Reliance Industries Ltd reported a steady performance for the December quarter on Thursday, supported by gains in its oil-to-chemicals and digital services businesses, while retail operations continued to face margin pressure. The company announced its Q3FY26 results after market hours.
Brokerage estimates had pointed to mid-single-digit growth across key financial metrics, with consolidated revenue and profit expected to rise on a year-on-year basis. Strength in refining margins and stable telecom earnings were seen offsetting weakness in consumer-facing segments.
The oil-to-chemicals business emerged as the primary contributor during the quarter, aided by improved diesel and petrol cracks and a weaker rupee. Analysts said refining margins remained favourable compared with the September quarter, even as petrochemical spreads stayed under pressure.
Reliance’s digital services arm, led by Jio Infocomm, continued to show stable momentum. Subscriber additions and a marginal improvement in average revenue per user supported sequential revenue growth, while operating margins improved slightly due to higher network utilisation.
Retail performance remained comparatively muted. Market participants flagged softer consumer demand, quick commerce losses and the impact of festive season timing as factors weighing on growth. Analysts said management commentary on retail demand trends will be closely tracked in the post-earnings call.
Upstream oil and gas operations continued to face headwinds, with lower production and pricing pressures affecting profitability during the quarter, according to brokerage assessments.
Reliance Industries shares ended marginally lower on the National Stock Exchange ahead of the earnings announcement, reflecting cautious investor positioning amid mixed segmental expectations.
Investors will now focus on management guidance for the March quarter, particularly on retail recovery, capital expenditure plans and demand trends across energy and digital businesses.
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