Reliance Industries Q2 Results: Cons PAT jumps 10% YoY to Rs 18,165 crore, revenue rises by 10%

Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a 10% year-on-year growth in its consolidated Q2 net profit at Rs 18,165 crore versus Rs 16,563 crore reported in the year-ago period. The profit after tax (PAT) is attributable to the owners of the company.

The company's revenue form operations in the quarter under review stood at Rs 2.59 lakh crore, which was up 10% over Rs 2.35 lakh crore in the corresponding quarter of the last financial year.

While PAT missed Street's estimate of Rs 18,643 crore, the topline beat estimates of Rs 2.51 lakh crore.

The gross revenue for RIL stood at Rs 2.83 lakh crore which was also up 10% on a YoY basis.

The company's Earning's Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 50,367 crore, up 15% YoY. The EBITDA margin was reported at 17.8%, gaining 80 bps over the corresponding quarter of the last financial year.

RIL's sequential PAT took a 33% dip compared to Rs 26,994 crore in Q1FY26 while revenue was 4% higher QoQ versus Rs 2.49 lakh crore.

RIL Segment-wise Performance

Jio Platfoms' revenue increased by 14.9% YoY led by industry leading subscriber growth across mobility and homes, sustained improvement in ARPU and continued ramp-up in digital service offerings.

The retail arm Reliance Retail Ventures Limited's (RVVL) revenue increased by 18% YoY, with significant growth across consumption baskets. Grocery and Fashion delivered market leading performance growing 23% and 22% respectively. The consumer electronics division delivered 18% YoY growth aided by GST rate reduction and new launches.

The Oil to Chemicals (O2C) revenue increased by 3.2% YoY. Production meant for sale increased 2.3% on a YoY basis. Company’s fuel retailing operations through Jio-bp further expanded its domestic placement of transportation fuels. Jio-bp achieved a volume growth of 34% for HSD and 32% for MS.

Oil & Gas segment revenue decreased by 2.6% YoY mainly on account of natural decline of production in KGD6, and lower condensate price realisation. This was partly offset with improved KGD6 gas price realisation and higher volume of CBM.

JPL's EBITDA increased by 17.7% YoY primarily driven by revenue growth and 140 bps margin expansion. For RRVL, EBITDA increased by 16.5% YoY led by higher revenue with ramp-up in store-footprint and hyperlocal deliveries, favourable mix, and focus on operational efficiencies.

The O2C EBITDA increased by 20.9% YoY with sharp increase in transportation fuel cracks and, sustained volume growth in domestic fuel retailing. For downstream chemicals, positive impact of higher polymer deltas were partially offset by weakness in polyester chain margins.

And for Oil & Gas segment, EBITDA decreased by 5.4% YoY on account of lower KGD6 gas volumes, and higher operating costs on account of periodic maintenance activities.

JPL's EBITDA increased by 17.7% YoY primarily driven by revenue growth and 140 bps margin expansion. For RRVL, EBITDA increased by 16.5% YoY led by higher revenue with ramp-up in store-footprint and hyperlocal deliveries, favourable mix, and focus on operational efficiencies.

The O2C EBITDA increased by 20.9% YoY with sharp increase in transportation fuel cracks and, sustained volume growth in domestic fuel retailing. For downstream chemicals, positive impact of higher polymer deltas were partially offset by weakness in polyester chain margins.

And for Oil & Gas segment, EBITDA decreased by 5.4% YoY on account of lower KGD6 gas volumes, and higher operating costs on account of periodic maintenance activities.

RIL Finance Costs

RIL's finance cost increased by 13.5% YoY to Rs 6,827 crore ($ 769 million), largely due to operationalisation of 5G spectrum assets and higher liability balances.

RIL Tax Expenses

Tax expenses increased by 17.6% YoY at Rs 6,978 crore ($786 million). PAT and share of profit/(loss) of Associates & JVs increased by 14.3% YoY to Rs 22,092 crore ($ 2.5 billion).

RIL Capital Expenditure

Capital expenditure for the quarter ended September 30, 2025, was Rs 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.

RIL Management Speak

Commenting on the results, Chairman and Managing Director Mukesh D. Ambani called RIL's earnings a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. "Consolidated EBITDA registered 14.6% growth on a Y-o-Y basis, reflecting agile business operations, domestic focused portfolio and structural growth in Indian economy," Ambani said.

Ambani said that RIL's 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. Jio’s innovative radio solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to households across India.

In a filing to the exchanges, the CMD also mentioned RRVL registered higher volume across all formats, crediting the recently announced reforms in GST regime which he said provides a boost to continuing consumption-led growth.

Ambani also called on the "new growth engines" in new energy, media and consumer brands which he said will build on Reliance’s legacy of creating industry leaders.

RIL shares rose 1.5% to close at Rs 1,419.10 on the NSE, emerging as the second-largest contributor to the BSE Sensex and Nifty hitting their 52-week highs today.