- Consolidated revenue rises ~10% to ₹2.84 lakh crore — EBITDA up 14.6% to ₹50,367 crore
Profit after tax (PAT) at ₹22,092 crore - Jio subscribers cross 506 million as ARPU strengthens
Chairman Mukesh D. Ambani flags “momentum” in Jio, Retail and new-energy investments
NE BUSINESS BUREAU
AHMEDABAD, OCT 18
Reliance Industries Limited (RIL) posted a robust performance in the second quarter of fiscal 2025–26, with consolidated gross revenue of ₹283,548 crore and EBITDA of ₹50,367 crore — growth of 9.9% and 14.6% year-on-year respectively. Profit after tax (including share of JVs/associates) for the quarter came in at ₹22,092 crore. Capital expenditure for the quarter was sizeable at ₹40,010 crore as the company continues to invest in O2C capacity, Jio network expansion and new-energy giga-factories.
Operationally, Reliance’s consumer-facing businesses delivered strong momentum. Jio Platforms revenue rose 14.9% Y-o-Y with Jio Platforms EBITDA up 17.7% to ₹18,757 crore, and the company reported total Jio subscribers of over 506 million at quarter-end. Reliance Retail revenue grew 18.0% Y-o-Y with EBITDA up 16.5%, led by broad-based growth across grocery, fashion and consumer electronics amid festive demand. The Oil-to-Chemicals (O2C) segment also improved EBITDA by 20.9% despite mixed downstream chemical margins.
Market reaction was mixed: while the results showed healthy operational gains, some analysts pointed out the company missed the more elevated profit estimates cited by the street — a reflection of continued variability in chemical chain margins and broader macro commodity moves.
On business strategy and outlook, Mukesh D. Ambani, Chairman and Managing Director, said: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a Y-o-Y basis, reflecting agile business operations, a domestic-focused portfolio and structural growth in the Indian economy.
Digital services continue to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership. We continue to augment our capabilities with pioneering systems and platforms, ensuring the benefits of ever-evolving technology landscape for all Indians.
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. Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverage these capabilities for the benefit of India and Indians.”
Key quarter highlights (Q2 FY26 vs Q2 FY25) — at a glance:
• Gross revenue: ₹283,548 crore (↑ 9.9% Y-o-Y).
• EBITDA: ₹50,367 crore (↑ 14.6% Y-o-Y).
• Profit after tax & share of JVs: ₹22,092 crore (↑ ~14% Y-o-Y).
• Jio Platforms revenue: ₹42,652 crore (↑ 14.9% Y-o-Y); Jio subscribers: ~506 million.
• Reliance Retail revenue: ₹90,018 crore (↑ 18.0% Y-o-Y); EBITDA ₹6,816 crore (↑16.5%).
• O2C revenue: ₹160,558 crore (↑ 3.2%); O2C EBITDA: ₹15,008 crore (↑20.9%).
Management said the heavy capex was directed at scaling up new-energy manufacturing (PV glass, polysilicon, battery storage gigafactories), expanding Jio’s 5G and fixed broadband footprint (JioAirFiber rollouts), and broadening Retail’s store and hyperlocal delivery footprint. Net debt remained manageable at ₹118,545 crore with net-debt/EBITDA at ~0.59x (annualised basis).
Analysts noted that while core consumer and telecom engines continue to strengthen — supporting the company’s pivot from hydrocarbons toward digital, retail and new energy — downstream chemical chain weakness and volatile commodity prices could continue to pressure some margins in the near term. Reuters also flagged that the quarter fell short of some street profit estimates, despite the strong operating metrics.
