Reliance Q2 Profit Jumps 16% as All Business Segments Show Growth
Reliance Industries reported a strong 16% year-on-year increase in consolidated net profit for the July-September quarter, reaching ₹22,146 crore, driven by improved performance across its oil-to-chemicals, telecom, and retail businesses.
Key Takeaways
- Consolidated profit: ₹22,146 crore (up 16% YoY)
- Revenue: ₹2.83 trillion (up 10% YoY)
- EBITDA: ₹50,367 crore (up 15% YoY)
- All three core businesses showed robust growth
“Reliance delivered a robust performance during 2QFY26 led by strong contributions from O2C, Jio, and Retail businesses,” said Mukesh Ambani, chairman and managing director, Reliance Industries. “Consolidated EBITDA registered 14.6% growth on a Y-o-Y basis, reflecting agile business operations, domestic focused portfolio, and structural growth in the Indian economy.”
Oil-to-Chemicals Business Gains Momentum
The O2C segment benefited significantly from improving diesel cracks in September. Revenue from this business grew 3% year-on-year to ₹1.6 trillion, while EBITDA expanded by an impressive 21% to ₹15,008 crore.
According to JP Morgan analysts, the spread between crude oil and diesel prices increased from $16 per barrel in August to $20 in September. They estimate that every $1 per barrel increase in gross refining margin could boost Reliance’s consolidated EBITDA by 2% and net profit by 4% in 2026-27.
Telecom and Retail Performance
Reliance’s telecom business crossed the significant milestone of 500 million subscribers during the quarter. Average revenue per user (ARPU) improved marginally to ₹211.4.
Jio Platforms reported 15% revenue growth to ₹42,652 crore and 18% EBITDA growth to ₹18,757 crore. The company is preparing for its public markets debut next year.
Reliance Retail continued its strong performance with 18% revenue growth to ₹90,018 crore and 17% EBITDA growth to ₹6,816 crore.
Market Reaction
Reliance Industries stock closed 1.35% higher at ₹1,416.95 on BSE, outperforming the benchmark Sensex which gained 0.58%. The company disclosed its quarterly results after market hours.
