Reliance Infrastructure Q3 FY26: Revenue ₹4,903 Cr

What the board approved

Reliance Infrastructure said its board has approved the unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025. The approval was taken at a board meeting held on January 31, 2026. The company also stated that it will publish the results in newspapers as required under listing regulations.

The update matters because it combines operating numbers with a limited review that draws attention to specific audit and regulatory uncertainties. In particular, the auditors highlighted questions around the company’s exposure to the “economic rights” linked to shareholding in Odisha Discoms. They also referred to ongoing proceedings involving enforcement and market regulators.

Q3 FY26 financial snapshot

For the quarter ended December 31, 2025, Reliance Infrastructure reported total income (revenue) of ₹4,903.13 crore. The company described the results as unaudited consolidated financial results for the quarter. The same board approval also covered the nine-month period ended December 31, 2025, though no separate nine-month income number was provided in the supplied details.

The reported figure is a top-line number, and the provided extract does not include profit, margin, cash flow, debt, or segmental details. As a result, the financial discussion is limited to what is explicitly disclosed. Still, the revenue number offers a reference point for tracking performance alongside the review observations.

Limited review report: what the auditor flagged

Chaturvedi & Shah LLP, Reliance Infrastructure’s auditors, issued a review report accompanying the unaudited results. In that report, they highlighted the company’s exposure to the economic rights of shareholding in Odisha Discoms. They stated they were not able to determine the recovery of these economic rights.

This observation is significant because it links financial reporting to the uncertainty around recoverability. The extract does not quantify the exposure or provide any timeline for resolution. It also does not provide management’s detailed assessment, beyond noting the review report’s content.

Odisha Discoms economic rights: the core uncertainty

The auditors’ comment focuses on “economic rights of shareholding in Odisha Discoms” and the inability to determine recovery. Based on the provided information, the point is not about routine classification or presentation, but about whether the economic benefit connected to those rights can be realised.

Because the underlying amount, structure, and assumptions are not disclosed in the provided text, the key takeaway is the existence of a recovery-related uncertainty that the auditor considered important enough to emphasise in the limited review report.

Regulatory and investigative proceedings mentioned

The review report also drew attention to ongoing proceedings by the Enforcement Directorate (ED). It further referred to a show cause notice (SCN) issued by the Securities and Exchange Board of India (SEBI). Separately, the supplied context also mentions a notice from the Serious Fraud Investigation Office (SFIO).

The auditors noted that the outcomes of the proceedings are uncertain. The extract does not specify the subject matter, timelines, or potential financial exposure from these matters. It also does not state whether any provisions were made, as that information is not included in the provided content.

Board meeting outcome and next steps on disclosures

The company said the board approved the unaudited results at the meeting held on January 31, 2026. It added that it would publish the results in newspapers in line with listing regulations. This is a standard disclosure step for listed companies when results are approved.

The note also signals that the limited review report is part of the regulatory package that accompanies quarterly results. For investors, the combination of headline revenue and the emphasis points in the review report becomes part of how the quarter is interpreted.

Auditor resignation intent and audit committee response

Reliance Infrastructure also disclosed that its audit committee addressed a letter from Chaturvedi & Shah LLP. In that letter, the auditors shared their intent to resign as statutory auditors after the statutory audit for the financial year ending March 31, 2026.

The audit committee stated that the reasons cited by the statutory auditors were incorrect and invalid. The extract does not provide the reasons cited in the resignation-intent letter, nor does it describe any further action taken at this stage. It also does not state whether a successor auditor has been identified.

Key facts at a glance

Market impact and why the disclosures matter

From a market perspective, the most concrete number in the update is revenue of ₹4,903.13 crore for the quarter ended December 31, 2025. Alongside that, the limited review report emphasises uncertainty on the recovery of economic rights connected to Odisha Discoms, and highlights ongoing regulatory and investigative matters.

These disclosures matter because they can influence how investors weigh headline operating performance against legal, regulatory, and recoverability risks. However, the provided text does not quantify potential impacts, so any assessment beyond acknowledging the uncertainties would go beyond the disclosed facts.

Conclusion

Reliance Infrastructure’s board approved unaudited consolidated and standalone results for the quarter and nine months ended December 31, 2025, reporting Q3 total income of ₹4,903.13 crore. The auditor’s limited review drew attention to recoverability concerns related to economic rights linked to Odisha Discoms and referenced ED proceedings, a SEBI show cause notice, and an SFIO notice.

The company also disclosed an intent-to-resign communication from its auditors effective after the FY2026 statutory audit, with the audit committee disputing the reasons. The next confirmed step disclosed by the company is publication of results in newspapers as per listing regulations.