Consolidated EBITDA up 14.6% Y-o-Y, Net Profit up 14.3% Y-o-Y
FinTech BizNews Service
Mumbai, October 17, 2025: Reliance Industries, today announced its consolidated results for quarter ended 30th September, 2025.
CONSOLIDATED RIL RESULTS FOR QUARTER ENDED 30TH SEPTEMBER, 2025
Consolidated EBITDA up 14.6% Y-o-Y, Net Profit up 14.3% Y-o-Y
O2C EBITDA up 20.9% at Rs15,008 crore, margin up 130 bps, Jio-bp volumes up 34%
Jio subscriber base crossed the milestone of 500 million with Total subscriber base of 506 million
Jio Platforms EBITDA up 17.7% Y-o-Y at Rs18,757 crore, Margin up 140 bps
Reliance Retail EBITDA up 16.5% Y-o-Y at Rs6,816 crore
Quarterly Performance (2Q FY26 vs 2Q FY25)
• Gross Revenue increased by 9.9% Y-o-Y to Rs 283,548 crore ($ 31.9 billion)
o JPL revenue increased by 14.9% Y-o-Y led by industry leading subscriber growth across mobility
and homes, sustained improvement in ARPU and continued ramp-up in digital service offerings.
o RRVL revenue increased by 18.0% Y-o-Y, with significant growth across consumption baskets.
Grocery and Fashion delivered market leading performance growing 23% and 22% respectively.
Consumer Electronics delivered 18% Y-o-Y growth aided by GST rate reduction and new launches.
o Oil to Chemicals (O2C) revenue increased by 3.2% Y-o-Y. Production meant for sale increased
2.3% on a Y-o-Y basis. Company’s fuel retailing operations through Jio-bp further expanded its
domestic placement of transportation fuels. Jio-bp achieved a volume growth of 34% for HSD and
32% for MS.
o Oil and Gas segment revenue decreased by 2.6% Y-o-Y mainly on account of natural decline of
production in KGD6, and lower condensate price realisation. This was partly offset with improved
KGD6 gas price realisation and higher volume of CBM.
• EBITDA increased by 14.6% Y-o-Y to Rs 50,367 crore ($ 5.7 billion).
o JPL EBITDA increased by 17.7% Y-o-Y primarily driven by revenue growth and 140 bps margin
expansion.
o RRVL EBITDA increased by 16.5% Y-o-Y led by higher revenue with ramp-up in store-footprint and
hyperlocal deliveries, favourable mix, and focus on operational efficiencies.
o O2C EBITDA increased by 20.9% Y-o-Y with sharp increase in transportation fuel cracks and,
sustained volume growth in domestic fuel retailing. For downstream chemicals, positive impact of
higher polymer deltas were partially offset by weakness in polyester chain margins.
o Oil and Gas segment EBITDA decreased by 5.4% Y-o-Y on account of lower KGD6 gas volumes,
and higher operating costs on account of periodic maintenance activities.
• Depreciation increased by 11.9% Y-o-Y to Rs 14,416 crore ($ 1.6 billion).
• Finance Costs increased by 13.5% Y-o-Y to Rs 6,827 crore ($ 769 million), largely due to
operationalisation of 5G spectrum assets and higher liability balances.
• Tax Expenses increased by 17.6% Y-o-Y at Rs 6,978 crore ($ 786 million).
• Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 14.3% Y-o-Y to Rs
22,092 crore ($ 2.5 billion).
• Capital Expenditure for the quarter ended September 30, 2025, was Rs 40,010 crore ($ 4.5 billion)
mainly towards investments in O2C capacity expansion, augmenting Jio Telecom network and Digital
services, increasing retail footprint and building New Energy giga factories.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance
Industries Limited said: “Reliance delivered a robust performance during 2QFY26 led by strong
contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a Y-
o-Y basis, reflecting agile business operations, domestic focused portfolio and structural growth in Indian
economy.
Digital services business continues to scale-up with positive momentum in subscriber addition across
homes and mobility services, driven by Jio’s network and technology leadership. Jio’s innovative radio
solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to
households across India. We continue to augment our capabilities with pioneering systems and platforms,
ensuring the benefits of ever-evolving technology landscape for all Indians.
I am happy to highlight the growth momentum of our Retail business. All formats registered higher volume,
propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our
quick hyperlocal delivery model. The recently announced progressive reforms in GST regime provide a
boost to continuing consumption-led growth.
O2C business delivered robust growth on Y-o-Y basis, despite continued volatility in energy markets. Fuel
margins recovered over previous year led by middle distillate cracks. Downstream chemicals continue to
be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global
downstream markets in the medium-term. Reliance’s operational delivery is supported by integrated
assets, high mix of light-feed cracking, including a virtual ethane pipeline from the US, and strong focus on
domestic markets.
I am happy with the progress we are making in our new growth engines – new energy, media and consumer
brands. I believe these businesses will build on Reliance’s legacy of creating industry leaders, focused on
technology and innovation to provide Indian consumers the right products and services at the right price.
Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving
technologies and leverage these capabilities for the benefit of India and Indians.”
