Mota Bhai’s Reliance Industries Q3 & 9M Results Analysis

Reliance Industries Limited (RIL), led by Chairman Mukesh Ambani (affectionately known as Mota Bhai), has once again demonstrated its unparalleled operational resilience and strategic foresight. The conglomerate’s consolidated results for the quarter and nine months ended December 31, 2025, reveal a powerhouse in full throttle. For the nine months (9M FY26), Reliance reported a staggering EBITDA of Rs 1,59,323 crore, marking an 18.3 per cent Year-on-Year (YoY) increase, while Profit After Tax (PAT) soared by 28.1 per cent to Rs 75,165 crore. These figures underscore the company's ability to generate value across its diverse portfolio, encompassing energy, retail, digital services and media.

The third quarter (3Q FY26) specifically saw a consolidated EBITDA of Rs 50,932 crore (USD 5.7 billion), up 6.1 per cent YoY. Gross Revenue for the quarter climbed by 10.0 per cent to reach Rs 2,93,829 crore (USD 32.7 billion). This growth was fueled by a robust performance in the Oil-to-Chemicals (O2C) segment and the continued expansion of Jio Platforms. Despite global economic fluctuations, Reliance’s net profit for the quarter stood at Rs 22,290 crore (USD 2.5 billion), a 1.6 per cent increase. The company also continued its aggressive investment cycle, with Capital Expenditure for the quarter totalling Rs 33,826 crore (USD 3.8 billion), directed toward 5G infrastructure, Retail expansion and the burgeoning New Energy business.

Jio Platforms: The 5G and AI Revolution

Jio Platforms Limited (JPL) continues to be the crown jewel of Reliance’s digital transformation. Quarterly revenue for JPL rose 12.7 per cent to Rs 43,683 crore, while EBITDA jumped 16.4 per cent to Rs 19,303 crore. This growth was driven by a healthy increase in Average Revenue Per User (ARPU), which reached Rs 213.7 and a massive surge in data consumption. Total data traffic on the network increased by 34 per cent year-over-year (YoY) to over 62 Exabytes, with 5G traffic now accounting for approximately 53 per cent of the total wireless load.

The scale of Jio’s reach is now truly global. The 5G subscriber base has crossed the 250 million mark, while the Fixed Broadband base surpassed 25 million. Notably, JioAirFiber has become the first Fixed Wireless Access (FWA) service globally to exceed 10 million subscribers. Beyond connectivity, Jio is pivoting toward Artificial Intelligence. The launch of the Jio-Gemini offer provides users with an 18-month subscription to Gemini 3.0 Pro, integrated with state-of-the-art image and video generation models like Nano Banana and Veo 3.1. With 50 million registered users on JioAICloud, Reliance is firmly positioning itself as a leader in the "AI for All" movement.

Reliance Retail: Resilience Amidst Transition

Reliance Retail Ventures Limited (RRVL) delivered a steady performance with quarterly revenue of Rs 97,605 crore, an 8.1 per cent increase YoY. This growth was achieved despite the strategic demerger of the consumer products business, which was completed during this quarter. The segment's EBITDA stood at Rs 6,915 crore, a marginal increase of 1.3 per cent. The retail giant's footprint continues to expand, with 431 new stores opened during the quarter, bringing the total count to nearly 20,000 stores covering 78.1 million sq. ft.

The festive and wedding seasons provided a significant tailwind. In the Grocery category, high-traction segments like Namkeen and Chocolates saw growth of 40 per cent and 32 per cent, respectively. JioMart emerged as a powerhouse in hyper-local commerce, recording a 360 per cent YoY growth in average daily orders and crossing 1.6 million daily orders at the exit of the quarter. In Consumer Electronics, the "Festival of Electronics" campaign drove double-digit growth, with Laptop sales surging by 46 per cent and Mobile phones by 38 per cent. The Jewels business also shone bright, with a 73 per cent increase in average bill value driven by record Dhanteras sales.

Oil-to-Chemicals (O2C): Navigating Global Dynamics

The O2C segment reported a robust quarter with revenue increasing 8.4 per cent to Rs 1,62,095 crore (USD 18.0 billion). More impressively, EBITDA grew by 14.6 per cent to Rs 16,507 crore (USD 1.8 billion), with margins expanding by 60 basis points. This performance was primarily led by a sharp increase in transportation fuel cracks—specifically Gasoline and Diesel—which benefited from lower regional supply and unplanned refinery outages globally.

Reliance’s operational agility was on full display as it maximised refinery utilisation and optimised crude sourcing despite procurement challenges. The fuel retailing business, Jio-bp, also saw explosive growth. The network expanded to 2,125 outlets, driving volume growth of 24.7 per cent for High-Speed Diesel (HSD) and 20.8 per cent for Motor Spirit (MS), far outperforming the industry averages of 3.1 per cent and 5.5 per cent, respectively. Additionally, the business is scaling its green footprint with 6,815 EV charging points and an expanding Gas Mobility network.

Oil and Gas: Upstream Challenges

The Oil and Gas (Exploration and Production) segment faced some headwinds this quarter. Revenue decreased by 8.4 per cent to Rs 5,833 crore, while EBITDA fell by 12.7 per cent to Rs 4,857 crore. The decline was attributed to lower production volumes and lower price realisation for KGD6 gas, which averaged USD 9.65/MMBTU. Operating costs were also higher due to planned maintenance activities. However, development continues at pace, with the second phase of the multi-lateral well campaign in the CBM block underway to augment future production.

JioStar: The New Entertainment Powerhouse

The newly integrated JioStar business (including the merged JioHotstar entity) has quickly become the definitive destination for entertainment in India. JioStar reported a revenue of Rs 8,010 crore for the quarter. The digital platform, JioHotstar, averaged a massive 450 million Monthly Active Users (MAUs), rivalling traffic levels usually seen only during the IPL.

The network’s dominance is evident in its 34.6 per cent TV entertainment viewership share, which is nearly equal to the combined share of the next three largest networks. The quarter was highlighted by the success of the ICC Champions Trophy, where the final match garnered 99 million digital viewers. In the non-fiction genre, shows like Bigg Boss S19 and Laughter Chefs 3 helped Reliance dominate the Hindi-speaking markets.

Future Outlook: AI and New Energy

As Reliance enters the final quarter of the fiscal year, Chairman Mukesh Ambani has set his sights on "epoch-defining technologies." The company is transitioning into a new phase of value creation centred on Artificial Intelligence and New Energy. With the massive 5G rollout largely complete, the focus is shifting toward monetising digital services and building a sustainable energy ecosystem that can provide solutions at scale for both India and the world.

The financial resilience shown in 3Q FY26—characterised by strong cash flows and a diversified revenue base—provides a solid foundation for these ambitious goals. Whether it is connecting millions of homes through JioAirFiber or leading the transition to clean mobility through Jio-bp, Mota Bhai’s Reliance remains at the forefront of India’s economic evolution.

Disclaimer: The article is for informational purposes only and not investment advice.