Mukesh Ambani’s Reliance Industries (RIL) just dropped its Q3 report cards today, Friday, January 16, 2026, and it’s a story of “resilience” in a messy global market.
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The thing is, RIL hit a massive revenue milestone of ₹2.94 lakh crore, up 10% from last year. Or nothing. Let’s be real, even with the oil and gas segment taking a hit because of “natural decline” in the KGD6 reservoir, the digital and retail engines are firing on all cylinders. Those too.
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The “RIL Q3 FY26” Log: Field Notes
It’s an ongoing situation where the conglomerate is shifting from a pure oil play to a digital and retail powerhouse.
The Jio Juggernaut: Jio’s subscriber base has officially climbed to 515.3 million. The thing is, the 5G user base alone is now over 250 million. And here’s the kicker—ARPU (Average Revenue Per User) has ticked up to ₹213.7. Those too.
O2C’s Fuel Fire: The Oil-to-Chemicals (O2C) segment saw EBITDA jump 15% to ₹16,507 crore. The thing is, “fuel cracks” (the profit from refining oil into petrol/diesel) exploded by 60–100%. Even with higher shipping costs, they made a killing on exports.
Retail’s “Eventful” Quarter: Reliance Retail revenue hit ₹97,605 crore. The thing is, growth felt a bit slower (8.1%) because the festive season was split and they demerged the consumer products business. But they’re still opening over 400 stores a quarter.
The “JioStar” Factor: The new media entity reported ₹8,010 crore in revenue. The thing is, they reached 830 million viewers on TV. That’s nearly the entire population of Europe watching one network.
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Reliance Q3 FY26: The Financial Snapshot
| Metric | Q3 FY26 Value | YoY Growth | Segment Highlight |
| Consolidated Revenue | ₹2.94 Lakh Cr | 10.0% | Driven by Digital & Retail. |
| Consolidated EBITDA | ₹50,932 Cr | 6.1% | Resilient despite O&G dip. |
| Net Profit (Consol) | ₹22,290 Cr | 1.6% | Steady bottom-line delivery. |
| Jio Subscriber Base | 515.3 Million | Steady Adds | 5G users cross 250M. |
| Net Debt | ₹1.17 Lakh Cr | Sequentially Down | Strong cash profit of ₹41k Cr. |
And Here’s the Kicker…
JioAirFiber is now the world’s first fixed wireless service to pass 10 million subscribers. The thing is, they are basically rebuilding India’s home internet from the sky. Those too.
It’s an ongoing situation where the market is now eyeing the potential Jio IPO later in 2026. The thing is, with net debt declining and cash profits fully covering their massive ₹33,826 crore CAPEX, the balance sheet is looking like a fortress.
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End…
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