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Revenue
₹2,31,535 Cr
verified against source
Revenue YoY
0.8%
reported change
EBITDA
₹44,000 Cr
latest reported figure
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Where this quarter sits.
Quarter read
What the record says.
Reliance Industries reported a mixed Q2 FY25 with consolidated revenue of INR 2,58,000 crore (+0.8% YoY) and EBITDA of INR 44,000 crore (-2% YoY), as strong growth in Digital Services (+18% YoY EBITDA) and Oil & Gas (+11% YoY EBITDA) was offset by a sharp 24% decline in O2C EBITDA due to weak fuel cracks and petrochemical margins. Jio Platforms saw ARPU rise to INR 195.1 (+7.4% YoY) and added 2.8 million Jio AirFiber subscribers, while Retail revenue was flat but EBITDA margin improved 30 bps to 8.8% on operational streamlining. Management expects retail growth to normalize in 2-3 quarters and Jio AirFiber to reach 1 million monthly additions. Key risk: sustained weakness in global refining margins and petrochemical demand could further pressure O2C earnings.
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Guidance to track
- Management targets adding approximately one million Jio AirFiber connections every month, up from current run rate.
- Retail expects to revert to industry-leading growth after streamlining operations and B2B recalibration over the next couple of quarters.
- JioAI Cloud offering 100GB+ free storage with AI features to launch beta soon, followed by commercial services.
Risks flagged
- Fuel cracks and petrochemical deltas remain under pressure due to weak demand and new supply, potentially impacting O2C earnings further.
- Fashion and lifestyle segment weakness persisted; management's expectation of normalization in 2-3 quarters may be delayed if consumer sentiment remains weak.
- Subscriber base declined by 10.9 million in Q2; while management calls it lower than historical churn, further erosion could pressure revenue.
Key quotes
- We are already one of the fastest growing fixed wireless operators globally, and this is not where we want to stop.
- The underlying thematic of the business continues to be well, but for the next one or two quarters, that is something, it could be a little bit more, it's.
- We are seeing some very strong growth in the first two weeks of October as the festival season has started kicking in, and we expect this momentum to continue going on to Diwali and beyond.
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