Synopsis: Reliance Industries is in focus following their ’ Q3FY26 results, which saw 10% YoY revenue growth to ₹2,69,496 crore and 1.6% YoY rise in net profit to ₹22,290 crore and also see a quick look at brokerage views on the results.
The shares of the Large-Cap company specializing in an integrated energy value chain (oil/gas, refining, petrochemicals), digital services , retail , and expanding into new energy and media, have been in the spotlight following their Q3 results and brokerage outlook check it out.
With a market capitalization of Rs. 19 lakh crores on Monday, the shares of Reliance Industries Ltd declined upto 3.5 percent, reaching a low of Rs. 1406.50 compared to its previous close of Rs. 1457.60.
What Happened
Reliance Industries, spanning energy, digital services, and retail, is also expanding into new energy and media, staying in the spotlight with its Q3 results. Its Revenue from operations rose by 10.5 percent YoY from Rs. 243,865 Crores in Q3FY25 to Rs. 269,496 Crores in Q3FY26, and it rose by 4 percent QoQ from Rs. 258,898 Crores in Q2FY26 to Rs. 269,496 Crores in Q3FY26.
Its Net Profit YoY rose by 1.6 percent from Rs. 21,930 Crores in Q3FY25 to Rs. 22,290 Crores in Q3FY26, and on a QoQ basis, it rose by 0.8 percent from Rs. 22,092 Crores in Q2FY26 to Rs. 22,290 Crores in Q3FY26. The earnings per share (EPS) for the quarterly period stood at Rs. 13.78, compared to Rs. 13.70 in the previous year’s quarter.
Results
Jio reported strong growth with an 8.9 million increase in subscribers, bringing the total to 515.3 million. It also has over 25 million fixed broadband subscribers and achieved a 170 basis points expansion in EBITDA margin, resulting in a 16.4% EBITDA growth.
Reliance Retail saw an 8.1% year-over-year revenue increase and expanded its store count to 19,979, with 431 new stores added in the third quarter. Its Quick Commerce segment is on track to become the second-largest player in India, handling 1.6 million orders daily.
Meanwhile, Reliance Consumer Products’ FMCG segment saw a 60% gross revenue growth in Q3 FY26 following a demerger and acquisitions. JioMedia maintained strong growth with 450 million monthly active users across entertainment and sports.
Brokerage Views on Result
Morgan Stanley on RIL
Morgan Stanley has maintained an Overweight rating on RIL but has cut the target price to Rs 1,803 from Rs 1,847. While Q3 results were broadly in line with expectations, earnings quality fell short, particularly in the retail segment. The weaker retail performance is seen as a clearing event and is largely priced in by the market.
On the positive side, strong execution in new energy initiatives and robust refining performance provide significant upside, while energy and AI-led catalysts are expected to outweigh near-term retail volatility. On the downside, slower retail topline growth and higher unallocated costs remain key concerns.
Jefferies on RIL
Jefferies has maintained a Buy rating on RIL but cut the target price to Rs 1,795 from Rs 1,830. Consolidated EBITDA missed estimates by 5%, driven by a retail shortfall and a rise in unallocated expenses, and Retail EBITDA grew just 2% year-on-year amid ongoing promotions and pressure from quick commerce.
Jio’s performance was in line with expectations, with its IPO awaiting government approval. The O2C business remained steady, supported by a constructive refining outlook. Looking ahead, retail recovery and potential tariff hikes at Jio are seen as key triggers for the stock.
Macquarie on RIL
Macquarie has maintained an Outperform rating on RIL with a target price of Rs 1,650. Retail performance was lacklustre, while Jio remained robust. Higher losses in the ‘Others’ segment weighed on overall results, and the broker also sees downside risk to consensus expectations of 15% group EPS growth.
Citi on RIL
Citi has maintained a Buy rating on RIL but cut the target price to Rs 1,815 from Rs 1,860. Q3 earnings came in below expectations, primarily due to moderating retail growth. Jio delivered a steady performance with improving ARPU. While near-term softness in retail could limit upside, the recent stock correction is seen as capping downside risk.
Revenue Segmentation
The overall Gross revenue increased from Rs. 298,285 crores for the quarter ended 31st Dec’24 to Rs. 328,361 crores for the quarter ended 31st Dec’25, indicating a healthy growth. The segment value of them YoY is as follows.
- Oil to Chemicals (O2C): Increased from Rs. 149,595 crores to Rs. 162,095 crores, showing strong growth.
- Oil and Gas: Slight decrease from Rs. 6,370 crores to Rs. 5,833 crores.
- Retail: It grew from Rs. 90,351 crores to Rs. 97,912 crores.
- Digital Services: Increased from Rs. 39,733 crores to Rs. 44,653 crores, reflecting rising demand.
- Others: Rose from Rs. 12,236 crores to Rs. 17,868 crores, showing notable improvement.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Trade Brains Technologies Private Limited or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
The post Should You Buy, Sell, or Hold Reliance Industries Shares After Its Q2 Results? appeared first on Trade Brains.