Reliance Industries: Profit Climbs 14% On Strong Growth In Refining, Retail, And Digital Units | Markets News

Reliance Q2 Results

Reliance Industries Ltd posted a 14.3 percent rise in quarterly net profit to Rs 22,092 crore (pre-minority interest), helped by improved refining margins and steady expansion in its retail and digital services businesses. Consolidated revenue rose 10 percent from a year earlier to Rs 2.84 lakh crore, led by the consumer-facing segments.

Consolidated EBITDA stood at Rs 50,367 crore, up 14.6 percent from a year earlier, led by growth in the oil-to-chemicals (O2C), retail, and digital services businesses. Profit before tax rose 16.3 percent to Rs 29,124 crore. Capex for the quarter was higher at Rs 40,010 crore, which was fully covered by strong internal cash flows, with cash profit of Rs 40,778 crore.

Net debt remained largely stable at Rs 1.19 lakh crore as of September 30 compared with Rs 1.18 lakh crore as of June 30. Reliance said broad-based growth in consumer businesses, together with improved refining margins and continued thrust on domestic fuel retailing operations, helped deliver a robust consolidated performance during the quarter.

Commenting on the earnings, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a YoY basis, reflecting agile business operations, a domestic-focused portfolio and structural growth in the Indian economy. Digital services business continues to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership.”

Oil-to-chemicals (O2C)

O2C EBITDA grew 20.9 percent to Rs 15,008 crore, benefiting from a sharp rebound in transportation fuel cracks (up 22–37 percent) and improvement in polymer margins (up 5–8 percent), though partly constrained by weak polyester chain deltas. Segment performance was also supported by sustained higher volumes in domestic fuel retailing operations. Production meant for sale during the quarter rose 2.3 percent to 18.1 million tonnes.

The O2C business delivered its highest-ever quarterly throughput of 20.8 million tonnes, up 3 percent from a year earlier. Jio-bp continued to expand its presence in domestic fuel retail, with the network crossing the 2,000-outlet mark to reach 2,057 as of September 30, adding 236 outlets over the past year.

The Oil & Gas segment recorded EBITDA of Rs 5,002 crore, down 5.4 percent from a year earlier, with margins at 82.6 percent, lower by 240 basis points. The decline was due to lower revenues and higher operating costs arising from periodic maintenance activity. KGD6 sales volumes fell due to the natural decline in gas production, while lower CBM gas and crude price realisations also impacted earnings.

The effect was partially offset by improved gas price realisation for KG D6 and higher CBM volumes. Average KGD6 gas production was 26.1 MMSCMD, with oil and condensate output of about 18,746 barrels per day.

Digital Services

Digital Services revenue increased 15 percent from a year earlier to Rs 42,652 crore, led by continued expansion of the subscriber base and improvement in average revenue per user (ARPU). Segment EBITDA grew 17.7 percent to Rs 18,757 crore, with a 140-basis-point expansion in margin.

Jio’s 5G subscriber base rose to 234 million, while total home connections reached 22.7 million, with more than one million homes added each month during the quarter. JioAirFiber continued to demonstrate global leadership with about 9.5 million subscribers. ARPU improved 8.4 percent to Rs 211.4.

JioStar delivered a robust performance, reporting EBITDA of Rs 1,738 crore and PAT of Rs 1,322 crore, with an EBITDA margin of 28.1%.

Retail

Revenue for the retail business grew strongly by 18 percent year-on-year to Rs 90,018 crore, with significant contributions from all formats. Grocery and Fashion & Lifestyle delivered market-leading performance, growing 23 percent and 22 percent, respectively. Segment EBITDA rose 16.5 percent to Rs 6,816 crore, driven by higher revenues with a favourable mix and improvement in store operating metrics. The business continues to expand its footprint, with 19,821 stores spanning 77.8 million sq. ft. of operational area.

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