Synopsis: Shares of India’s largest company, managed by the Ambani family, surged over 3% in today’s trading session following the announcement of its Q2 results.
India’s largest private-sector conglomerate, with diversified businesses across energy, petrochemicals, refining, retail, and telecommunications, is in focus today following the release of its Q2 FY26 results.
With a market capitalization of Rs. 19,82,913.22 crore, the shares of Reliance Industries Limited were trading at Rs. 1,465, up by 3.40 percent from its previous day’s closing price of Rs. 1,416.80.
Q2FY26 Results
Reliance Industries Limited reported Rs. 2,58,898 crore in revenue for the second quarter of FY26, a 9.94 percent increase over the Rs. 2,35,481 crore for the same period in FY25. It increased by 4.12 percent as compared to Rs. 2,48,660 crore in Q1 FY26.
The company’s EBITDA for Q2 FY26 stood at Rs. 45,885 crore, up by 17.48 percent from Rs. 39,058 crore in Q2 FY25, and it increased by 6.95 percent from Rs. 42,905 crore in Q1 FY26.
The consolidated net profit for the second quarter of FY26 was Rs. 22,146 crore, which was 27.82 percent lower than the Rs. 30,681 crore reported in the Q1 FY26, but it increased by 15.94 percent from Rs. 19,101 crore in Q2 FY25. Profit growth was also reflected in earnings per share (EPS), which increased to approximately Rs. 13.42 in Q2 FY26 from Rs. 12.24 in Q2 FY25.
Also read: Chemical Stock Skyrockets 16% After Reporting 97% YoY Increase in Net Profit
Segment-wise Updates
Jio (Digital Services)
Reported an 18 percent EBITDA growth, driven by over 500 million subscribers, including 234 million 5G users and 23 million fixed broadband subscribers. The segment achieved a 140 bps EBITDA margin expansion, reflecting operational efficiency and user growth.
Reliance Retail
Delivered 17 percent EBITDA growth with 18 percent YoY increase in gross revenue, despite demand deferment due to the pre-GST rate cut. The company saw strong momentum in quick commerce, recording 200 percent YoY growth in daily orders.
FMCG (Reliance Consumer Products)
Generated Rs. 5,300 crore in gross revenue, marking a 2x YoY increase. The focus remained on brand building, expanding bottling capacity, and setting up food parks to strengthen its presence in the packaged goods sector.
Media (JioCinema / JioHotstar)
Recorded 400 million monthly active users (MAUs), making it the 2nd largest OTT platform globally. Achieved 71 percent QoQ EBITDA growth, showcasing strong digital engagement and monetization.
Energy Business (Oil to Chemicals, Jio-bp, E&P)
Posted 13 percent EBITDA growth, supported by a 21 percent rise in O2C EBITDA from improved fuel cracks. Jio-bp saw 34 percent volume growth with 2,057 outlets, while E&P operations (KG D6) contributed about 30 percent of India’s gas production.
New Energy
Advanced its clean energy initiatives, setting up 20 GW solar PV manufacturing capacity and 100 GWh battery giga-factory. Four PV module lines were commissioned with the first cell line expected by Oct’25. The company reported rapid execution progress at its Kutch giga-factory site.
Management View
Mukesh D. Ambani, Chairman and MD of Reliance Industries, stated that the company delivered a strong performance in 2QFY26, led by O2C, Jio, and Retail businesses. Consolidated EBITDA grew 14.6 percent YoY, reflecting agile operations, a domestic-focused portfolio, and structural growth in the Indian economy. The digital services segment showed positive subscriber additions across homes and mobility services, supported by Jio’s 5G network and innovative technology.
He highlighted strong momentum in the Retail business with higher volumes across all formats and growth in quick hyperlocal delivery, supported by GST reforms. The O2C business achieved robust YoY growth despite energy market volatility, with improved fuel margins and gradual stabilization in downstream chemicals. Ambani also emphasized progress in new growth areas including new energy, media, and consumer brands, along with AI initiatives to maintain technological leadership and deliver benefits to Indian consumers.
Written By Akshay Sanghavi
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