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Reliance keeps wheels turning as Q3 numbers hold steady
MUMBAI: Reliance Industries has wrapped up the December quarter with a performance that underlines the power of scale, even as markets remain jumpy and consumers cautious.
The numbers tell a familiar Reliance story: vast revenues, steady profits and a business empire that stretches from oil refineries to digital services and high-street retail. For readers who do not live and breathe balance sheets, the takeaway is simpler. Reliance continues to make money from many directions at once, and that diversity keeps it resilient.
For the December quarter, the group reported consolidated revenue of Rs 2.65 lakh crore, up from Rs 2.55 lakh crore in the September quarter and Rs 2.40 lakh crore a year ago. Consolidated net profit came in at Rs 18,645 crore, marginally higher than Rs 18,165 crore in Q2 and ahead of Rs 18,540 crore in the same quarter last year.
Operating performance remained steady. Consolidated Ebitda stood at Rs 46,018 crore, compared with Rs 45,885 crore in the previous quarter and Rs 43,789 crore a year ago. The EBITDA margin eased to 17.4 per cent, reflecting cost pressures and a softer margin environment, compared with 18 per cent in Q2 and 18.3 per cent in Q3 last year.
Behind the headline numbers sits a sprawling structure. Reliance now counts hundreds of subsidiaries, associates and joint ventures across sectors such as oil to chemicals, exploration and production, retail, digital services and new energy. The company’s auditors, Deloitte Haskins & Sells and Chaturvedi & Shah, said their limited review found nothing to suggest the results were materially misstated or non-compliant with regulatory norms.
The oil-to-chemicals (O2C) business remained Reliance’s heavyweight. The segment reported quarterly revenue of Rs 1.62 lakh crore, slightly higher than Rs 1.61 lakh crore in the previous quarter and up 8.7 per cent year-on-year. Segment Ebitda rose sharply to Rs 16,507 crore, from Rs 15,008 crore in Q2 and Rs 14,402 crore a year ago, while Ebitda margin improved to 10.2 per cent, signalling better operational efficiency despite volatile energy markets.
Retail and digital services continued to provide ballast to the group’s earnings profile, helping offset margin pressures in core energy operations. Jio’s connectivity-led business and Reliance Retail’s expanding footprint across formats and geographies reinforced the group’s consumer-facing growth engine, while new energy initiatives remained in investment mode.
Reliance also flagged a few housekeeping updates. During the April–December period, it redeemed non-convertible debentures worth Rs 2,650 crore and said its secured debentures remain comfortably covered by assets. The company noted that new labour codes implemented by the government from November 2025 are not expected to have a material financial impact at this stage.
For investors, the message is one of continuity rather than fireworks. Reliance is not promising sudden leaps, but it is delivering consistency across a remarkably wide canvas. For everyone else, it is a reminder of how deeply the company is woven into daily Indian life, from the fuel in a car to the data on a phone and the groceries in a shopping bag.
Brands
What India bought for Valentine’s Day: Flipkart report
Searches rise 1.26x as fashion, decor and beauty dominate Valentine’s Week
BENGALURU: Valentine’s Day in India is no longer a single-date affair. New data from Flipkart shows the occasion has stretched into a full-fledged shopping season, marked by higher searches, faster fulfilment and more expressive gifting.
Flipkart’s latest #FlipTrends report shows overall demand on the platform rose 1.42 times between 7 and 12 February, 2026, as Valentine’s Week gathered momentum. Search queries increased 1.26 times, while orders climbed 1.41 times, led by fashion, home decor and beauty categories. Cookies, biscuits, watches, stuffed toys and chocolates ranked among the most popular gifting choices.
Shopping patterns pointed to celebrations becoming increasingly home-led and personal. Demand for decor items such as showpieces, lights and artificial flowers rose 1.6 times, signalling a shift from grand gestures to curated experiences. As the week progressed, purchases tilted towards cakes, pastries and mugs, reflecting last-minute planning.
Quick commerce played a defining role. Flipkart Minutes recorded a 7 times year-on-year growth between 7 and 14 February, with 14 February seeing peak order activity. Order values surged between 9 and 10 am, followed by a second spike between 7 and 8 pm.
Discovery was driven by ‘RelationShop’, Flipkart’s in-app experience built around modern relationship stages, from ‘situationship’ to ‘moving on’. The ‘talking phase’ emerged as the most shopped segment, driving demand for earphones, late-night snacks, energy drinks, board games and chocolates.
Shoppers leaned heavily into playful and sentimental gifts. Chocolate orders doubled, while baby pillows jumped 21 times, stuffed toys rose 15 times, showpieces grew 14 times, women’s fashion rings climbed 14 per cent and greeting cards increased 13 per cent. Gen Z shoppers broadened the celebration to include Galentine’s Day, with perfumes, rings, necklaces and cards trending on 13 February.
Geographically, metros such as Kolkata and Hyderabad, along with Tier 1-plus cities including Ranchi, Siliguri, Ludhiana and Dehradun, emerged as strong markets for quick Valentine’s Week purchases.
