Reliance was founded by Dhirubhai Ambani and is now promoted and managed by his elder son, Mukesh Dhirubhai Ambani. Ambani’s family has about 50% shareholding in the conglomerate. Presenting below are its Q2 FY26 earnings results.
Q2 FY26 Earnings Results
Revenue from Operations: ₹2,54,623 crore, up 9.97% YoY from ₹2,31,535 crore in Q2 FY25.
EBITDA: ₹45,151 crore, up 5.2% YoY from ₹42,920 crore.
EBITDA Margin: 18.2%, up 60 bps YoY.
Profit Before Tax (PBT): ₹26,910 crore, down 23% QoQ due to normalization after one-time gains in Q1 FY26.
Profit After Tax (PAT): ₹22,092 crore, down 26% QoQ and 14.33% YoY compared to ₹19,323 crore in Q2 FY25.
Oil-to-Chemicals (O2C): Segment revenue up 2.5% YoY, aided by improved refining margins despite volatility in crude differentials.
Retail Segment: Revenue rose 11% YoY to ₹84,980 crore supported by store expansions and festive demand buildup.
Jio Platforms: Reported revenue of ₹30,410 crore, up 10.1% YoY; ARPU improved to ₹218 due to tariff hikes and higher data usage.
Net Debt: ₹1.23 lakh crore as of Q2 FY26; gearing remains comfortable.
Interest Cost: ₹5,940 crore, up 9% YoY due to higher borrowing for expansion projects in renewable energy and retail.
Management Commentary & Strategic Decisions
Chairman and Managing Director Mukesh Ambani stated that “Reliance continued to deliver steady performance across digital, retail and energy despite challenging global macro conditions.”
Key takeaways:
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Reliance Jio surpassed 505 million subscribers with record data traffic of over 59 billion GB during the quarter.
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Reliance Retail added 894 new stores, taking the operational count beyond 20,400 outlets across India.
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O2C business maintained healthy refining throughput of 19.8 MMT, benefiting from resilient diesel and ATF cracks.
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Continued progress in New Energy investments, with construction of the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar progressing on schedule.
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RIL also announced a strategic partnership with NVIDIA to develop AI infrastructure and a sovereign-scale AI cloud in India.
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Management reaffirmed its focus on controlling costs, accelerating new-age digital ecosystems, and scaling renewable operations under the “Energy 2.0 Vision”.
Q1 FY26 Earnings Results
Revenue from Operations: ₹2,48,660 crore, up 5.3% YoY from ₹2,36,217 crore in Q1 FY25.
EBITDA: ₹58,024 crore, up 36% YoY.
Profit Before Tax (PBT): ₹36,902 crore, up 54% YoY.
Profit After Tax (PAT): ₹26,994 crore, up 78% YoY from ₹15,138 crore in Q1 FY25.
One-time Gain: ₹8,924 crore from the sale of stake in Asian Paints.
EBITDA Margin: 23.3%, up 480 bps YoY.
Jio Platforms: Profit ₹7,110 crore, up 25% YoY with ARPU at ₹208.8; user base grew to 498 million.
Retail Segment: EBITDA up 23% YoY to ₹6,780 crore, driven by higher footfall and omni-channel integration.
O2C Segment: Revenue down 1.5% YoY due to lower realizations, offset by strong polymer demand.
Mukesh Ambani emphasized that the diversified portfolio allowed Reliance to offset sectoral cyclicality, highlighting strong consumer play through Jio and Retail while transitioning investments steadily into “green and digital” domains.
To view the company’s previous earnings and latest concall transcripts, click here to visit the Alphastreet India news channel.