Reliance Industries Reports Strong Q2 FY26 Results, Jio and Retail Drive Growth; Concall Transcript Released
Reliance Industries announced strong Q2 FY26 results with robust growth in Jio, Retail, and Energy segments. The concall transcript for the quarter ended September 30, 2025, has been released.
This announcement provides comprehensive financial results for Q2 FY26 and detailed operational updates across Reliance's diverse businesses. The strong performance, strategic advancements, and management commentary offer crucial information for investors and analysts, making it highly impactful for market perception and investment decisions.
The announcement reports strong financial and operational performance across all major business segments including Jio, Retail, and Energy. Key metrics like revenue, EBITDA, and PAT show significant growth, and strategic initiatives in 5G, AI, and New Energy are progressing well, indicating a positive outlook.
Reliance Industries Limited (RELIANCE) has released the transcript of the analyst meet held on October 17, 2025, discussing the unaudited consolidated and standalone financial results for the quarter and half year ended September 30, 2025. The meet, which concluded at 9:30 p.m. (IST) on October 17, 2025, highlighted strong performance across all businesses.
Key highlights from the Q2 FY26 results include: * Overall Performance: * Revenues increased by 10% year-on-year, despite lower oil prices. * EBITDA stood at over ₹50,000 Crores, a 15% increase. * Profit After Tax (PAT) before minority interest was ₹22,100 Crores, up 14%. * Standalone RIL PAT was approximately ₹9,200 Crores, Jio Platforms Limited (JPL) at ₹7,400 Crores, and Reliance Retail Ventures Limited (RRVL) at ₹3,400 Crores. * Net debt remained broadly flat, with CAPEX of approximately ₹40,000 Crores aligning with cash profits. * Jio Platforms: * Achieved an 18% growth in EBITDA. * Total customer base reached 506.4 million, with 8.3 million net additions during the quarter. * 5G users grew by 21 million to 234 million. * Fixed broadband connected premises reached 23 million, adding 3 million during the quarter, making Jio the world's largest wireless fixed broadband provider with 9.5 million Jio Air Fiber homes. * Average Revenue Per User (ARPU) was ₹211.4. * Operating revenue for RJIL was ₹31,857 Crores (12.4% YoY growth), and EBITDA was ₹17,874 Crores (17.4% growth), with EBITDA margin expanding to 56.1%. * Consolidated operating revenue for Jio Platforms was ₹36,332 Crores, EBITDA ₹18,757 Crores (18% growth), and PAT ₹7,375 Crores (13% growth). * Introduced JioTeleOS, Jio PC for cloud computing, and JioFrames with proprietary hardware and AI. * Announced progress in AI initiatives through Reliance Intelligence, including a 70-30 partnership with Meta and an AIDC infrastructure in Jamnagar powered by 100% RIL green energy. * Reliance Retail: * Delivered 18% year-on-year revenue growth and approximately 17% EBITDA growth. * Added over 400 new stores and scaled up quick commerce offerings across 5,000+ pin codes in 1,000+ cities. * JioMart Quick Commerce added 6 million new transacting customers, a 120% quarter-on-quarter increase. * FMCG business doubled year-on-year for H1, with Q2 revenue at ₹5,400 Crores. * Received NCLT approval for de-merger, with the de-merger expected in November upon receipt of the written judgment. * Entered partnerships with global brands Stella McCartney and Max & Co. * Beauty business (Sephora and Tira) expanded aggressively, launching Fenty Beauty in India. * Acquired Velvette, a personal care brand, to drive growth in the portfolio. * Energy Business: * Reported 21% higher performance driven by increased cracks across gasoline, gas oil, and ATF. * Upstream EBITDA was stable at approximately ₹5,000 Crores. * New Energy initiatives are on track, with panel production and the first line for cells ready, and RERTC generation expected from next year.
The company emphasized the improving quality of numbers across businesses, providing tremendous stability to earnings.
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