Mumbai: Reliance Industries Ltd (RIL), India’s largest conglomerate, reported a nearly flat net profit of ₹18,645 crore for the third quarter of FY2025-26, as weaker performance in its retail business offset growth in its energy and digital segments, according to a regulatory filing on Friday.

The company’s profit in the October–December quarter rose marginally from ₹18,540 crore recorded during the same period last year. Analysts attributed the muted earnings growth primarily to the impact of GST rate rationalisation, which weighed on consumer demand and margins in Reliance Retail.

Despite this, the company’s energy and digital services businesses helped stabilise overall performance. Revenue from operations climbed sharply to ₹2.69 lakh crore, compared to ₹2.43 lakh crore in the year-ago quarter, reflecting strong topline growth across core segments.