Reliance Industries Q2 Results. (RIL) delivered a robust financial performance for the second quarter of Fiscal Year 2026 (Q2 FY26), spanning July to September 2025. The results validate the conglomerate’s long-term diversification strategy, showcasing strength across its consumer-facing verticals and a significant rebound in the traditional energy sector. RIL’s consolidated gross revenue reached a commendable ₹283,548 crore ($31.9 billion), achieving a 9.9% year-on-year (YoY) increase and successfully surpassing the average analyst estimates of approximately ₹2.51 lakh crore.
Reliance Industries Q2 Results Operational profitability proved exceptionally strong. Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) surged 14.6% YoY to reach ₹50,367 crore ($5.7 billion). This impressive growth was primarily powered by the sustained operational excellence of Jio Platforms, Reliance Retail Ventures Limited (RRVL), and a substantial recovery in the Oil-to-Chemicals (O2C) refining division. The net profit attributable to the owners of the company grew 10% YoY to ₹18,165 crore. Chairman and Managing Director Mukesh Ambani commented that the performance reflected agile business operations, a robust domestic-focused portfolio, and structural growth within the Indian economy. The strategic focus on consumer-led businesses is demonstrably providing RIL with effective insulation from cyclical commodity pressures.
Deep Financial Analysis: Reliance Industries Consolidated Results (Q2 FY26)
Reliance Industries Q2 Results FY26 financials underscore the healthy foundation of RIL’s business model. The gross revenue of ₹283,548 crore reflects effective market capitalization and sustained throughput across its vast operational footprint, beating the Street’s revenue forecasts.
The Reliance Industries Q2 Results company’s ability to generate high operational profit was a definitive highlight. The consolidated EBITDA reached ₹50,367 crore, corresponding to a strong 14.6% increase over the previous year’s quarter. Crucially, this growth translated directly into improved efficiency, with the EBITDA margin expanding by 80 basis points (bps) YoY to 17.8%. This significant outperformance in EBITDA confirms robust underlying business dynamics, including effective operational scaling and disciplined cost management.
The Reliance Industries Q2 Results net profit attributable to owners was ₹18,165 crore, marking a 10% annual increase from ₹16,563 crore in Q2 FY25. Although this particular figure narrowly missed the consensus analyst estimate of ₹18,643 crore , the overall consolidated Profit After Tax (PAT), inclusive of associates and joint ventures, stood higher at ₹22,092 crore, reflecting a strong 14.3% YoY rise.
The Reliance Industries Q2 Results comparative QoQ performance warrants context. The consolidated PAT saw a steep 33% sequential decline from Q1 FY26, which stood at ₹26,994 crore. This sequential reduction is not indicative of operational deterioration but stems entirely from a high-base effect in the previous quarter. Q1 PAT included a significant, non-recurring exceptional gain of ₹8,924 crore generated from the sale of RIL’s stake in Asian Paints. Removing this one-off event reveals stable to improving core operational profitability, affirming the positive momentum of the underlying businesses.
Capital Structure and Investment Focus: Capex Allocation
Reliance Industries Q2 Results‘s capital structure in Q2 FY26 continues to reflect a strategy of heavy investment for future growth. Capital expenditure for the quarter remained high at ₹40,010 crore. This substantial spending is targeted at high-growth initiatives: expanding O2C capacity, fortifying Jio’s 5G telecom and digital backbone, widening the Reliance Retail network, and rapidly developing the New Energy giga factories.
The Reliance Industries Q2 Results commitment to these large-scale projects is linked to the increased financing costs observed in the quarter. Finance costs grew 13.5% YoY to ₹6,827 crore. This rise is primarily attributable to the operationalization of high-value strategic assets, particularly the 5G spectrum assets, along with higher liability balances. Concurrently, depreciation also increased 11.9% YoY to ₹14,416 crore. These non-operational expenses compress the net profit in the short term, explaining the marginal PAT miss despite the operational strength.
The Reliance Industries Q2 Results financial allocation is a deliberate strategic trade-off: RIL is absorbing higher near-term debt and interest burdens to ensure that the infrastructure required for future sector dominance (Digital, Retail, and Green Energy) is built rapidly. This high capital outlay is aimed at creating industry-leading assets and platforms, validating the management’s focus on long-term asset creation and perpetual growth.
Oil-to-Chemicals (O2C): Refining Resilience vs. Petrochem Headwinds
The Reliance Industries Q2 Results O2C segment demonstrated superior financial agility, delivering a robust 20.9% YoY increase in EBITDA, reaching ₹15,008 crore. Segment revenue increased 3.2% YoY to ₹160,558 crore.
The Reliance Industries Q2 Results primary catalyst for this strong operational recovery was the refining business. The quarter benefited from a sharp rebound in transportation fuel cracks—covering gasoline, gasoil, and jet fuel—with margins surging between 22% and 37% YoY. This refining strength enabled RIL to achieve its highest quarterly refining throughput of 20.8 million tonnes. This gain was crucial, as it successfully mitigated headwinds in the petrochemical division, where global overcapacity and volatility continued to depress downstream chemicals and polyester chain margins.
Reliance Industries Q2 Results’s integrated Jamnagar complex is uniquely positioned to handle such volatility. The facility’s capacity for agile product switching and its access to diversified feedstocks, including US ethane, allows it to optimize yields toward high-margin products like transportation fuels when petrochemical margins soften. Furthermore, sustained higher volumes in domestic fuel retailing through the Jio-bp joint venture provided crucial stability, with volumes of High Speed Diesel (HSD) and Motor Spirit (MS) increasing 34% and 32% respectively. This reliance on domestic consumption insulates the O2C earnings stream from the most erratic elements of international trade spreads and geopolitical risks.
Jio Platforms (Digital Services): The 500 Million Subscriber Milestone and ARPU Growth
Reliance Industries Q2 Results Jio Platforms cemented its market leadership with decisive operational and financial growth. The company officially surpassed the half-billion mark in subscribers, reaching a total base of 506 million users, adding 8.3 million net customers during the quarter.
Reliance Industries Q2 Results Jio Platforms reported an EBITDA of ₹18,757 crore, reflecting a strong 17.7% YoY growth, with margin expansion of 140 bps. Net profit rose 12.8% YoY to ₹7,379 crore. Critically, the Average Revenue Per User (ARPU) continued its upward trend, reaching ₹211.4 per month, an 8.4% increase from Q2 FY25.
This sustained growth in ARPU is a vital sign of successful value capture, particularly as it occurred despite ongoing promotional 5G offers. The underlying driver is explosive customer engagement, evidenced by the surge in per capita data usage to 38.7 GB per month. Total data traffic soared 29.8% YoY, with 5G services now accounting for over 50% of the total wireless traffic.
Beyond mobile services, Jio is aggressively expanding its fixed broadband dominance. The JioAirFiber service now serves 9.5 million subscribers and continues to connect over 1 million new homes every month. The successful monetization of high-value bundled plans across mobility and fixed wireless access provides a compelling operational rationale for the potential Jio Platforms IPO, confirming its identity as a high-growth, profitable enterprise at the core of India’s digital future.
Reliance Retail (RRVL): The Domestic Consumption Boom
Reliance Industries Q2 Results Reliance Retail Ventures Limited (RRVL) delivered exceptional results, driven by strong domestic consumption patterns and strategic operational scaling. Gross revenue for the retail segment surged 18.0% YoY to ₹90,018 crore , and Profit After Tax (PAT) grew at an even higher rate of 22% YoY, reaching ₹3,457 crore. EBITDA expanded 16.5% YoY to ₹6,816 crore.
Growth was broad-based and market-leading: Grocery and Fashion & Lifestyle businesses saw YoY expansion of 23% and 22%, respectively, benefiting significantly from festive buying momentum. Consumer Electronics recorded 18% YoY growth, aided by the favorable impact of GST rate reductions and new product launches.
Operational expansion continued unabated, with 412 new stores opened during the quarter, bringing the total store count to 19,821, covering 77.8 million square feet. The Quick Hyper-Local Commerce model under JioMart was a standout performer, reporting over 200% YoY growth in average daily orders and a 42% sequential jump. The platform’s reach now encompasses 5,000 pin codes across more than 1,000 cities.
The superior rate of PAT growth (22% YoY) compared to revenue growth (18% YoY) confirms that operational efficiencies derived from the omni-channel approach and scaled quick commerce platform are significantly enhancing profitability. The retail segment, which serves a registered customer base of 369 million , acts as a direct measure of India’s underlying structural economic growth and increasing middle-class purchasing power, a theme reinforced by management commentary on the positive impact of progressive GST reforms on consumption.
Conclusion and Forward-Looking Market Implications
The Reliance Industries Q2 Results FY26 results conclusively underscore the successful execution of RIL’s long-term strategy of diversification. The exceptional 14.6% YoY growth in consolidated EBITDA, driven by the synchronized strength of the O2C rebound and robust consumer segments, confirms a structural shift in the quality and stability of RIL’s operational earnings base. The simultaneous high-margin expansion in refining and volume-led growth in retail and digital services effectively de-risks the conglomerate, allowing it to generate consistent operational profits regardless of the cyclical pressures inherent in the commodity segment.
In the high-growth digital economy, Jio Platforms has laid a robust and increasingly profitable operational foundation. The combination of sustained ARPU growth to ₹211.4 and the rapid scaling of the JioAirFiber platform validates the strategic investments in 5G monetization, providing significant operational confidence ahead of the anticipated Jio Platforms IPO.
Reliance Industries Q2 Results Crucially, the continued deployment of large-scale Capital Expenditure (Capex) (₹40,010 crore) confirms management’s forward-looking intent, prioritizing the acceleration of the New Energy sector. Progress includes the commissioning of solar PV module lines and the imminent operational launch of the first solar cell line. This disciplined execution demonstrates that RIL’s strong, consistent cash flows from its diversified operational segments are effectively dedicated to self-funding the company’s structural transformation into a future-ready enterprise focused on clean energy and digital dominance. This strong operational footing should address investor concerns regarding cash flows and provide fundamental support for the reliance industries share price, positioning the company favorably for sustained growth in H2 FY26.