Reliance Industries Q2 FY26 Results: Net Profit Climbs 10% YoY to Rs 18,165 Crore, Revenue Up 10%
Reliance Industries Limited (RIL), led by Mukesh Ambani, announced a strong performance for the second quarter of FY26, reporting a 10% year-on-year (YoY) increase in consolidated net profit to Rs 18,165 crore compared to Rs 16,563 crore in the same quarter last year. The growth reflects steady performance across key business segments including telecom, retail, and energy.
Key Financial Highlights
- Revenue from operations: Rs 2.59 lakh crore, up 10% YoY from Rs 2.35 lakh crore.
- Gross revenue: Rs 2.83 lakh crore, reflecting a 10% rise YoY.
- EBITDA: Rs 50,367 crore, up 15% YoY with margins improving by 80 basis points to 17.8%.
- Sequential performance: PAT declined 33% from Rs 26,994 crore in Q1 FY26, while revenue grew 4% quarter-on-quarter.
While the profit after tax slightly missed analyst estimates of Rs 18,643 crore, the revenue performance surpassed market expectations of Rs 2.51 lakh crore, driven by broad-based growth across business divisions.
Segment-Wise Performance
Jio Platforms
Jio Platforms Limited (JPL) reported a 14.9% YoY growth in revenue, driven by strong subscriber additions in both mobility and home broadband segments. Continued improvement in ARPU (average revenue per user) and expansion of digital services contributed to the growth. JPL’s EBITDA surged 17.7% YoY on account of revenue gains and a 140 bps increase in operating margin.
Reliance Retail
Reliance Retail Ventures Limited (RRVL) recorded an impressive 18% YoY rise in revenue, supported by double-digit growth across grocery, fashion, and electronics. Grocery and fashion segments led the performance with 23% and 22% growth, respectively. The electronics business also expanded 18% YoY, aided by new product launches and tax rate benefits. RRVL’s EBITDA grew 16.5% YoY due to higher footfall, expansion of store networks, and operational efficiencies.
Oil-to-Chemicals (O2C)
The O2C division posted a 3.2% YoY increase in revenue, supported by a 2.3% rise in production for sale and robust domestic fuel demand. The segment’s EBITDA jumped 20.9% YoY owing to stronger transportation fuel margins and stable domestic volume growth. However, weakness in polyester chain margins slightly offset the gains from higher polymer deltas.
Oil & Gas
The Oil & Gas segment saw a 2.6% YoY decline in revenue, primarily due to lower production in the KG-D6 block and reduced condensate prices. Despite this, higher gas price realization and increased CBM volumes provided some support. Segment EBITDA dropped 5.4% YoY owing to lower production and higher maintenance-related costs.
Finance, Tax, and Capital Expenditure
RIL’s finance costs rose 13.5% YoY to Rs 6,827 crore, largely due to the capitalization of 5G spectrum assets and higher debt balances. Tax expenses were up 17.6% YoY to Rs 6,978 crore. The company reported total PAT and share of profit from associates and joint ventures at Rs 22,092 crore, marking a 14.3% YoY growth.
Capital expenditure during the quarter stood at Rs 40,010 crore, primarily directed toward expanding O2C capacity, enhancing Jio’s telecom and digital infrastructure, retail expansion, and establishing new energy giga factories.
Management Commentary
Chairman and Managing Director Mukesh D. Ambani highlighted that the company’s Q2 performance demonstrated resilience and diversified strength across businesses. “Our consolidated EBITDA grew 14.6% YoY, reflecting the agility of operations and the underlying structural growth of the Indian economy,” he said.
Ambani added that Jio’s continued network leadership and rollout of stand-alone 5G have fueled growth in broadband and mobility services. The retail business, supported by GST reforms, saw higher consumer spending across categories. He also emphasized that RIL’s upcoming ventures in new energy, media, and consumer brands are set to drive the next phase of growth for the conglomerate.
Overall, Reliance Industries delivered another robust quarter, supported by strength across digital, retail, and O2C businesses, despite global challenges in the energy and commodity markets.
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