Reliance Industries Q2 Results: A Blockbuster Quarter with Jio and Retail Leading the Way
Reliance Industries Q2 Results: A Blockbuster Quarter with Jio and Retail Leading the Way
Reliance Industries Limited (RIL) has once again impressed the market with a strong set of Q2 FY26 numbers. The results, announced on October 17, 2025, highlight how Mukesh Ambani’s conglomerate is transforming from an energy-driven company into a digital and consumer powerhouse.
Key Takeaways
- Consolidated revenue rose 9.9% YoY to ₹283,548 crore.
- Net profit (PAT) increased 14.3% YoY to ₹22,092 crore.
- EBITDA grew 14.6% YoY to ₹50,367 crore, with margins improving to 17.8%.
- Jio surpassed 500 million subscribers, boosting revenue by 14.9% YoY.
- Reliance Retail delivered an 18% YoY revenue jump, adding 412 new stores.
- O2C segment remained steady, with EBITDA up 20.9% YoY.
- Net debt stood at ₹1.19 lakh crore, reflecting continued investments in growth areas.
Reliance Industries Q2 : Strong Financial Performance
Reliance posted a revenue of ₹283,548 crore, up from ₹258,027 crore a year ago. Net profit after tax climbed to ₹22,092 crore, a 14.3% YoY increase, though it fell 28.2% QoQ due to the one-time Asian Paints stake sale gain in the previous quarter. EBITDA rose to ₹50,367 crore, reflecting robust operating efficiency.
| Key Metrics | Q2 FY26 | YoY Change | QoQ Change |
|---|---|---|---|
| Revenue | ₹283,548 crore | +9.9% | +4.1% |
| EBITDA | ₹50,367 crore | +14.6% | – |
| Net Profit (PAT) | ₹22,092 crore | +14.3% | -28.2% |
| Net Debt | ₹1.19 lakh crore | – | – |
The company’s capital expenditure of ₹40,010 crore shows its focus on expanding 5G infrastructure, retail presence, and green energy initiatives.
Jio: Powering India’s Digital Future
Reliance Jio continued its remarkable run, crossing 506 million subscribers this quarter. Revenue jumped 14.9% YoY to ₹42,652 crore, supported by 8.3 million net subscriber additions and an ARPU rise to ₹211.4. Data consumption surged 29.8% YoY to 58 exabytes.
The 5G rollout and new features like Safety-First on JioBharat phones have strengthened Jio’s market position. With an IPO on the horizon, analysts believe Jio could unlock significant value in the coming quarters.
Retail: Festive Boost and Rapid Expansion
Reliance Retail, led by Isha Ambani, recorded an 18% YoY revenue growth to ₹90,018 crore. The festive season, GST rate cuts, and new store additions fueled the performance. The segment now operates 19,821 stores, with 55 million footfalls in the quarter.
Grocery grew 23%, fashion 22%, and electronics 18%. JioMart saw a 120% QoQ jump in users, now serving over 5,000 pin codes. Despite a slight dip in EBITDA margin to 8.6%, the business remains on a strong growth path.
O2C: Holding Steady Amid Market Swings
The O2C segment delivered a 3.2% YoY revenue rise to ₹160,558 crore, while EBITDA jumped 20.9% to ₹15,008 crore. The gains came from a rebound in transportation fuel margins and higher volumes at Jio-bp outlets, which saw diesel (HSD) and petrol (MS) sales increase 34% and 32%, respectively.
Mukesh Ambani credited the segment’s stable performance to operational discipline, even as global crude price volatility and a 2.6% YoY revenue drop in oil and gas production created headwinds.Outlook: The Next Phase of Growth
Market experts remain optimistic, with Investec setting a target price of ₹1,890, indicating a 15–20% upside. The potential Jio IPO, retail demerger, and green energy expansion are seen as key triggers.
However, the QoQ profit decline and high net debt could lead to short-term caution. Still, overall sentiment stays positive as Reliance continues to evolve into a consumer and technology-driven conglomerate.
Why It Matters
Reliance’s second quarter confirms its shift from oil to a future built on digital, retail, and clean energy. With Jio’s digital leadership, Retail’s growing reach, and O2C’s steady foundation, the company is shaping India’s next growth story.
Investors will be closely watching the Jio IPO and green initiatives, which may define the company’s next big leap.
Related Posts :
About Author
Share This Post