Why Did Reliance Industries’ Q2 FY26 Results Signal a Multi-Decade Growth Phase Ahead?
Reliance Industries Ltd (RIL) has once again proven its execution excellence with a solid Q2 FY26 performance across segments — Oil-to-Chemicals (O2C), Digital, Retail, and the fast-emerging New Energy business. Despite a lower crude price environment, RIL’s consolidated revenue grew 10% YoY while EBITDA jumped 15% YoY, reflecting strength across verticals.
The company’s strong fundamentals and capital discipline continue to reassure investors. With net debt remaining stable and ~₹40,000 crore capex largely funded through internal accruals, Reliance is building future growth levers in AI, data infrastructure, and renewable energy.
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Q2 FY26 Consolidated Highlights
| Metric | Q2 FY26 | YoY Change |
|---|---|---|
| Revenue | +10% | Despite lower crude prices |
| EBITDA | ₹50,000 Cr | +15% YoY |
| PAT | ₹22,100 Cr | +14% YoY |
| Capex | ₹40,000 Cr | Mostly cash-funded |
Segment-Wise Performance Breakdown
Digital Services (Jio Platforms Ltd)
Jio continued to lead India’s digital revolution with revenue of ₹31,857 crore (+12.4% YoY) and EBITDA margin of 56.1%. Subscriber base grew to 506 million, with 234 million 5G users and 9.5 million Jio AirFiber connections — now the world’s largest wireless fixed broadband network.
Key innovations include Jio Bharat LTE phone, Geotelli Smart TV OS, and Jio PC cloud desktop — backed by over 3,400 patents in 5G and 6G technologies.
Retail Segment
Retail revenue grew 18% YoY with a 17% EBITDA rise. Over 400 new stores were added, and FMCG revenues doubled to ₹5,400 crore, driven by the acquisition of Velvet and expansion of JioMart Quick Commerce to 1,000+ cities. Quick Commerce registered a 120% QoQ jump in new customers and 42% QoQ growth in orders.
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Oil-to-Chemicals (O2C)
O2C EBITDA rose 20.9% YoY on improved gasoline and diesel cracks. Domestic fuel sales jumped 30%+ via GoBP network. Polymer spreads expanded across PE, PP, and PVC, while ethane remained the preferred feedstock. PVC and PTA-Polyester expansion projects are on track for completion by end-FY26.
New Energy Business
Reliance is building a fully integrated renewable ecosystem from polysilicon to battery storage. Solar PV gigafactories (10 → 20 GWp) begin operations soon, with 40 GWh BESS plant under construction. Round-the-clock (RTC) projects in Kutch will launch next year, initially for captive use before external sales post FY28.
Investor Takeaway
Indian-Share-Tips.com Nifty Expert Gulshan Khera, CFP®, who is also a SEBI Regd Investment Adviser, observes that Reliance Industries is structurally transforming into a tech-energy hybrid powerhouse. The balance of legacy O2C cash flows with high-margin digital and retail ventures, coupled with scalable renewable infrastructure, positions RIL for compounding growth through the next decade.
Discover deeper sector insights and analytical coverage at Indian-Share-Tips.com, which is a SEBI Registered Advisory Services.
Related Queries on Reliance Industries
- What makes Reliance’s New Energy plan a multi-decade opportunity?
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SEBI Disclaimer: The information provided in this post is for informational purposes only and should not be construed as investment advice. Readers must perform their own due diligence and consult a registered investment advisor before making any investment decisions. The views expressed are general in nature and may not suit individual investment objectives or financial situations.
