Reliance Industries Limited (RELIANCE) Q2 25/26 earnings summary

Executive summary

• Achieved double-digit growth in consolidated revenue, EBITDA, and PAT year-over-year in Q2 FY26, driven by strong performances across digital, retail, oil-to-chemicals, and new energy segments.

• Revenue increased by 10% year-over-year, with consolidated revenue from operations at ₹258,898 crore and net profit at ₹22,092 crore, up 14% year-over-year.

• Strong financial health maintained, with net debt to LTM EBITDA at 0.58 and robust cash flow generation supporting significant capex.

• The Board and Audit Committee reviewed and approved the unaudited results on October 17, 2025.

Financial highlights

• Q2 FY26 consolidated revenue rose 10% YoY to ₹283,548 crore; EBITDA up 14.6% YoY to ₹50,367 crore; PAT up 14.3% YoY to ₹22,092 crore.

• Jio Platforms EBITDA grew 18% YoY, with margin expansion to 52% and 45% revenue market share in connectivity.

• Retail gross revenue increased 18% YoY to ₹90,018 crore; EBITDA up 17% YoY to ₹6,816 crore.

• Oil to Chemicals EBITDA up 21% YoY, driven by fuel crack recovery and higher domestic placement.

• Digital Services segment revenue was ₹43,617 crore, with EBITDA of ₹18,882 crore, up 17% year-over-year.

Outlook and guidance

• Continued focus on expanding digital and retail offerings, with rapid scaling in quick commerce and new product launches.

• New energy projects progressing rapidly, with solar and battery giga-factories on schedule for commissioning next year.

• On track to double Jio Platforms EBITDA between FY2024-28.