Reliance Industries (RELIANCE) Q2 25/26 earnings summary

Executive summary

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

• Consolidated revenues increased 10% year-over-year, with net profit after tax at ₹22,092 crore, up 14%.

• Maintained robust financial health with net debt broadly flat and a net debt to LTM EBITDA ratio of 0.58.

• 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 ₹258,898 crore; EBITDA up 14.6% YoY to ₹50,367 crore; PAT up 14.3% YoY to ₹22,092 crore.

• Jio Platforms: Revenue at ₹36,332 crore, up 12.4% YoY; EBITDA at ₹18,757 crore, up 18% YoY; PAT at ₹7,375 crore, up 13% YoY.

• Retail: Revenue grew to ₹90,544 crore, EBITDA up 17% YoY to ₹6,817 crore.

• Oil to Chemicals (O2C): Revenue at ₹160,558 crore, EBITDA up 21% YoY to ₹15,008 crore, margin up 130 bps.

• Digital Services: Revenue at ₹43,617 crore, EBITDA at ₹18,882 crore, up 17% YoY.

Outlook and guidance

• Expectation to ramp up home connections and maintain strong growth in digital and retail segments.

• New Energy business progressing rapidly, with solar and battery giga-factories on schedule for commissioning and first RE/RTC power production next year.

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

• Constructive near-term outlook with tight fuel markets and seasonal demand expected to support performance.