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Reliance Margin Trend — Quarter by Quarter

Reliance's EBITDA margin moved from 18.0% in Q2 FY24 to 17.0% in Q2 FY25 across 5 quarters. Management commentary below explains the cost and pricing drivers mentioned on calls.

EBITDA Margin by Quarter

QuarterEBITDA Margin (%)YoY Change
Q2 FY2517.0%—
Q1 FY2517.0%—
Q4 FY2418.0%—
Q3 FY2418.0%—
Q2 FY2418.0%—

What management said about ebitda margin

G

Q2 FY26 · Jio EBITDA margin expansion to continue

Jio's EBITDA margin expanded to 56.1% in Q2, and management expects operating leverage to drive further margin improvement.

G

Q1 FY26 · Retail EBITDA doubling every 3-4 years

Chairman's vision of doubling retail business every three to four years remains on track, with acceleration expected in coming quarters.

G

Q1 FY25 · Retail margin improvement focus

Streamlining operations and tech investments expected to sustain margin improvement; EBITDA margin up 30 bps YoY.

G

Q4 FY24 · Capex to remain below cash profits

Management indicated capex intensity is lower and will be below cash profits, with net debt/EBITDA at 0.65x.

G

Q3 FY24 · O2C margins to remain volatile but refining margins constructive

Management expects refining margins to remain favorable due to strong demand for jet fuel and gasoil, but downstream chemical margins pressured by global oversupply.

G

Q3 FY24 · Retail margin expansion to continue via operating leverage

EBITDA margin improved 40 bps YoY to 8.1%; management expects further expansion as infrastructure investments pay off.

G

Q2 FY24 · Retail EBITDA margin expansion expected

Retail EBITDA margin improved 70 bps YoY to 8.1%, with operating leverage expected to drive further gains.