Shares of Reliance Industries Ltd declined more than 3 percent on Monday following the company’s Q3FY26 results. The stock slipped to an intraday low of ₹1,405 after opening at ₹1,455 on the BSE, compared with a previous close of ₹1,457. The company’s market capitalisation stood at over ₹19.02 lakh crore.
For the third quarter of FY26, Reliance Industries reported a consolidated net profit of ₹18,645 crore, marginally higher than ₹18,540 crore in the corresponding quarter of the previous year. Revenue for the quarter rose to ₹2.69 lakh crore from ₹2.43 lakh crore a year earlier.
Brokerages said strength in the Oil-to-Chemicals (O2C) and digital businesses helped offset weakness in the retail segment. Retail performance remained under pressure, with growth coming in below expectations due to the shift in the festive season to the previous quarter, the FMCG demerger, and accelerated investments in quick commerce. The introduction of new labour codes and higher costs also weighed on retail EBITDA.
Jio Platforms delivered performance broadly in line with expectations during the quarter. Expansion in the subscriber base, improvement in average revenue per user (ARPU), and scaling up of digital services contributed to consolidated net profit during the period.
Nuvama said Reliance Industries is expected to see three key growth engines over the coming years. The brokerage highlighted the new energy business, where cell and module plants are progressing rapidly. It estimates that the 10 GW solar module and cell project could contribute around 6 percent to profits by FY27. The battery energy storage system (BESS) plant is expected to commence operations from mid-2026.
According to the brokerage, work has also begun on a 20 GW round-the-clock power project in Kutch for green hydrogen production. This could lead to a reduction of over 25 percent in captive power costs. In addition, investments in artificial intelligence-related businesses will be routed through a new entity, Reliance Intelligence.
The FMCG business under Reliance Consumer Products Ltd is expected to be separated from the retail business, with a focus on brand building and food park development.
Nuvama has reiterated a BUY rating on Reliance Industries with a target price of ₹1,808 per share. Motilal Oswal has also maintained a BUY recommendation with a target price of ₹1,750, citing support from the O2C and digital segments despite a weaker overall quarterly performance. Antique Stock Broking has assigned a BUY rating with a target price of ₹1,700, noting that near-term stock performance will depend on developments related to Jio listing, artificial intelligence initiatives, and new energy projects.
For the October–December 2025 quarter, the company’s results reflected improvement in the O2C segment, while the upstream business remained under pressure due to lower KG-D6 gas production. Weakness in the retail segment resulted in EBITDA coming in below expectations, partially offset by growth in the digital business driven by subscriber additions.
