Reliance Q2 FY26 Results — Steady Growth, But Margins Under Watch

Reliance Industries reported a consolidated net profit of ₹18,165 crore, rising ~10% YoY. Revenue from operations climbed ~10% to ₹2.59 lakh crore, supported by strong retail and telecom performance. Key Highlights Oil-to-Chemicals (O2C): Segment EBITDA jumped 21% YoY, driven by improved refining spreads and strong demand for transport fuels. However, petrochemical margins remained under pressure due to volatile crude prices. Retail: Reliance Retail continued its robust growth momentum with 22% YoY profit rise and 19% revenue growth, backed by higher footfalls and store expansions across formats. Digital (Jio): Jio’s customer base crossed 50 crore, with ARPU improving to ₹211. Growth was supported by premium 5G plans and higher data consumption. New Energy: The company reaffirmed its commitment to clean energy investments, focusing on solar and battery storage projects. Challenges Volatile crude prices could impact refining margins in the O2C business. The company’s large capex in energy transition and digital ventures will require strong cash flow management. Global slowdown and weak polymer demand may affect petrochemical realizations. Outlook Reliance’s earnings show steady growth across consumer-facing verticals, offsetting cyclic weakness in its traditional oil business. The focus now shifts to: Retail expansion and profitability ARPU improvement in Jio Execution of new energy projects Overall, RIL remains a diversified powerhouse balancing traditional and emerging sectors. Its future trajectory depends on sustained growth in consumer and digital businesses while navigating energy market volatility.