents:

1. Reliance Q3 FY26 Results Overview

2. Key Financial Metrics of Reliance Q3 FY26 Results

3. Segment-wise Performance Analysis of Reliance Q3 Results

   • Jio Platforms Performance in Q3 FY26

   • Oil-to-Chemicals (O2C) Performance in Q3 FY26

   • Retail (RRVL) Performance in Q3 FY26

   • Oil and Gas Segment Performance

4. Balance Sheet, Cash Flow and Capex Focus

5. What Investors Should Track After Reliance Q3 FY26 Results

6. Conclusion

7. FAQs on Reliance Q3 FY26 Results

Reliance Q3 FY26 Results Overview

Reliance Industries Limited's Q3 FY26 results reflect strong revenue expansion supported by growth in digital services, oil-to-chemicals and retail operations. However, profit growth remained modest as higher operating costs, depreciation and pressure in chemical margins weighed on overall profitability.

For investors tracking Reliance Q3 FY26 Results, the key takeaway from the quarter is the continued strength of consumer and digital businesses, even as margin-led earnings growth remains constrained in a cost-intensive operating environment.

Key Financial Metrics of Reliance Q3 Results

Higher depreciation of ₹14,622 crore and finance costs of ₹6,613 crore were key reasons why profit growth lagged revenue expansion.

To assess how these revenue and margin trends are being priced in by the market, check the latest Reliance share price, updated charts, and key valuation ratios.

Segment-wise Performance Analysis of Reliance Q3 Results

Jio Platforms Performance in Q3 FY26

Jio Platforms continued to be the strongest contributor to earnings momentum in the Reliance quarterly results.

Jio Metrics

Key operating highlights:

• 5G subscribers crossed 250 million

• Fixed broadband subscribers exceeded 25 million

• AirFiber connections crossed 10 million

• EBITDA margin expanded by 170 basis points

Jio's scale and margin improvement reinforce its position as Reliance's most predictable long-term cash flow driver.

Want to understand Jio’s Q3 FY26 quarterly results in more detail? This in-depth analysis of JIO Financial Services Q3 FY26 Results explains the key drivers behind revenue growth and margin trends.

Oil-to-Chemicals (O2C) Performance in Q3 FY26

The O2C segment delivered better-than-expected EBITDA growth despite pressure in petrochemicals.

O2C Metrics

Margin Change: +60 bps

Growth drivers included:

• Higher fuel cracks

• Stronger refinery volumes

• Improved sulphur realisations

• Jio-bp fuel retail volumes up 24%

However, chemical margins remain vulnerable to global demand softness, making this segment more cyclical.

Retail (RRVL) Performance in Q3 FY26

Reliance Retail showed steady expansion but limited margin improvement.

Retail Metrics

EBITDA Margin:    ~8%

The focus remains on store expansion, omni-channel reach and private labels, with profitability likely to improve gradually rather than sharply.

Oil and Gas Segment Performance

The oil and gas segment reported a decline in EBITDA due to:

• Lower production volumes

• Softer pricing

• Higher maintenance costs

EBITDA declined 12.7% YoY to ₹4,857 crore, making it the weakest performer this quarter.

Balance Sheet, Cash Flow and Capex Outlook

Key balance sheet signals from the Reliance result news include:

• Standalone net profit rose 7.7% YoY to ₹9,396 crore

• PAT margins compressed due to cost pressures

• Capex at ₹33,826 crore directed towards:

  • 5G network expansion

  • Digital infrastructure

  • New energy and green initiatives

While no dividend announcement was highlighted, capital allocation remains clearly growth-oriented.

What Investors Should Track After Reliance Q3 FY26 Results

For investors analysing the Reliance Q3 FY26 Results, these factors matter most going forward:

• Sustainability of Jio's ARPU and margin expansion

• Volatility in O2C fuel and chemical cracks

• Debt levels following spectrum and network investments (net debt ₹1,17,102 crore; net debt-to-EBITDA 0.57)

• Execution timelines in new energy businesses

• Retail margin improvement as scale stabilises

Notably, Q3 FY26 marks the lowest quarterly profit in four quarters, with profits largely ranging between ₹17,000 to ₹20,000 crore over the last 12 quarters.

Conclusion

The Reliance Q3 Results reinforce the company's ability to grow revenues across diversified businesses, even in a mixed macro environment. However, margin pressures and rising costs continue to cap profit growth in the near term.

For long-term investors, Jio's subscriber momentum, O2C operational strength, and retail scale remain structural positives. Short-term stock performance may remain sensitive to margin trends and global energy dynamics, making post-results tracking crucial.

Want to compare how Reliance’s earnings trajectory has evolved sequentially? The Reliance Q2 FY26 Results analysis explains how Jio and Retail earlier drove profit growth before Q3 margin pressures emerged.

FAQs on Reliance Q3 FY26 Results

1. What were the key highlights of Reliance Q3 FY26 results?
The quarter saw 10% YoY revenue growth, driven by Jio, O2C, and retail, while net profit grew marginally due to higher costs.

2. Why did Reliance profit growth lag revenue growth in Q3 FY26?
Higher depreciation, finance costs and weaker chemical margins impacted overall profitability.

3. Which segment performed best in Reliance Q3 results?
Jio Platforms delivered the strongest growth, with double-digit revenue and EBITDA expansion.

4. How did O2C perform in Reliance Q3 FY26 Results?
O2C EBITDA grew 14.6% YoY, supported by strong refinery performance despite chemical weakness.

5. Is Reliance increasing capex after Q3 FY26?
Yes, CapEx remains focused on 5G rollout, digital infrastructure and new energy initiatives.