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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