Reliance Industries Ltd.

Reliance Industries delivered solid Q3 FY26 performance with consolidated revenue up 10% year-on-year, EBITDA growing 6%, and PAT reaching ₹22,290 crores, representing 1.6% growth.

The diversified conglomerate received a significant S&P credit rating upgrade to A- from BBB+, two notches higher, validating its transformation toward less cyclical consumer businesses. Jio continued its dominance with 515 million subscribers and industry-leading 56.2% EBITDA margin of ₹18,408 crores, up 16.5% year-on-year, while capturing 99% of incremental industry subscriber additions and commanding 65% 5G market share.

Retail posted record quarterly revenue of ₹97,600 crores with quick commerce scaling to 1.6 million daily orders at contribution-positive margins. The New Energy vertical is progressing rapidly with 10 GW solar manufacturing capacity commissioned at 94-95% yield, expanding to 20 GW, alongside 40 GWh battery capacity rollout scaling to 100 GWh. Management confirmed Jio Platforms IPO is imminent within coming months pending regulatory notification, while emphasizing strong cash generation despite global headwinds and reaffirming confidence in double-digit retail growth trajectory.