Reliance Industries reported its highest-ever quarterly profit and revenue for the September quarter, driven by strong performances across its energy and telecom businesses. Consolidated net profit rose 33.8 per cent year-on-year to a record ₹ 29,550 crore, while revenue increased 27.8 per cent to an all-time high of ₹3.62 lakh crore. EBITDA grew 23.9 per cent to a record ₹ 62,409 crore.
“Reliance delivered a strong performance despite volatile commodity markets and geopolitical tensions, aided by the domestic orientation of its businesses, operational discipline and the versatility of its integrated business model,” said Mukesh Ambani, Chairman and Managing Director of Reliance Industries.
The biggest contributor during the quarter was the oil-to-chemicals (O2C) business, which delivered its best-ever quarterly performance. Segment EBITDA surged 67.9 per cent year-on-year to a record ₹25,203 crore, supported by stronger fuel cracks, improving petrochemical margins and resilient domestic demand.
Ambani said Reliance’s integrated operations and ability to optimise feedstock sourcing and product placement enabled it to capture higher margins despite global supply chain disruptions. The business also benefited from a sharp improvement in diesel cracks and stronger petrochemical spreads, helping offset higher crude premiums and freight costs.
Analysts said Reliance was able to capitalise on favourable trends in both refining and petrochemicals simultaneously, resulting in one of the strongest quarters for the O2C segment in recent years.
“We were clear that O2C would improve because refining cracks have been exceptionally strong, with diesel margins providing a major boost. Petrochemicals also contributed positively, allowing the company to monetise advantages across the value chain. It was expected to be the best-performing business for the quarter,” said Deven Choksey, Managing Director of DRChoksey FinServ.
Maulik Patel, Vice President at Equirus Securities, said Reliance delivered a meaningful earnings beat, with consolidated EBITDA exceeding both the brokerage’s estimates and broader Street expectations, largely due to the stronger-than-anticipated performance of the O2C business.
“Jio continued to post steady subscriber additions, ARPU growth and margin expansion, reinforcing the strength of the digital franchise. Retail remained the only weak spot, with profitability impacted by digital commerce investments, inflation absorption and the shift of the festive season into the December quarter. Overall, the results highlight the resilience of Reliance’s diversified business model, with strength in O2C and telecom more than offsetting near-term retail pressures,” he said.
In digital services, Jio Platforms Limited continued its growth trajectory, with revenue rising 11.3 per cent to ₹47,485 crore and EBITDA increasing 16.6 per cent to ₹21,879 crore. Ambani said Jio recorded strong growth across mobility, home broadband and enterprise services, supported by its proprietary technology stack and expanding portfolio of digital offerings.
Retail revenue grew 6.4 per cent year-on-year to ₹91,716 crore, despite the shift of the festive season into the third quarter. Ambani said consumer demand remained healthy across formats and channels, supported by Reliance Retail’s extensive physical and digital presence. However, margins remained under pressure due to investments in digital commerce, inflation absorption and customer acquisition initiatives.
Reliance’s FMCG and consumer products business also maintained strong momentum. Ambani said the company’s consumer brands continued to gain market share and deepen their reach among Indian households. He added that Reliance’s disciplined capital allocation strategy has helped build sustainable cash-generating businesses that continue to support India’s energy security, consumption growth and technological advancement.
Published on October 30, 2026
