Reliance Infrastructure has delivered strong operational performance in Q3, with EBITDA rising significantly to Rs 10.6 billion from Rs 8.9 billion year-on-year, accompanied by substantial margin expansion. Despite facing revenue headwinds, the company demonstrated improved operational efficiency and achieved a remarkable turnaround in net profitability.

Strong EBITDA Performance Amid Revenue Challenges

The company's Q3 results showcase contrasting operational dynamics, with robust EBITDA growth offsetting revenue decline pressures. The infrastructure major successfully expanded its EBITDA margin to 24.58% from 17.80% in the previous year, indicating enhanced operational efficiency.

Preferential Issue Monitoring and Compliance

The monitoring report, prepared by Infomerics Valuation and Rating Limited and submitted on January 31, 2026, confirms zero deviation from the original issue objects. The preferential issue, conducted between October 25, 2024, and November 08, 2024, comprised 12,56,00,000 convertible warrants with an aggregate value of Rs 3,014.40 crore.

Strategic Fund Allocation and Business Expansion

The issue proceeds are allocated across two primary objectives, with the monitoring agency confirming that utilization has been strictly in accordance with the offer document specifications. The business expansion component focuses on strengthening the company's presence in the defence sector and other new business opportunities.

Recent Corporate Actions and Regulatory Developments

During the reporting period, the company allotted 1,25,00,000 equity shares to Risee Infinity Private Limited, a promoter company, on June 18, 2025, involving warrant conversion for Rs 300.00 crore. The company's share price stood at Rs 134.04 as of January 27, 2026, representing a significant discount to the issue price of Rs 240.00. Additionally, stock exchanges have placed the company under Additional Surveillance Measures (ASM), and the Enforcement Directorate provisionally attached the company's shareholding in three subsidiaries for approximately Rs 1,575 crore on January 28, 2026.

The Enforcement Directorate (ED) has taken significant enforcement action by provisionally attaching assets worth Rs 1,885 crores belonging to the Reliance Anil Ambani Group. This development marks a major step in the ongoing investigation involving the group's business operations.

Enforcement Action Details

The provisional attachment order covers assets valued at Rs 1,885 crores across various entities within the Reliance Anil Ambani Group. Reliance Infrastructure is among the key companies within this business conglomerate that could be impacted by this regulatory action.

Regulatory Implications

Provisional attachment orders are typically issued by the ED as part of money laundering investigations under the Prevention of Money Laundering Act (PMLA). Such actions are taken to prevent the disposal or transfer of assets that may be connected to the proceeds of crime during the course of investigation.

The substantial value of the attached assets underscores the scope and significance of the ongoing investigation. The ED's action affects multiple entities within the group structure, reflecting the comprehensive nature of the regulatory scrutiny.

Impact on Group Operations

The provisional attachment of assets worth Rs 1,885 crores represents a considerable portion of value within the Reliance Anil Ambani Group's portfolio. This enforcement action may have implications for the group's operational flexibility and financial planning in the near term.

The affected entities will need to comply with the attachment order while the investigation proceeds through its due course under the established legal framework.