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EBITDA stood at Rs 50,367 crore in Q2 FY26, registering the growth of 14.6% compared with Rs 43,934 crore in Q2 FY25. EBITDA margin improved by 80 bps to 17.8% in Q2 FY26 as against 17% in Q2 FY25.
Finance costs increased by 13.5% Y-o-Y to Rs 6,827 crore ($ 769 million), largely due to operationalisation of 5G spectrum assets and higher liability balances.
Mukesh D. Ambani, chairman and managing director, Reliance Industries, 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 Yo-Y basis, reflecting agile business operations, domestic focused portfolio and structural growth in 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.
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 GST regime provide a boost to continuing consumption-led growth.
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.
Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverage these capabilities for the benefit of India and Indians.”
Jio Platforms Limited (JPL):
JPL’s revenue jumped 14.6% to Rs 42,652 crore in Q2 FY26 compared with Rs 37,119 crore in Q2 FY25. EBITDA stood at Rs 18,757 crore, up 17.7% compared with Rs 15,931 crore posted in corresponding quarter last year.
Average revenue per user (ARPU) increased further to Rs 211.4 with increased engagement of customers, impacted for the time being by the promotional 5G offers
Reliance Retail Ventures Limited (RRVL):
RRVL’s quarterly revenue was at Rs 90,018 crore in Q2 FY26, up 18% YoY, while EBITDA before investment income was at Rs 6,624 crore during the quarter, registering the growth of 16.7% YoY.
The business expanded its store network with 412 new store openings, taking the total store count to 19,821 with area under operation at 77.8 million sq. ft. JioMart continued to expand quick hyper-local deliveries, registering 42% Q-o-Q growth and over 200% Y-o-Y growth in average daily orders.
Oil to Chemical (O2C) segment:
Revenue from O2C segment increased 3.2% YoY to Rs 160,558 crore in Q2 FY26. 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.
Segment EBITDA for Q2 FY26 increased by 20.9% Y-o-Y to Rs 15,008 crore ($1.7 billion) with sharp rebound in transportation fuel cracks (up 22-37%) and improvement in polymer margins.
Reliance BP Mobility Limited (RBML) (operating under brand Jio-bp) operates a country-wide network of 2,057 outlets (vs 1,821 in Q2 FY25).
Oil & Gas (Exploration and Production) Segment:
Q2 FY26 revenue declined 2.6% to Rs 6,058 crore as compared with Q2 FY25 mainly on account of natural decline of production in KGD6. Further lower realisation for gas price for CBM gas and condensate impacted revenues. This was partly offset by higher KGD6 gas price and higher volume of CBM gas
The average price realized for KGD6 gas was $ 9.97/MMBTU in 2Q FY26 vis-à-vis $ 9.55/MMBTU in Q2 FY25. The average price realised for CBM gas was $ 9.53/MMBTU in Q2 FY26 vis-à-vis $ 11.4/MMBTU in Q2 FY25.
JioStar Business:
JioStar reported strong revenues of Rs 7,232 crore with record EBITDA of Rs 1,738 crore with an industry leading margin of 28.1%.
JioHotstar recorded an average of around 400 million monthly active users (MAUs) during the quarter
Reliance Industries is India's largest private sector company. Its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, advanced materials and composites, renewables (solar and hydrogen), retail and digital services.
The counter added 1.35% to end at Rs 1416.95 on the BSE.
In the cash market, the Nifty 50 index jumped 183.40 points or 0.74% to 25,077.65
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, was up 1.31% to 10.19.
Axis Bank, Tata Consultancy Services (TCS) and Reliance Industries were the top-traded individual stock futures contracts in the F&O segment of the NSE.
The October 2025 F&O contracts will expire on 28 October 2025.
In the cash market, the Nifty 50 index gained 57.95 points or 0.23% to 24,894.25.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, dropped 2.21% to 10.06.
Tata Motors, HDFC Bank and Reliance Industries were the top-traded individual stock futures contracts in the F&O segment of the NSE.
In the cash market, the Nifty 50 index lost 19.80 points or 0.08% to 24,634.90.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.68% to 11.23.
Reliance Industries, HDFC Bank and Infosys were the top-traded individual stock futures contracts in the F&O segment of the NSE.
The September 2025 F&O contracts will expire on 30 September 2025.
Reliance Industries Ltd dropped for a fifth straight session today. The stock is quoting at Rs 1378.2, down 0.35% on the day as on 13:19 IST on the NSE. The benchmark NIFTY is down around 0.23% on the day, quoting at 24998.35. The Sensex is at 81448.84, down 0.33%.Reliance Industries Ltd has eased around 0.48% in last one month.Meanwhile, Nifty Energy index of which Reliance Industries Ltd is a constituent, has increased around 4.48% in last one month and is currently quoting at 35506.7, down 0.08% on the day. The volume in the stock stood at 52.36 lakh shares today, compared to the daily average of 98.79 lakh shares in last one month.
The benchmark September futures contract for the stock is quoting at Rs 1378.4, down 0.6% on the day. Reliance Industries Ltd tumbled 7.99% in last one year as compared to a 4.64% slide in NIFTY and a 19.64% fall in the Nifty Energy index.
The PE of the stock is 49.69 based on TTM earnings ending June 25.
In the cash market, the Nifty 50 index lost 166.05 points or 0.66% to 24,890.85.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 2.47% to 10.78.
Infosys, Reliance Industries and Axis Bank of India were the top-traded individual stock futures contracts in the F&O segment of the NSE.
In the cash market, the Nifty 50 index lost 112.60 points or 0.45% to 25,056.90.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 0.96% to 10.52.
Axis Bank, Reliance Industries and State Bank of India were the top-traded individual stock futures contracts in the F&O segment of the NSE.