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Reliance Industries Ltd — Q2 FY26
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.
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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.
रिलायंस इंडस्ट्रीज ने दूसरी तिमाही में शानदार प्रदर्शन किया। कंपनी का कुल मुनाफा (EBITDA) ₹50,000 करोड़ से अधिक रहा, जो पिछले साल से 15% ज्यादा है। शुद्ध मुनाफा (PAT) ₹22,100 करोड़ रहा, जो 14% बढ़ा है। जियो प्लेटफॉर्म्स का मुनाफा 18% बढ़ा, जिसके 50.6 करोड़ ग्राहक हैं और प्रति ग्राहक कमाई ₹211.4 है। रिटेल कारोबार की आय 18% बढ़ी और क्विक कॉमर्स के 600 डार्क स्टोर हो गए। O2C सेगमेंट का मुनाफा 21% बढ़ा, लेकिन तेल की ऊंची कीमतों का असर रहा। नई ऊर्जा में सोलर सेल और बैटरी गीगाफैक्ट्री जल्द शुरू होगी। कंपनी को जियो और रिटेल में मुनाफा बढ़ने की उम्मीद है। जोखिम: पेट्रोकेमिकल मुनाफा वैश्विक अधिक आपूर्ति से दबाव में है।
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Petrochemical margins remain weak
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Read Transcript →Quarter Snapshot
Jio Subscribers
506.4M
+8.3M QoQ
Net additions of 8.3 million in Q2, reaching 506.4 million total subscribers.
Jio ARPU
₹211.4
+₹16.4 YoY
ARPU increased from ₹195 YoY, driven by 5G upgrades and higher usage.
Jio Fixed Broadband Homes
23M
+3M QoQ
Connected premises reached 23 million, with 9.5 million Jio AirFiber subscribers.
JioHotstar MAUs
400M
flat QoQ
Monthly active users maintained at 400 million post-IPL, with strong entertainment engagement.
What Changed vs Last Quarter
NEW
Jio home connections to ramp up significantly
Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
NEW
New Energy RE/RTC power generation from next year
First renewable energy round-the-clock power plants in Kutch will start generating power in H1 FY27, initially for captive use.
NEW
PVC project completion by end of calendar 2026
The large PVC project, including caustic chlorine and EDC/VCM/PVC units across two sites, is targeted for completion by end of 2026.
NEW
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.
DROPPED
Double value by end of golden decade
Management reiterated confidence in doubling the company's value by the end of the golden decade, as stated by the Chairman in 2022 and 2024 AGM.
DROPPED
New energy ecosystem operational in 4-6 quarters
The entire new energy ecosystem, including manufacturing and generation, will be operationalized on a full-scale basis in the next four to six quarters.
DROPPED
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.
DROPPED
55 compressed biogas plants by end of year
Target to achieve 55 compressed biogas plants by the end of this calendar year, with construction in full swing.
NEW RISK
Petrochemical margins remain weak
Polyester chain margins are under pressure due to massive capacity additions in China, and global cracker operating rates are low at 79.5%.
NEW RISK
E&P production decline from KG D6 fields
Natural decline in KG D6 fields is reducing output, though less than expected. Augmentation plans are in early stages.
NEW RISK
No near-term tariff hike for Jio
Management stated no current plans for base tariff hikes, relying on nudges to higher plans. This could limit ARPU growth if competition intensifies.
NEW RISK
Quick commerce competition and investment drag
Retail is investing heavily in quick commerce (600 dark stores), which may pressure margins in the near term as the business scales.
RISK GONE
European sanctions on Russian crude
New European sanctions package may make Russian oil cheaper, but management is evaluating the text and impact on feedstock costs and export destinations.
RISK GONE
Consumer electronics demand slowdown
Early onset of monsoon rains impacted AC sales and consumer electronics revenue growth, which was lower than expected.
RISK GONE
Natural decline in KG-D6 gas production
Upstream production saw a natural decline, partially offset by planned shutdowns; management expects incremental production only by second half of 2028.
RISK GONE
Retail streamlining costs still impacting margins
Costs from store closures in Q3 and Q4 of last year continued to impact Q1 margins, though largely behind now.
🤫 Topics management stopped discussing
Mentioned in Q1 FY25, Q1 FY26, Q3 FY25
Early onset of monsoon rains impacted AC sales and consumer electronics revenue growth, which was lower than expected.
Mentioned in Q1 FY25, Q3 FY25
Refining and petrochemical margins remain under pressure from global capacity additions and weak demand; management highlighted 30-70% margin declines over five years.
Mentioned in Q2 FY25, Q4 FY25
Global refining cracks and petrochemical margins remain near 15-20 year lows due to Chinese capacity additions and weak demand; management noted continued pressure.
Fast read
Guidance and risk preview
Management expects to scale monthly home connections beyond the current 1 million run rate, driven by wireless broadband technology.
Polyester chain margins are under pressure due to massive capacity additions in China, and global cracker operating rates are low at 79.5%.
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