Reliance Industries Q2 Result Updates: RIL Profit Rises 22%; Jio Platforms ARPU Increases To Rs 218.8

Reliance's net debt fell to Rs 1.17 lakh crore as of September 30, compared with Rs 1.23 lakh crore at the end of June.

Its net debt-to-Ebitda ratio improved to 0.47 times from 0.57 times, supported by internal cash-flow generation.

Capital expenditure stood at Rs 38,153 crore during the quarter. The company directed investments towards new energy capacity, expansion of its retail network and O2C projects.

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Entertainment watch time on JioHotstar grew over 15% year-on-year, driven by strong viewership across Hindi and regional markets. Flagship content including 'India Ke Top 1%', 'Khatron Ke Khiladi', 'Hustle Season 5', and 'Bhojpuri Bawaal' reinforced JioStar’s position as India’s leading entertainment network.

JioStar reported revenue from operations of ₹6,806 crore during Q2 FY27, representing a 10.1% year-on-year increase driven by strong performance in subscription revenue and Digital Entertainment advertising. Operating EBITDA stood at ₹1,372 crore, delivering a margin of 22.1%.

Domestic polyester demand fell 6.1% in Q2 FY27 amid global economic uncertainty, price volatility, and cautious purchasing. Conversely, PET demand recorded healthy growth of 5.3%, supported by beverage sector demand during a weaker monsoon.

Global oil demand fell by 3.4 mb/d year-on-year to 102.5 mb/d in Q2 FY27 compared to Q2 FY26. Product demand saw broad-based declines, led by diesel (down 0.35 mb/d), gasoline (down ~0.3 mb/d), and jet fuel (down 0.13 mb/d).

Tira and AJIO’s beauty category strengthened the premium beauty proposition, attracting consumers seeking premium beauty and personal care products. Premium brands delivered growth across Eyewear, Luxury Menswear, Kidswear, and Footwear, pushing Reliance’s premium and luxury portfolio past 1,000 exclusive brand stores.

The business expanded its global brand portfolio by launching active lifestyle brand Fabletics and signing an exclusive partnership with SKIMS. Additionally, AJIO Luxe added 22 brands, expanding its overall portfolio to 1,040 brands.

Fashion & Lifestyle delivered steady revenue growth, recording like-for-like (LFL) growth of 3% year-on-year despite the shift of major festivals to Q3. Apparel & Footwear stores maintained sales without the benefit of full-price festive weeks, supported by the launch of over 250 new options every week. Own brands sustained growth momentum, led by fresh womenswear collections, with their revenue contribution rising 710 basis points year-on-year.

Omnichannel integration expanded across Tier 2 and Tier 3 markets to enhance customer experience. Service arm ResQ delivered steady growth, completing 97% of service requests within 48 hours. Meanwhile, the distribution business revenue rises 20% year-on-year, led by strong demand in Mobiles and Laptops.

Consumer Electronics delivered growth, driven by improved product availability, competitive pricing, and targeted promotions, with like-for-like (LFL) growth rising 8% year-on-year. The business is now India’s largest retailer of premium products, including mobile phones from leading brands such as Apple and Samsung, accepting lower initial margins as a strategic investment to acquire high-value customers with significant lifetime value.

JioMart delivered 42% year-on-year revenue growth, driven by higher average order values and a 24% increase in units per order. The business expanded its geographic footprint by leveraging a network of over 5,000 stores across 1,000 cities to deepen penetration in smaller cities and towns. Free delivery initiatives encouraged customers to build larger baskets, further boosting average order values.

B2B revenue rises 10% year-on-year, supported by higher transaction volumes and average bill value, with Beverages, Dairy, Frozen & Bakery, and Staples leading growth.

Targeted campaigns, including 'METRO Ka Vaada, Fayda Sabse Zyada' and 'Mehangai Se Azaadi, Bachat Ki Azaadi, Vyapar Ki Tarakki', further strengthened customer engagement.

Grocery delivered growth while absorbing part of input cost inflation, registering like-for-like (LFL) growth of 3% year-on-year. The segment strengthened regional engagement through festive-led in-store experiences across Jagannath Yatra, Ganesh Chaturthi, and Janmashtami.

Broad-based category growth continued across Staples, Dairy, and Frozen & Bakery. Margin recovery is expected to be driven by space productivity, optimized assortment, a focused vendor base, and joint business planning with brands.

Reliance Retail opened 303 stores during the quarter, resulting in a net reduction of 222 stores after closing unproductive locations. This brings the total store count to 19,947, spanning an operational area of 77.5 million square feet.

Despite the shift of major festivals to Q3, the business achieved a 7% year-on-year growth in customer transactions, reflecting strong customer engagement and sustained growth momentum.

Reliance Retail reported gross revenue of Rs 91,716 crore, up 6.4% year-on-year on a demerger-adjusted basis for the Consumer Brands business. Segment performance was impacted by the shift of the festive calendar to Q3.

EBITDA before one-time impairment charges falls 8.6% year-on-year to Rs 6,228 crore, with EBITDA margin moderating by 120 basis points to 7.8%. The margin compression reflects planned investments in Digital Commerce, absorbed input cost inflation, and the festive calendar shift.

Depreciation rises 18.1% year-on-year to Rs 1,820 crore alongside expansion in the asset base.

Finance costs rise 53.9% year-on-year to Rs 905 crore due to higher interest rates and increased borrowing.

• Revenue falls 19% to Rs 25,317 crore versus Rs 31,204 crore.
• Ebitda rises 50% to Rs 2,777 crore versus Rs 1,856 crore.
• Margin rises 502 basis points to 10.97% versus 5.95%.

• Revenue rises 3% to Rs 48,486 crore versus Rs 46,900 crore.
• Ebitda rises 5% to Rs 22,223 crore versus Rs 21,255 crore.
• Margin falls 51 basis points to 45.83% versus 45.32%.

• Revenue rises 1% to Rs 91,717 crore versus Rs 90,409 crore.
• Ebitda falls 3% to Rs 6,120 crore versus Rs 6,309 crore.
• Margin falls 31 basis points to 6.67% versus 6.98%.

• Revenue falls 4% to Rs 6,020 crore versus Rs 6,298 crore.
• Ebitda falls 1% to Rs 4,901 crore versus Rs 4,973 crore.
• Margin rose 245 basis points to 81.41% versus 78.96%.

• Revenue rises 15% to Rs 2,31,601 crore versus Rs 2,01,803 crore.
• Ebitda rises 48% to Rs 25,203 crore versus Rs 17,010 crore.
• Margin rose 245 basis points to 10.88% versus 8.43%.

To raise funds worth Rs 15,000 crore via NCDs. The proposed issuance may be carried out in one or more tranches.

Reliance Industries Q2 Result Highlights (QoQ)

• Net Profit up 22.0% at Rs 25,548 crore versus Rs 20,946 crore (above estimate of Rs 21,368 crore).
• Revenue up 6.8% at Rs 3.31 lakh crore versus Rs 3.09 lakh crore (above estimate of Rs 3.14 lakh crore).
• Ebitda rises 19% to Rs 56,616 crore versus Rs 47,517 crore.
• Margin rises to 17.1% versus 15.4%.

Jio’s total fixed broadband subscriber base reached 30.0 million as of September 2026, supported by 7.3 million net additions over the past 12 months. Jio AirFiber continues to power fixed line expansion, contributing over 75% of these annual additions and bringing its dedicated user base to 15.1 million subscribers.

Jio Platforms reported monthly per capita data consumption of 44.2 GB in Q2 FY27, as total data traffic grew 22.1% year-on-year. Monthly subscriber churn held steady at 1.6%, supported by net subscriber additions of 9.1 million during the quarter.

ARPU increased further to Rs 218.8 with promotional schemes for fixed broadband customers offsetting better subscriber mix and increased usage.

During the quarter, Jio Platforms crossed twin operational milestones, surpassing 300 million 5G mobility subscribers and 30 million fixed broadband users. The company's total subscriber base expanded to over 542 million, supported by 36 million net additions over the trailing twelve months.

Jio Platforms Q2 Result Highlights (QoQ)

• Net Profit up 8.0% at Rs 8,389 crore versus Rs 7,765 crore.
• Revenue up 3.3% at Rs 40,475 crore versus Rs 39,173 crore.
• EBITDA up 5.3% at Rs 20,901 crore versus Rs 19,840 crore.
• EBITDA Margin up 100 Bps at 51.6% versus 50.6%.

Revenue is estimated to rise 1.4% quarter-on-quarter to Rs 3,13,700 crore from Rs 3,09,468 crore in the previous quarter. Consolidated Ebitda is projected to increase 9% to Rs 51,942 crore from Rs 47,517 crore, while the Ebitda margin is expected to expand to 16.6% from 15.4%.

Net profit is forecast to grow 2% sequentially to Rs 21,368 crore from Rs 20,946 crore.

Reliance Industries Q1 Result Highlights (QoQ)

• Revenue up 5% to Rs 3.09 lakh crore versus Rs 2.94 lakh crore. (Estimate: Rs 3.01 lakh crore)
• Ebitda up 8% to Rs 47,517 crore versus Rs 44,141 crore. (Estimate: Rs 46,367 crore)
• Margin expand to 15.4% versus 15% (Estimate: 15.4%).
• Profit up 23% to Rs 20,946 crore versus Rs 16,971 crore. (Estimate: Rs 20,451 crore).

Alongside the results review, the board will consider issuing redeemable NCDs through a private placement. The proposed issuance may be carried out in one or more tranches.

The filing does not disclose the proposed fundraising amount or other terms of the NCD issuance. The board's decision on October 30 will provide further clarity on the proposal.

Jio Platforms shares closed 0.6% higher at Rs 1,431.30 per share on the NSE. This compares with a 0.15% advance in the benchmark Nifty 50. The Mukesh Ambani-led giant is set to announce its July–September quarter results later today marking its maiden earnings release following its Oct. 28 stock market debut. The company recently raised Rs 30,200 crore via its mega IPO, listing at Rs 1,358 (a 21.36% premium over its Rs 1,119 issue price) and settling its first session at Rs 1,419.

All eyes are on Reliance Industries as the conglomerate prepares to roll out its September-quarter earnings today around 7:30 p.m.

Jio’s customer growth will be a critical metric to watch this quarter. Nomura projects the operator to add ~80 lakh subscribers, expanding its base to 54.13 crore from 53.33 crore in June, while Emkay forecasts even higher additions of around 1 crore subscribers.

Shares of RIL closed as much as 0.21% lower during the day at Rs 1,164.9 apiece on the NSE. This compares with a 0.15% advance in the benchmark Nifty 50. The shares have fallen 2.11% in one week and 1.86% in one month. The shares are down 26.07% year-to-date and 21.7% in one year.

Reliance Retail is expected to post subdued earnings despite top-line growth, facing margin compression. Kotak projects retail revenue to grow 11.7% YoY, even as EBITDA falls 0.8% YoY. On a sequential basis, however, EBITDA is expected to rebound by 7.2%.

Nomura expects the Jio’s Average Revenue Per User (ARPU) to climb to Rs 219, up from Rs 215.6 in the preceding June quarter, matching Emkay’s expectation of a 1% sequential improvement. This expansion is expected to be fueled by robust subscriber additions, rising data demand, and greater uptake of premium digital services.

"Investors will track Reliance Industries’ Q2 results on Friday, with market expectations centred on refining margins and Jio’s performance. Following Jio Platforms’ strong listing at a 21% premium earlier this week, investors will assess the telecom business’s earnings contribution and operating performance," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd

Driven by record middle distillate crack spreads, Nomura projects Reliance Industries to report 17% year-on-year Ebitda growth in quarter ended September. Segment earnings are led by O2C ( 38% YoY) and Digital ( 16% YoY), counterbalancing minor declines in O&G (-6%) and Retail (-1%).

Despite freight cost pressures, RIL benefits from higher throughput ( 10% QoQ), stable ethane pricing, and SAED exemptions. Nomura retains a 'BUY' rating with a target price of Rs 1,766, pointing to a sustained "golden refining era".

Fresh off its market debut, Jio Platforms faces its first major test as a public company today. All eyes will be on the Mukesh Ambani-led giant's September-quarter earnings to determine whether its growth trajectory backs up its steep valuation.

Beyond the quarterly numbers, investors will track Reliance Industries' commentary on its new energy business, capital expenditure plans and debt position. The company's investments across energy, retail and digital services remain important to its longer-term growth strategy. Management's guidance on the pace of spending and the expected returns from these investments will be closely watched.

The outlook for refining and petrochemical margins, retail growth and Jio's tariff strategy will also help determine whether the anticipated improvement in consolidated Ebitda can be sustained.

The digital services business is expected to report Ebitda of Rs 21,889 crore, up 3% sequentially from Rs 21,255 crore. The segment is likely to deliver steady growth, with investors watching for updates on subscriber trends, JioFiber expansion and the outlook for tariff increases ahead of the proposed Jio IPO.

Any indication of a potential tariff hike could influence expectations for revenue growth and profitability in the digital business.

Reliance Industries' oil and gas exploration business is expected to report flat Ebitda of Rs 4,973 crore, unchanged from the previous quarter. Declining production is likely to weigh on the segment, limiting its contribution to the company's overall sequential growth.

Management's commentary on production trends and the outlook for the business will be important in assessing whether the pressure is likely to persist.

Reliance Retail's Ebitda is estimated to rise 7% sequentially to Rs 6,784 crore from Rs 6,309 crore. However, the business is expected to remain relatively subdued, with the shift in the festive season likely to weigh on growth and result in a lower Ebitda margin.

Investors will look for indications of a pickup in retail growth, particularly as the company navigates seasonal demand patterns and works to sustain profitability.

Reliance Industries' O2C segment is expected to report Ebitda of Rs 20,082 crore, up 18% from Rs 17,010 crore in the June quarter. The segment is likely to benefit from stronger earnings at its special economic zone (SEZ) refinery, which is expected to avoid the impact of windfall taxes, along with contributions from US ethane-based petrochemical operations and a weaker rupee.

Investors will watch management's commentary on crude sourcing strategy and the outlook for refining and petrochemical margins. Developments in global crude markets and product spreads could influence the segment's performance in the coming quarters.

• Commentary on crude sourcing strategy
• Margin outlook in refinery and petchem
• Growth pickup in retail
• Outlook of new energy business
• Commentary on tariff hike ahead of Jio IPO
• Jio Fiber growth
• Commentary on capex outlay and debt

• O2C EBITDA seen up 18% QoQ at Rs 20082 crore vs Rs 17010 crore
• Retail EBITDA seen up 7% to Rs 6784 crore vs Rs 6309 crore
• Oil & Gas (gas exploration) EBITDA seen flat at Rs 4973 crore vs Rs 4973 crore
• Digital services EBITDA seen up 3% to Rs 21889 crore vs Rs 21255 crore

Reliance Industries Q2FY27 Preview (Consolidated; QoQ)

• Revenue seen up 1.4% at Rs 313700 crore vs Rs 309468 crore
• EBITDA seen up 9% to Rs 51942 crore vs Rs 47517 crore
• EBITDA Margin seen at 16.6% vs 15.4%
• Net profit seen up 2% at Rs 21368 crore vs Rs 20946 crore

Reliance Industries Ltd. is expected to report a modest increase in consolidated revenue and net profit for the September quarter, with the oil-to-chemicals (O2C) business likely to lead sequential growth, according to estimates.

The O2C business is expected to be the primary driver of the improvement, supported by stronger refining earnings, petrochemical operations and currency movements. However, relatively muted retail performance and continued weakness in oil and gas production could limit growth across other segments.