Reliance Industries Q2 FY26 Results: Profit Rises 14% YoY as Jio and Retail Drive Growth Momentum

Reliance Industries Q2 FY26 Results: Strong Consumer Businesses Offset Energy Headwinds

Reliance Industries Limited (RIL), India’s largest conglomerate, announced its Q2 FY26 financial results for the quarter ended September 2025. The company reported a solid 14% year-on-year rise in net profit, with its digital (Jio) and retail arms continuing to be the key growth drivers, while its traditional Oil-to-Chemicals (O2C) segment faced pressure from global price fluctuations.

The results once again underline the company’s long-term transition — from a legacy petrochemical giant to a diversified powerhouse with strong consumer and digital businesses.

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🏢 Background: RIL’s Multi-Sector Presence

Founded by Dhirubhai Ambani and now led by Mukesh Ambani, Reliance Industries operates across four major verticals:

1. Oil-to-Chemicals (O2C): Refining, petrochemicals, and energy trading.
2. Retail: India’s largest organized retail network under Reliance Retail Ventures Ltd.
3. Digital Services: Jio Platforms — encompassing telecom, broadband, and digital ecosystems.
4. New Energy & Materials: Solar, hydrogen, and battery storage projects under Reliance New Energy Ltd.

This diverse structure makes Reliance one of the most watched corporate entities in India’s financial markets. (Reliance Industries Q2 FY26 Results)

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📊 Reliance Industries Q2 FY26 Results — Key Highlights

Financial Metric	Q2 FY26	Q2 FY25	YoY Change
Revenue	₹2.84 lakh crore	₹2.58 lakh crore	+10%
EBITDA	₹50,367 crore	₹43,700 crore	+15%
Net Profit (PAT)	₹22,092 crore	₹19,400 crore	+14%
CapEx	₹40,010 crore	₹36,200 crore	+10.5%
Net Debt	₹1.19 lakh crore	₹1.07 lakh crore	—

Despite a volatile global energy market, RIL managed to post strong growth, supported by operational efficiency and rising consumer spending. (Reliance Industries Q2 FY26 Results)

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💡 Segment-Wise Performance Overview

🔸 1. Oil-to-Chemicals (O2C)

• Revenue: ₹1.41 lakh crore (up ~6% YoY)
• EBITDA: ₹14,250 crore (slightly lower YoY due to soft chemical margins)
• Refining margins remained stable, though polyester and polymer chains saw margin compression.
• Global crude price swings and weak downstream demand affected realizations.

🔸 2. Retail Business

• Revenue: ₹83,700 crore (up 19% YoY)
• EBITDA: ₹6,816 crore (+16.5% YoY)
• Added over 5.8 million new customers in Q2, expanding store count beyond 19,000 outlets nationwide.
• JioMart’s quick commerce division recorded 200% growth in daily orders, strengthening its position in the hyperlocal delivery market.

🔸 3. Digital Services (Jio Platforms)

• Revenue: ₹30,000 crore (+15% YoY)
• PAT: ₹5,445 crore (+12.8% YoY)
• ARPU rose to ₹211.4 from ₹195 last year, driven by 5G adoption and premium plans.
• Subscriber base surpassed 506 million, maintaining leadership in India’s telecom sector.

🔸 4. Oil & Gas Exploration

• Revenue: ₹5,234 crore (down ~5% YoY)
• EBITDA dropped due to natural production declines in KG-D6 fields and higher operating costs.

🔸 5. Media & Entertainment (JioStar)

• Revenue: ₹6,179 crore
• Net Profit: ₹1,322 crore
• Strong margins (~28.1%) due to digital advertising and streaming subscriptions.

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📈 What Drove the Growth?

1. Robust consumer demand: Both Jio and Retail segments saw sustained customer engagement and higher per-user spending.
2. Operational efficiency: Digital transformation across segments improved cost control and inventory management.
3. Strategic diversification: Reduced dependency on O2C mitigated the impact of global oil price volatility.
4. Tech-driven retail: Expansion of omnichannel presence through JioMart, AJIO, and Reliance Smart stores improved accessibility in Tier-2 and Tier-3 cities.

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🧭 Management Commentary & Strategy Outlook

In his post-results statement, Mukesh Ambani emphasized the company’s focus on strengthening its consumer and new energy businesses:

“Reliance Industries continues to deliver resilient growth across sectors. Our retail and digital platforms are now engines of India’s economic transformation, while our investments in new energy technologies will drive sustainable growth for the next decade.”

The company reaffirmed its commitment to:

• Expanding its 5G ecosystem across India by 2026.
• Accelerating green energy projects, including gigafactories for solar modules, battery packs, and green hydrogen production.
• Exploring an IPO for Jio Platforms or Retail Ventures, potentially by mid-2026, seen as a key value-unlocking step for shareholders. (Reliance Industries Q2 FY26 Results)

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⚖️ Market & Investor Reaction

Following the announcement, RIL’s share price showed moderate movement — initially dipping due to profit-taking but later stabilizing as analysts noted the underlying strength in consumer and digital segments.

Expert Views:

• Motilal Oswal: “RIL remains a long-term compounder with robust cash flows and strategic diversification.”
• Jefferies India: “O2C margin weakness is transitory; Retail and Jio will continue to deliver double-digit growth.”
• Kotak Institutional Equities: “The upcoming Jio or Retail IPOs could unlock significant shareholder value.”

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🔮 Future Outlook: The Road Ahead for Reliance Industries

The coming quarters are expected to focus on:

• Scaling new energy initiatives, including Reliance’s solar Giga Park in Gujarat.
• Digital expansion, leveraging AI and IoT integration within Jio ecosystems.
• Global retail collaborations to strengthen e-commerce presence.
• Sustainability targets aimed at reducing carbon footprint and increasing renewable output share by 2030.

The combination of strong consumer demand, next-gen digital infrastructure, and strategic energy investments positions Reliance Industries as a long-term growth story — not just for investors, but for India’s economic ecosystem. (Reliance Industries Q2 FY26 Results)