Reliance Q2 Results 2025: What the Numbers Reveal About India’s Largest Conglomerate

Key Takeaways

• Reliance Industries Limited (RIL) posted a ~10–16 % year-on-year net profit growth in Q2 FY26, with revenue also up ~10 %. Moneycontrol+1
• Strong outperformance in the digital services and retail segments; legacy oil-to-chemicals (O2C) business remains profitable but facing margin pressure. mint+1
• Key milestones: Jio Platforms subscriber base crossed ~500 million; quick hyper-local retail delivery grew ~200 % YoY. The Economic Times+1
• For investors, this result reinforces RIL’s strategic pivot from commodity-cycles toward consumer & digital growth, though challenges in chemicals and global demand linger.
• With regulatory clarity, SEBI-registered broker partners like Swastika Investmart (equipped with strong research tools and tech-enabled investing) can help monitor these developments for long-term outcomes.

Introduction

When a company holds the title of India’s largest conglomerate by market capitalisation it naturally draws attention every earnings season. For Reliance Industries, the second quarter of FY26 (July-Sept 2025) did just that — delivering solid numbers across many fronts, while laying bare the shifting mix of its business model. In this blog, we walk through the Q2 results in a digestible way, highlight what’s working (and what isn’t), and explore what this means for the broader Indian market and for investors. As always, transparency, experience and thoughtful analysis are our guiding principles.

Performance Overview: What the Numbers Say

Revenue and Profit

RIL’s consolidated revenue climbed roughly 10 % YoY to around ₹2.59 lakh crore in Q2 FY26, up from ~₹2.35 lakh crore in the same quarter last year. The Times of India+1 The net profit attributable to owners rose to ~₹18,165 crore, a ~10 % increase YoY. The Financial Express+1 Some broker commentary and news reports mention even a ~14-16 % rise when including joint ventures and associates. Moneycontrol

These are respectable numbers for a company of this scale. Importantly, they reaffirm that Reliance’s core businesses are producing growth even as some global headwinds persist.

Business Segment Performance

Oil to Chemicals (O2C):
While the revenue growth here was modest (for example ~3.2 % YoY in some segment disclosures) the EBITDA expansion was stronger, thanks in part to improved fuel cracks and volumes. Moneycontrol+1 However, the downstream chemicals side reported margin pressure due to global oversupply of polyester chains. Moneycontrol

Retail (via Reliance Retail Ventures Ltd.):
The retail arm continues to shine, with reported ~18 % YoY revenue growth and EBITDA growth of ~16.5 %. Moneycontrol A big driver has been “quick hyper-local” delivery operations, which have seen explosive growth. Moneycontrol+1

Digital Services (via Jio Platforms):
Jio’s business reached a milestone of crossing ~500 million mobile subscribers. Its ARPU rose to around ₹211. The Economic Times+1 Its segment revenue grew ~14–15 % YoY, and management emphasised margin expansion. Moneycontrol

Strategic Implications: Why This Matters

1. Shift in business mix – Every conglomerate reaches a point where legacy earnings flatten and growth comes from newer segments. For Reliance, consumer-facing (retail + digital) now appear to be driving value more than the cycle-sensitive O2C business. This matters for the long-term investor.
2. India-centric growth story – With global demand weak and commodity cycles volatile, a company with deep India exposure (domestic retail, telecom, quick commerce) is better positioned to ride secular themes of consumption, connectivity and services.
3. Margin and leverage watching – While growth is good, margin headwinds in chemicals and global volatility (raw materials, input costs) remain a risk. Investors should also monitor debt levels: though RIL has a strong balance sheet, keeping leverage in check is crucial, especially given large capex commitments (renewables, data centres).
4. Regulatory & macro backdrop – From SEBI’s listing frameworks for telecom/consumer firms to India’s push in digital infrastructure and manufacturing, the landscape is favourable. Investors working through a SEBI-registered broker like Swastika Investmart gain access to research, regulatory updates, and tech-enabled tools to stay ahead.

Real-World Context: What does this mean for Indian Markets?

• A strong RIL result often lifts sentiment across sectors: energy, commodities, telecom, retail all get a boost because RIL’s operations touch them.
• For retail investors, rising ARPU in telecom and fast growth in quick-commerce point to structural shifts (e.g., higher data consumption, faster delivery). That creates opportunities across ancillary stocks: semiconductor, logistics, digital services.
• On the flip side, margin softness in petrochemicals signals caution for cyclical commodity-linked companies (both domestic and global).

What Investors Should Keep an Eye On

• Quarterly updates of Jio’s subscriber additions, ARPU trend and margins — the telecom sector is dynamic and can surprise.
• Retail format expansion and same-store-sales growth at Reliance Retail — as consumption recovers, these figures matter.
• Chemicals business margins on a global scale, given raw-material volatility and global oversupply.
• Capex commitments in new-energy, data-centres and manufacturing — these are longer-term, but they affect investor sentiment today.
• Regulatory developments in IPOs (e.g., Jio IPO plans), data-privacy laws, telecom policy — all important for valuation re-rating.

Frequently Asked Questions

Q1. Did Reliance beat market expectations in Q2 FY26?
The company delivered double-digit revenue and profit growth, though some analysts believe certain segments missed more optimistic estimates. mint+1

Q2. Which segment drove the most growth?
Retail and digital segments drove the bulk of the growth, thanks to strong volume uptick and expansion of quick-commerce. The O2C division grew revenue modestly, with margin pressure noted in chemicals.

Q3. Should I buy Reliance shares now?
This depends on your investment horizon. If you believe in India’s long-term growth story and the shift to digital/retail, Reliance presents a strong play. However, if you’re more focused on near-term cyclical gains from chemicals/petro, be cautious. Using a regulated broker like Swastika Investmart can help you access expert research and make informed decisions.

Q4. How does this result compare with peers?
While peers in telecom or retail may show sharper growth percentages, few have the scale and diversification of Reliance. That scale means both higher stability and higher complexity, which is why understanding segmental detail matters.

Q5. What are the key risks for Reliance going forward?
Key risks include commodity margin erosion (especially in chemicals), global demand slowdown, execution risk in new-energy capex, and regulatory changes in telecom/retail sectors.

Conclusion

Reliance’s Q2 FY26 numbers reflect a company in transition: still anchored in energy and petrochemicals, but rapidly tilting toward consumer-facing and digital businesses. For investors, this offers both a steady base and a growth extension. While some macro- and segment-specific risks remain, the overall snapshot is encouraging.

If you’re looking to track these developments with depth, use advanced tools, get timely research and trade safely, consider opening an account with Swastika Investmart — a SEBI-registered broker with robust investor education, responsive customer support and tech-enabled platforms built for today’s market.

Stay informed, assess per your strategy, and invest wisely.