Reliance Industries, India’s most valuable and diversified conglomerate, is set to announce its Q3 FY26 results on 13 January 2026. The company’s performance is keenly tracked by investors, analysts, and policymakers alike because of its outsized influence on India’s energy, retail, telecom, and digital ecosystem.
With interests spanning oil-to-chemicals (O2C), retail, digital services (Jio), media, and green energy, Reliance Industries Limited (RIL) often serves as a bellwether for India’s broader economic momentum. For Q3 FY26, expectations are mixed but broadly optimistic, with analysts forecasting growth in profitability despite near-term pressure on revenues and stock price performance.
This article provides a comprehensive preview of Reliance Industries’ Q3 FY26 results, including financial expectations, segment-wise outlook, share performance, key growth drivers, risks, and what investors should watch going forward.
Reliance Industries Q3 FY26 Results: What to Expect
Revenue Expectations
Reliance Industries’ Q3 FY26 revenue is expected to be around ₹1,456.90 crore, reflecting a year-on-year (YoY) decline. This projected decrease is primarily attributed to:
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Volatility in crude oil prices
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Softer refining margins in parts of the quarter
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Pricing pressure in petrochemicals
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Global macroeconomic uncertainty impacting demand
Despite the revenue softness, analysts remain confident that cost efficiencies, better margins in select businesses, and scale advantages will help protect the company’s bottom line.
Profit After Tax (PAT)
The most notable highlight of the Q3 FY26 preview is Profit After Tax (PAT).
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PAT expected to rise by ~18% YoY
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Some estimates suggest a sharper rebound, with PAT growth up to 90% YoY on a low base effect
This expected improvement in profitability is driven by:
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Strong contribution from Jio and retail businesses
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Improved operating leverage
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Better cost control
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Higher digital and consumer-led margins
EBITDA Outlook
Reliance Industries’ EBITDA for Q3 FY26 is projected to increase to approximately ₹1,83,422 crore, representing strong operational performance despite challenging market conditions.
EBITDA growth is expected to be supported by:
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Stable refining throughput
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Continued expansion of Reliance Retail
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Rising ARPU (Average Revenue Per User) in Jio
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Lower operating costs in certain verticals
Net Profit
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Net profit is expected at ₹81,309 crore
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This represents a 2.9% YoY increase
While modest compared to EBITDA growth, the net profit figure reflects higher depreciation, interest costs, and continued capital expenditure in growth and green energy initiatives.
Segment-Wise Performance Outlook
1. Oil-to-Chemicals (O2C) Business
The Oil-to-Chemicals (O2C) segment remains the backbone of Reliance Industries, contributing a significant portion of revenue and cash flows.
Key factors to watch:
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Gross Refining Margins (GRMs)
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Crude oil price movements
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Petrochemical spreads
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Refinery utilization rates
Outlook:
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Jamnagar refinery throughput is expected to remain stable
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Margins may see pressure due to global oversupply and weaker demand
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Integrated operations and scale continue to provide resilience
While O2C may not be the strongest growth driver in Q3 FY26, it remains a critical cash generator supporting investments in consumer and green businesses.
2. Retail Business Growth
Reliance Retail continues to be one of the fastest-growing retail businesses in India, spanning grocery, fashion, electronics, and e-commerce.
Growth drivers include:
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Store expansion across Tier 2 and Tier 3 cities
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Strong festive season demand
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Improved supply chain efficiencies
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Integration of digital and offline channels
Outlook:
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Same-store sales growth expected to remain healthy
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Profitability improving due to better inventory management
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Digital adoption enhancing customer engagement
Retail is expected to be a major contributor to PAT growth in Q3 FY26.
3. Digital & Telecom (Jio)
Reliance Jio remains the market leader in India’s telecom sector, with continued focus on data monetization and 5G rollout.
Key metrics to track:
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Subscriber additions
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ARPU growth
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5G user adoption
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Competition from other telecom players
Outlook:
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ARPU expected to trend upward
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5G expansion driving higher data consumption
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Digital services and enterprise solutions adding incremental revenue
Jio is increasingly viewed as a high-margin, long-term growth engine for Reliance Industries.
4. Green Energy & Future Ventures
Reliance Industries has committed billions of dollars to renewable energy, hydrogen, solar manufacturing, and battery storage.
Focus areas:
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Execution pace of renewable projects
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Capital expenditure efficiency
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Government incentives and policy support
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Long-term returns on investment
Outlook:
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Near-term financial impact remains limited
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Long-term value creation potential is significant
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Investors will closely monitor updates on project timelines
Green energy represents Reliance’s future growth narrative, even if profitability is still some years away.
Share Price Performance
Short-Term Performance
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Over the past 6 months, Reliance Industries’ share price has declined by 1.1%
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As of 13 January 2026, the stock traded at ₹140 per share
This short-term weakness reflects:
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Market-wide volatility
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Global economic concerns
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Profit booking after previous rallies
Long-Term Performance
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Over the past 1 year, the stock has gained 4.6%
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Over 5 years, Reliance Industries has delivered a 14.69% return
Despite near-term fluctuations, the company remains a long-term wealth creator, supported by diversification, strong balance sheet, and future-ready investments.
Debt and Financial Health
Reliance Industries has significantly improved its balance sheet over the past few years.
Key points:
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Debt levels remain manageable
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Strong operating cash flows
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Strategic asset monetization in past years
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Continued focus on capex discipline
Investors will closely watch:
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Net debt position
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Free cash flow generation
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Capex guidance for FY26 and beyond
Macro and Global Factors Impacting Q3 FY26
Several external factors could influence Reliance Industries’ performance:
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Crude oil price volatility
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Foreign exchange fluctuations
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Interest rate environment
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Global demand trends
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Regulatory and policy changes
While these factors remain outside the company’s control, Reliance’s diversified business model helps cushion adverse impacts.
What Investors Should Watch on Results Day
On 13 January 2026, investors should focus on:
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Management commentary on demand outlook
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Margin guidance for O2C and retail
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Jio ARPU and subscriber trends
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Capex and debt roadmap
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Updates on green energy projects
Final Thoughts
Reliance Industries’ Q3 FY26 results are expected to reflect resilience and strategic execution amid a challenging global environment. While revenue growth may remain muted, profitability, EBITDA expansion, and long-term growth initiatives continue to strengthen the company’s investment case.
With strong positions in energy, retail, digital, and renewable energy, Reliance Industries remains well-placed to benefit from India’s structural growth story. Long-term investors are likely to view any short-term volatility as an opportunity, while closely monitoring execution across its diversified business segments.
Disclaimer
Investment in the share market is subject to market risks. This article is for informational purposes only and does not constitute investment advice. Readers are advised to conduct their own research or consult a financial advisor before making investment decisions.
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