Key Takeaways
- RIL Q2 net profit jumps 14.3% to ₹22,092 crore
- Gross revenue rises 9.9% to ₹283,548 crore
- Strong performance across O2C, Jio, and Retail segments
Reliance Industries Ltd (RIL) reported a robust 14.3% year-on-year increase in consolidated net profit, reaching ₹22,092 crore for the second quarter ending September 30. The company’s gross revenue grew by 9.9% to ₹283,548 crore, driven by strong performances across its Oil to Chemicals (O2C), Jio, and Retail businesses.
Jio Platforms Performance
Jio Platforms Ltd (JPL) recorded a 14.9% revenue growth, supported by subscriber expansion in mobility and homes segments, improved ARPU, and enhanced digital services. JPL’s EBITDA increased by 17.7%, with a 140 basis points margin expansion.
Retail Business Growth
Reliance Retail Ventures Ltd (RRVL) saw an 18.0% revenue increase, with growth across all consumption categories. RRVL’s EBITDA rose by 16.5%, driven by store expansion, hyperlocal deliveries, and operational efficiencies.
Oil to Chemicals Segment
The O2C segment reported a 3.2% revenue growth, with production for sale increasing by 2.3%. Jio-bp achieved significant volume growth of 34% for HSD and 32% for MS. O2C EBITDA surged by 20.9%, supported by higher transportation fuel cracks and domestic retail volumes. However, downstream chemicals faced challenges due to polyester chain margin weakness.
Oil and Gas Performance
Oil and Gas segment revenue declined by 2.6%, primarily due to production decline in KGD6 and lower condensate prices. This was partially offset by improved gas price realization and higher CBM volumes. Segment EBITDA decreased by 5.4% due to lower gas volumes and maintenance costs.
Leadership Commentary
Mukesh D. Ambani, Chairman and Managing Director of RIL, stated: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses.”
He highlighted Jio’s technology leadership and 5G network expansion, saying: “Digital services business continues to scale-up with positive momentum in subscriber addition across homes and mobility services.”
On retail growth, Mr. Ambani noted: “All formats registered higher volume, propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our quick hyperlocal delivery model.”
Regarding O2C performance, he commented: “O2C business delivered robust growth on Y-o-Y basis, despite continued volatility in energy markets. Fuel margins recovered over previous year led by middle distillate cracks.”
He also expressed optimism about new growth areas: “I am happy with the progress we are making in our new growth engines – new energy, media and consumer brands.”
On technology initiatives, he added: “Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies.”
Capital Expenditure
The company’s capital expenditure for the quarter stood at ₹40,010 crore, directed toward O2C capacity expansion, Jio network augmentation, retail footprint expansion, and New Energy giga factories.
