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

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.