Reliance Industries Ltd (RIL) reported a 10% year-on-year increase in consolidated revenue for Q3 FY26, supported by strong performance in its digital services and oil-to-chemicals (O2C) businesses. The company’s earnings remained resilient during the December quarter, even as its upstream oil and gas (E&P) segment faced pressure.
Key Highlights
- Revenue: Up 10% YoY, driven by Digital and O2C segments
- Digital business (Jio): Continued subscriber additions and higher data usage supported growth
- O2C segment: Improved margins and higher throughput aided performance
- Upstream E&P: Earnings impacted by softer gas prices and production-related challenges
Segment-wise Performance
Digital Services:
Reliance Jio maintained steady momentum, benefiting from data monetisation, expanding user base, and enterprise solutions, which helped offset weakness in other areas.
Oil-to-Chemicals (O2C):
The O2C business saw improved realisations and operational efficiencies, contributing meaningfully to overall revenue growth.
Oil & Gas (Upstream):
The upstream segment remained under pressure due to lower commodity prices and cost-related factors, limiting upside to consolidated profits.
Outlook
Analysts expect consumer businesses—Jio and Retail—to remain the key growth engines for Reliance, while a recovery in refining margins and stability in energy prices could further support earnings in coming quarters.
