The United States has granted Reliance Industries a general licence to buy Venezuelan oil directly, allowing exports and refining without breaching sanctions. This lets Reliance resume purchases and could reduce its dependence on pricier crude, benefiting both Indian energy diversification and Venezuelan exports as geopolitical shifts ease restrictions.

Reliance Industries Limited (RIL) delivered a resilient financial performance in Q3 FY26, demonstrating sustained growth across its diversified business portfolio despite a challenging global macro environment. The company reported consolidated revenue of ₹293,829 crore, marking a 10% year-on-year (YoY) increase. EBITDA rose 6.1% YoY to ₹50,932 crore, driven by strong contributions from Digital Services and Oil-to-Chemicals (O2C). Profit after tax (PAT) stood at ₹22,290 crore, up 1.6% YoY.

Digital Services Lead Growth Momentum
Jio Platforms Limited continued to be a key growth engine. Revenue from operations increased 13% YoY to ₹37,262 crore, while EBITDA rose 16% YoY to ₹19,303 crore, with margins expanding to 51.8%. Subscriber additions remained strong, with the total customer base reaching 515.3 million. Average revenue per user (ARPU) improved to ₹213.7, reflecting premiumization and rising 5G adoption. Jio’s 5G user base crossed 253 million, reinforcing its leadership in India’s digital ecosystem.

Retail Business Maintains Scale
Reliance Retail Ventures Limited recorded its highest-ever quarterly gross revenue of ₹97,605 crore, up 8% YoY. EBITDA stood at ₹6,915 crore. The retail network expanded to 19,979 stores, while hyper-local commerce scaled rapidly, reaching over 1.6 million daily orders. Growth was supported by festive demand and continued expansion across grocery, fashion, and electronics categories.

O2C Benefits from Strong Fuel Margins
The Oil-to-Chemicals segment posted EBITDA growth of 14.6% YoY to ₹16,507 crore. Strong fuel cracks, improved refinery utilization, and robust domestic fuel demand supported performance. However, downstream chemical margins remained under pressure due to global overcapacity and softer pricing trends.

Strong Balance Sheet and Credit Upgrade
RIL maintained a strong financial position, with net debt-to-EBITDA at 0.56x. The company also secured a credit rating upgrade to A- from S&P, becoming the first Indian manufacturing company to achieve this distinction. Strong cash flows and diversified earnings continue to support its growth investments.

Overall, RIL’s Q3 FY26 performance reflects operational strength, disciplined capital management, and steady progress across both traditional and emerging growth platforms.

Technical Summary

The stock is trading at ₹1,419.60. Immediate support is placed at ₹1,336.00, followed by a stronger support at ₹1,245.00. On the upside, resistance is seen at ₹1,525.00, with a higher resistance at ₹1,640.00. The current price is positioned between the first support and first resistance levels. A sustained move above ₹1,525.00 may open the path toward ₹1,640.00. On the downside, a break below ₹1,336.00 could lead to a decline toward ₹1,245.00.

Conclusion
Reliance Industries Limited delivered a resilient Q3 FY26 performance, with 10% revenue growth driven by strong momentum in Jio’s digital expansion, steady retail scale-up, and improved fuel margins in the O2C segment. Despite global macro pressures and softer chemical margins, diversified operations and rising 5G adoption supported earnings stability.

The company’s healthy balance sheet, low net debt, and recent credit upgrade further strengthen its financial position. Overall, sustained operational efficiency and balanced growth across key verticals position Reliance well for steady expansion, while technical levels will guide near-term stock movement.

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