It’s Monday, January 19, 2026, and the stock market isn’t being kind to the Big R. Reliance Industries (RIL) shares took a 3.5% nose-dive this morning, hitting a three-month low of around ₹1,406.
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The thing is, the Street was expecting a celebration after the Q3 earnings call on Friday, but instead, they got a “flat-line” result. We’re talking a net profit of ₹18,645 crore—basically a mirror image of last year. Or nothing. When the biggest company in India doesn’t show growth, the investors start looking for the exit. Those too.
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The RIL Q3 Post-Mortem: Field Notes
It’s an ongoing situation where the “old economy” businesses are dragging down the “new economy” hype.
The Retail Slump: The thing is, Reliance Retail—usually a powerhouse—saw “muted” growth. They’re blaming everything from GST rate rationalisation to the demerger of the consumer products arm. And here’s the kicker: even the festive season didn’t save them because the buying was “split between two quarters.”
Gas Production Woes: Upstream oil and gas revenue dropped 8.4%. The thing is, the KGD6 block is seeing a natural decline, and price realisations just weren’t there this quarter.
The “Jio-Gemini” Bright Spot: If there’s a silver lining, it’s digital. Jio’s profit jumped 11.2%, and they’ve crossed 250 million 5G users. They even launched a “Jio-Gemini” offer with 18 months of free AI for 5G users. Or nothing.
Technical Breakdown: For the first time in nine months, the stock dipped below its 200-day moving average. The thing is, traders see that as a “danger” sign.
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Reliance Q3 Performance: The Numbers (Oct-Dec 2025)
| Metric | Q3 FY2025-26 | Year-on-Year (YoY) | The Verdict |
| Consolidated Net Profit | ₹18,645 Crore | +0.56% | Flat / Disappointing |
| Revenue from Ops | ₹2.69 Lakh Crore | +10.5% | Healthy Volume |
| Jio (Telecom) Profit | ₹7,629 Crore | +11.2% | The Growth Engine |
| Retail EBITDA | ₹6,915 Crore | +1.3% | Major Drag |
| Oil & Gas Revenue | ₹5,833 Crore | -8.4% | Declining Assets |
And Here’s the Kicker…
Reliance isn’t the only one bleeding today. The thing is, ICICI Bank also tanked 3% because the RBI made them set aside ₹1,283 crore for agricultural loans they misclassified. Or nothing. Between RIL and ICICI, the Nifty 50 is looking pretty bruised.
It’s an ongoing situation where analysts are divided. The thing is, brokerages like Motilal Oswal are still shouting “Buy” with targets near ₹1,750, saying this is just a “cycle.” But on the ground, the sentiment is cold. Investors are worried that the “New Energy” and “AI-empowered India” dreams are still years away from actually hitting the balance sheet. Those too.
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End…
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