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.
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.
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
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.
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.
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