Reliance Industries Q2 Results: Mukesh Ambani's RIL Posts 10% YoY Growth In PAT To Rs 18,165 Cr; 5 Key Points

Billionaire Mukesh Ambani's Reliance Industries has garnered a consolidated net profit of Rs 18,165 crore for the second quarter of FY26, registering a growth of 10% year-on-year. A similar upside is seen in the top-line front with revenue coming at Rs 2.59 lakh crore in Q2FY26, compared to Rs 2.35 lakh crore in same quarter last year. The key drivers of RIL's Q2 performance are strong growth in O2C, Jio and Retail business. Ambani is optimistic on their new growth engines to keep Reliance's legacy going forward.

Reliance Industries posted a consolidated PAT of Rs 18,165 crore in Q2FY26, which saw a mixed performance. The company posted YoY growth of 9.7% from PAT of Rs 16,563 crore recorded in Q2FY25, but declined by sharply by 32.7% from PAT of Rs 26,994 crore seen in the preceding quarter.

On the top-line, the behemoth witnessed growth on both YoY and QoQ levels although in single-digits. Consolidated revenue from operations stood at Rs 258,898 crore in Q2FY26, registering growth of 9.94% from Rs 235,481 crore revenue of Q2FY25, and upside of 4.12% from Rs 248,660 crore revenue in Q1FY26.

Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: "Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a Yo-Y basis, reflecting agile business operations, domestic focused portfolio and structural growth in Indian economy."

Key Highlights for 2Q FY26

1. Digital Services

-Jio Platforms' EBIDTA for quarter increased by 17.7% Y-o-Y to Rs18,757 crore

-Jio's net profit for the quarter grew 12.8% Y-o-Y to Rs7,379 crore

-Jio's net subscriber addition of 8.3 million during the quarter. Jio's total subscriber base of 506.4 million as of Sep '25

2. Reliance Retail

-Reliance Retail delivered steady performance during the quarter with revenue of Rs90,018 crore, up 18.0% Y-o-Y

-Reliance Retail's EBITDA stood at Rs6,816 crore which was up 16.7% Y-o-Y; EBITDA margin stood at 8.6%

-Retail expanded its store network with 412 new store openings taking the total store count to 19,821 with area under operation at 77.8 million sq. ft.

3. O2C Business:

- Reliance's O2C Segment Revenue for the quarter was up 3.2% Y-o-Y to Rs160,558 crore ($18.1 billion). Production meant for sale increased 2.3% on a Y-o-Y basis with higher throughput in both primary and secondary units. Jio-bp network added 236 outlets on a Y-o-Y basis, leading to a volume growth of 34% for HSD and 32% for MS.

- Reliance's O2C segment EBITDA increased by 20.9% Y-o-Y to Rs15,008 crore ($1.7 billion) with sharp rebound in transportation fuel cracks (up 22-37%) and improvement in polymer margins. It was also supported by sustained higher volumes in domestic fuel retailing. Segment EBITDA was partially constrained by weak polyester chain deltas.

Decoding the performance, Ambani said, "O2C business delivered robust growth on Y-o-Y basis, despite continued volatility in energy markets. Fuel margins recovered over previous year led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global downstream markets in the medium-term. Reliance's operational delivery is supported by integrated assets, high mix of light-feed cracking, including a virtual ethane pipeline from the US, and strong focus on domestic markets."

4. Oil & Gas Business:

- Oil & Gas segment revenue for the quarter was lower by 2.6% Y-o-Y at Rs6,058 crore mainly on account of lower sales volume of KGD6 gas and condensate, and lower realisation for gas price for CBM gas and condensate impacted revenues. This was partly offset by higher KGD6 gas price and higher volume of CBM gas.

- The Oil & Gas segment's quarterly EBITDA achieved is Rs5,002 crore which is lower by 5.4% on Y-o-Y basis. The decline in EBITDA was due to lower revenues coupled with higher operating costs due to periodic maintenance activity.

- The average KGD6 production for the 2Q FY26 is 26.1 MMSCMD of gas and 18,746 bbl / day of Oil / Condensate. The current rate of production is ~26.1 MMSCMD of gas and ~18,400 bbl / day of Oil / Condensate.

- Second phase of multi-lateral well campaign underway to augment production - Drilling of 7 wells completed out of 40 MLW wells. 6 wells connected to the production system out of which 3 are under production ramp-up.

5. JioStar

- JioStar reported record revenues of Rs 7,232 crore with EBITDA (including other income) of Rs 1,738 crore.

- It was a strong quarter for JioStar across linear and digital. The network reached over 830 million viewers and delivered over 60 billion hours of watch time on

- TV and averaged 400 million MAUs during the quarter.

Looking ahead, Ambani said, "I am happy with the progress we are making in our new growth engines - new energy, media and consumer brands. I believe these businesses will build on Reliance's legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price."

"Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverage these capabilities for the benefit of India and Indians," he lastly said.

As of September 2025, Reliance's Net Debt is largely stable at Rs 118,545 crore compared to Rs 117,581 crore as of 30th June 2025. However, Capex for the quarter was higher at Rs 40,010 crore, but Reliance also has a strong internal cashflows that covered capital investments with cash profit of Rs 40,778 crore.