Reliance Q2 results: Mukesh Ambani-owned Reliance Industries (RIL) on Friday, October 17, reported a 16 per cent year-on-year (YoY) rise in consolidated profit after tax (PAT) at ₹22,146 crore for the July-September quarter of the current financial year (Q2FY26). The company’s PAT was ₹19,101 crore in the same quarter of the previous year.
However, Reliance’s net profit attributable to owners of the company rose 9.7 per cent YoY to ₹18,165 crore from ₹16,563 crore in the corresponding quarter of the previous financial year.
Profit after tax and the share of profit of associates and JVs rose 14.3 per cent YoY to ₹22,092 crore in Q2FY26 from ₹19,323 crore in Q2FY25.
India’s largest company in terms of market capitalisation reported a 10 per cent YoY rise in consolidated revenue from operations at ₹2,83,548 crore.
Consolidated EBITDA rose by 14.6 per cent YoY to ₹50,367 crore, while EBITDA margin increased by 80 basis points YoY to 17.8 per cent from 17 per cent in Q2FY25.
“Reliance delivered a robust performance during Q2FY26, led by strong contributions from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6 per cent growth on a YoY basis, reflecting agile business operations, domestic-focused portfolio and structural growth in the Indian economy,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries.
Reliance Q2 results: 5 key highlights
1. Jio Platforms: Healthy YoY growth
RIL’s telecom arm registered healthy growth in the September quarter on a year-over-year basis.
The segment’s revenue from operations rose by 14.6 per cent YoY to ₹36,332 crore, while PAT rose 12.8 per cent YoY to ₹7,379 crore.
EBITDA saw a YoY increase of 17.7 per cent to ₹18,757 crore, while EBITDA margin saw an impressive 140 basis points YoY rise to 51.6 per cent.
Jio ARPU (average revenue per user) for Q2 increased to ₹ 211.4 with increased engagement of customers, impacted for the time being by the promotional 5G offers, said the company.
Jio’s customer base increased 5.8 per cent YoY to 50.64 crore.
“Digital services business continues to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership,” said RIL Chairman.
2. Reliance Retail: Focus on store addition
The company remained focused on new store openings during the quarter. According to the company, its store network expanded with 412 new stores, taking the total store count to 19,821 with area under operation at 77.8 million sq. ft.
The retail segment saw healthy YoY growth in revenue and profit, but margin declined.
The segment’s revenue from operations during the quarter increased 19 per cent YoY to ₹79,128 crore. PAT saw a stronger growth of 21.9 per cent YoY to ₹3,457 crore.
EBITDA also rose by 16.5 per cent YoY to ₹6,816 crore, but EBITDA margin slipped by 20 basis points to 8.6 per cent.
“I am happy to highlight the growth momentum of our Retail business. All formats registered higher volume, propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our quick hyperlocal delivery model. The recently announced progressive reforms in the GST regime provide a boost to continuing consumption-led growth,” said RIL Chairman Ambani.
3. Oil-to-chemicals (O2C): Margin jumps by 130 bps
The segment’s revenue increased by 3.2 per cent YoY to ₹1,60,558 crore. EBITDA jumped 20.9 per cent YoY to ₹15,008 crore, while EBITDA margin saw a healthy YoY growth of 130 basis points to 9.3 per cent.
“O2C business delivered robust growth on a YoY basis, despite continued volatility in energy markets. Fuel margins recovered over the previous year, led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global downstream markets in the medium-term,” said Ambani.
4. Oil and gas E&P (exploration and production): Lower revenues, higher operating costs drag margins
The segment’s EBITDA declined by 5.4 per cent YoY to ₹5,002 crore, while EBITDA margin shrank by 240 basis points to 82.6 per cent, due to lower revenues coupled with higher operating costs due to periodic maintenance activities.
The company said the segment’s revenue declined by 2.6 per cent YoY mainly on account of the natural decline of production in KGD6.
5. New Energy updates
The company said it is on track to set up 20 GWp of solar PV manufacturing capacity and 100 GWh of battery giga-factory. It said it had already commissioned four PV module lines, and the first cell line is expected to be commissioned soon in October 2025.
The company highlighted the rapid progress on the execution of the battery giga-factory and RE development in Kutch.
“Project development across the 550,000-acre site in Kutch is progressing well, with engineering and feasibility studies completed and the site currently in various stages of land development,” said the company.
“I am happy with the progress we are making in our new growth engines – new energy, media and consumer brands. I believe these businesses will build on Reliance’s legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price,” said RIL Chairman.
“Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverages these capabilities for the benefit of India and Indians,” the RIL Chairman said.
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