Reliance delivers robust performance in Q2 on strong O2C, Jio, retail businesses; here are 10 key highlights

Reliance Industries Ltd has delivered robust performance in the September quarter, driven by strong oil-to-chemicals (O2C), Jio and retail businesses.

Consolidated EBITDA registered 14.6 percent year-on-year growth, reflecting agile business operations, a domestic-focused portfolio and structural growth in the Indian economy, while Jio subscriber base crossed the milestone of 500 million with a total subscriber base of 506 million.

Chairman and Managing Director Mukesh Ambani said the new growth engines of new energy, media and consumer brands 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.

Shares of Reliance Industries soared 27 percent since the low of April this year, while it gained 16.6 percent to Rs 1,416.8 year to date.

Here are 10 key highlights of the September 2025 quarter:

1) Bottomline

Consolidated net profit of the company has seen a healthy growth of 14.3 percent on-year to Rs 22,092 crore during the quarter, with strong topline and operating numbers. The profit growth was despite 13.5 percent increase in finance cost to Rs 6,827 crore for the quarter, largely due to operationalisation of 5G spectrum assets and higher liability balances, and 17.6 percent rise in tax expenses to Rs 6,978 crore from a year earlier.

2) Topline

Gross revenue rose to Rs 2.84 lakh crore for the second quarter of current fiscal, growing 10 percent over the corresponding period of last fiscal, with double-digit growth in Jio and retail businesses. In the September 2024 quarter, gross revenue was Rs 2.58 lakh crore.

3) Operating Performance

Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) in Q2FY26 soared 14.6 percent to Rs 50,367 crore compared to same period previous financial year, with margin expanding 80 bps to 17.8 percent during the quarter. The credit goes to strong double-digit growth in Jio, retail, and O2C segments.

4) Jio Platforms

The 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, Mukesh Ambani said.

Jio Platforms reported net profit of Rs 7,379 crore for the quarter, increasing 12.8 percent over the year-ago period. Revenue during the same period increased by 14.9 percent YoY to Rs 42,652 crore amid industry-leading subscriber growth across mobility and homes, sustained improvement in ARPU and continued ramp-up in digital service offerings.

EBITDA grew by 17.7 percent, primarily driven by revenue growth and healthy margin improvement.

"Margin increase of 140 bps YoY was led by improved monetisation and operational efficiencies," Reliance said.

Monthly ARPU (average revenue per user) in Q2FY26 grew to Rs 211.4 due to increased customer engagement, though it was temporarily impacted by the promotional 5G offers. ARPU in Q2FY25 was Rs 195.1, and Q1FY26 at Rs 208.8.

Reliance said monthly churn was stable at 1.9 percent with net subscriber addition of 8.3 million during the quarter.

"JioTrue5G user base increased to 234 million as of September 2025. 5G now accounts for ~50 percent of total wireless traffic driven by consistent increase in customer engagement," it added.

5) Reliance Retail

The growth momentum continued in the 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," Ambani said.

Reliance Retail Ventures (RRVL), which contributed 31.7 percent to business, recorded 21.9 percent on-year growth in profit to Rs 3,457 crore in the quarter ended September 2025.

Revenue increased by 18 percent to Rs 90,018 crore from a yearv earlier, with significant growth across consumption baskets.

"Grocery and fashion delivered market leading performance growing 23 percent and 22 percent respectively, while consumer electronics registered 18 percent YoY growth aided by GST rate reduction and new launches," Reliance said.

The segment's EBITDA soared 16.5 percent year-on-year led by higher revenue with ramp-up in store-footprint and hyperlocal deliveries, favourable mix, and focus on operational efficiencies.

The business expanded its store network with 412 new store openings, bringing the total store count to 19,821 and the area under operation to 77.8 million sq ft.

6) Oil to Chemicals

"O2C business delivered robust growth on year-on-year 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," Ambani said.

Reliance’s operational delivery is supported by integrated assets, high mix of light-feed cracking, including a virtual ethane pipeline from the US, and a strong focus on domestic markets, he added.

O2C revenue during the September quarter grew by 3.2 percent YoY to Rs 1.6 lakh crore. Production meant for sale increased 2.3 percent YoY with higher throughput in both primary and secondary units, Reliance said.

The Jio-BP network added 236 outlets on YoY basis, leading to a volume growth of 34 percent for HSD (high-speed diesel) and 32 percent for MS (motor spirit or petrol).

The segment's EBITDA increased by 20.9 percent in the same period with sharp increase in transportation fuel cracks and, sustained volume growth in domestic fuel retailing. For downstream chemicals, the positive impact of higher polymer deltas was partially offset by weakness in polyester chain margins. The margin expansion was 130 bps to 9.3 percent YoY.

7) Oil & Gas

Reliance reported a 2.6 per cent year-on-year fall in oil and gas segment revenue to Rs 6,058 crore, mainly due to the 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.

EBITDA decreased by 5.4 percent in the same period on lower KGD6 gas volumes and higher operating costs on account of periodic maintenance activities.

The average price realised for KGD6 gas was $9.97 per mmBtu (million British thermal units) in Q2FY26 against $9.55 per mmBTU in Q2FY25. The average price realised for coal bed methane (CBM) gas was $9.53 per mmBTU against $11.4 per mmBTU in the same period, Reliance said.

8) JioStar

JioStar's business profit more than doubled to Rs 1,322 crore in Q2FY26, compared to Rs 581 crore in the same period of the previous fiscal.

The segment reported strong revenue of Rs 7,232 crore with record EBITDA of Rs 1,738 crore with an industry-leading margin of 28.1 percent for the September quarter.

"The network reached over 830 million viewers, delivering over 60 billion hours of watch time on television while JioHotstar averaged 400 million MAUs during the quarter, underscoring its scale and engagement strength,” Reliance said.

9) Capex

Capital expenditure for the September quarter was Rs 40,010 crore mainly towards investments in O2C capacity expansion, augmenting Jio Telecom network and digital services, increasing retail footprint and building New Energy giga factories. This was against Rs 34,022 crore in Q2FY25.

10) Debt

Reliance said outstanding debt at the end of September 30 was Rs 3.48 lakh crore, against Rs 3.36 lakh crore as of September 2024, while the net debt during the same period stood at Rs 1.18 lakh crore against Rs 1.16 lakh crore.

Cash and cash equivalents were at Rs 2.3 lakh crore as of September quarter, increasing from Rs 2.2 lakh crore at the end of the September quarter last year.

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