Reliance Q2 Results Highlights: Profit surges 16% YoY; telecom biz ARPU grows to ₹211.4 ahead of Jio IPO

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Jio's average revenue per user rose further to ₹211.4 from ₹208.8 in Q1 and ₹195.1 in Q2 FY25, mainly due to increased customer engagement, which was impacted for the time being by the promotional 5G offers.

Jio Platforms revenue rose 14.9% YoY, driven by industry-leading subscriber growth across mobility and homes, sustained improvement in ARPU, and continued ramp-up in digital service offerings.

Reliance Retail Ventures revenue jumped 18.0% Y-o-Y, with growth across consumption baskets. Grocery and Fashion grew 23% and 22% respectively. Consumer Electronics delivered 18% Y-o-Y growth, aided by GST rate reduction and new launches.

Oil to Chemicals (O2C) revenue increased by 3.2% Y-o-Y. Production meant for sale increased 2.3% on a Y-o-Y basis. The company’s fuel retailing operations through Jio-bp further expanded its domestic placement of transportation fuels. Jio-bp achieved a volume growth of 34% for HSD and 32% for MS.

Oil and Gas segment revenue decreased by 2.6% Y-o-Y, mainly on account of natural decline of production in KGD6 and lower condensate price realisation. This was partly offset by improved KGD6 gas price realisation and higher volume of CBM.

“Digital services business continues to scale-up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership. Jio’s innovative radio solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to households across India. We continue to augment our capabilities with pioneering systems and platforms, ensuring the benefits of ever-evolving technology landscape for all Indians,” Mukesh Ambani said.

JioMart remained the fastest-growing Quick Hyper-Local Commerce platform, reaching over 5,000 pin codes and supported by more than 3,000 stores across over 1,000 cities, RIL said.

The platform experienced a significant increase in customer acquisition, gaining 5.8 million new users in Q2. This represents a 120% growth quarter-over-quarter. Additionally, JioMart expanded its rapid delivery services to the electronics and accessories categories, providing 30-minute deliveries in 10 cities.

RIL's retail segment reported healthy YoY growth in revenue and profit, even though margins declined slightly. Revenue from operations jumped 19% YoY to ₹79,128 crore, while net profit grew at a stronger pace of 21.9% YoY to ₹3,457 crore. EBITDA increased by 16.5% YoY to ₹6,816 crore; however, the EBITDA margin slipped by 20 basis points to 8.6%. Festive demand and the GST rate cut helped drive the performance.

Jio's subscriber base crossed the milestone of 500 million, with a total subscriber base of over 506 million as of September 2025.

“O2C business delivered robust growth on Y-o-Y basis, despite continued volatility in energy markets. Fuel margins recovered over previous year led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global downstream markets in the medium term. Reliance’s operational delivery is supported by integrated assets, high mix of light-feed cracking, including a virtual ethane pipeline from the US, and strong focus on domestic markets,” said Mukesh Ambani, RIL Chairman and Managing Director.

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said, “Reliance Retail delivered strong performance during the quarter, led by our relentless focus on operational excellence, investments in stores and digital platforms and festive buying across consumption baskets. GST rate changes will further accelerate consumption growth as consumers get the benefit of lower prices. Our success is a testament to our deep understanding of the consumer. We consistently innovate, from curating new collections to creating campaigns that connect with today's Indian consumer, and our focus remains on building brands that inspire and resonate across India".

The company continued to prioritise new store openings in the quarter. It added 412 new stores, bringing the total to 19,821.

Akash M Ambani, Chairman of Reliance Jio Infocomm, said, “Jio has proudly served over 500 million subscribers, addressing multiple digital needs of their everyday life. This has been possible due to Jio's Deep-Tech initiatives, which have sparked India's technological revolution and have become the backbone of our Prime Minister's Digital India Mission. Jio will continue to bring new age technologies and enhance the life of every Indian citizen. Jio has successfully delivered its indigenous technology stack at India scale and is now set to take our homegrown technology around the world”.

In Q2FY26, Jio introduced "Safety-First" capabilities in JioBharat phones. This facility aims to help families stay connected and protected, allowing guardians to monitor children, elderly parents and dependents.

Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited, said:

“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 YoY basis, reflecting agile business operations, a domestic-focused portfolio, and structural growth in the Indian economy.

Digital services business continues to scale up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership. Jio’s innovative radio solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to households across India. We continue to augment our capabilities with pioneering systems and platforms, ensuring the benefits of the ever-evolving technology landscape reach all Indians.

I am happy to highlight the growth momentum of our Retail business. All formats registered higher volume, propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our quick hyperlocal delivery model. The recently announced progressive reforms in the GST regime provide a boost to continuing consumption-led growth.

O2C business delivered robust growth on a YoY basis, despite continued volatility in energy markets. Fuel margins recovered over the previous year, led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by industry stakeholders will help balance global downstream markets in the medium term. Reliance’s operational delivery is supported by integrated assets, a high mix of light-feed cracking — including a virtual ethane pipeline from the US — and a strong focus on domestic markets.

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.

Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverages these capabilities for the benefit of India and Indians.”

For oil to gas exploration segment, 2Q FY26 revenue was lower by 2.6% compared to 2Q FY25, mainly due to the natural decline of production in KGD6. Additionally, lower realization for gas prices for CBM gas and condensate impacted revenues. This was partly offset by higher KGD6 gas prices and higher volume of CBM gas.

• The average price realized for KGD6 gas was $9.97/MMBTU in 2Q FY26 versus $9.55/MMBTU in 2Q FY25.
• The average price realized for CBM gas was $9.53/MMBTU in 2Q FY26 versus $11.4/MMBTU in 2Q FY25.

EBITDA declined by 5.4% on a YoY basis to ₹5,002 crore. EBITDA margin stood at 82.6% for 2Q FY26, down by 240 bps. The decline in EBITDA was due to lower revenues coupled with higher operating costs related to periodic maintenance activities.

Jio Star revenue moderated to ₹7232 crore in Q2 from ₹11,222 crore in Q1. EBITDA, however, rose to ₹1,738 crore in Q2 from ₹1,017 crore in Q1. The profit also jumped to ₹1,322 crore from ₹581 crore on a QoQ basis.

The company said it was record EBITDA for the quarter with industry-leading margins of 28.1%. The India–England Test Series became the most-watched Test series ever on a digital platform, with 170 million viewers. JioHotstar averaged 400 million MAUs during the quarter.

• Global refinery crude throughput was higher by 2.1 mb/d Y-o-Y at 84.1 mb/d in 2Q FY26.
• During 2Q FY26, polymer domestic demand grew by 3% Y-o-Y. Polypropylene (PP) demand was up 9%, driven by raffia, furniture, household goods, appliances, paints, and automotive sectors.
• Polyethylene (PE) demand increased 4% Y-o-Y, driven primarily by raffia, chemicals, pesticides, and multi-layer films segments. Polyvinyl Chloride (PVC) demand declined 9% due to prolonged monsoon conditions, which impacted the pipe sector.
• Domestic polyester demand grew 3% Y-o-Y. Polyester Filament Yarn (PFY) and Polyester Staple Fiber (PSF) demand increased by 7% and 6%, respectively, supported by improved downstream operations amid seasonal fabric demand. Polyethylene Terephthalate (PET) demand declined by 13%, as heavy rainfall impacted demand from the beverage sector.

Throughput of major secondary units like Platformer and FCC maximized while aromatics production optimized due to low margins, prioritizing high value transportation fuel output.

Sustained high utilization of gasification complex and economical sourcing of external power helped minimize fuel cost for Jamnagar Complex.

During the quarter, Jio-BP network added 236 outlets on a Y-o-Y basis, leading to a volume growth of 34% for HSD and 32% for MS.

The oil to chemicals (O2C) revenue for 2Q FY26 was higher by 3.2% YoY to ₹160,558 crore. Production meant for sale increased 2.3% on a YoY basis with higher throughput in both primary and secondary units, said RIL.

Meanwhile, EBITDA for Q2 rose by 20.9% YoY to ₹15,008 crore with sharp rebound in transportation fuel cracks (up 22-37%) and improvement in polymer margins. This was, however, partially offset by weak polyester chain deltas. Segment EBITDA was also supported by sustained higher volumes in domestic fuel retailing.

EBITDA margins during the quarter rose by 130 bps YoY to 9.3%

Digital stores maintained a strong growth momentum. Growth was driven by the festive build-up, though demand was impacted between the announcement and implementation of lower GST rates on 22nd September 2025, with a strong pickup occurring after that date. The segment saw strong category performance: Laptops grew by 37%, Mobiles grew by 22%, and Appliances grew by 10% on YoY basis.

In the Fashion & Lifestyle business, strong growth was seen with the onset of the festive season, said the company. Shein surpassed 6 million app installs, reached 11.4 million Monthly Active Users (MAU) while its portfolio expanded to more than 25,000 options.

The jewels business delivered a steady performance amidst volatile gold prices, with the Average Bill Value increasing by 52% YoY. Old gold exchange contribution increased to 32.5% compared to 21.9% recorded last year.

JioMart continued its strong momentum as the fastest-growing quick hyper-local commerce platform, expanding its operations across 5,000 pin codes and being serviced by over 3,000 stores in more than 1,000 cities, said the company.

The platform saw a significant surge in customer acquisition, adding 5.8 million new users in Q2. This marks a 120% growth on a QoQ basis. Additionally, JioMart extended its quick delivery services to the electronics and accessories categories, offering 30-minute delivery in 10 cities.

Reliance Retail's grocery business delivered industry-leading performance led by a pickup in festive demand. The business saw double-digit growth Y-o-Y in core categories:

• Packaged Food grew by 20%
• Staples grew by 18%
• Home and Personal Care (HPC) grew by 13%
• Fruits and Vegetables (F&V) grew 62%

Reliance Retail Ventures saw a 21.9% spike in Q2 profit to ₹3,457 crore from ₹2,836 crore in the same period a year ago, led by a robust revenue growth of 18% YoY to ₹ ₹90,018 crore.

The rise was led by growth in grocery, and fashion & lifestyle businesses of 23% and 22% YoY, respectively, amid festive buying. Consumer Electronics delivered 18% YoY growth, aided by GST rate reduction and new launches, the company said.

Reported EBITDA stood at ₹6,816 crore, up 16.5% Y0Y. Meanwhile, EBITDA before Investment Income was ₹6,624 crore, reflecting a growth of 16.7% YoY.

Akash M. Ambani, Chairman of Reliance Jio Infocomm, said: Jio has proudly served over 500 million subscribers, addressing multiple digital needs of their everyday life. This has been possible due to Jio's Deep-Tech initiatives, which have sparked India's technological revolution and have become the backbone of our Prime Minister's Digital India Mission. Jio will continue to bring new-age technologies and enhance the life of every Indian citizen. Jio has successfully delivered its indigenous technology stack at India scale and is now set to take our homegrown technology around the world.

• Jio subscriber base crossed the milestone of 500 million, with total subscriber base of over 506 million as of September 2025.
• Jio Airfiber rollout continues to accelerate at scale with over 1 million new homes being connected every month. JioAirFiber extended its global leadership with 9.5 million subscribers.
• Total data traffic rose 29.8% YoY to over 58 Exabytes with 5G share in wireless traffic at more than 50%
• Another quarter of record home connects complemented by continued gains in mobility market share.

Jio's ARPU increased further to ₹211.4 from ₹208.8 in Q1 and ₹195.1 in Q2 FY25. This was driven by increased customer engagement, which was impacted for the time being by the promotional 5G offers.

The per capita data consumption was 38.7 GB/ month, and total data traffic growth of 29.8% YoY during 2Q FY26.

Jio added that monthly churn was stable at 1.9% with net subscriber addition of 8.3 million during the quarter.

Reliance Jio witnessed a 12.8% YoY rise in Q2 PAT to ₹7,379 crore from ₹6,539 crore in the same period a year ago. Meanwhile, it rose on a QoQ basis too from ₹7,110 crore in June quarter. Quarterly EBITDA stood at ₹ 18,757 crore, recording a growth of 17.7% YoY.

The company said revenue (net of GST) was driven by subscriber market share gains across mobility and homes, improvement in ARPU and continued growth in digital services business. Meanwhile, EBITDA posted strong double-digit growth driven by revenue growth and healthy margin improvement.

Margin increase of 140 bps YoY was led by improved monetisation and operational efficiencies, the company said in a filing.

Jio Platforms revenue increased by 14.9% YoY, led by industry-leading subscriber growth across mobility and homes, sustained improvement in ARPU, and continued ramp-up in digital service offerings.

Reliance Retail Ventures revenue increased by 18.0% Y-o-Y, with significant growth across consumption baskets. Grocery and Fashion delivered market-leading performance, growing 23% and 22% respectively. Consumer Electronics delivered 18% Y-o-Y growth, aided by GST rate reduction and new launches.

Oil to Chemicals (O2C) revenue increased by 3.2% Y-o-Y. Production meant for sale increased 2.3% on a Y-o-Y basis. The company’s fuel retailing operations through Jio-bp further expanded its domestic placement of transportation fuels. Jio-bp achieved a volume growth of 34% for HSD and 32% for MS.

Oil and Gas segment revenue decreased by 2.6% Y-o-Y, mainly on account of natural decline of production in KGD6 and lower condensate price realisation. This was partly offset by improved KGD6 gas price realisation and higher volume of CBM.

Reliance posted a strong operational performance as its EBITDA increased by 14.6% YoY to ₹ 50,367 crore ($ 5.7 billion) during the second quarter of FY26 ended September 2025.

Gross revenue stood at ₹283,548 crore in Q2 FY26, a growth of 9.9% YoY over ₹258,027 crore posted in the same period a year ago. The figure was also higher on a QoQ basis, as it stood at ₹273,252 crore in the June 2025 quarter.

Reliance posted a 15.9% YoY rise in Q2 net profit to ₹22,146 crore compared with ₹19,101 crore in the same period a year ago

Reliance Industries Q1 FY26 profit was boosted mainly by a one-time Rs. 8,900 cr gain from the sale of its Asian Paints stake, accounting for nearly 29% of total profit. Excluding this, core operational profit grew around 25% solid but below market expectations, raising concerns about the sustainability of earnings. Sequential declines in both net profit and EBITDA further dampened sentiment and triggered profit booking.

The O2C segment continued to face structural headwinds, with revenue down 1.5% YoY despite a10.8% rise in EBITDA, reflecting margin pressure. Retail expanded to 19,592 stores with 358 million customers, but margins stayed modest at 8.7% due to higher operating costs. Jio posted a 25% profitrise to Rs. 7,110 cr, though ARPU remained flat at Rs. 208.8, signaling slower monetization.

— Abhinav Tiwari, Research Analyst at Bonanza

Looking ahead, key catalysts include a potential Jio IPO, the Reliance Consumer demerger, and O2C margin recovery. These could drive gradual re-rating in H2FY26, though near-term upside may stay limited until there is more clarity on when these plans will happen.

— Abhinav Tiwari, Research Analyst at Bonanza

YES Securities said telecom ARPU is projected to increase to ₹210.2, whereas the subscriber base could stand at 505.8 million.

Brokerage firm Investec has initiated coverage on Reliance Industries, giving it a "buy" rating just before the company announces its results for the September quarter after the market closes.

Investec has set a target price of ₹1,890 for the stock, suggesting a possible upside of 30% from the closing price on Thursday. The firm also described Reliance Industries as one of the most appealing large-cap risk-reward options in India.

The brokerage noted that Reliance is entering a stage of widespread earnings rebound and robust cash generation.

We estimate a 13% YoY rise in RIL’s consolidated EBITDA on a healthy all-round showing ex-O&G. O2C EBITDA is likely to jump 20% YoY on 13% YoY growth in the benchmark Singapore GRM led by diesel crack spreads (+52% YoY).

RIL stock has seen a 4% decline in its share price in the last three months, almost since its last earnings announcement on July 18, 2025. However, Mukesh Ambani-led stock has risen 16% YTD and 4.4% over a year.

In the last 5 years, RIL's returns amount to just 41% as per BSE data. Over last 10 years, it has given a return of 579%.

Reliance Industries reported its highest-ever quarterly profit of ₹26,994 crore for the April-June quarter, reflecting a growth of 78.3 per cent over the year-ago period, driven by consumer businesses and investment sales.

The oil-to-retail-to-telecom conglomerate's consolidated net profit attributable to owners of the company stood at ₹26,994 crore, or ₹19.95 per share, in April-June 2025 compared to ₹15,138 crore earnings in the year-ago period, according to an exchange filing.

The net profit was also 39 per cent higher quarter-on-quarter when compared to ₹19,407 crore earnings in the preceding three months ended on March 31.

Revenue from operations was up by 5.26 per cent to ₹2.48 lakh crore in the first quarter of 2025-26 compared to ₹2.36 lakh crore in the year-ago period.

Nuvama sees a 2.2% YoY decline in RIL's revenue to ₹2,26,410.3 crore while its PAT could growth 9.8% YoY to ₹18182.7 crore. On a QoQ basis, brokerage says PAT could fall 36% and PAT by 7%.

RIL’s 2QFY26 EBITDA is likely to be up 3.6% QoQ at INR 445bn, led by steady growth in O2C, Retail, and Digital businesses but partly offset by a decline in the E&P business, said JM Financial. Key assumptions:

a) O2C EBITDA is likely to be up 3.1% QoQ at INR 150bn on higher refining throughput (up 6% QoQ at 17.3 mmt, post partial refinery shutdown in 1QFY26), slight improvement in GRM to ~USD 9.5/bbl (vs. RIL’s implied GRM of ~USD 9.4/bbl in 1QFY26), and strong auto-fuel marketing margin; while petchem margin is expected to continue to remain weak QoQ;

b) E&P EBITDA to decline 3.4% QoQ to INR 48bn on natural decline in KG D6 gas output;

c) Retail EBITDA is likely to be up 12.7% YoY, and 3.5% QoQ, to INR 66bn;

d) Digital EBITDA is expected to grow 2.5% QoQ to INR 188bn, led by robust 7mn subscriber gains and 1.1% QoQ rise in ARPU to INR 211, driven by upgrades and one more day QoQ in 2QFY26.

Reliance share price ends 1.35% higher on the BSE ahead of the Q2 results announcement. The stock settled at ₹1416.95 today. On the NSE, RIL share price ended at ₹1,419.10, up 1.49% against its last close.

Sentiment: Bullish — options skew has improved vs. one day and one week ago.

Trading Range: ₹1380 (Strong Support) – ₹1500 (Strong Resistance).

Volatility: 1-month IV at 22% (+20% in 10 days) vs. HV 24%, suggesting traders expect lower near-term price swings.

Current Activity: Stock up 3.6% in current expiry; OI up 4.8% indicates short unwinding. ₹1400 Call heavily unwound, enabling upward movement.

Seasonality:

October: Current gain ~4.4% vs. 0.8% historical average; 50% probability of positive return.

November: Historically averages 0.7% gains; positive 5/10 years.

Strategy: Bull Call Spread — Buy 1410 Call, Sell 1450 Call

Breakeven: ₹1424

Elara Capital expect RIL’s consolidated EBITDA to grow 13% YoY. It will led by an EBITDA growth of 10% in retail, 16% in digital services (telecom) and 21% in oil-to-chemicals.

Reliance Q2 Results LIVE: Reliance Retail is expected to report revenue growth of 17.1% YoY and 6.1% QoQ at ₹89,330 crore. Retail EBITDA is expected to rise 13.3% YoY and 6.4% QoQ to ₹6,431 crore, while EBITDA margin is expected to fall by 24 bps YoY to 7.2%.

Reliance Q2 Results LIVE: Reliance Jio’s net sales is expected to rise 3.1% QoQ to ₹31,831 crore, while Jio’s net profit is likely to rise 5.5% QoQ to ₹7,080 crore. EBITDA is expected to grow 3.1% QoQ to ₹17,206 crore, while EBITDA margin may improve marginally by 1 bps QoQ to 54.1%, according to Kotak Institutional Equities’ estimates. Jio’s blended ARPU is estimated to increase to ₹211 from ₹209 QoQ on higher number of days and 2.2% increase in quarter-end subscribers.

Reliance Q2 Results LIVE: Reliance Industries Q2FY26 EBITDA is expected to be up 4.3% QoQ at ₹44,750 crore, up 14.6% YoY, supported by steady growth across all major segments, except upstream. The O2C segment should post +3.8% QoQ growth in EBITDA, driven by higher refining throughput, partly offset by weaker petchem spread. Jio is likely to report a 2.7% QoQ EBITDA increase, aided by a 1.1% ARPU rise and 4 million net subscriber additions taking the base to 502.1 million. Retail EBITDA is expected to grow 4.1% QoQ, reflecting continued store expansion and growth in footfalls. The upstream segment may see a mild decline in EBITDA due to lower KGD6 gas volumes, according to Antique Stock Broking.

Reliance Q2 Results LIVE: Reliance Jio’s EBITDA is expected to further increase ~3.1% QoQ and 14.4% YoY, assuming blended ARPUs growth of ₹211 from ₹209 QoQ on higher number of days and 2.2% increase in quarter end subscribers.