Menu

Q2FY26

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The image added is for representation purposes only

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

, , , , , , 0 Comment
Read More
HUL Q2 FY26: Revenue Up 2%, PAT Up ~4% Amid GST-Led Disruption
Business, Market News, Result Updates - November 19, 2025

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

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

Hindustan Unilever posted a modest quarter: revenue rose about 2% while reported PAT grew ~4% helped by a one-off tax benefit — margins were under pressure and management declared an interim dividend of ₹19 per share.

*What happened this quarter*
* Revenue from operations (consolidated) for Q2 FY26: ₹16,034 crore, up from ₹15,703 crore a year ago (≈ +2% YoY).
* Earnings before interest, tax, depreciation and amortisation (EBITDA) for the quarter: ₹3,729 crore; EBITDA margin: 23.2%, down 90 basis points vs Q2 last year.
* Profit after tax before exceptional items: ₹2,482 crore, down 4% YoY.
* Reported Profit After Tax (PAT, after exceptional items): ₹2,694 crore, up ~4% YoY (consolidated).
* Board declared an interim dividend of ₹19 per share (record date: 7 Nov 2025).

*Detailed numbers (consolidated)*
* Revenue from operations: ₹16,034 crore (Q2 FY26) vs ₹15,703 crore (Q2 FY25).
* Total income (quarter): figures shown in the filing also list components of other income and operating segments (see official table).
* EBITDA: ₹3,729 crore. EBITDA margin: 23.2% (decline of 90 bps YoY).
* Profit before exceptional items (PAT before exceptions): ₹2,482 crore (down 4% YoY).
* Exceptional items (net): one-off +₹273 crore (favourable tax resolution between UK & India), restructuring costs ₹51 crore, and acquisition/ disposal costs ₹38 crore. These swing the pre-exception PAT to the reported PAT.
* Reported PAT (after exceptions): ₹2,694 crore (≈ +4% YoY).
* Basic earnings per share (EPS): ₹11.43 for the quarter (basic).
* Total comprehensive income (quarter): ₹2,698 crore (group level table). Paid up equity: 235 crore shares (face value Re. 1).

*Why revenue was muted and margins fell*
* The filing and the company commentary point to GST-led disruption (rate changes) that affected pricing and demand for a part of the portfolio, which pressured volumes and realizations in the quarter. This is visible in the modest top-line growth despite HUL’s scale.
* Margin contraction (90 bps in EBITDA margin) was because of a mix of higher input/ operational costs, continued investment/marketing spend and the temporary dilution in pricing power related to the GST transition.

*Segment/ cash flow/ other pointers*
* The company’s statement includes segment-level sales and operating data (Home Care, Beauty & Well-being, Personal Care, Foods). The consolidated schedules also show standalone numbers for comparability.
* Cash flows: the cash generated from operations and movement in working capital are shown in the cash flow tables (operating cash flow and taxes paid are disclosed in the filing).

*Segment-wise snapshot*
While the company’s full segment-table for Q2 FY26 is only partially disclosed in the public summary, previous commentary from HUL suggests the following trends (for guidance into Q2):
* The Home Care division has historically grown at low-single to mid-single digit sales growth, with volume growth being stronger than value growth (as the business absorbs input inflation and passes on less pricing).
* The Beauty & Well-being/ Personal Care business has seen better momentum in premiumisation, with moderate unit growth but heavier investment behind brands.
* The Foods & Refreshments segment has been weaker, with demand softness in some categories and cost inflation from commodities like tea and coffee.
* Management commentary (in recent prior quarters) emphasises a shift from margin-first to growth-first: higher brand and trade-spend, more focus on digital & e-commerce channels.

*Outlook and what management has signalled*
HUL has stated it expects consumer demand to gradually improve through FY26, buoyed by lower commodity inflation, improving rural macro trends and continued investment in brand/digital. However, management continues to flag near-term margin pressure due to elevated input costs, trade spend and channel investments. They anticipate volume growth to recover gradually while price growth remains modest.

*Management actions & shareholder returns*
Management approved an interim dividend of ₹19 per share (record date 7 Nov 2025; payment 20 Nov 2025). This signals continued focus on returning cash to shareholders despite the quarter’s headwinds.

*Takeaways*
* Topline: steady but muted — revenue +2% YoY.
* Profit: reported PAT +~4%, helped by a one-off tax benefit; underlying PAT before exceptions down ~4%.
* Margins: under pressure — EBITDA margin down 90 bps to 23.2%.
* Shareholder friendly: interim dividend ₹19/sh.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The image added is for representation purposes only

Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

, , , , , , 0 Comment
Read More
Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%
Business, Market News, Result Updates - November 18, 2025

Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

Gujarat Gas Q2 FY26: Revenue Flat at ~₹3,980 Crore, PAT Down ~9%

Gujarat Gas reported a largely stable quarter on top-line with revenue of ~₹3,979 crore, but profitability slipped — EBITDA at ₹520 crore (vs ₹553 crore) and PAT at ₹281 crore (vs ₹307 crore) for Q2 FY26.

*Headline numbers (company reported — Q2 FY26 vs Q2 FY25)*
* Revenue from operations: ~₹3,979 crore (Q2 FY26) vs ~₹3,949 crore (Q2 FY25).
* EBITDA: ₹520 crore (Q2 FY26) vs ₹553 crore (Q2 FY25).
* PAT (Profit after tax): ₹281 crore (Q2 FY26) vs ₹307 crore (Q2 FY25).

*Operational highlights — volumes & network*
* CNG volume: 3.32 mmscmd in Q2 FY26, up 13% YoY (vs 2.93 mmscmd in Q2 FY25).
* PNG (Domestic): 0.83 mmscmd in Q2 FY26 — +10% YoY.
* PNG (Commercial): 0.16 mmscmd — +7% YoY.
* Total distributed gas: ~8.65 mmscmd in Q2 FY26

*Network & customer metrics*
* CNG stations: 834 operational stations (company added 4 stations in the quarter).
* New domestic customers added in Q2: 42,400+.
* Households served: More than 23.44 lakh households.
* Pipeline network: 43,900+ km of steel pipeline (cumulative).

*Business initiatives mentioned by the company*
* FDODO (Franchise/ dealer) push: Gujarat Gas has signed 74 FDODO agreements to accelerate growth; one FDODO station became operational in Jamnagar during the quarter.
* Corporate action: Shareholders approved the Composite Scheme of Amalgamation and Arrangement at the meeting held on 17th October 2025; the company has filed the Chairman’s Report and confirmation petition with the Ministry of Corporate Affairs.

*What the numbers tell us*
1. Volume growth is healthy, especially CNG: CNG volumes grew 13% YoY to 3.32 mmscmd, showing strong consumer and transport demand — this is the positive operational story.
2. Top line is steady, but margins compressed: Revenue was almost flat (≈₹3,979 crore), yet EBITDA and PAT declined (EBITDA ₹520 crore, PAT ₹281 crore), indicating margin pressure or higher costs relative to last year.
3. Retail expansion continues: Network additions (4 new CNG stations) and 42,400+ new domestic connections in a quarter show steady on-ground growth and customer acquisition.
4. FDODO rollout is a focus: Signing 74 FDODO agreements and commissioning a station signals management’s push to scale via franchise models.

*Risks and near-term things to watch*
* Margin drivers: If fuel/ gas costs, spot LNG prices, or allocations change, EBITDA and PAT can move sharply — the quarter already showed profit decline despite volume growth.
* Execution of FDODO roll-out: Success of the franchise model will affect future station additions and cost structure.
* Regulatory/ allocation changes: Any government allocation changes for domestic/ priority segments could affect supply mix and economics.

*Conclusion*
Gujarat Gas delivered stable revenue (~₹3,979 crore) and good volume growth (CNG +13%), but profitability came under pressure with EBITDA at ₹520 crore and PAT at ₹281 crore. The company is expanding its network and pushing an FDODO strategy, but margin sustainability remains the key monitorable for the next quarters.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The image added is for representation purposes only

Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

, , , , , , 0 Comment
Read More
Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure
Autos, Business, Result Updates - November 18, 2025

Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

Tata Motors Q2 FY26: Sales Momentum in CVs (94,681 units, +12%), Revenue Growth Modest, Profitability Under Pressure

Tata Motors’ Commercial Vehicles (CV) business showed healthy volume momentum — 94,681 units, up 12% year-on-year — while revenue growth was modest and overall profitability at group/PV levels remained under pressure due to one-off items and underlying losses in passenger vehicles.

*Key numbers at a glance*
* CV volumes: 94,681 units, +12% YoY.
* CV revenue: ₹18.4K crore, +6.6% YoY (reported as ₹18.4K Cr).
* CV EBITDA margin: 12.2%, +150 bps YoY.
* CV EBIT margin: 9.8%, +200 bps YoY.
* CV PBT (bei): ₹1.7K crore for the quarter.
Note: Group/Passenger Vehicles (PV) reported significant one-time notional gains which distort headline profitability for the quarter.

*What influenced the results this quarter*
* Volume strength in CVs: The CV business delivered nearly 95k units, a healthy 12% jump. This shows underlying demand strength in commercial transport and logistics. Higher volumes helped spread fixed costs and improved margins.
* Modest revenue growth: CV revenue grew by ~6.6% to about ₹18.4K crore. Volume gains were partly offset by product mix and realization changes, so top-line expansion was smaller than volume growth.
* Margin improvement in CVs: EBITDA margin rose to 12.2% (+150 bps) and EBIT margin to 9.8% (+200 bps). Management attributes this to higher volumes, favourable realizations and cost efficiencies. These margin gains are meaningful for a volume-driven business.

*Profitability — a mixed story*
* CV profitability improved: PBT (bei) for the CV segment was ₹1.7K crore, reflecting better operating leverage on higher volumes.
* Group/ PV distortions: At the group and passenger vehicle levels the reported profit picture is distorted by exceptional items and notional gains on disposal in PV. Some company releases show very large one-time notional gains that swing reported net profit figures — but these are not cash operating profits. Investors should separate ‘underlying operating profit’ (what the business actually earned from making and selling vehicles) from one-offs.

*Detailed highlights*
* CV volume: 94,681 units (+12% YoY).
* CV revenue: ₹18.4K Cr (+6.6% YoY).
* CV EBITDA margin: 12.2% (+150 bps YoY).
* CV EBIT margin: 9.8% (+200 bps YoY).
* CV PBT (bei): ₹1.7K Cr.
* Passenger Vehicles (PV) — reported extremely large notional gain on disposal in Q2 that led to a jump in reported net profit at the PV group level; excluding that gain PV posted operating losses for the quarter. (Company press release shows the one-time notional gain magnitude; treat it as non-recurring.)

*Overall Interpretation*
* CV business is the bright spot: Strong volumes and better margins mean the CV division is moving in the right direction — more trucks on the road and slightly better profitability per vehicle.
* Group headline profit is confusing: Reported group or PV profits are affected by non-cash, one-off accounting items. So, while headlines may show big profits or swings, the core operating picture (especially for PV) is weaker if you strip out the one-offs.
* Watch next quarters for sustainability: If CV volumes and realizations hold, margins could stay higher; but PV needs structural fixes and the one-off gains will not repeat, so investors should focus on underlying EBIT/EBITDA trends.

*Conclusion*
Tata Motors’ CV business had a good quarter — 94,681 units (+12%), modest revenue growth to ₹18.4K Cr, and improving margins (EBITDA 12.2%, EBIT 9.8%). But the overall company headline profit is hard to read because passenger vehicles reported large non-recurring accounting gains; excluding those, PV operating performance remains weak. So, CV momentum is real and encouraging, but watch the next few quarters to see if the improvement is sustainable at the group level.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The image added is for representation purposes only

Why gold funds saw a record weekly inflow — and what it signals for Indian investors

, , , , , , 0 Comment
Read More