India’s largest private conglomerate, Reliance Industries, continues to demonstrate the growing power of its digital and consumer businesses. In its Q3 FY26 results, the company reported consolidated revenue of ₹2.93 lakh crore (~ $32.7 billion) and a 6.1% rise in EBITDA to ₹50,932 crore (~ $5.7 billion), driven largely by the strong performance of Reliance Jio Platforms and its retail arm.
Jio alone is now serving over 250 million 5G subscribers, representing around half of its total 515 million-strong user base, while ARPU has climbed to ₹213.7 per month. Beyond mobile, Jio’s fixed broadband business has expanded to 25.3 million connected premises, and its wireless home internet service, JioAirFiber, has crossed the 10 million subscriber mark, making it one of the largest fixed wireless access deployments globally.
While headline profit growth for Reliance was modest, rising only slightly compared to the previous year, the company’s results highlight a strategic shift toward digital and consumer-facing businesses, which now form a larger proportion of its revenue and earnings. Consolidated revenue for the quarter increased by 10.5% year-on-year to ₹2.9 lakh crore, as growth in Jio and retail offset softer performance in traditional oil and gas operations. Net profit increased marginally to ₹18,645 crore.
Notably, Jio Platforms has clearly emerged as the primary engine of growth. During the quarter, Jio’s revenue increased 12.7% year-on-year to ₹43,683 crore, while net profit increased 11% to ₹7,629 crore. The company’s EBITDA jumped 16.4% to ₹19,303 crore, with operating margins expanding by around 170 basis points, a sign of both scale and operational efficiency. Importantly, subscriber growth is particularly significant, with Jio now crossing 250 million 5G users, representing about half of its total subscriber base. Around 53% of Jio’s mobile data traffic comes from 5G users, showing that people are increasingly relying on the faster network. Data traffic per user averaged over 40 GB per month, reflecting rising consumption of high-speed services.
Additionally, Jio’s fixed broadband service has reached 25 million connected premises, and JioAirFiber has surpassed 10 million subscribers, making it the first global fixed wireless access service to achieve this milestone. Ongoing investments in 5G, edge computing, and converged services are expected to further strengthen Jio’s position as the country’s leading digital ecosystem and prepare the way for its much-anticipated IPO in 2026.
Meanwhile, Reliance Retail also continues to be a strong contributor to the conglomerate’s earnings. In Q3 FY26, Reliance Retail’s revenue increased 9.2% year-on-year to ₹86,951 crore, while profit after tax increased 2.7% to ₹3,551 crore. Expansion remained a priority, with hundreds of new stores added across grocery, fashion, electronics, and lifestyle segments. At the same time, digital commerce, primarily through JioMart, continued to complement the physical store network, extending Reliance’s reach into smaller towns and semi-urban markets. But margins in retail were slightly compressed due to expansion costs and competitive pricing.
In parallel, Reliance’s Oil-to-Chemicals business continued to perform well, with revenue rising 8.4% year-on-year to ₹1.62 lakh crore and EBITDA growing 14.6%, supported by steady demand for refining and petrochemical products. However, the company’s upstream oil and gas operations faced difficulties, as revenue fell 8.4% and EBITDA declined about 12.7%.
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