Mumbai, Jan 19, 2026, 03:13 IST — The market has closed.
- Reliance shares ended slightly lower, slipping 0.06% to 1,457.90 rupees on the NSE
- Q3 profits ticked higher, though gains in telecom and refining were weighed down by weakness in retail and upstream sectors
- Traders are watching Monday’s open closely for cues on the post-results trend, especially around Jio’s listing schedule and retail margin developments
Reliance Industries shares slipped 0.06% to close at 1,457.90 rupees on the NSE Friday, trading in a range from 1,455.10 to 1,480.00 during the session. Indian stock markets remain closed and will resume trading on Monday.
Reliance reported a 1.6% rise in profit after tax, including associates, hitting 22,290 crore rupees for the December quarter. Gross revenue climbed 10% to 2.94 trillion rupees. EBITDA, a key measure of operating profit, increased 6.1% to 50,932 crore rupees, while net profit attributable to shareholders edged up 0.56% to 18,645 crore rupees. Chairman Mukesh Ambani described the results as “operational resilience.” CFO Srikanth Venkatachari told analysts the company’s businesses were “throwing up cash” despite global uncertainties. The Economic Times
Brokerages mostly held onto buy ratings but trimmed forecasts after retail margins took a bigger-than-expected hit and telecom interest costs climbed. Aditya Bansal’s team at Motilal Oswal Research cut FY26-28 earnings estimates by up to 3%, setting a target price of 1,750 rupees. Meanwhile, Systematix Research maintained a 1,700-rupee target, highlighting a potential Jio IPO catalyst in early FY27. The stock currently trades near 25 times FY27 earnings. Retail margins dipped 55 basis points, down to 7.8%, according to the broker notes.
Reliance on Saturday released the audio recording of its post-results call, along with the investor presentation and the unaudited results submitted to stock exchanges. Traders frequently listen in to see if management’s tone aligns with the headline figures.
Jio Platforms reported a nearly 11% rise in third-quarter net profit, reaching 7,629 crore rupees, driven by stronger 5G adoption and growth in home broadband, the company announced. Its subscriber count hit 515.3 million, while average revenue per user (ARPU), a crucial indicator of pricing strength, also saw an uptick during the quarter.
Reliance Retail posted a 2.7% rise in net profit, reaching 3,551 crore rupees, as its revenue from operations climbed 9.2% to 86,951 crore rupees. The company expanded its footprint by opening 431 new stores, bringing the total count to 19,979. It also ramped up its push into quick commerce, targeting under-30-minute deliveries and going head-to-head with Zomato’s Blinkit and Swiggy’s Instamart.
Oil-to-chemicals, or O2C, posted EBITDA of 16,507 crore rupees, climbing 14.6% as transportation fuel cracks gained strength. These cracks—the spread between crude and fuel prices—serve as a quick gauge of refining margins. At Jio-bp, diesel volumes jumped 24.7%, petrol rose 20.8%, and the network grew to 2,125 outlets.
Reliance is pushing aggressively into new energy, reporting solar module yields hitting 95%. Its Jamnagar facility is being developed for 10 gigawatts (GW) of solar capacity annually, with plans to double that to 20 GW. The company is also rolling out energy storage beginning at 40 gigawatt-hours (GWh), aiming to expand to 100 GWh — a key metric for battery power duration.
The setup for Monday isn’t straightforward. Retail margins may stay squeezed if discounting continues or if quick-commerce growth ends up costing more than anticipated. Meanwhile, upstream oil and gas remains vulnerable to volume fluctuations. Any decline in fuel cracks would also eat into the refining gains that helped the quarter.
When the NSE opens at 9:15 a.m. IST on Monday, traders will zero in on early moves in the index heavyweights to gauge the market’s trajectory. Reliance faces a key question: will investors continue valuing the Jio and retail growth narrative, or will they begin to see it simply as a steady refining-and-telecom cash generator?
