Mukesh Ambani-led Reliance Industries Limited (RIL) reported a robust performance in its Q2 FY26 results on October 17, 2025, with consolidated profit after tax (PAT) growing 10% year-on-year to ₹18,165 crore, compared to ₹16,563 crore in the same quarter last year. The company’s revenue from operations also rose 10% YoY to ₹2.59 lakh crore, surpassing Street estimates of ₹2.51 lakh crore.
Although the PAT slightly missed the expected figure of ₹18,643 crore, RIL’s overall performance reflects resilience across its diversified business portfolio, supported by solid growth in the Oil-to-Chemicals (O2C), Jio Platforms, and Retail segments.
Financial Highlights
RIL’s gross revenue stood at ₹2.83 lakh crore, marking a 10% year-on-year increase, while Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) reached ₹50,367 crore, up 15% YoY. The EBITDA margin improved by 80 basis points to 17.8%.
On a sequential basis, PAT saw a 33% dip compared to ₹26,994 crore in Q1 FY26, primarily due to one-off gains in the previous quarter, while revenue increased 4% quarter-on-quarter (QoQ).
Segment-wise Performance
Jio Platforms Limited (JPL)
Jio Platforms continued to be one of the strongest growth drivers, recording a 14.9% YoY increase in revenue, fuelled by steady subscriber additions across both mobility and home broadband services. The EBITDA for Jio Platforms rose 17.7% YoY, supported by higher revenues and 140 bps margin expansion.
Reliance Retail Ventures Limited (RRVL)
The retail arm delivered another quarter of strong growth, with revenue rising 18% YoY. The grocery and fashion categories led the momentum with 23% and 22% YoY growth, respectively, while consumer electronics reported an 18% YoY rise, aided by GST rate reductions and new product launches. RRVL’s EBITDA grew 16.5% YoY, driven by expansion in its store footprint, hyperlocal deliveries, and operational efficiencies.
Oil-to-Chemicals (O2C)
The O2C business saw 3.2% YoY growth in revenue and 20.9% YoY growth in EBITDA. The performance was supported by higher transportation fuel cracks, increased domestic fuel retailing, and stronger polymer margins, partly offset by weaker polyester chain margins.
Oil & Gas
This segment saw a 2.6% YoY decline in revenue, attributed to lower production in the KG-D6 block and softer condensate price realisation. However, this was partly offset by better gas price realisation and increased CBM volumes. EBITDA for this segment declined 5.4% YoY due to higher operating costs linked to maintenance activities.
Financial and Tax Updates
RIL’s finance costs rose 13.5% YoY to ₹6,827 crore, mainly owing to the operationalisation of 5G spectrum assets and increased liabilities. Tax expenses climbed 17.6% YoY to ₹6,978 crore, while the combined PAT and share of profit/loss from associates and JVs grew 14.3% YoY to ₹22,092 crore.
The company’s capital expenditure for the quarter stood at ₹40,010 crore, primarily directed towards O2C capacity expansion, Jio’s telecom and digital services, retail footprint growth, and new energy giga factories.
Management Commentary
Chairman and Managing Director Mukesh D. Ambani described Q2 FY26 as a “robust performance” across all major business verticals. He highlighted that the 14.6% YoY growth in consolidated EBITDA showcases the company’s agile business operations and structural growth in India’s economy.
Ambani also emphasised that Jio’s digital services business continues to scale rapidly with momentum in both home and mobility subscriber additions, powered by Jio’s advanced standalone 5G network. He credited RRVL’s strong growth to favourable GST reforms and consumption-led demand recovery.
Looking ahead, Ambani reaffirmed his focus on new growth engines in energy, media, and consumer brands, noting that these areas will strengthen Reliance’s leadership across multiple industries.
Conclusion
Reliance Industries’ Q2 FY26 results underscore the strength of its diversified business model and its ability to deliver consistent growth across key sectors. The double-digit rise in profit and revenue highlights the company’s operational efficiency and strategic investments in telecom, retail, and energy sectors.
With continued emphasis on digital expansion, new energy infrastructure, and consumer-driven businesses, RIL remains well-positioned to lead India’s next phase of economic transformation.
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