1. Opening Hook
While most Indian conglomerates spent Q3 blaming macro, geopolitics, and consumer sentiment, Reliance Industries hosted a two-hour TED Talk on why scale fixes everything. Q3FY26 wasn’t flashy—but it was quietly arrogant.
Jio added users like it’s still 2017, Retail kept selling despite GST whiplash, O2C minted cash thanks to fuel cracks behaving nicely, and New Energy… well, New Energy basically wants to generate electricity equivalent to half the planet.
Profits grew modestly, confidence grew exponentially, and management spoke like a company that knows capital markets will always show up with a cheque. Read on—because behind the calm tone lies aggressive execution, rising depreciation, and capex so large it deserves its own ZIP code.
2. At a Glance
- Revenue up 10% – Diversification doing the heavy lifting.
- EBITDA up 6% – O2C saved the day, again.
- PAT at ₹22,290 Cr (+1.6%) – Growth met depreciation and blinked.
- Jio EBITDA margin ~52% – Telecom printing money politely.
- Retail EBITDA margin ~8% – Quick commerce ate some profits.
- Net debt stable – Capex party funded without hangover.
3. Management’s Key Commentary
“Customer addition strong at about
