Mukesh Ambani-led Reliance Industries on Friday reported a nearly flat growth in its profitability, reporting a 1.6 per cent year-on-year increase in consolidated profit after tax (attributable to owners and share of associates and JVs) to ₹22,290 crore for the quarter ended December 31, 2025 (Q3 FY26).
Consolidated gross revenue rose 10 per cent year-on-year to ₹2,93,829 crore, while operating EBITDA increased 6.1 per cent to ₹50,932 crore during the quarter. EBITDA margin stood at 17.3 per cent, down 70 basis points from a year earlier
The topline growth was supported by improved performance in its oil-to-chemicals (O2C) business, partly offset by weakness in the oil and gas exploration and production segment.
O2C boosts earnings
The oil-to-chemicals segment reported 8.4 per cent year-on-year growth in revenue to ₹1,62,095 crore in Q3 FY26. Segment EBITDA rose a sharper 14.6 per cent year-on-year to ₹16,507 crore, aided by stronger transportation fuel cracks, higher volumes and improved sulphur realisation. O2C EBITDA margin expanded by 60 basis points to 10.2 per cent during the quarter.
Reliance said refinery operations remained resilient, with production meant for sale rising 1.7 per cent year-on-year, while agile crude sourcing and operational flexibility helped sustain throughput despite procurement challenges. The company also highlighted strong growth in its fuel retailing operations, with the Jio-bp network expanding to 2,125 outlets, driving sharp volume growth in high-speed diesel and petrol sales.
Oil and gas segment sees decline
The oil and gas exploration and production business posted a weaker performance, with revenue declining 8.4 per cent year-on-year to ₹5,833 crore in Q3 FY26. Segment EBITDA fell 12.7 per cent to ₹4,857 crore, primarily due to lower production volumes and weaker price realisation for KGD6 gas and condensate, along with higher operating costs linked to maintenance activities.
Average KGD6 gas production during the quarter stood at 25.6 MMSCMD, while condensate output averaged 17,290 barrels per day, the company said.
Capital expenditure during the quarter amounted to ₹33,826 crore, driven largely by investments in ongoing O2C and new energy projects.
“Robust growth in the O2C business was led by significantly higher fuel margins with favourable demand–supply dynamics, along with operational flexibility,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
He pointed to the strong performance of Reliance’s fuel retailing operations, noting the continued expansion of the Jio-bp network. “I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network,” he said.
Ambani acknowledged pressure in the upstream segment. “Upstream segment EBITDA was impacted by lower volumes and prices,” he said, reflecting the softer performance of the oil and gas exploration and production business during the quarter.
