Reliance Q2 FY26 Results: Strong Growth Across All Core Businesses
Overview: Another Solid Quarter for Reliance
Reliance Industries Limited (RIL) delivered yet another strong performance in Q2 FY26, reflecting the company’s ability to grow consistently across its diverse businesses.
For the quarter ended September 30, 2025:
- Gross revenue rose 10% YoY to ₹2,83,548 crore
- EBITDA jumped 14.6% YoY to ₹50,367 crore
- Net profit climbed 14.3% YoY to ₹22,092 crore
“Reliance delivered a robust performance led by strong contribution from O2C, Jio, and Retail businesses.”
— Mukesh D. Ambani, Chairman & MD, Reliance Industries Ltd.
Digital Services: Jio Crosses 500 Million Subscribers
Reliance Jio continued to strengthen its leadership in India’s telecom and digital ecosystem.
- Revenue: ₹42,652 crore (up 14.9% YoY)
- EBITDA: ₹18,757 crore (up 17.7% YoY)
- EBITDA Margin: 51.6%
Jio’s subscriber base crossed the 500 million mark, ending the quarter with 506 million users. Notably, 5G users now exceed 234 million, contributing to over half of all wireless data traffic.
ARPU (Average Revenue Per User) rose to ₹211.4, driven by better customer engagement and premium data consumption.
Other highlights:
- Jio added 1 million new home broadband users every month, taking total fixed broadband connections to ~23 million.
- JioAirFiber reached 9.5 million users, extending its global leadership in fixed wireless access.
- Launch of JioAICloud and JioPC AI Assistant strengthened Jio’s AI ecosystem.
Akash Ambani, Chairman, Reliance Jio Infocomm:
“Jio’s Deep-Tech innovations have sparked India’s technological revolution. Our next chapter is about taking our homegrown technology to the world.”
Retail: Festive Cheer and GST Boost Drive Momentum
Reliance Retail Ventures Limited (RRVL) continued its steady climb with 18% YoY growth in revenue to ₹90,018 crore and 16.5% rise in EBITDA to ₹6,816 crore.
Key growth drivers included:
- Grocery: +23% YoY (festive and daily essentials demand)
- Fashion & Lifestyle: +22% YoY (boost from festive shopping and new launches)
- Consumer Electronics: +18% YoY (helped by GST cuts and new devices)
Reliance Retail added 412 new stores, taking its total to 19,821, while its registered customer base rose to 369 million.
JioMart, the company’s quick commerce arm, saw explosive growth:
- 200%+ YoY growth in average daily orders
- Operations now across 5,000 pin codes and 1,000+ cities
- Expanded hyperlocal deliveries to electronics and accessories
AJIO, Reliance’s online fashion platform, also saw strong traction, hitting record sales during festive events and expanding its catalogue by 35% YoY.
Isha Ambani, Executive Director, RRVL:
“Lower GST rates and festive buying have accelerated demand. Our focus remains on building brands that truly resonate with the modern Indian consumer.”
O2C: Fuel Margins and Volume Growth Power Earnings
Reliance’s Oil-to-Chemicals (O2C) business recorded a rebound as EBITDA rose 20.9% YoY to ₹15,008 crore, supported by:
- Strong recovery in transportation fuel cracks (gasoil up 37%, jet fuel up 23%)
- Improved polymer margins
- Higher throughput in refineries and domestic fuel retailing
Segment revenue stood at ₹1,60,558 crore, up 3.2% YoY.
Jio-bp, Reliance’s joint venture with BP, expanded its network to 2,057 fuel retail outlets, delivering a 34% rise in diesel volumes and 32% increase in petrol sales.
Oil & Gas (E&P): Margins Remain Strong
Revenue from the Oil and Gas Exploration and Production segment declined slightly by 2.6% YoY to ₹6,058 crore due to natural production decline at the KG-D6 block.
However, EBITDA margins remained strong at 82.6%, supported by better price realization of $9.97/MMBTU for KG-D6 gas. The segment continues to supply nearly 30% of India’s domestic gas production, underlining its strategic importance.
New Energy & AI: Investing in the Future
Reliance’s push toward green energy and artificial intelligence is gaining momentum.
- New Energy: On track to set up 20 GW solar PV manufacturing capacity and 100 GWh battery giga-factory in Jamnagar. Four module lines are already operational, with the first cell line to go live soon.
- Reliance Intelligence: A new AI venture aiming to build affordable, India-focused AI solutions for consumers and enterprises, leveraging Reliance’s infrastructure and digital ecosystem.
Financial Snapshot
| Metric | Q2 FY25 | Q2 FY26 | Change (YoY) |
| Gross Revenue | ₹2,58,027 Cr | ₹2,83,548 Cr | +9.9% |
| EBITDA | ₹43,934 Cr | ₹50,367 Cr | +14.6% |
| Net Profit | ₹19,323 Cr | ₹22,092 Cr | +14.3% |
| O2C EBITDA | ₹12,413 Cr | ₹15,008 Cr | +20.9% |
| Jio EBITDA | ₹15,931 Cr | ₹18,757 Cr | +17.7% |
| Retail EBITDA | ₹5,850 Cr | ₹6,816 Cr | +16.5% |
Reliance’s net debt stood at ₹1.18 lakh crore, with a net debt-to-EBITDA ratio of just 0.58x, indicating strong financial health and room for future investments.
Final Thoughts
The Reliance Q2 FY26 Results reflect a company firing on all cylinders — digital, retail, and energy divisions each playing their part in driving growth.
While the global environment remains uncertain, Reliance’s diversified structure, strong balance sheet, and push into AI and green energy suggest it’s not just adapting to change — it’s shaping the next phase of India’s industrial story.
“Our goal is to ensure that technology, innovation, and sustainable growth reach every Indian.”
— Mukesh D. Ambani
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