Reliance Industries Limited (RIL), India's largest private sector company by market capitalization, reported robust second-quarter results for the fiscal year 2025-26, leading to a nearly 3% surge in its share price during early trading. The conglomerate's diversified business portfolio demonstrated resilience and growth across key segments, despite some challenges.

Financial Highlights

RIL reported a consolidated net profit of ₹18,165.00 crore for the quarter ended September 2025, marking a 33% sequential decline. However, this decline was primarily attributed to an exceptional income of ₹15,119.00 crore from asset sales in the previous quarter. When adjusted for this one-time gain, the company's performance aligns well with market expectations.

Segment-wise Performance

Oil-to-Chemicals (O2C) Business

The O2C segment showed significant improvement, with EBITDA rising to ₹15,008.00 crore from ₹14,511.00 crore in the previous quarter. This growth was driven by:

• Stronger fuel cracks
• Improved polymer spreads
• Optimization of crude throughput and yield

Retail Business

Reliance Retail continued its strong performance, with EBITDA increasing to ₹6,817.00 crore from ₹6,381.00 crore. Key factors contributing to this growth include:

• Robust festive demand across grocery, fashion, and electronics segments
• Expansion of store network, with over 400 new stores added during the quarter
• Significant growth in Quick Commerce offerings

Jio Platforms

The digital services arm, Jio Platforms, reported a 4% growth in both revenue and profit. Notable developments include:

• Expansion of 5G services, with 234 million 5G users
• Launch of JioAirFiber, reaching 9.5 million wireless broadband subscribers
• Introduction of AI-powered products and services

Media Business

The media segment demonstrated strong performance with:

• Record EBITDA performance and industry-leading margins of 28.1%
• Revenue of ₹6,179.00 crore
• Robust growth in digital ad sales and TV subscription revenues

Capital Expenditure and Market Performance

RIL's capital expenditure reached a 10-quarter high of ₹40,000.00 crore, reflecting the company's continued focus on growth and expansion. The stock's performance has been impressive, with:

• A 3% jump to ₹1,460.00 during early trading following the results
• Year-to-date gains of 20%
• Market capitalization gains of over ₹52,000.00 crore

Analyst Outlook

The strong performance across segments has reinforced analyst confidence in RIL. Out of 38 analysts tracking the stock, 36 maintain buy ratings with an average 16% upside potential.

Future Prospects

Reliance Industries continues to invest in future growth areas, including:

• New Energy business, with progress in solar PV module and battery manufacturing
• Expansion of retail network and digital commerce capabilities
• Development of AI infrastructure and solutions through Reliance Intelligence

As Reliance Industries navigates the evolving business landscape, its diversified portfolio and strategic investments position it well for sustained growth in the coming quarters.

Reliance Industries Limited (RIL) has delivered a strong performance in the second quarter, with consolidated EBITDA rising 15% to over ₹50,000.00 crores and profit after tax increasing 14% to ₹22,100.00 crores. The company demonstrated growth across all its major business segments, including Digital Services, Retail, and Oil-to-Chemicals (O2C).

Digital Services

Jio Platforms, RIL's digital arm, showed strong momentum with an 18% EBITDA growth. Key highlights include:

• Total customer base reached 506.4 million, with 8.3 million net additions in Q2
• 5G users increased to 234 million
• ARPU (Average Revenue Per User) improved to ₹211.40
• Jio AirFiber expanded to 9.5 million connections

Retail

Reliance Retail achieved an 18% revenue growth with strong performance across various segments:

• Grocery: Leveraging 3,500+ store network for omnichannel expansion
• Fashion: Strong like-for-like growth, with new formats Azorte and Yousta scaling up
• Electronics: Robust growth despite temporary impact from GST rate changes
• Quick Commerce: Available in 5,000+ pin codes across 1,000+ cities

Oil-to-Chemicals (O2C)

The O2C segment reported a 20.9% increase in EBITDA, driven by:

• Higher fuel cracks (gasoline, jet fuel, and diesel)
• Improved polymer deltas
• Increased domestic fuel placement through Jio-bp network

Media and Entertainment

JioStar, RIL's media arm, recorded significant EBITDA improvement:

• 400 million monthly active users
• Strong digital advertising growth, especially on connected TVs
• Successful retention of IPL viewers for entertainment content

New Energy

RIL's New Energy business made progress in various areas:

• Solar cell production lines to start next month
• Battery gigafactory construction advancing for renewable energy projects in Kutch
• Plans to deploy first renewable energy round-the-clock (RE-RTC) power plants next year

Financial Performance

Future Outlook

Reliance Industries continues to invest in future growth areas, including:

1. Reliance Intelligence: A new 100% subsidiary focused on AI capabilities and infrastructure development
2. Partnerships: Collaboration with Meta for enterprise AI solutions
3. Quick Commerce: Rapidly scaling up operations with 600 dark stores
4. New Energy: Targeting gigawatt-scale deployment of RE-RTC power plants

As Reliance Industries expands its presence across diverse sectors, the company appears well-positioned to capitalize on emerging opportunities in the Indian market. The strong performance across all business segments demonstrates the company's resilience and adaptability in a dynamic economic environment.

Conclusion

Reliance Industries' Q2 results showcase the company's ability to drive growth across its diverse portfolio. With significant investments in future technologies and expansion of its retail and digital footprint, RIL continues to strengthen its position as a leader in India's evolving business landscape.