Reliance Industries delivers record Q2 performance as key businesses drive growth, revenue rises 28%

The company’s net profit for the first half of FY27 crossed Rs 50,000 crore for the first time. Reliance Industries incurred capital expenditure of Rs 38,153 crore during the quarter, funding projects in its oil-to-chemicals and new energy businesses, while expanding infrastructure and distribution networks across its consumer businesses. Net debt stood at Rs 1.17 lakh crore at the end of September, down from Rs 1.23 lakh crore at the end of June.

The net debt-to-EBITDA ratio improved to 0.47 times. Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said: "During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively."

Reliance’s digital services business recorded growth in revenue and earnings during the quarter, with Jio Platforms Ltd reporting revenue of Rs 47,485 crore, up 11.3 percent year on year. Growth was driven by subscriber additions, higher average revenue per user (ARPU) and expansion in digital services. Jio Platforms’ EBITDA rose 16.6 percent to Rs 21,879 crore, while its EBITDA margin expanded 250 basis points to 54.1 percent.

The quarter also saw Jio Platforms make its stock market debut on October 28, following an initial public offering that raised Rs 30,188 crore. The IPO, the largest in India's history, was subscribed more than 22 times. Jio Platforms is now the country’s second-most valuable listed company. Mukesh D Ambani, Chairman and Managing Director, Reliance Industries, said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses.

With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India’s second largest company. It demonstrates the depth of confidence investors place in Jio’s solid foundation and strong growth visibility." Jio’s total subscriber base exceeded 542 million, with net additions of 9.1 million during the quarter. Its 5G subscriber base reached 300 million, an increase of 66 million over the past 12 months. 5G accounted for about 56 percent of total wireless traffic.

Fixed broadband subscribers reached 30 million, including 15.1 million JioAirFiber users. JioAirFiber accounted for more than 75 percent of fixed broadband net additions over the past 12 months. ARPU increased 3.5 percent year on year to Rs 218.8, supported by a better subscriber mix and positive seasonality. Data traffic grew 22.1 percent to 71 exabytes, with average monthly consumption per user at 44.2 GB.

Monthly churn remained stable at 1.6 percent. Akash M Ambani, Managing Director of Jio Platforms Limited, said: "This quarter’s results continue to reflect the strength of our 5G network, and the growing reach of our broadband and digital services. We would continue to build our capabilities across satellite communications, 6G intellectual property and AI embedded in our core voice and data services as we create lasting value for our stakeholders."

During the quarter, Jio showcased Jio Call Agent, an AI-powered call assistant, and JioFrames, AI-native smart camera frames, at the India Mobile Congress 2026. It also launched JioShield, a family-safety app, as part of its 10th anniversary celebrations. JioStar’s revenue from operations increased 10.1 percent year on year to Rs 6,806 crore despite a weak advertising environment. EBITDA from operations stood at Rs 1,372 crore, with a margin of 22.1 percent.

JioHotstar averaged about 440 million monthly active users during the quarter, up 10 percent from a year earlier. The platform also relaunched internationally as JioHotstar in Singapore, the UK and Canada. The England-India cricket series became the biggest bilateral overseas series ever on JioHotstar. Wimbledon, the US Open and the Premier League maintained stable viewership, with stronger monetisation.

Reliance Retail Ventures Ltd (RRVL) reported a 6.4 percent year-on-year increase in gross revenue to Rs 91,716 crore, adjusted for the demerger of the Consumer Brands business. The company's performance was affected by the shift in the festive calendar to the December quarter. EBITDA, before a one-time impairment charge, stood at Rs 6,228 crore, with a margin of 7.8 percent. The 120-basis-point moderation in margin reflected the timing of the festive season, absorption of input-cost inflation and continued investment in scaling its business-to-business and digital commerce operations.

Isha M Ambani, Executive Director, Reliance Retail Ventures Limited, said: “Our customers’ trust and continued engagement across our stores and digital platforms remain central to our growth. We are building a future-ready retail business by combining our extensive physical network with digital convenience, technology, and a deep understanding of Indian consumers. The new model with fast growing Digital Commerce and B2B channels is working and funded by the profits of offline business."

Reliance Retail opened 303 stores during the quarter, taking its total store count to 19,947. Its operating area stood at 77.5 million sq ft. Transactions grew 7 percent year on year despite major festivals shifting to the third quarter. In grocery, like-for-like growth was 3 percent. The company launched its Smart 2.0 format with AI-enabled ordering, while business-to-business revenue grew 10 percent.

JioMart recorded 42 percent revenue growth, driven by higher average order values and a 24 percent increase in units per order. Its network expanded to more than 5,000 stores across over 1,000 cities. The consumer electronics business recorded 8 percent like-for-like growth, led by mobiles, laptops and IT peripherals, and appliances. Fashion and lifestyle registered like-for-like growth of 3 percent, while AJIO’s catalogue expanded 23 percent to 3.3 million options.

Reliance Retail also launched Fabletics and signed an exclusive partnership with SKIMS. Reliance’s oil-to-chemicals (O2C) business delivered its strongest-ever quarterly performance, with revenue rising 44.2 percent year on year to Rs 2.32 lakh crore, led by sharply higher crude oil and product prices. EBITDA surged 67.9 percent to an all-time high of Rs 25,203 crore, while the EBITDA margin expanded 160 basis points to 10.9 percent.

Transportation fuel cracks, a measure of refining margins, rose 3 to 3.7 times from a year earlier and reached historic highs. Margins in the polyester business reached a three-year high, helped by a 15 percent increase in the spread between paraxylene (PX) prices and its raw material costs, and a 52 percent rise in the spread for purified terephthalic acid (PTA), an intermediate product made from paraxylene and used in polyester manufacturing.

Crude oil prices rose 40.6 percent year on year, while downstream chemical product prices increased 25 to 35 percent. The company said earnings growth was constrained by continued costs related to the special additional excise duty (SAED) on exports and under-recoveries in domestic fuel retailing by Jio-bp. Reliance achieved record crude processing volumes despite disruptions in the Strait of Hormuz, sourcing crude from Europe, Latin America and North America.

The company said this helped India meet domestic fuel demand without resorting to imports. Jio-bp expanded its network to 2,304 fuel retail outlets. Combined petrol and diesel volumes rose 4.2 percent year on year, while electric vehicle charging volumes under Jio-bp Pulse increased 60 percent to 15.8 GWh. Revenue from the oil and gas segment was broadly stable at Rs 6,020 crore. Lower gas production and price realisation from the KG-D6 fields were largely offset by higher condensate price realisation and improved coal-bed methane (CBM) volumes and pricing.

EBITDA declined 2 percent to Rs 4,901 crore. A favourable movement in exchange rates partly offset lower revenue and higher government levies. CBM production increased 23.6 percent year on year. The company said its multi-lateral well campaign was progressing, with 37 of the planned 40 wells drilled and 35 connected to production. Average production during the quarter was 24 million standard cubic metres a day of KG-D6 gas and about 15,903 barrels a day of oil and condensate.