Reliance Industries Q2 Results: Net Profit Rises 33.8%; Revenue Hits Record ₹3.62 Lakh Crore

Mumbai: Reliance Industries Ltd (RIL) posted its strongest-ever quarterly financial performance in the September quarter, achieving record revenue, EBITDA and net profit. Strong growth in its oil-to-chemicals business, along with expansion in digital services and retail, helped drive a 28% rise in revenue.

Consolidated revenue reached an all-time high of Rs 3.62 lakh crore in the second quarter of FY27. EBITDA increased 24% to a record Rs 62,409 crore, while net profit surged 34% to Rs 29,550 crore. For the first half of FY27, the company’s net profit crossed the Rs 50,000-crore mark for the first time.

Reliance Industries invested Rs 38,153 crore in capital expenditure during the quarter, allocating funds towards projects in its oil-to-chemicals and new energy businesses, while strengthening infrastructure and distribution networks across its consumer businesses. Net debt declined to Rs 1.17 lakh crore at the end of September, compared with Rs 1.23 lakh crore at the end of June. The net debt-to-EBITDA ratio also improved to 0.47 times.

Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, said, “During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively.”

Jio Platforms makes stock market debut after record IPO

Reliance’s digital services business registered growth in both revenue and earnings during the quarter, with Jio Platforms Ltd reporting revenue of Rs 47,485 crore, an increase of 11.3% year on year. The growth was supported by subscriber additions, improved average revenue per user (ARPU) and expansion across digital services.

Jio Platforms’ EBITDA rose 16.6% to Rs 21,879 crore, while its EBITDA margin improved by 250 basis points to 54.1%.

A major development during the quarter was the stock market listing of Jio Platforms on October 28, following an initial public offering (IPO) that raised Rs 30,188 crore. The IPO, the largest in India’s history, received subscriptions of more than 22 times the shares on offer. Jio Platforms has since emerged as the country’s second-most valuable listed company.

Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India’s second largest company. It demonstrates the depth of confidence investors place in Jio’s solid foundation and strong growth visibility.”

Jio’s overall subscriber base crossed 542 million during the quarter, adding 9.1 million net subscribers. Its 5G subscriber base reached 300 million, registering an addition of 66 million over the past 12 months. The technology accounted for approximately 56% of the company’s total wireless traffic.

The fixed broadband subscriber base reached 30 million, including 15.1 million JioAirFiber users. JioAirFiber contributed more than 75% of net additions in fixed broadband subscribers over the past 12 months.

ARPU increased 3.5% year on year to Rs 218.8, driven by a favourable subscriber mix and seasonal factors. Data traffic grew 22.1% to 71 exabytes, with average monthly data consumption per user reaching 44.2 GB. Monthly subscriber churn remained steady at 1.6%.

Akash M Ambani, Managing Director of Jio Platforms Limited, said: “This quarter’s results continue to reflect the strength of our 5G network, and the growing reach of our broadband and digital services. We would continue to build our capabilities across satellite communications, 6G intellectual property and AI embedded in our core voice and data services as we create lasting value for our stakeholders.”

During the quarter, Jio unveiled Jio Call Agent, an AI-powered call assistant, and JioFrames, AI-native smart camera frames, at the India Mobile Congress 2026. It also introduced JioShield, a family-safety application, as part of celebrations marking its 10th anniversary.

JioStar revenue increases 10.1%

JioStar recorded a 10.1% year-on-year increase in revenue from operations to Rs 6,806 crore, despite challenging conditions in the advertising market. EBITDA from operations stood at Rs 1,372 crore, translating into a margin of 22.1%.

JioHotstar reported an average of around 440 million monthly active users during the quarter, up 10% from the corresponding period last year. The platform also relaunched internationally under the JioHotstar brand in Singapore, the United Kingdom and Canada.

The England-India cricket series emerged as the biggest-ever bilateral overseas series on JioHotstar. Viewership for Wimbledon, the US Open and the Premier League remained stable, accompanied by improved monetisation.

Reliance Retail revenue rises 6.4%; festive season shift weighs on performance

Reliance Retail Ventures Ltd (RRVL) reported a 6.4% year-on-year increase in gross revenue to Rs 91,716 crore, after adjusting for the demerger of its Consumer Brands business. Performance during the quarter was impacted by the shift in the festive calendar towards the December quarter.

EBITDA, excluding a one-time impairment charge, stood at Rs 6,228 crore, with a margin of 7.8%. The 120-basis-point decline in margin was attributed to the change in festive-season timing, absorption of input-cost inflation and continued investments to expand its business-to-business and digital commerce operations.

Isha M Ambani, Executive Director of Reliance Retail Ventures Limited, said: “Our customers’ trust and continued engagement across our stores and digital platforms remain central to our growth. We are building a future-ready retail business by combining our extensive physical network with digital convenience, technology, and a deep understanding of Indian consumers. The new model with fast growing Digital Commerce and B2B channels is working and funded by the profits of offline business.”

Reliance Retail added 303 stores during the quarter, taking its overall store network to 19,947. Its total operating area stood at 77.5 million sq ft. Transactions increased 7% year on year, despite several major festivals moving to the third quarter.

The grocery business recorded like-for-like growth of 3%. The company introduced its Smart 2.0 format, featuring AI-enabled ordering, while revenue from its business-to-business operations increased 10%. JioMart registered 42% revenue growth, supported by higher average order values and a 24% increase in units per order. Its network expanded to more than 5,000 stores across over 1,000 cities.

The consumer electronics segment reported 8% like-for-like growth, led by demand for mobiles, laptops, IT peripherals and appliances. Fashion and lifestyle recorded like-for-like growth of 3%, while AJIO expanded its catalogue by 23% to 3.3 million options. Reliance Retail also introduced Fabletics and entered into an exclusive partnership with SKIMS.

O2C business records highest-ever quarterly earnings

Reliance’s oil-to-chemicals (O2C) business registered its best-ever quarterly performance, with revenue climbing 44.2% year on year to Rs 2.32 lakh crore, primarily driven by a sharp rise in crude oil and product prices.

EBITDA jumped 67.9% to an all-time high of Rs 25,203 crore, while the EBITDA margin expanded by 160 basis points to 10.9%.

Transportation fuel cracks, which indicate refining margins, increased 3 to 3.7 times compared with the year-ago period, reaching historic highs. Margins in the polyester business also touched a three-year high, supported by a 15% rise in the spread between paraxylene (PX) prices and raw material costs, along with a 52% increase in the spread for purified terephthalic acid (PTA), an intermediate product derived from paraxylene and used in polyester manufacturing.

Crude oil prices increased 40.6% year on year, while prices of downstream chemical products rose between 25% and 35%.

However, the company said earnings growth was partly restricted by continued expenses arising from the special additional excise duty (SAED) on exports and under-recoveries in domestic fuel retailing by Jio-bp.

Despite disruptions in the Strait of Hormuz, Reliance processed record volumes of crude oil by sourcing supplies from Europe, Latin America and North America. The company said the move enabled India to meet domestic fuel requirements without depending on imports.

Jio-bp expanded its fuel retail network to 2,304 outlets during the quarter. Combined petrol and diesel sales volumes increased 4.2% year on year, while electric vehicle charging volumes through Jio-bp Pulse rose 60% to 15.8 GWh.

Oil and gas segment earnings decline marginally

Revenue from Reliance’s oil and gas segment remained largely stable at Rs 6,020 crore during the quarter. Lower gas production and price realisation from the KG-D6 fields were largely balanced by improved condensate price realisation and higher coal-bed methane (CBM) production and pricing.

EBITDA declined marginally by 2% to Rs 4,901 crore. Favourable exchange-rate movements partly offset the impact of lower revenue and increased government levies.

CBM production registered year-on-year growth of 23.6%. The company said its multi-lateral well drilling programme was progressing, with 37 of the targeted 40 wells drilled and 35 connected to production.

Average production during the quarter stood at 24 million standard cubic metres per day of KG-D6 gas and approximately 15,903 barrels per day of oil and condensate. DeshGujarat