Jio Subscribers
506.4M
+8.3M QoQ
Net additions of 8.3 million in Q2, reaching 506.4 million total subscribers.
RELIANCE
Conglomerate
15 Oct 2025
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.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
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।
Key Numbers
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
Jio AirFiber to add 1 million homes per month
Management targets adding approximately one million Jio AirFiber connections every month, up from current run rate.
DROPPED
Retail growth momentum to normalize in 2-3 quarters
Retail expects to revert to industry-leading growth after streamlining operations and B2B recalibration over the next couple of quarters.
DROPPED
JioAI Cloud beta launch imminent
JioAI Cloud offering 100GB+ free storage with AI features to launch beta soon, followed by commercial services.
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
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
Sustained weakness in O2C margins
Fuel cracks and petrochemical deltas remain under pressure due to weak demand and new supply, potentially impacting O2C earnings further.
RISK GONE
Retail demand recovery uncertainty
Fashion and lifestyle segment weakness persisted; management's expectation of normalization in 2-3 quarters may be delayed if consumer sentiment remains weak.
Management Guidance
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.
Management guidance growthNew 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.
Management guidance expansionPVC 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.
Management guidance capexJio 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.
Management guidance marginsKey Risks
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%.
medium · management_commentaryE&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.
medium · management_commentaryNo 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.
medium · analyst_questionQuick 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.
low · data_observationNotable 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.
Frequently Asked Questions
What was Reliance's revenue in Q2 FY26?
Reliance reported revenue of — in Q2 FY26, representing a — change compared to the same quarter last year.
What guidance did Reliance management give for FY27?
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 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. 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. 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.
What are the key risks for Reliance in FY27?
Key risks include 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%.; 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.; 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.; 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..
Did Reliance meet its previous quarter's guidance?
Of 1 tracked promise, management 0 met, 0 close, 1 missed.
Where can I read the full Reliance Q2 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.