Reliance Industries Q3 Results: Profit Flat, Revenue Jumps 11% as O2C and Jio Drive Growth
NEW DELHI: Mukesh Ambani-led Reliance Industries Ltd (RIL) reported largely stable earnings for the December quarter, with consolidated profit rising marginally even as revenue posted strong double-digit growth. The performance was supported by steady operating momentum across its diversified businesses, particularly oil-to-chemicals (O2C) and digital services.
According to details reported by The Economic Times, Reliance posted a 0.56 per cent year-on-year increase in consolidated net profit attributable to shareholders at ₹18,645 crore for the December quarter. Revenue from operations rose a robust 11 per cent to ₹2.69 lakh crore, reflecting sustained demand across key segments. On a sequential basis, profit increased around 3 per cent from ₹18,165 crore in the September quarter, while revenues rose 4 per cent quarter-on-quarter.
Earnings before interest, tax, depreciation and amortisation (EBITDA) stood at ₹50,932 crore, up 6 per cent year-on-year. The improvement was driven by strong operating performance in the Jio and O2C businesses, which continue to anchor the group’s earnings profile.
Commenting on the results, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said the company is entering a new phase of growth. He highlighted Reliance’s expanding focus on artificial intelligence and new energy initiatives, stating that these investments would drive long-term value creation. Ambani said Reliance aims to play a pioneering role in these emerging technologies while delivering sustainable solutions at scale for India and global markets.
During the quarter, depreciation expenses rose 11 per cent year-on-year to ₹14,622 crore, while finance costs increased 7 per cent to ₹6,613 crore. The rise in finance costs was largely attributed to the operationalisation of 5G spectrum assets. Tax expenses also climbed 10 per cent year-on-year to ₹7,530 crore, reflecting higher operating activity.
Capital expenditure for the quarter ended December stood at ₹33,826 crore, or about $3.8 billion. The spending was primarily driven by investments in ongoing growth projects in the O2C and new energy segments, alongside continued capital deployment to expand and strengthen the Jio and Retail networks and infrastructure.
O2C Business Delivers Strong Growth
Reliance’s core oil-to-chemicals business recorded solid growth during the quarter. Segment revenues rose 8 per cent year-on-year to ₹1.69 lakh crore, while EBITDA jumped 15 per cent to ₹16,507 crore. The improvement was largely supported by a sharp rise in transportation fuel cracks and higher sulphur realisations.
The company noted that these gains were partially offset by weakness in downstream chemical margins and higher feedstock freight rates. However, favourable ethane cracking economics and improved domestic market placements helped support overall profitability during the period.
Fuel retailing operations under the Jio-bp joint venture continued to scale up rapidly. The network expanded 14 per cent year-on-year to 2,125 outlets, driving volume growth of 24.7 per cent in high-speed diesel and 20.8 per cent in motor spirit.
Highlighting the segment’s performance, Ambani said the robust growth in the O2C business was led by significantly higher fuel margins supported by favourable demand-supply dynamics and operational flexibility. He also pointed to strong growth in the fuel retailing business, supported by the ongoing expansion of the Jio-bp network. The upstream segment, however, faced pressure due to lower volumes and prices during the quarter.
Reliance added that agile crude sourcing strategies helped sustain refinery throughput despite procurement challenges. Total throughput rose 200 basis points year-on-year to 20.6 million metric tonnes, underlining the operational resilience of the O2C business.
Our Thoughts from TheTrendingPeople.com
Reliance Industries’ December quarter performance reflects stability rather than acceleration, with revenue growth outpacing profit expansion. The numbers underline a familiar theme for the conglomerate: strong operational execution across O2C, Jio, and retail, offset by rising costs and capital intensity. As Reliance steps deeper into AI and new energy, near-term earnings may remain measured, but long-term value creation remains firmly in focus. For investors, the results signal consistency and strategic clarity rather than short-term surprises.