Reliance Industries’ Consolidated 9M FY26 EBITDA at Rs 159,323, up 18.3% Y-o-Y
FinTech BizNews Service
Mumbai, 16 January 2026: Reliance Industries, today announced its Financial and Operational Performance of Reliance Industries Limited (RIL) for the Quarter and Nine Months ended 31st December 2025.
Quarterly Performance (3Q FY26 vs 3Q FY25)
Gross Revenue increased by 10.0% Y-o-Y to Rs 293,829 crore ($ 32.7 billion)
o JPL revenue increased by 12.7% Y-o-Y led by robust subscriber addition, increase in ARPU and
scale-up of digital services.
o RRVL revenue increased by 8.1% Y-o-Y, with growth across all consumption baskets driven by
festive buying and wedding season. Distribution of festive buying between 2Q and 3Q, impact of
consumer products division demerger and GST rationalization constrained top-line growth.
o Oil to Chemicals (O2C) revenue increased by 8.4% Y-o-Y. Production meant for sale increased by
1.7% on a Y-o-Y basis. Additionally, company’s fuel retailing operations through Jio-bp expanded
its network by 14% Y-o-Y to 2,125 outlets, driving volume growth of 24.7% for HSD and 20.8% for
MS.
o Oil and Gas segment revenue decreased by 8.4% Y-o-Y mainly on account of lower volumes and
price realisation for KGD6 gas and condensate.
EBITDA increased by 6.1% Y-o-Y to Rs 50,932 crore ($ 5.7 billion).
o JPL EBITDA increased by 16.4% Y-o-Y driven by strong momentum in revenue and operating
leverage leading to 170 bps margin expansion.
o RRVL EBITDA increased marginally to Rs 6,915 crore with an EBITDA margin of 8.0%.
o O2C EBITDA increased by 14.6% Y-o-Y with sharp increase in transportation fuel cracks, higher
volumes and higher Sulphur realization partially offset by decline in downstream chemical margins
and higher feedstock freight rates.
o Oil and Gas segment EBITDA decreased by 12.7% Y-o-Y following lower revenues and higher
operating cost due to maintenance activities.
Depreciation increased by 10.9% Y-o-Y to Rs 14,622 crore ($ 1.6 billion).
Finance Costs increased by 7.0% Y-o-Y to Rs 6,613 crore ($ 736 million), largely due to
operationalisation of 5G spectrum assets.
Tax Expenses increased by 10.1% Y-o-Y at Rs 7,530 crore ($ 838 million).
Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 1.6% Y-o-Y to
Rs 22,290 crore ($ 2.5 billion).
Capital Expenditure for the quarter ended 31st December, 2025, stood at Rs 33,826 crore ($ 3.8 billion)
driven by investments in ongoing growth projects in O2C and New Energy businesses; and continued
capital outlay towards strengthening and expansion of the Jio and Retail network and infrastructure.
OIL TO CHEMICALS (“O2C”) SEGMENT
Quarterly Revenue at Rs162,095 crore ($ 18.0 billion), up 8.4% Y-o-Y
Quarterly EBITDA at Rs16,507 crore ($ 1.8 billion), up 14.6% Y-o-Y, with 60 bps margin expansion
Jio-bp now operates a strong country-wide network of 2,125 fuel retail outlets
Quarterly Performance (3Q FY26 vs 3Q FY25)
Segment Revenue for 3Q FY26 is higher by 8.4% Y-o-Y to Rs 162,095 crore ($ 18.0 billion). Production
meant for sale increased by 1.7% on a Y-o-Y basis. Fuel retailing operations through Jio-bp expanded
its network by 14% Y-o-Y to 2,125 outlets, driving volume growth of 24.7% for HSD and 20.8% for MS.
Segment EBITDA for 3Q FY26 increased by 14.6% Y-o-Y to Rs 16,507 crore ($ 1.8 billion) 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.
Maximised refinery utilization to capture high margins. Agile crude sourcing helped sustain throughput
despite procurement challenges.
Record gasifier output, calibrated liquid fuel mix and optimized grid power sourcing led to lower fuel
cost.
Aromatics production optimized due to low margins, prioritizing high value transportation fuel output.
Freight cost optimized with cargo aggregation, backhaul and service-mix flexibility. Partial resumption
of Red Sea route also benefitted operations.
Business Environment
In 3Q FY26, global oil demand rose by 0.6 mb/d Y-o-Y to 104.7 mb/d. Jet/Kero demand was up by 0.4
mb/d Y-o-Y, Gasoline demand grew by 0.3 mb/d Y-o-Y and Diesel demand rose by 0.2 mb/d Y-o-Y.
Dated Brent averaged $ 63.7/bbl in 3Q FY26, down $ 11.1/bbl (-14.7%) Y-o-Y. Crude oil benchmarks
declined Y-o-Y on expectations of a potential oil supply surplus in 2026 caused by higher OPEC+ output
and moderate demand growth. Chinese stock (SPR) builds supported prices.
Global refinery crude throughput was higher by 0.84 mb/d Y-o-Y at 82.9 mb/d in 3Q FY26.
Domestic oil demand grew by 2.2% Y-o-Y to 62.9 MMT, led by gasoline (+5.7%), gasoil (+3.2%) and
jet/kero (+2.6%).
During 3Q FY26 polymer domestic demand grew by 2.0% Y-o-Y. Polypropylene (PP) demand went up 8.4% supported by raffia, furniture, household goods, appliances, paints, automotive, hygiene, and medical sectors. Polyethylene (PE) demand increased 3.8% Y-o-Y, driven primarily by FMCG, pharma, agrochemicals and multi-layer films segments. Polyvinyl Chloride (PVC) demand declined 11.8% due to prolonged monsoon conditions which impacted the pipe demand in agriculture and construction On Y-o-Y basis, domestic polyester demand declined by 3.8%. Polyester Staple Fiber (PSF) demand increased by 4.9%, supported by higher cotton prices driving substitution toward man-made fibers and relatively lower imports from China, while Polyester Filament Yarn (PFY) demand declined marginally by 0.8% due to weak downstream demand and higher PTY imports. Polyethylene Terephthalate (PET) demand fell sharply by 15.3% as prolonged heavy monsoons reduced operating rates in the beverage sector.
3Q FY26 Performance
Transportation fuels cracks saw a robust Y-o-Y increase in 3Q FY26.
o Singapore Gasoline 92 RON cracks improved to $ 13.4/bbl in 3Q FY26 vs $ 6.5/bbl in 3Q FY25 as
lower Chinese exports and several FCC unit outages in the region restricted the supply.
o Singapore Gasoil 10-ppm cracks increased to $ 24.5/bbl in 3Q FY26 vs $ 15.1/bbl in 3Q FY25 due
to continued disruptions in Russian supply and unplanned outages in other regions. US/EU
sanctions on Russian refiners further tightened fuel markets.
o Singapore Jet/Kero cracks rose to $ 24.6/bbl in 3Q FY26 vs $ 14.8/bbl in 3Q FY25, supported by
strong demand growth owing to winter heating demand.
US Ethane price averaged 26.7 cpg, up by 21.3% Y-o-Y in line with higher US Natural gas prices.
Polymer margins witnessed mixed trends amid lower naphtha prices. PE margins increased by 6.0%,
while PP and PVC margins declined by 12.0% and 5.3% respectively.
o Singapore Naphtha price declined by 14.3% to $ 545/MT due to lower crude price and weak
downstream demand.
o EDC price averaged at $ 188/MT, down 34.8% due to subdued PVC demand.
o PE margin over Naphtha increased to $ 311/MT in 3Q FY26 from $ 294/MT in 3Q FY25, despite
lower product prices, driven by sharp correction in Naphtha prices.
o PP margin over Naphtha decreased to $ 271/MT during 3Q FY26 from $ 308/MT in 3Q FY25, as
subdued demand weakened product prices outweighing the drop in Naphtha prices.
o PVC margin over EDC and Naphtha decreased to $ 342/MT in 3Q FY26 as against $ 361/MT in
3Q FY25. Benefit of sharp decline in EDC and Naphtha prices was negated by reduction in product
prices on account of subdued demand.
Polyester chain margin declined marginally to $ 427/MT in 3Q FY26 from $ 430/MT in 3Q FY25, due
to weak MEG and downstream polyester delta offset by higher PX delta.
o Polyester product margins weakened amid muted textile demand and continued competitive
pressure across key export markets.
o PX margins strengthened with higher demand from new PTA capacities and sharp drop in
feedstock prices.
Jio-bp update
Reliance BP Mobility Limited (RBML) (operating under brand Jio-bp) operates a country-wide network
of 2,125 outlets (vs 1,865 in 3Q FY25).
Jio-bp’s “Active Technology” high performance fuels, giving extra mileage at no extra cost to the
consumer, clubbed with superior loyalty programs, continue to help the business outperform the market
with high fleet and on-demand door-delivery sales. Jio-bp along with IndusInd Bank & RuPay launched
first-of-its-kind co-branded card, the new 'Mobility+ Credit Card', offering fuel benefits, lifestyle perks,
and UPI convenience for India's on-the-go consumers.
RBML quarterly sales for HSD grew by 24.7% and MS grew by 20.8% on Y-o-Y basis as against
industry sales volume growth rate of 3.1% for HSD and 5.5% for MS.
RBML also provides new-age, clean mobility solutions including EV charging infrastructure and gas
distribution.
Under Jio-bp Pulse, RBML has established a network of over 6,815 live charging points at 980 unique
sites with industry leading charger uptime.
RBML has expanded Gas Mobility network to 121 sites. CBG retail network, under Clean N Green
initiative, has touched 75 outlets with sourcing gas produced at RIL’s Biogas Plants. RBML also
operates 46 CNG outlets, with focus on accelerating the further rollout.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “Reliance’s consolidated performance in 3Q FY26 reflects consistent financial
delivery and operational resilience across businesses.
Jio’s digital ecosystem is deepening its roots in Indian households. Through our mobility and broadband
products, we are connecting mobile phones, homes, appliances and enterprises. The synergistic value
delivered by our connectivity and media platforms has meaningfully increased customer engagement. This
quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its
comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust
financial performance with 16.4% growth in EBITDA.
Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh
new brands and product ranges. The demerger of consumer products business came into effect this
quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the
consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational
structure. Our deep, omni-channel presence across the nation and strong traction in hyperlocal quick
deliveries supported a resilient performance by the Retail business.
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.
Reliance’s robust cash-flows and balance sheet strength have been recognized by international rating
agencies. Our foreign currency debt issuances are now rated “A-” by S&P Global Ratings.
Reliance is entering a new phase of value creation with its initiatives in the AI and New Energy domains. I
am confident that Reliance will play a pioneering role in the evolution of these epoch-defining technologies,
providing sustainable solutions at scale for India and the world.”
