Reliance Industries Q2 net profit surges 10% YoY to ₹18,165 crore; check key highlights

Reliance Industries Q2 results: Oil-to-telecom conglomerate Reliance Industries posted robust quarterly earnings with a 9.6% YoY rise in consolidated net profit to ₹18,165 crore for the September quarter of FY26, powered by strong double-digit growth in retail and telecom business.

Consolidated revenues from operations rose to ₹2.58 lakh crore, up 9.9% YoY during the quarter, compared to ₹2.35 lakh crore in Q2FY25.

Consolidated Q2 results

• Revenue from operations increased by 9.9 YoY to ₹2.58 lakh crore compared to ₹2.35 lakh crore in the same quarter of last year.
• Consolidated EBITDA increases by 14.6% YoY to ₹50,367 crore ($5.7 billion).
• EBITDA margin rises to 17.8% in Q2FY26 from 17% in Q2FY25 (▲ 80 bps)
• Net profit attributable to the company's owners rose 9.6% YoY to ₹18,165 crore, compared to ₹16,563 crore in Q2FY25, but declined 32% sequentially
• Capital expenditure stood at ₹40,010 crore ($4.5 billion) mainly towards investments in O2C capacity expansion, augmenting Jio Telecom network and digital services, increasing retail footprint and building New Energy giga factories.

Jio Platforms net profit surge aided by ARPU

Jio Platforms Ltd, which provides telecom and internet services under the Jio brand, reported a 14.6% YoY growth in consolidated revenue to ₹36,332 crore in the September quarter compared to ₹31,709 crore in the year-ago quarter.

Jio EBITDA rose by 17.7% to ₹18,757 crore in the Q2FY26 compared to ₹15,931 crore in the year-ago period. Net profit rose by 12.8% on year to ₹7,379 crore in the second quarter compared to ₹6,539 crore in the year-ago period.

Reliance Jio, the country’s largest telecom operator, posted a 5.8% year-on-year rise in total subscriber base to 506.4 million as of September 2025. Net subscriber addition stood at 8.3 million during the quarter. The 5G network accounted for ~50% of total wireless traffic, driven by a consistent increase in customer engagement.

ARPU, a key performance indicator, increased further to ₹211.4, rising 8.4% YoY with sustained impact of tariff hikes and increased user engagement.

Retail business delivers robust growth

Reliance Retail Ventures Ltd (RRVL) revenue rose by 19% to ₹79,128 crore in the second quarter of FY26 compared to ₹66,502 crore in the year-ago quarter. EBITDA increased by 16.7% YoY to ₹6,624 crore in Q2FY26 from ₹5,675 crore in Q2FY25. The retail arm’s net profit increased 21.9% to ₹3,457 crore from ₹2,836 crore in the same quarter of FY25.

RRVL opened 412 new stores during the September quarter. Total store count at 19,821, up by 4.6%, with area under operation at 77.8 million sq. ft. The company has a registered customer base of 369 million, up 12.8% YoY.

Retail business delivered a robust performance as grocery and fashion & lifestyle businesses grew 23% and 22% Y-o-Y, respectively, led by festive buying. Consumer electronics delivered 18% Y-o-Y growth, aided by GST rate reduction and new launches.

Oil To Chemicals (O2C) segment

The oil to chemicals business segment posted a 3.2% YoY rise in revenue to ₹160,558 crore ($18.1 billion) compared to ₹155,580 crore in Q2FY25. Exports revenue was flat at 0.5% to ₹70,955 crore in Q2FY26 from ₹70,631 crore in the same quarter a year-ago.

Consolidated EBITDA rose by 20.9% YoY to ₹15,008 crore ($1.7 billion) compared to ₹12,413 crore in Q2FY26. EBITDA margin rose by 130 basis points to 9.3% during the quarter.

Oil and Gas (Exploration & Production) segment

Segment revenue for this business declined by 2.6% to ₹6,058 crore during the September quarter. The lower revenue was mainly on account of the natural decline of production in KGD6. Further lower realisation for gas price for CBM gas and condensate impacted revenues. EBITDA declined 5.4% to ₹5,002 crore on a yearly basis. EBITDA margin declined by 240 basis points to 82.6%.

The average price realized for KGD6 gas was $9.97/MMBTU in the September quarter against $9.55/MMBTU in Q2FY25. The average price realised for CBM gas was $ 9.53/MMBTU in Q2FY26.