SEBI Reg. Investment Advisor

Download App
Help Center Pricing
Money Works 4 Me Logo MoneyWorks4Me
Login Get Free Account
Sign Up

MoneyWorks4Me

Log In Sign Up Schedule Free 15‑min Call
Login Get Free Account
Sign Up
  1. Home
  2. Reports Reliance Industries Ltd Q2 FY26 Result Update
1430.85 4.70 (0.33%)

Reliance Industries Ltd Q2 FY26 Result Update
31-10-2025

Profit & Loss (in Rs. Crores)

Q2 FY26

Q2 FY25

YoY

Net Sales

283548

258027

10%

EBITDA

50367

43934

15%

EBITDA %

18%

17%

+ 100 bps

PAT

22092

19323

14%

PAT %

8%

7%

+ 100 bps

 

 

 

 

 

 

 

 

RIL reported a strong quarter with consolidated revenue rising 10% YoY to Rs. 2,83,548 crore and EBITDA up 15% YoY to Rs. 50,367 crore, crossing the Rs. 50,000-crore mark for the first time. PAT (before minorities) grew 14% YoY to Rs. 22,092 crore, supported by robust performance across Digital, Retail, and O2C businesses. 

Higher finance costs (+13%) and depreciation (+12%) were largely due to the capitalization of 5G assets. Net debt remained stable at Rs. 1.19 lakh crore, implying Net Debt/EBITDA of 0.58x, reflecting strong internal cash generation.

Segment Performance

Digital Services (Jio Platforms):

Revenue increased 15% YoY to Rs. 36,332 crore, driven by subscriber growth and higher ARPU. EBITDA rose 18% YoY to Rs. 18,757 crore, with margin expanding 140 bps to 51.6%. The subscriber base reached 506 million, including 234 million 5G users, while ARPU improved 8% YoY to Rs. 211.4. 

Data consumption surged 30% YoY, led by the expansion of fixed broadband connections and deeper rural 5G penetration. Jio continued to diversify into digital products like JioTeleOS, JioPC, and AI-driven wearables, while advancing its AI venture Reliance Intelligence, supported by green-powered data centres in Jamnagar.

Retail (Reliance Retail Ventures):

Gross revenue grew 18% YoY to Rs. 90,018 crore, with EBITDA up 17% YoY to Rs. 6,816 crore and a steady margin of 8.6%. Growth was broad-based across segments: Grocery (+23%), Fashion & Lifestyle (+22%), Consumer Electronics (+18%), and FMCG (2x YoY). JioMart scaled rapidly, achieving 200%+ YoY growth in daily orders across 1,000+ cities. 

The store network expanded to 19,821 outlets, serving a customer base of 369 million. Management highlighted strong festive demand and continued traction in premium brands and quick commerce.

Oil-to-Chemicals (O2C):

Revenue rose 3% YoY to Rs. 1,60,558 crore, while EBITDA increased 21% YoY to Rs. 15,008 crore. Margin expanded to 9.3%, supported by stronger fuel cracks (gasoline +24%, gasoil +37%), improved polymer deltas, and higher domestic fuel placement via Jio-bp.

Refinery throughput increased to 20.8 MMT, and ethane cracking economics remained favourable despite higher input costs. Weak polyester chain margins were partially offset by better polymer realizations.

Exploration & Production (E&P):

Revenue declined 3% YoY to Rs. 6,058 crore, and EBITDA fell 5% YoY to Rs. 5,002 crore due to natural decline in KG-D6 production. KG-D6 gas output averaged 26.1 MMSCMD (-8% YoY), partly offset by higher CBM volumes (+6%) and better realizations (+4% to $9.97/MMBtu). The business continues to contribute ~30% of India’s domestic gas output.

Media (JioStar):

Revenue stood at Rs. 6,179 crore, with EBITDA of Rs. 1,738 crore (margin 28%), reflecting strong growth in digital ad sales and record viewership across entertainment and sports. The India–England Test series achieved 1.1 billion hours of watch time, making it the most-watched Test series ever on digital platforms.

New Energy:

Execution remains on track with four PV module lines commissioned and the first solar cell line expected in October 2025. The 40 GWh battery giga-factory and 20 GW solar PV facility are progressing as planned, with initial commissioning targeted for FY27.

Disclosure: MoneyWorks4me's employees may have exposure in the securities mentioned in the above report. For detailed disclosure click here.
1430.85 4.70 (0.33%)
2026 ©The Alchemists Ark Pvt. Ltd. All rights reserved. MoneyWorks4Me® is a registered trademark of The Alchemists Ark Pvt. Ltd.

About MoneyWorks4Me

MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.

Our Vision

To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.

What Makes MoneyWorks4Me Different

Our Approach: Ensuring compounding work its magic on client portfolio.

MoneyWorks4Me ensures this through:

×