Reliance Industries posts flat Q3 profit as weak O2C business offsets Jio, retail gains

Reliance Industries Limited reported a marginal rise in profit for the third quarter of the current financial year, as weakness in its oil-to-chemicals (O2C) business offset steady gains from telecom and retail operations.

The conglomerate’s consolidated net profit rose 0.56% year-on-year to ₹18,645 crore, while revenue increased 10.51% to ₹2.69 lakh crore, according to a regulatory filing released after market hours on Friday. The performance fell short of market expectations, with estimates pointing to stronger bottom-line growth.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 5.09% to ₹46,018 crore, though margins narrowed to 17.07%, reflecting pressure from lower refining and petrochemical margins. Analysts attributed the muted profit growth to softer global energy prices and subdued demand in the O2C segment.

In contrast, Reliance’s consumer-facing businesses continued to provide support. The telecom arm and retail division delivered steady operational growth, helping cushion the impact of weaker energy-linked earnings.

Shares of Reliance Industries ended marginally lower on Friday, even as the broader market closed higher. The company remains India’s most valuable listed firm by market capitalisation, led by chairman Mukesh Ambani.

Market participants will closely track how Reliance balances volatility in its legacy energy businesses while scaling up its digital, retail and consumer platforms in the coming quarters.