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.

Reliance Industries Limited (RIL) has reported robust financial results for the second quarter, with significant growth across its diverse business segments. The conglomerate's consolidated net profit rose by 14.3% year-on-year to ₹22,092.00 crore, driven by strong performances in its Oil to Chemicals (O2C), Digital Services, and Retail divisions. Additionally, the company has made significant strides in its renewable energy initiatives and plans to enter the smart eyewear market.

Financial Highlights

Segment Performance

Oil to Chemicals (O2C)

The O2C segment reported a strong EBITDA growth of 20.9% year-on-year, reaching ₹15,008.00 crore. This growth was primarily driven by improved transportation fuel cracks and higher domestic fuel placement through Jio-bp, which saw volume growth of 34% for HSD and 32% for MS. However, Reliance Industries expects that its downstream chemical business may face constrained profitability due to increasing feedstock costs.

Digital Services (Jio Platforms)

Jio Platforms continued its growth trajectory with a 17.7% year-on-year increase in EBITDA to ₹18,757.00 crore. The subscriber base crossed the 500 million milestone, with 506.4 million total subscribers as of September. The 5G rollout has been particularly successful, with 234 million 5G users and 5G now contributing to about 50% of total wireless traffic.

Retail

Reliance Retail delivered an impressive performance with an 18% year-on-year increase in gross revenue to ₹90,018.00 crore. EBITDA grew by 16.5% to ₹6,816.00 crore. The segment saw strong growth across consumption baskets, with Grocery and Fashion & Lifestyle businesses growing by 23% and 22% respectively.

Other Key Developments

• The company's net debt to EBITDA ratio improved to 0.58x, indicating a strong balance sheet.
• Capital expenditure for the quarter was ₹40,010.00 crore, focused on O2C capacity expansion, Jio network augmentation, retail footprint expansion, and new energy giga-factories.
• RIL's New Energy segment is progressing rapidly, with four photovoltaic (PV) module production lines already commissioned.
• A Reliance Industries executive announced that the company's new energy business is expected to begin contributing to EBITDA next year.
• The company plans to start solar giga factories next month and establish battery factories next year, further expanding its presence in the renewable energy sector.
• The Jio-BP venture plans to expand its network and enhance mobility solutions offerings.
• Reliance Industries has announced that JioFrames, the company's smart eyewear product, will be launched in the coming months, marking RIL's entry into the smart eyewear market.
• The company has announced its commitment to maintaining focus on the domestic market for petrochemical needs, indicating a strategic direction toward serving local petrochemical demand.

Mukesh D. Ambani, Chairman and Managing Director of Reliance Industries, commented on the results: "Reliance delivered 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."

He further added, "I am happy with the progress we are making in our new growth engines – new energy, media and consumer brands. I believe these businesses will build on Reliance's legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price."

As Reliance Industries continues to diversify and strengthen its position across multiple sectors, including renewable energy and smart eyewear, the company appears well-positioned for sustained growth in the coming quarters, leveraging its integrated business model and focus on the domestic Indian market. The commitment to the domestic petrochemical market further underscores this strategy. The anticipated contribution from the new energy business to EBITDA next year, along with the planned expansion in solar and battery manufacturing, demonstrates RIL's strong push into the renewable energy sector. However, the anticipated challenges in the downstream chemical business due to rising feedstock costs may require strategic adjustments in the near future.