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Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth
Economy, Markets, Result Updates - November 19, 2025

Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth

Reliance Q2 FY26: Gross Revenue ₹2.83 Lakh Crore, EBITDA +14.6% — Retail & Digital Drive Growth

Reliance reported a strong quarter with consolidated gross revenue of ₹2,83,548 crore, EBITDA of ₹50,367 crore (+14.6% YoY) and consolidated PAT of ₹22,092 crore (+14.3% YoY) — driven mainly by Jio (digital) and Retail momentum.

*Consolidated headline numbers*
* Gross revenue: ₹2,83,548 crore (up 10.0% YoY).
* EBITDA: ₹50,367 crore (up 14.6% YoY).
* Profit before tax (PBT): ₹29,124 crore (up 16.3% YoY).
* Tax: ₹6,978 crore.
* Profit after tax (PAT): ₹22,092 crore (up 14.3% YoY).
* Finance cost: ₹6,827 crore;
* Depreciation: ₹14,416 crore.
These are the consolidated top-line and profitability numbers for Q2 FY26.

*Digital/ Jio Platforms*
* Gross revenue (JPL consolidated): ₹42,652 crore (15% YoY).
* Operating revenue: ₹36,332 crore (14.6% YoY).
* EBITDA: ₹18,757 crore (up 17–18% YoY) with margin expansion (+140 bps).
* Jio milestones: subscribers ~506.4 million, ARPU rose to ₹211.4.
Jio’s improved ARPU, subscriber additions (net add ~8.3 million) and higher monetization were key profit levers this quarter.

*Retail (Reliance Retail Ventures Limited — RRVL)*
* Gross revenue (Retail): ₹90,018 crore (up 18% YoY).
* Net revenue: ₹79,128 crore; EBITDA from operations: ₹6,624 crore; Total EBITDA: ₹6,816 crore (up ~16.5% YoY).
Retail also reported 369 million registered customers and 19,821 stores (412 new stores opened in the quarter). Festive demand and faster adoption of quick commerce lifted volumes.

*Oil-to-Chemicals (O2C)*
* Revenue: ₹160,558 crore (small YoY uptick ~3.2%).
* EBITDA: ₹15,008 crore (up ~21% YoY); EBITDA margin improved ~130 bps to 9.3% — supported by better fuel cracks, higher domestic fuel placement and commodity delta improvements.

*Exploration & Production (E&P)*
Revenue and EBITDA were steady-to-low single-digit changes; production volumes and price realizations mixed across blocks.

*Balance sheet & cash flow signals*
* Capex during the quarter: ₹40,010 crore (shows heavy investment activity).
* Net debt: moved to ₹118,545 crore (up slightly from ₹117,581 crore).
* Net debt/ LTM EBITDA: ~0.58x — implies the company remains comfortably levered relative to earnings while investing aggressively.

*Risks & catalysts*
* Catalysts: continued Jio ARPU upsides, further traction in quick commerce and festive retail, and improved downstream fuel cracks (helpful for O2C EBITDA). Jio’s scale (500M+ subs) is a structural strength.
* Risks: higher finance costs (Q2 finance cost rose YoY), large recurring capex, and exposure of petrochem margins to global crude/chain dynamics. Also, compare Q2 to Q1 for one-offs — Q1 included proceeds from sale of listed investments that affected sequential comparisons.

*Conclusion*
Reliance posted a broadly solid Q2 FY26: double-digit YoY growth in revenue, EBITDA and PAT, largely led by Jio’s monetisation and Retail’s festive-led growth, while the group continues heavy capex and maintains a moderate net-debt/EBITDA ratio. Investors will watch margin sustainability across O2C and the cash-flow impact of the ongoing investment program.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption

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Jio Set to Surpass Airtel in ARPU Growth!
business update, Equities, Market News - July 7, 2025

Jio Set to Surpass Airtel in ARPU Growth!

Jio Set to Surpass Airtel in ARPU Growth!

Reliance Jio’s average revenue per user (ARPU) is projected to rise by 1.8% to ₹210 in the June quarter, outpacing Bharti Airtel’s growth of 1.6% to ₹249 as competition intensifies.

Summary:
Jio is expected to outpace Airtel in ARPU growth for Q1 FY26, with an anticipated 1.8% quarter-over-quarter increase to ₹210, while Airtel is projected to see a 1.6% rise to ₹249. This signals Jio’s competitive advantage in driving incremental revenue amid a maturing telecom market, bolstered by strong 5G adoption and robust subscriber additions.

India’s telecom sector is bracing for another wave of fierce competition, with recent projections from JM Financial suggesting that Reliance Jio may surpass Bharti Airtel in average revenue per user (ARPU) growth in the first quarter of FY26. The research firm anticipates that Jio’s ARPU will increase by 1.8% quarter-on-quarter to reach ₹210 in the quarter ending in June, while Airtel’s ARPU is expected to grow by 1.6% to ₹249.
These figures, although seemingly marginal, are of considerable importance in India’s hyper-competitive telecom industry, where ARPU is a key profitability metric and a proxy for consumer stickiness, pricing power, and overall service monetisation.

Jio’s Strategic Advantage
Jio’s ARPU growth highlights its aggressive expansion strategy. As India’s largest telecom operator by subscriber base, Jio has focused on delivering affordable, high-speed data to a massive user population, while also gradually migrating subscribers to premium data packs and 5G plans.
Over the past year, Jio has expanded its 5G services in major Indian cities and semi-urban areas, encouraging user upgrades to higher data plans. The integration of JioFiber, JioAirFiber, and its content platforms like JioCinema and JioTV has created strong cross-selling opportunities, boosting average revenue per user (ARPU). Analysts attribute Jio’s ARPU growth to its balanced pricing strategy, which appeals to both budget-conscious consumers and those seeking premium upgrades as they adopt 5G devices.

Airtel Remains Strong but Faces a Tougher Climb
Bharti Airtel, which is Jio’s nearest competitor, is anticipated to report an ARPU of ₹249 in Q1 FY26, indicating a sequential increase of 1.6%. Although Airtel’s ARPU remains higher than Jio’s in absolute figures, its growth trajectory is expected to slow down a bit.
Airtel has long benefited from a relatively premium user base, with higher postpaid penetration and strong traction in enterprise services, leading to a structurally higher ARPU compared to Jio. However, incremental growth may be more challenging for Airtel because its customers already pay comparatively higher tariffs, limiting headroom for sharp pricing increases.
Airtel’s strategy prioritises premium subscribers and quality service through network upgrades and a better customer experience. While this has fostered loyalty among higher-paying customers, it has slowed ARPU growth compared to Jio, which focuses on upselling entry-level and mid-tier users.

Industry in Transition
The ARPU growth story comes at a time when India’s telecom market is undergoing a transition from 4G to 5G, a move seen as critical to sustaining revenue growth in a maturing market where subscriber growth has plateaued.
For operators like Jio and Airtel, growth in Average Revenue Per User (ARPU) is crucial to support their large investments in 5G and infrastructure. After significant spending in auctions and deployment, increasing ARPU is the next logical move. Analysts suggest that future ARPU growth will rely on tariff hikes, adoption of premium plans, and the development of 5G use cases such as gaming, IoT, and cloud services.

Regulatory Watch
The Telecom Regulatory Authority of India (TRAI) monitors tariff structures and service quality closely. While modest price increases are acceptable, excessive hikes may face regulatory scrutiny. Jio and Airtel balance affordable pricing with growth, but continued regulation is expected to keep ARPU increases fair for consumers.

Investor Perspective
From an investor standpoint, the projected ARPU trajectories reflect confidence in the sector’s resilience and growth amid high capital expenditure cycles. Jio’s anticipated 1.8% ARPU gain is being read positively, as it suggests more substantial revenue per user momentum on the back of widespread 5G adoption and subscriber upgrades.
Airtel, despite its high ARPU, faces concerns from investors about balancing growth and customer retention among price-sensitive users. As the ARPU gap between Jio and Airtel shrinks, analysts believe Jio might enhance its market leadership through pricing strategies and a robust service ecosystem.

What to Watch Ahead
The June quarter numbers, when officially reported, will offer deeper insights into how each operator is managing its user monetisation strategies in a cooling subscriber acquisition environment. Further, market watchers will closely examine how 5G adoption translates into new revenue streams beyond simply faster data, such as connected home services, AR/VR entertainment, and industrial IoT applications.
If Jio maintains its current ARPU momentum, it could strengthen its position as India’s telecom leader, using its diverse platform to boost per-user revenue. Meanwhile, Airtel must innovate premium offerings and enterprise partnerships to maintain its higher ARPU while achieving incremental growth. In a capital-intensive industry with thin margins, these ARPU changes can significantly impact cash flows and valuations. As the Indian telecom sector prepares for future growth, ARPU will be a key metric for analysts, investors, and regulators.

Conclusion
The competition for ARPU dominance in India’s telecom sector is still ongoing. As Jio positions itself to outpace Airtel in quarterly ARPU growth, the stage is set for a fierce race to monetise 5G investments while sustaining subscriber trust and competitive pricing. With consumer data consumption at record highs and next-generation services around the corner, the ARPU trends of FY26 could define who emerges strongest in India’s telecom story.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Bhatia Communications Declares Final Dividend, Sets Record Date for FY25

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Jio’s Giant Leap: Reliance Confirms IPO in Early 2026
Business, Equities, Market News, Markets - January 10, 2025

Reliance Industries Q2: Telecom and Retail Sectors Fuel Strong Growth Overview

Reliance Industries Q2: Telecom and Retail Sectors Fuel Strong Growth

Overview
Mukesh Ambani, a billionaire and India’s richest person, leads Reliance Industries, the country’s largest firm by market capitalization. However, RIL is not the only company led by Ambani that is listed on the stock exchange. Reliance Industrial Infrastructure Limited, a RIL-promoted firm, has declared its quarterly earnings for the October-December 2024 period.

Price History of RIIL
On Wednesday, shares of the Reliance Industries-backed company closed at Rs 1113 per on the BSE, down 2%. RIIL, with a market capitalization of Rs 1,680.63 crore, is a component of the S&P Smallcap Index. Reliance Industrial Infrastructure shares have fallen 20% in the last six months and 17% over the last year.
According to BSE statistics, the Reliance stock has increased by 22 percent in the last two years and 29.53 percent in the last three years and consequently, the shares of RIIL have surged by 142& in the last 5 years. Meanwhile, Ambani-led Reliance Industries is a promoter in the company, with 68,60,064 shares representing a 45.43 percent ownership.

Bernstein Report
Reliance Industries Limited will experience a recovery cycle following a bad year in 2024, according to Bernstein analysis. According to this analysis, RIL’s near-term growth drivers will include telecom, retail, and refining. In 2025, the recovery will be spearheaded by a 12% increase in Jio’s Average Revenue Per User (ARPU) without rate increases, as well as 4-5% user growth. Retail operations are also expected to improve, with double-digit EBITDA growth, providing strength to the RIL.

The research notes that the company’s current valuation of 10.1x projected EV/EBITDA is 17% lower than its three-year average. With earnings likely to climb by 19% or higher in FY26, Bernstein has upped its target price for RIL to Rs 1,520, representing a 25% upside.
According to the analysis, Reliance Jio would be a primary driver of RIL’s recovery, with revenue growth forecast at a CAGR of 17% over the next three years.

By FY26, ARPU is forecast to increase by more than 14%, and Jio’s subscriber base is expected to reach 500 million, resulting in a 48% revenue market share.
According to the study, Jio’s lower capital investment is further bolstering its profitability, which benefits RIL. According to the research, RIL’s retail business is expected to rebound from the setbacks suffered last year following the shop rationalisation. It expects a return to 15% growth by FY26, aided by normalized capital spending and higher revenue per square foot.

According to the research, the refining business, which was under pressure from dropping GRMs in FY24, has begun to reverse its trajectory. GRMs are predicted to rise by 5.4% year on year in FY26, helped by a weaker Indian rupee.
The corporation will gain from its new investments in the energy sector, which include solar and storage capacity. RIL intends to use 20 GW of panel production for internal consumption and manufacture green H2 in 2025, with a goal of reaching 50 Wh of cell-to-pack battery manufacturing by 2027.The Reliance gigacomplex will be the largest end-to-end renewable energy manufacturing facility.

According to the study, Reliance plans to create a battery gigafactory by 2026 and to accelerate sodium iron technology to a megawatt level by 2025. RIL inked its first 25-year PPA for 128MW and an MOU with the Maharashtra government for 100kTPA GH2 production (an investment of USD1.8 billion), which will help the business in public markets, according to the report.

Bernstein values RIL using a sum-of-the-parts approach, taking into account growth in its core segments. Jio’s telecom section is valued at 12x projected EV/EBITDA, while the retail segment is evaluated based on core and non-core operations. Refining and petrochemical segments are valued at 7 times FY26 EV/EBITDA. Bernstein emphasized RIL’s potential to generate substantial free cash flow and offer solid returns for investors, citing a steady-state EBITDA of USD 22 billion expected for FY25-27.

Q3 Results Date
The Ambani-led firm’s Board of Directors will meet next week on January 15, 2025, to accept un-audited standalone and consolidated financial reports for the quarter/nine months ended December 31, 2024. RIIL said last month that the Trading Window closing period will begin on January 1, 2025 and expire 48 hours after the Company’s financial statements for the third quarter ended December 31, 2024 become Generally Available Information.

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Electricity Distribution Companies Continue to Strain State Finances, Says RBI

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Jio’s Giant Leap: Reliance Confirms IPO in Early 2026
Uncategorized - September 2, 2022

Reliance Industries earned a revenue of Rs. 223,113 cr.

Reliance Industries earned a revenue of Rs. 223,113 cr.

During the June 2022 quarter, Reliance Industries posted a consolidated net profit of 17,955 crore, up from 12,273 crore in June 2021, up by 46.3%. The revenue jumped by 54.5% to 223,113 crore from 144,372 crore in Q1 last year. Meanwhile, EBITDA was at 37,997 crore in Q1 FY23 as against 23,368 crore in Q1 FY22 and 31,366 crore in Q4 FY22. The margin improved to 17.3% compared to 16.7% in Q1 FY22 and 15.1% in Q4 FY22.

Best quarterly performance for Jio and Retail:

This was facilitated by higher contributions from fashion and lifestyle and consumer electronics segment sales. The segment added nearly 792 stores, bringing its total store count to 15,866 stores at the end of Q1FY23. Digital and new commerce increased twofold year on year and now account for 19% of total revenue. The company’s own-brand consumer electronics products portfolio continues to scale up. In Q1 FY23, sales of in-house consumer electronic brands increased by 6.0x year on year. Fashion and lifestyle have experienced strong growth in sales, driven by regional festivities and promotions. The average bill value (ABV) and conversion ratio are at an all-time high in this segment.

With increasing partnerships, Ajio’s online sales platform added nearly 660 brands in the quarter. Ajio Luxe sales rose by 6.0x YoY with the presence of 400 brands and over 38,000 options on the Ajio platform. Its in-house brands contributed 30% of total sales in the category in Q1FY23 vs. 27.0% in Q1FY22. It introduced 14 new in-house brands in Q1FY23. In Q1FY23, urban ladder and pharma retail sales increased 2.0x year on year.The merchant base has increased by 50% YoY and Reliance Retail has ramped up in 2,400 towns.

RIL is a preferred downstream player with a strong growth outlook for consumer-centered businesses, and further value unlocking in digital and retail businesses would add to shareholders’ returns in the coming years. Expecting the 5G network to further skew the telecom market in favour of Jio, Its growth prospects look promising, led by subscriber accumulation post churn and regular tariff surg. The launch of 5G is to be looked forward to. RIL is an ideal pick given its dominant position across business verticals. However, we expect 17% annual growth in EBITDA over FY22-FY25, driven by a 6% CAGR for the cyclical business and a 26% CAGR for the consumer business. The increase in value of energy business will offsets decrease in consumer business.

Jio stands to garner connectivity and IOT revenues along with a significant share of the market. Jio’s growth prospects look promising, led by subscriber additions post churn and regular tariff hikes. The company will include the migration of high-end customers from competitors due to superior user experience and balance from the upgrade to 5G smartphones.

Valuations:

The company has reported an EPS of Rs. 26.54 for the period ended June 30, 2022 as compared to Rs. 19.36 for the period ended June 30, 2021. The ROCE and ROE stood at 9.42% and 8.1%, respectively. The stock is trading at a P/E of 26.9x, which is not expensive, and a 5-year P/E of 17.9x. The EBITDA multiple is 14.6x and has an interest coverage ratio of 7.01x. The price to book ratio is at 2.22x, which has a book value of Rs.1152. The scrip was trading at Rs.2560, down by 2.94% on Thursday.

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