In the July–September 2025 quarter (Q2FY26), telecom, digital services, and oil-to-chemicals (O2C) industries all did very well, which helped Reliance Industries Limited (RIL) get back on its feet. An increase in sales was also a result of retail growth. The company’s consolidated net profit reached ₹18,165 crore, up 9.7% year-on-year from ₹16,563 crore in Q2FY25. However, it fell 32.7% sequentially from ₹26,994 crore in Q1FY26 due to a one-time gain of ₹8,924 crore from the sale of listed investments in the previous quarter. Consolidated net sales rose 10% YoY to ₹2.55 trillion and 4.5% sequentially from ₹2.44 trillion.
Although net profit fell short of market expectations of ₹18,900 crore, revenue topped projections of ₹2.49 trillion. Mukesh Ambani, Chairman and Managing Director, highlighted, “Reliance delivered a strong performance in Q2FY26 with key contributions from O2C, Jio, and Retail.”
RIL’s core EBITDA—operating profit excluding one-time gains and other income—climbed 17.5% YoY to ₹50,367 crore, marking the fastest growth in eight quarters. For comparison, core EBITDA had declined 4.7% YoY in Q2FY25 and risen 10.7% sequentially in Q1FY26.
Ambani noted, “Consolidated EBITDA showed 14.6% YoY growth, reflecting agile operations, a domestic-focused portfolio, and India’s structural economic growth.”
Raw material costs fell 0.5% YoY to ₹1.06 trillion, boosting gross margins in the O2C segment. Overall operating expenses rose 8.4% YoY, slightly below revenue growth. Core EBITDA margins increased 110 basis points to 18% of net sales, while EBITDA margins increased 80 basis points to 19.4%.
Interest costs increased 13.5% over the previous year, outpacing the growth in net sales. Higher commodity prices may have a negative impact on profitability.
Reliance Jio led net profit increase by 22.4% YoY to ₹12,065 crore, accounting for 43% of incremental consolidated EBIT.
Despite this, the digital services company’ net profit climbed by only 12.8% year on year, owing to an 87.5% increase in interest expenses. Jio currently has 506 million subscribers, including 234 million 5G users.
Revenue climbed by 14.9% year on year to ₹42,652 crore, while EBITDA increased by 17.7% due to strong margins and operational efficiency. ARPU increased to ₹211.4 from ₹195.1 in the second quarter of FY25. During the quarter, the number of new subscribers was 8.3 million, while the monthly churn rate was the same at 1.9%.
With revenue growing 18% year over year to ₹90,018 crore, Reliance Retail Ventures (RRVL) maintained its impressive performance. All segments—grocery, fashion, and electronics—showed robust growth:
Grocery: +23% YoY
Fashion: +22% YoY
Consumer electronics: +18% YoY
EBITDA rose 16.5% YoY, supported by operational efficiency and expanded hyperlocal deliveries. Net profit increased 21.9% YoY to ₹3,457 crore.
The retail network expanded by 412 new stores, taking the total to 19,821 outlets and covering 77.8 million sq ft.
Also Read/// Results for South Indian Bank’s second quarter of FY26 show that net profit rose 8% to ₹351 crore.
Despite the instability of the energy market, Reliance’s O2C division reported strong year-over-year results. Fuel margins increased, but overcapacity put pressure on downstream chemicals.
Revenue rose 3.2% YoY to ₹1.6 lakh crore, with production increasing 2.3% YoY. The Jio-BP fuel network included 236 new stores, which led to a 34% increase in HSD and a 32% increase in MS volumes. EBITDA rose 20.9% from the previous year, and margins grew 130 basis points to 9.3%.
Revenue from the oil and gas business fell 2.6% YoY to ₹6,058 crore, primarily due to natural production decline in KGD6 and lower condensate prices. Better KGD6 gas prices and more CBM volumes helped make up for some of this.
EBITDA decreased 5.4% year over year as a result of lower KGD6 shipments and increased maintenance-related operating expenses. Average prices realized were $9.97/mmBtu for KGD6 gas and $9.53/mmBtu for CBM gas.
JioStar’s business profit more than doubled to ₹1,322 crore in Q2FY26, up from ₹581 crore in Q2FY25. Revenue reached ₹7,232 crore with EBITDA at ₹1,738 crore, giving a 28.1% margin.
The network had 830 million watchers, who watched for 60 billion hours. JioHotstar had an average of 400 million MAUs, which shows that users were very engaged.
RIL invested ₹40,010 crore in the quarter, primarily for O2C capacity expansion, retail growth, Jio network upgrades, and new energy giga factories. This compares to ₹34,022 crore in Q2FY25.
RIL’s total debt was ₹3.48 lakh crore as of September 30, a minor increase from ₹3.36 lakh crore a year prior. Net debt rose from ₹1.16 lakh crore in Q2FY25 to ₹1.18 lakh crore. Cash and cash equivalents increased to ₹2.3 lakh crore, ensuring strong liquidity levels.
Reliance Industries’ quarter was well-rounded, with growth in the Jio, Retail, and O2C segments. Operational strength is demonstrated by the expansion of EBITDA, enhanced margins, and a growing subscriber base. By continuing to invest in consumer brands, media, and new energy, RIL is well-positioned to dominate India’s corporate landscape.
Reliance shares have risen 27% since April 2025, indicating investor confidence in the company’s strategy and strong performance.
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