The company’s revenue in the quarter under review stood at Rs 2.59 lakh crore, up 10% from Rs 2.35 lakh crore in the corresponding quarter of the last fiscal.
While PAT Street’s estimate of Rs 18,643 crore missed, the top line beat estimates of Rs 2.51 lakh crore.
Gross revenues for RIL stood at Rs 2.83 lakh crore, which was also up 10% year-on-year.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) stood at Rs 50,367 crore in the quarter under review, up 15% year-on-year. EBITDA margin was reported at 17.8%, an increase of 80 basis points compared to the corresponding quarter of the last fiscal year.
RIL’s sequential PAT fell 33% compared to Rs 26,994 crore in Q1FY26, while revenue was 4% higher QoQ compared to Rs 2.49 lakh crore.
RIL segment-oriented performance
Jio Platfoms revenue rose 14.9% year-on-year, led by industry-leading subscriber growth in mobility and home, continued improvement in ARPU and continued rise in digital service offerings. Retail arm Reliance Retail Ventures Limited (RVVL) saw sales grow 18% year-on-year, with significant growth across all consumption baskets. Grocery and Fashion delivered market-leading performances with growth of 23% and 22% respectively. The consumer electronics division achieved 18% year-on-year growth, helped by reduction in GST rates and new launches.
Oil to Chemicals (O2C) sales increased by 3.2% year-on-year. Production intended for sale increased by 2.3% year on year. The company’s fuel retail business through Jio-bp further expanded domestic distribution of transportation fuels. Jio-bp achieved volume growth of 34% for HSD and 32% for MS.
Oil and gas segment revenues decreased 2.6% year-on-year, mainly due to the natural production decline in KGD6 and lower condensate price realization. This was partially offset by improved KGD6 gas price realization and increased CBM volumes.
JPL’s EBITDA increased 17.7% year-over-year, primarily driven by revenue growth and 140 basis points margin expansion. For RRVL, EBITDA increased 16.5% year-on-year, driven by higher sales with an increase in store space and hyperlocal deliveries, a favorable mix and a focus on operational efficiency.
O2C EBITDA increased 20.9% year-on-year, with a sharp increase in transportation fuel cracks and continued volume growth in domestic fuel retail. For the downstream chemicals, the positive impact of higher polymer deltas was partially offset by weak margins from the polyester chains.
And for the Oil and Gas segment, EBITDA decreased 5.4% year-on-year due to lower KGD6 gas volumes and higher operating costs due to periodic maintenance activities.
JPL’s EBITDA increased 17.7% year-over-year, primarily driven by revenue growth and 140 basis points margin expansion. For RRVL, EBITDA increased 16.5% year-on-year, driven by higher sales with an increase in store space and hyperlocal deliveries, a favorable mix and a focus on operational efficiency.
O2C EBITDA increased 20.9% year-on-year, with a sharp increase in transportation fuel cracks and continued volume growth in domestic fuel retail. For the downstream chemicals, the positive impact of higher polymer deltas was partially offset by weak margins from the polyester chains.
And for the Oil and Gas segment, EBITDA decreased 5.4% year-on-year due to lower KGD6 gas volumes and higher operating costs due to periodic maintenance activities.
RIL Finance Charges
RIL’s financing costs rose 13.5% year-on-year to Rs 6,827 crore ($769 million), largely due to operationalization of 5G spectrum assets and higher liability balances.
RIL tax charges
Tax expenditure rose 17.6% year-on-year to Rs 6,978 crore ($786 million). PAT and profit/(loss) share of Associates & JVs rose 14.3% year-on-year to Rs 22,092 crore ($2.5 billion).
RIL capital expenditure
Capital expenditure for the quarter ended September 30, 2025 was Rs 40,010 crore ($4.5 billion), mainly on investments in O2C capacity expansion, scaling Jio Telecom’s network and digital services, expanding its retail footprint and building New Energy gigafactories.
RIL management speaks
Commenting on the results, Chairman and Managing Director Mukesh D. Ambani termed RIL’s earnings as a robust performance during Q2FY26, led by strong contribution from O2C, Jio and Retail businesses. “Consolidated EBITDA registered 14.6% year-on-year growth, driven by agile business operations, a domestically focused portfolio and structural growth in the Indian economy,” Ambani said.
Ambani said RIL’s digital services business continues to grow with positive momentum in home and mobility services subscriber base, driven by Jio’s leadership in networking and technology. Jio’s innovative radio solutions and ubiquitous standalone 5G network have made it possible to bring broadband connectivity to households across India.
In a filing to the stock exchanges, the CMD also mentioned that RRVL recorded higher volume across formats, crediting the recently announced reforms in the GST regime, which it said provide impetus to continued consumption-led growth.
Ambani also touted the “new growth engines” in new energy, media and consumer brands, which he said will build on Reliance’s legacy of creating market leaders.
RIL shares rose 1.5% to close at Rs 1,419.10 on the NSE, emerging as the second largest contributor to the BSE Sensex and Nifty hitting their 52-week high today.
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