Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) on Friday reported flattish growth in its consolidated net profit at Rs 18,645 crore during the third quarter of the financial year 2025-26 (Q3FY26) compared to Rs 18,540 crore reported in the same quarter last fiscal. RIL’s revenues from operations increased 11% year-on-year to Rs 2.69 lakh crore in Q3FY26.
The oil-to-chemical (O2C) segment, which contributes more than half of the conglomerate’s revenue, saw its EBITDA improving significantly by 14.6% in Q3 to Rs 16,507 crore. Revenue from this segment grew 8.4% to Rs 162,095 crore.
RIL said that O2C segment EBITDA improved in the December quarter due to sharp increase in transportation fuel cracks and higher Sulphur realisation partially offset by weakness in downstream chemical margins and higher feedstock freight rates. Favorable ethane cracking economics and domestic market placements continued to support profitability, added the company.
“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,” said RIL chairman and managing director Mukesh Amabani.
This is the first quarterly result for RIL, India’s most valuable company, following last week’s report that three vessels carrying Russian crude oil were heading to Jamnagar refinery. RIL called the report “blatantly untrue” and said that the refinery has not received any Russian oil cargo in the past three weeks, nor is it expecting any Russian crude oil deliveries in January. The clarification came in the backdrop of the United States threatening India with a 500% tariff for continuing to buy Russian oil.
Among the conglomerate’s various businesses, Jio Platforms saw its profit grow by 11% y-o-y to Rs 7,629 crore in Q3FY26. Revenue from this segment grew by 12.7% y-o-y to Rs 37,262 crore. Average Revenue Per User (ARPU), an important metric, increased 5% y-o-y to Rs 213.7 in the December quarter. Reliance Retail Ventures Ltd (RRVL) reported just 2.7% increase in its PAT to Rs 3,551 crore in the festive heavy quarter. Revenue grew by more than 9% to Rs 86,951 crore in Q3FY26.
RIL’s oil and gas (exploration and production) segment saw its revenue falling by 8.4% to Rs 5,833 crore and EBITA declining 12.7% to 4,857 crore in Q3FY26. Revenue fell on account of lower volumes and price realisation for KGD6 gas and condensate.