Profit before tax (PBT) increased 32.58% YoY to Rs 38,613 crore in the quarter ended 30th September 2026.

Earnings before interest, tax, depreciation and amortisation (EBITDA) increased 23.9% YoY to Rs 62,409 crore from Rs 50,367 crore in Q2 FY26. However, the EBITDA margin moderated to 17.2% from 17.8% a year earlier.

Depreciation expenses increased 6.2% YoY to Rs 15,315 crore, primarily due to higher depreciation in the digital services business following the capitalisation of 5G assets. Finance costs rose 24.2% YoY to Rs 8,481 crore, reflecting higher liability balances and the capitalisation of 5G assets.

Capital expenditure stood at Rs 38,153 crore during the quarter, with investments primarily directed towards oil-to-chemicals (O2C) and new energy projects under implementation, alongside the expansion of infrastructure and distribution networks across consumer businesses.

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. I am proud to witness the rejuvenation of “the equity cult” originally pioneered by our founder-chairman during the 1977 Reliance IPO.

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.”

Consolidated Reliance Retail Ventures (RRVL)

Reliance Retail Ventures (RRVL) reported gross revenue of Rs 91,716 crore, up 6.4% YoY, with performance impacted by the shift in the festive calendar to the December quarter. EBITDA before one-time impairment charges declined 8.6% to Rs 6,228 crore, while the EBITDA margin contracted 120 basis points to 7.8%.

The company opened 303 stores during the quarter, while the net store count declined by 222 after accounting for closures of unproductive outlets. Its total store network stood at 19,947 stores, covering an area of 77.5 million square feet. Transactions increased 7% YoY despite the shift in major festivals to Q3.

JioMart recorded 42% revenue growth, driven by higher average order values and a 24% increase in units per order.

Oil To Chemicals (O2C) Segment

The O2C segment reported a 44.2% YoY increase in revenue to Rs 2,31,601 crore, supported by higher energy and product prices amid disruptions in global energy supply chains. Crude oil prices increased 40.6% YoY, while transportation fuel prices rose 50-78%. Prices of most downstream chemical products were also up 25-35%.

Segment EBITDA surged 67.9% YoY to Rs 25,203 crore, driven by stronger transportation fuel cracks and improved downstream petrochemical margins. Fuel cracks increased 3-3.7 times year-on-year and reached historic highs during the quarter. Polyester chain margins also recovered sharply, reaching a three-year high, supported by improved PX and PTA delta

However, earnings growth was constrained by continued SAED-related costs, higher crude oil premiums and under-recoveries in the Jio-bp business.

Global oil demand declined by 3.4 million barrels per day (mb/d) year-on-year to 102.5 mb/d in Q2 FY27. Demand for diesel fell by 0.35 mb/d, while gasoline and jet fuel consumption declined by approximately 0.3 mb/d and 0.13 mb/d, respectively.

Jio-bp’s combined MS and HSD volumes grew more than 4.2% Y-o-Y in Q2 FY27 to 1.83 million KL, led by continued momentum in Motor Spirit (MS) and the strength of the company’s premium and loyaltyled retailing.

Oil And Gas (Exploration and Production) Segment

In the oil and gas segment, revenue declined marginally by 0.6% YoY to Rs 6,020 crore, mainly due to lower production and price realisation from KG-D6. This was partly offset by higher condensate prices and improved CBM gas realisations and volumes.

EBITDA declined 2% YoY to Rs 4,901 crore, reflecting lower revenue and higher government levies, partly offset by favourable exchange rate movements. Average KG-D6 gas production stood at 24.0 MMSCMD, while oil and condensate production was approximately 15,903 barrels per day.

Jiostar Business

JioStar reported revenue from operations of Rs 6,806 crore in Q2 FY27, registering 10.1% YoY growth, supported by subscription revenue and digital entertainment advertising. EBITDA from operations stood at Rs 1,372 crore, with a margin of 22.1%. JioHotstar averaged approximately 440 million monthly active users (MAUs), up 10% YoY.

Reliance Industries is India's largest private sector company with businesses spanning digital services, retail, oil-to-chemicals, exploration and production, new energy and consumer products.

The scrip shed 0.44% to settle at Rs 1163.55 on the BSE.