Reliance Industries Limited (RIL), India’s largest conglomerate led by Mukesh Ambani, is set to announce its Q2 FY26 (July–September 2025) financial results today, October 17, 2025. Investors and analysts are closely watching these numbers, as they reflect the company’s performance across key verticals—Oil-to-Chemicals (O2C), Jio Platforms (Digital Services), and Retail—which together form the backbone of India’s industrial and consumer ecosystem.
While the official numbers are yet to be released, brokerage estimates suggest moderate sequential growth with strong year-on-year (YoY) momentum, driven by resilient consumer businesses and steady refining margins in the O2C segment.
Key Expected Highlights
| Metric | Q2 FY26 (Expected) | Q2 FY25 (Actual) | YoY Growth |
|---|---|---|---|
| Revenue from Operations | ₹2,46,700 – ₹2,58,200 crore | ₹2,31,760 crore | +7–11% |
| EBITDA | ₹44,400 – ₹45,800 crore | ₹39,600 crore | +12–17% |
| Net Profit (PAT) | ₹18,112 – ₹18,261 crore | ₹16,300 crore | +9–11% |
| EPS (Basic) | ₹26 – ₹27 | ₹24.1 | +9–11% |
Note: QoQ comparisons are expected to show a decline of ~25%, primarily due to one-time gains of ₹8,924 crore from the Asian Paints stake sale in Q1 FY26.
Management Commentary (Expected Focus Areas)
The management is likely to emphasize:
- Digital Momentum: Growth in Jio’s subscriber base (~502 million) and improving ARPU (~₹211).
- Retail Expansion: Continued store additions, higher footfall, and increasing contribution from fashion and grocery.
- Energy & O2C Business: Stable refining throughput, higher GRM (Gross Refining Margins), and ongoing transition to new energy projects.
- Strategic Updates: Possible commentary on the Jio IPO timeline, green hydrogen projects, and debt optimization.
Segment-Wise Performance Outlook
1. Oil-to-Chemicals (O2C)
- Expected 3–4% QoQ EBITDA growth on improved refining spreads.
- Global volatility may impact petrochemical margins, but cost efficiency remains strong.
2. Digital Services (Jio Platforms)
- Subscriber base to cross 500 million; ARPU growth steady at 1–1.2% QoQ.
- EBITDA growth estimated at ~17% YoY, led by higher data consumption and enterprise expansion.
3. Retail
- Revenue expected to rise 15–18% YoY, supported by store expansion and festive demand.
- Margins may remain stable despite rising operational costs.
4. New Energy & Other Businesses
- Investments continue in solar, battery storage, and hydrogen value chains.
- Long-term capex guidance remains robust.
Market Reaction (as of October 17, 2025)
Ahead of the results:
- RIL shares traded at ₹1,420, up ~1.5% intraday, with a day’s range of ₹1,395 – ₹1,445.
- Investors are eyeing post-results guidance and clarity on Jio’s IPO timeline.
- Market sentiment remains optimistic on consumer-driven growth, though muted on near-term O2C pricing.
Peer Comparison
| Company | Q2 FY26 Revenue (₹ Cr) | YoY Growth | Key Driver |
|---|---|---|---|
| Reliance Industries (RIL) | ~2,50,000 | 7–11% | Retail & Jio |
| Adani Enterprises | ~30,000 | 9% | Infra & energy |
| ONGC | ~1,35,000 | 6% | Crude prices |
| BPCL | ~1,40,000 | 10% | Refining margins |
RIL continues to lead Indian corporates by a wide margin in scale, diversification, and profitability, particularly through its digital and retail verticals.
Future Outlook
Analysts maintain a “Buy” to “Overweight” stance on RIL, citing:
- Jio IPO and tariff hikes as major triggers.
- Retail expansion into Tier-2 and Tier-3 cities.
- Sustained investments in green energy expected to drive valuation re-rating.
- Estimated FY26 PAT between ₹90,000–95,000 crore, assuming stable macro conditions.
FAQs
Q1: What was RIL’s net profit in Q2 FY26?
Estimated between ₹18,100–18,260 crore, up ~10% YoY.
Q2: Did RIL beat market expectations?
Broadly in line; strong consumer business offset minor O2C headwinds.
Q3: How did margins perform?
EBITDA margins likely improved to ~18%, supported by digital and retail contributions.
Q4: What’s next for RIL investors?
Watch for updates on the Jio IPO, energy investments, and tariff revisions in coming quarters.
Conclusion
Reliance Industries’ Q2 FY26 results are expected to demonstrate steady multi-segment growth, resilient profitability, and strategic focus on future-ready businesses like digital, retail, and green energy.
Despite the absence of Q1’s exceptional gains, operational fundamentals remain strong, reinforcing RIL’s position as India’s largest and most diversified corporate powerhouse.
Sources: Reliance Investor Presentation, Press Release.
