India’s largest company by market capitalisation, Reliance Industries, reported a largely flat profitability performance in the third quarter of FY26, even as revenue growth remained robust across its diversified businesses.
The oil-to-telecom conglomerate posted a consolidated net profit of ₹18,645 crore in Q3FY26, marginally higher than ₹18,540 crore reported in the year-ago period, according to a regulatory filing. On a quarter-on-quarter basis, profit increased 2.6% from ₹18,165 crore in Q2FY26.
Revenue Growth Remains Strong
Reliance’s revenue from operations rose 10.5% year-on-year to ₹2,69,496 crore, compared with ₹2,43,865 crore in Q3FY25. Sequentially, revenue increased 4% from ₹2,58,898 crore, reflecting steady operating momentum across energy, retail, and digital services.
Ebitda Improves, Margins Ease
The company reported consolidated EBITDA of ₹50,932 crore, marking a 6.1% YoY increase during the quarter. However, EBITDA margin declined to 17.3%, compared with 18% in the same quarter last year, indicating margin pressure amid input costs and business mix changes.
Management Commentary
Commenting on the results, Mukesh Ambani, Chairman and Managing Director, said Reliance’s Q3FY26 performance reflected “consistent financial delivery and operational resilience across businesses.”
He added that the company is entering a new phase of value creation, driven by initiatives in artificial intelligence (AI) and New Energy. Ambani expressed confidence that Reliance would play a pioneering role in scaling sustainable solutions for India and global markets in these emerging domains.
Labour Code Impact Not Material
Reliance said the incremental impact of new labour codes was not material in Q3FY26. The company noted that it will assess the financial impact on employee benefit costs and make necessary accounting adjustments once the Centre and states notify the final rules.
Outlook
While profit growth remained muted in the quarter, Reliance’s double-digit revenue expansion and stable EBITDA growth underline the strength of its diversified business model. Investors will closely track margin trends, execution in AI and New Energy initiatives, and performance across retail and digital segments in the coming quarters.
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