- Revenue from Operations: ₹2.94–2.99 lakh crore (↑12.9–13% YoY)
- EBITDA: ~₹44,141–48,588 crore (stable to marginally down YoY; exact figure varies slightly by reporting basis)
- Net Profit (PAT attributable to owners): ₹16,971 crore (↓12.55–13% YoY)
- Dividend: ₹6 per share for FY26
- Full Year FY26: Revenue ₹11.76 lakh crore (↑9.8% YoY), EBITDA ↑13.4%, PAT ↑18.3%
Key Theme: Jio & Retail delivered resilience and growth, offsetting O2C and E&P pressures. Management (Mukesh Ambani) highlighted portfolio strength, domestic focus, and steady progress on Jio Platforms IPO.Now, detailed segment-wise analysis:1. Oil to Chemicals (O2C) – Refining + Petrochemicals (Largest segment by revenue)
- Revenue: ₹1.85 lakh crore (↑12.4% YoY, ↑14% QoQ)
- EBITDA: ₹14,520 crore (↓3.7% YoY, ↓12% QoQ)
- EBITDA Margin: 7.9% (vs 9.2% YoY, 10.2% QoQ) – sharp contraction
Analysis: Revenue grew on higher throughput and better price realisations, but profitability was hit hard by:
- Geopolitical disruptions (Strait of Hormuz issues → higher freight/insurance)
- Elevated crude costs and naphtha price surge
- LPG diversion, under-recoveries in marketing, and KG gas diversion to priority sectors
- Weak petchem spreads in parts of the value chain
O2C remained under pressure (as widely expected by analysts). This segment continues to be the biggest drag on consolidated margins.2. Reliance Jio (Digital Services / Jio Platforms)
- Revenue: ₹33,381 crore (↑11.2% YoY, ↑2% QoQ)
- EBITDA: ₹18,771 crore (↑16–18% YoY, ↑2% QoQ)
- EBITDA Margin: 56.2% (↑240 bps YoY, stable QoQ) – industry-leading
Key Metrics:
- Subscribers: 524.4 million (↑36.2 million YoY, +9.1 million QoQ)
- ARPU: ₹214 (↑₹7.8 YoY, ↑₹0.3 QoQ)
- Data usage: 42.3 GB/user/month (strong growth, +35% traffic YoY)
Analysis: Jio was the star performer again. Steady subscriber additions + ARPU growth + higher data monetisation drove robust EBITDA expansion. Full-year EBITDA grew ~19%. Akash Ambani and Mukesh Ambani emphasised Jio’s role as India’s “digital gateway to the AI era.” Jio Platforms IPO is “advancing steadily” (draft papers likely soon). This segment continues to be the growth engine and margin protector for the group.3. Reliance Retail
- Revenue: ₹98,457 crore (↑11.1% YoY, ↑0.6% QoQ)
- EBITDA: ₹6,921 crore (↑3.1% YoY, flat QoQ)
- EBITDA Margin: 7.0% (vs 7.6% YoY)
Operational Highlights:
- 20,160+ stores
- Served 387 million customers in FY26
- Hyper-local commerce (JioMart) orders grew >4x YoY; reach in 5,100+ pin codes
Analysis: Retail delivered steady revenue growth across consumption baskets and deeper rural penetration. EBITDA growth was modest due to high base and cost pressures, but Isha Ambani highlighted profitable scaling, AI-driven merchandising, and hyper-local expansion for FY27. This segment remains a reliable cash-flow and growth contributor.4. Oil & Gas (Exploration & Production – mainly KG-D6)
- Revenue: ₹5,867 crore (↓8.9% YoY)
- EBITDA: ₹4,195 crore (↓18.1% YoY)
- EBITDA Margin: 71.5% (down sharply QoQ)
Analysis: Natural decline in KG-D6 gas production + lower realisations and higher costs (maintenance, government levies) led to the weakest performance. Gas diversion to priority sectors added further pressure. This upstream segment continues its multi-quarter decline trend.5. Other Segments / New Energy
- Not materially highlighted in initial results commentary (still in investment phase).
- Capex remains elevated group-wide for new energy transition, but contribution to current-quarter profits is negligible.
Overall Verdict & Outlook
- Strengths: Jio (high-margin growth) + Retail (steady scaling) provided excellent resilience. Together they more than offset energy business weakness.
- Weaknesses: O2C margin compression and E&P volume decline dragged consolidated profitability.
- Management Tone: Positive on digital/retail momentum and Jio IPO; acknowledged near-term energy volatility but emphasised long-term portfolio balance and India-focused strategy.
- Market Reaction (as of latest updates): Stock was marginally weak ahead of results; focus now shifts to Jio IPO timeline and O2C recovery cues.
Bottom Line: Classic Reliance story — consumer-facing businesses (Jio + Retail) powering through cyclical energy headwinds. The group’s diversified model once again proved its strength in a volatile quarter.Would you like a deeper comparison with Q3 FY26 / FY25, analyst reactions, or a ready-to-post social media summary with the earlier 5:2 image? Just let me know!