Reliance Industries posts record Q2 profit of ₹29,550 crore!

The Oil-to-Chemicals (O2C) business delivered particularly strong performance. Its EBITDA increased 67.9% year-on-year to ₹25,203 crore. Digital Services EBITDA grew 17.7% to ₹22,223 crore. Retail revenue increased 6.4% to ₹91,716 crore, although retail EBITDA declined 8.6% to ₹6,228 crore. Why does it matter? Reliance's results show that its energy and digital businesses are contributing significantly to consolidated earnings. Three important developments deserve attention: 1. O2C strength: Higher refining margins supported a strong increase in profitability. 2. Digital growth: Jio's business continued to expand through subscriber additions and higher average revenue per user. 3. Retail pressure: Revenue increased, but EBITDA declined, indicating pressure on operating profitability. The company also spent ₹38,153 crore on capital expenditure during the quarter, mainly towards O2C, new energy projects and consumer-business infrastructure. My view Reliance delivered a strong headline result, supported by record revenue and EBITDA. However, the performance was not equally strong across all segments. O2C and digital services were major contributors, while retail profitability needs monitoring. Investors should examine the sustainability of refining margins and the returns expected from ongoing capital expenditure.