Reliance Q3FY26 Result is Out
Profit Flat, Revenue Up
I recently added (bought more quantities) Reliance to my portfolio. One of the reasons I am bullish on the stock/company is the Jio IPO in 2026. The recent quarter results have not yet mentioned (as of 20:00 pm) anything around the Jio IPO. I will update if anything changes.
Reliance share price closed at Rs 1415 on Friday.
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Reliance Consolidated Result
Reliance Industries reported a consolidated net profit of Rs 18,645 crore in the Q3FY26. During the same period last year, they reported a profit of Rs 18,540 crore. On a sequential basis, profit increased marginally by 2.6% from Rs 18,165 crore.
The company’s revenue from operations, however, rose 10.5% year-on-year (Y-o-Y) to Rs 269,496 crore from Rs 243,865 crore in Q3FY25. Sequentially, was up by 4% from Rs 258,898 crore.
JIO Updates
Jio continues to rapidly expand the 5G ecosystem with ~65% share of 5G subscribers in India
Share of 5G traffic has increased to ~53% of total wireless traffic on Jio network
Superior network experience has driven Jio’s share to ~99% of incremental industry VLR subscriber additions over last 12-months ending Nov’25
The consumer offering has been continuously enhanced with trusted partners like JioHotstar and Google Gemini Pro
Reliance Performance
Delivered steady operating and financial performance; highest ever gross revenue at Rs 97,605 crore, up 8.1% YoY. Growth impacted by GST rate rationalization, festive demand split across Q2 & Q3 and RCPL demerger
EBITDA at Rs 6,915 crore; EBITDA margin at 8.0%. EBITDA margin impacted by festive offers & promotions, investments in hyper-local commerce and onetime impact of new Labour Code.
Hyper-Local Commerce continues to scale rapidly with 1.6 Mn+ exit daily orders; 53% QoQ and 360%+ YoY growth in average daily orders.
378 Mn registered customer base (up 12% YoY), 524 Mn transactions (up 48% YoY), total store count at 19,979 with 431 new store openings.
Entered into exclusive partnership with Fabletics, an American women athleisure brand
FMCG Progress
Daily Essentials Q3 YTD FY26 sales continues strong growth momentum with 1.5x YoY growth
Independence brand YTD FY26 sales surpassed Rs 1,500 Cr
Campa continues to maintain a doubledigit share in key markets, while continually expanding to new markets. Campa Energy has crossed sales of Rs 1,000 Cr
Biscuits and Confectionery driven by new launches and market expansion
O2C Updates
YoY strong operational delivery leading to robust growth
✓ Fuel cracks up 60-100%, above 5-yr average
✓ Record domestic fuel placement through Jio-bp – HSD up 25% and MS up 21%
✓ Sustained benefit of ethane cracking over naphtha despite higher ethane price
✓ Margin-accretive shift from Aromatics to fuels
✓ Stable domestic demand for fuels, polymers (+2%)
Earnings constrained by higher feedstock freight rates and weak downstream deltas
QoQ growth led by higher fuel cracks partially offset by weaker downstream and fuel retail margins
Overall, the numbers are on expected lines. I will update this article with brokerage updates/target price as and when they become available. You can come back to check it.
Reliance Target Price
CLSA maintained an Outperform rating with a target price of Rs 1,650. CLSA highlighted an exit run-rate of 1.6 million daily orders in Q3, indicating rapid quick-commerce scale-up, though this is yet to reflect meaningfully in reported retail numbers. Core metrics across Jio, FMCG, and media remained strong, while progress in new energy projects was encouraging. The brokerage added that the over $20 billion erosion in market capitalisation over the past two weeks may have already priced in retail weakness.
Citi reiterated its Buy rating with a target price of Rs 1,815. It cited strong O2C performance, with EBITDA rising 10% QoQ, stable trends in Jio, and gradual progress in new energy initiatives. Net debt remained largely stable, and Citi believes the recent 8% stock correction limits further downside despite near-term earnings softness.
Goldman Sachs retained its Buy rating and target price of Rs 1,820, noting that core Q3 EBITDA was around 2% below estimates. Goldman highlighted 8% YoY growth in Jio’s wireless revenue, driven by subscriber additions, and progress in new energy, including commissioning of 10 GW solar module and cell capacity, with the polysilicon plant targeted for CY26.
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