Reliance revenue rises 10% despite oil and gas slump

Jio Platforms and O2C drove the company’s strong growth.

Reliance Industries Limited (RIL) reported steady growth across its portfolio, with overall revenue rising 10% year on year to INR 293,829 crore for the third quarter (Q3) of the fiscal year 2025-2026.

Earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 6.1% YoY to INR 50,932 crore, whilst profit after tax increased 1.6% to INR 22,290 crore.

Depreciation rose 10.9% YoY to INR 14,622 crore, while finance costs grew 7.0% YoY to INR 6,613 crore, driven by the operationalisation of 5G spectrum assets.

Tax expenses increased 10.1% YoY to INR 7,530 crore, and capital expenditure stood at INR 33,826 crore, primarily driven by 5G, retail infrastructure, oil-to-chemicals, and new energy investments.

RIL’s Jio Platforms Limited (JPL) led the growth, with revenue up 12.7% YoY due to robust subscriber additions and higher average revenue per user.

JPL’s EBITDA rose 16.4% YoY, supported by strong revenue momentum and operating leverage, leading to a 170-basis-point margin expansion.

Revenue for the oil-to-chemicals segment also increased 8.4% YoY, with EBITDA up 14.6% YoY, driven by demand in transportation fuel cracks and higher volumes, partially offset by lower chemical margins.

Jio-bp, Reliance’s fuel retailing business, expanded its network by 14% YoY to 2,125 outlets, resulting in a 24.7% volume growth for diesel and 20.8% for petrol.

Reliance Retail Ventures Limited (RRVL) reported an 8.1% YoY increase in revenue, supported by a strong festive and wedding season spanning Q2 and Q3. RRVL’s EBITDA rose slightly to INR 6,915 crore, with an EBITDA margin of 8.0%.

The oil and gas segment’s revenue declined 8.4% YoY, whilst EBITDA fell 12.7% YoY, reflecting lower production volumes, weaker gas price realisation at the KGD6 field, and higher maintenance costs.