Reliance Industries Q2 FY26 Results: Robust Growth Across Verticals Powers India’s Corporate Titan

Introduction

Reliance Industries Limited (NSE: RELIANCE)—India’s largest and most diversified conglomerate—has announced robust results for the second quarter of FY26 (Q2 2025), registering healthy year-on-year growth in revenue and profit, led by record-breaking performances in its consumer, digital, and refining businesses. Amid volatile global markets and evolving domestic economic policies, Reliance’s resilience and forward-looking strategy continue to set benchmarks in Indian industry.financialexpress+1​

This analysis drills into every aspect of RIL’s Q2 2025 results—segment-wise financials, operational highlights, leadership commentary, and outlook—providing actionable insights in plain language for investors, market watchers, and business enthusiasts.angelone​youtube​

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Reliance Q2 FY26 Results: At a Glance

Reliance Industries’ Q2 FY26 report card underscores the company’s execution strength and its ability to capitalize on growth amid market uncertainty.

• Consolidated Net Profit: ₹18,165 crore (up 9.67% YoY)

• Total Revenue: ₹2,83,548 crore (up 9.9% YoY)

• Consolidated EBITDA: ₹50,367 crore (up 14.6% YoY)

• EBITDA margin: 17.8%

• Capex: ₹40,010 crore (focused on O2C, Jio, retail, and new energy)

• Net Debt: Stable at ₹1.18 lakh croreupstox+1​

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Segment-wise Performance Breakdown

Digital Services: Jio Platforms

Reliance Jio continues to be the flagbearer of India’s digital revolution, setting new records in subscriber numbers and technology adoption.

• Revenue: ₹42,652 crore (up 14.9% YoY)

• EBITDA: ₹18,757 crore (up 17.7% YoY)

• EBITDA Margin: 51.6%

• Subscribers: Crossed 506 million (added over 8 million in the quarter)

• ARPU (Average Revenue Per User): ₹211.4 (up 8.4% YoY)

• Data Traffic: 58.4 billion GB, a 29.8% rise YoY

Reliance Jio’s performance was driven by continued subscriber growth, ARPU lift from tariff upgrades, and the expanding reach of its home broadband and enterprise offerings. Notably, over 400 million active monthly users on JioHotstar point to Jio’s success in capturing India’s burgeoning digital entertainment market.youtube​financialexpress​

Retail: Reliance Retail Ventures Ltd (RRVL)

Reliance Retail delivered another record-breaking quarter, built on physical store expansion, deeper digital integration, and widening its product mix.

• Revenue: ₹90,018 crore (up 18.0% YoY)

• EBITDA: ₹6,816 crore (up 16.5% YoY)

• New Stores: 412 added in Q2, total count now 19,821, covering 77.8 mn sq. ft.

Extensive investments in omnichannel retailing, a surge in festive and hyperlocal consumption, and growing brand partnerships strengthened RRVL’s position as India’s largest retailer. Reliance’s quick commerce and hyperlocal models saw particular momentum, reflecting changing consumer patterns in urban India.upstox+1​

Oil-to-Chemicals (O2C): Resilience Amid Headwinds

The O2C segment remains the cash-generating engine for RIL, benefiting from operational efficiencies and robust fuel margins despite persistent volatility in global crude and chemical markets.

• EBITDA: ₹15,008 crore (up 20.9% YoY)

• EBITDA Margin: Improved year-on-year, driven by higher middle distillate cracks

Ambani’s focus on integrating digital and decarbonization technologies into O2C operations is already yielding gains, with the company leveraging feedstock flexibility, supply chain integration, and a virtual ethane pipeline to maintain a competitive edge.financialexpress​youtube​

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Key Management Commentary

Chairman and Managing Director Mukesh Ambani emphasized Reliance’s steadfast growth across verticals, citing strong performance in digital services, retail, and the refining business. He noted that advances in the GST regime have bolstered consumption, while new initiatives in telecom and retail will continue driving growth.youtube​financialexpress​

Isha Ambani, Executive Director, Reliance Retail Ventures, reaffirmed the group’s focus on brand building and digital consumer engagement, highlighting operational excellence and innovation as pillars of their continued market leadership.upstox​

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Major Strategic Developments and Investments

Reliance has accelerated its capex cycle—investing ₹40,010 crore in Q2 FY26, primarily directed towards:

• O2C business: Upgrading to next-gen refining/chemical technologies and sustainability projects.

• Digital infrastructure: 5G and fiber network rollout, AI-driven platforms, and fintech expansion via Jio.

• Retail footprint: Expanding store count, digital-first retail formats, and logistics optimization.

• New energy: Gigafactories for solar, battery storage, and green hydrogen initiatives.angelone+1​

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Comparative Table: Reliance Segment Performance Q2 FY26

Segment	Revenue (₹ Cr)	YoY Growth	EBITDA (₹ Cr)	YoY Growth	Notes
Jio Platforms	42,652	14.9%	18,757	17.7%	>506 Mn subscribersfinancialexpress​
Retail	90,018	18.0%	6,816	16.5%	412 new stores addedfinancialexpress​
O2C	160,558	3.2%	15,008	20.9%	Margin improvementfinancialexpress​
Consolidated	2,83,548	9.9%	50,367	14.6%	Overall businessfinancialexpress​

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Analysis: What Drove RIL’s Outperformance?

Momentum in Consumer Businesses

RIL’s Q2 results spotlight the rapid pace of formalization and digitalization in India’s consumption ecosystem. Its retail and telecom arms have rapidly expanded reach and profitability, riding on post-pandemic recovery and evolving consumer habits (e.g., higher demand for digital entertainment and doorstep delivery).financialexpress​youtube​

Margin Expansion and Efficiency

Efficient capital allocation, technology-led cost rationalization, and an increasing share of value-added services in digital and retail segments contributed to expanded margins even in a macro environment marked by inflation and supply chain challenges.angelone+1​

Leveraging Scale and Integration

Reliance’s ability to orchestrate multi-segment growth is underpinned by its scale, extensive backward integration, and data-driven decision-making. Its O2C business’s virtual ethane pipeline, for instance, cuts costs and enhances supply chain reliability. Similarly, Jio’s deep mobile and broadband penetration is a catalyst for cross-selling new services.youtube​financialexpress​

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Takeaways: How Do These Results Impact Investors?

For Existing Shareholders

• Sustained double-digit growth and robust operational metrics bode well for stability and long-term value creation.

• The disciplined execution of growth and digitalization strategies enables RIL to maintain a wide moat in key markets.

• Capex on future-forward areas (energy, digital, retail) positions RIL for industry leadership in the next decade.financialexpress​

For Potential Investors

• The resilience demonstrated across cycles and segments reduces RIL’s risk profile as a diversified conglomerate.

• Short-term price movements may fluctuate based on market macro trends, but Q2 fundamentals establish a strong foundation for compounding returns.

• RIL’s proactive pivot to green energy and AI/digital platforms ensures relevance even as sector dynamics shift.angelone+1​

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Risks and Challenges Ahead

While Q2 FY26 paints an encouraging picture, some headwinds remain:

• O2C Volatility: Global crude price fluctuations and ongoing softness in downstream chemicals could weigh on margins.

• Competitive Intensity: Increased competition in telecom from tariff wars and growing e-commerce disruptors in retail.

• Regulatory Uncertainty: Evolving digital and environmental regulations may impact operations and compliance costs.

• Execution Risk in New Energy: Large-scale gigafactory and green hydrogen ventures require careful execution and long-term capital.financialexpress+1​

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Leadership’s Forward-Looking Guidance

Management’s outlook for the coming quarters is confident, with plans to:

• Further invest in 5G, artificial intelligence, and smart commerce to solidify digital leadership.

• Deepen omnichannel retail integration and expand private label presence.

• Enhance refining efficiency while accelerating the shift toward renewables and lower-carbon fuels.

• Focus on disciplined capital allocation and debt reduction in tandem with aggressive growth investments.angelone+1​

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How Reliance Compares: Peer Benchmark

Company	Q2 Net Profit (₹ Cr)	Revenue (₹ Cr)	Key Highlight
Reliance Industries	18,165	2,83,548	Highest retail/digital growthfinancialexpress​
Adani Enterprises	Data awaited	Data awaited	Infra focus, lower diversity
Tata Group (TCS)	≈10,000 (TCS only)	≈60,000 (TCS)	Dominant IT/digital exports

Reliance’s scale, diversity, and double-digit growth rates position it as India’s most formidable corporate.business-standard+1​

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FAQs on Reliance Q2 FY26 Results

Q: What drove RIL’s profit growth in Q2 2025?
A: Broad-based gains in Jio (telecom), strong retail sales, and robust refining margins were the primary drivers, even as some chemical businesses faced headwinds.youtube​financialexpress+1​

Q: Did Reliance announce any payouts or dividends?
A: Q2 updates focused on earnings; dividend decisions are typically outlined at year-end or via separate board announcements.financialexpress​

Q: Is there any risk to Reliance’s retail dominance?
A: Rising e-commerce and global players intensify competition, but RIL’s footprint, omnichannel model, and frequent store additions continue to deliver results.upstox+1​

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Conclusion: Growth Engine on Overdrive

Reliance Industries’ Q2 FY26 results cement its status as a powerhouse in India’s corporate landscape. With industry-leading performance in digital, retail, and refining, a disciplined growth strategy, and an eye on sustainable innovation, Reliance is primed for continued leadership in the next era of Indian and global business.

For investors and observers, Reliance’s story this quarter is one of resilience, adaptability, and relentless ambition. Whether you’re tracking market trends, considering capital allocation, or just interested in the evolution of Indian enterprise—and its global ambitions—these results are essential reading.