Brands
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
Kwality Wall’s reports standalone losses following strategic HUL demerger
Ice cream major faces Rs 64 crore Ebitda loss amid commodity inflation and muted Q3 sales
MUMBAI: Kwality Wall’s (India) Limited (KWIL) has released its first set of financial results as a standalone entity, revealing a challenging start to its independent journey. Following its successful demerger from Hindustan Unilever Limited (HUL) on 1st December 2025 and its subsequent listing on 16th February 2026, the company is navigating a transition period marked by structural changes and high input costs.
For the quarter ended 31st December 2025, the company reported revenue of Rs 222 crores. Despite the revenue base, the bottom line was impacted by several factors, resulting in an Ebitda loss of Rs 64.2 crores. When calculated on a Pre-IND AS 116 basis, the Ebitda loss stood at Rs 83.8 crores.
Organic Sales Growth (OSG) declined by 6.5 per cent year-on-year during the quarter. Volume growth, however, saw a marginal increase of 1.2 per cent. The company reported a gross margin of 41.5 per cent. Additionally, exceptional expenses amounting to Rs 94 crores were recorded, primarily linked to non-recurring costs during the transition phase.
Performance across portfolios and channels was mixed. Within the impulse portfolio, brands such as Magnum and Cornetto recorded mid-single digit volume growth, indicating steady demand in on-the-go consumption. However, the in-home portfolio, which includes take-home packs, experienced muted consumption. The company is planning a relaunch of this category with improved offerings ahead of the 2026 season.
Quick commerce (Q-Com) continued to emerge as a strong growth driver, delivering robust double-digit growth during the quarter. Meanwhile, the company also expanded its physical distribution network by increasing the number of company-owned cabinets across markets.
Margin pressure during the quarter was driven by a combination of one-off factors and broader cost inflation. Gross margins were impacted by around 600 basis points due to trade investments made for stock liquidation. Additionally, cocoa price inflation contributed to another 400 basis points of pressure on margins.
Deputy managing director Chitrank Goel attributed the muted performance partly to prolonged monsoons and transitional challenges linked to the GST framework. Operating expenses also increased as the company invested in establishing its standalone supply chain, operational systems and corporate infrastructure following the demerger.
Looking ahead, the management remains focused on a volume-driven growth strategy. To restore profitability, the company has initiated a cost productivity programme aimed at reducing non-consumer-facing costs. It is also working on building regional manufacturing networks to optimise logistics expenses and improve operational efficiency.
The commodity outlook for the near term remains mixed. Dairy prices are expected to remain firm due to tight supply conditions and rising fodder costs. Sugar prices may also move higher following increases in the Minimum Selling Price (MSP). While cocoa prices have moderated recently, currency depreciation has offset some of the potential cost relief for the company.
