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Revenue
₹2,54,623 Cr
verified against source
Revenue YoY
—
reported change
EBITDA
₹50,000 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Reliance Industries delivered a strong Q2 FY26 with consolidated EBITDA crossing ₹50,000 crore (up 15% YoY) and PAT at ₹22,100 crore (up 14% YoY), driven by robust performance across all segments. Jio Platforms saw 18% EBITDA growth on 506M subscribers and ARPU of ₹211.4, while Retail grew 18% revenue with quick commerce scaling to 600 dark stores. O2C EBITDA surged 21% on higher fuel cracks, partially offset by elevated OSPs. New Energy progress continues with PV cell lines starting next month and battery gigafactories by early 2026. Management guided for sustained margin expansion in Jio, retail growth acceleration, and RE/RTC power generation from next year. Key risk: petrochemical margins remain constrained by global overcapacity and weak polyester chain.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
- First renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.
- The large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.
- Jio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.
Risks flagged
- Polyester chain margins are under pressure due to massive capacity additions in China, and global cracker operating rates are low at 79.5%.
- Natural decline in KG D6 fields is reducing output, though less than expected. Augmentation plans are in early stages.
- Management stated no current plans for base tariff hikes, relying on nudges to higher plans. This could limit ARPU growth if competition intensifies.
- Retail is investing heavily in quick commerce (600 dark stores), which may pressure margins in the near term as the business scales.
Key quotes
- We are building what will be the world's largest new energy complex. Nowhere in the world do we have the complete ecosystem for PV modules all the way down to polysilicon.
- Our objective is to maximize wallet share with the customer. I'm neither an offline player nor an online player. We look at, am I capturing enough wallet share of the customer?
- We are nudging consumers to consume more and happily pay more, but no immediate plans for the tariffs.
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