Reliance Q2 Results LIVE: Revenue up 4.5% QoQ, profit down 32.7%, Jio ARPU up

Reliance Industries' net debt rose 1% sequentially to ₹1.19 lakh crore at the end of Q2 FY26, according to an earnings presentation. That compares with capex which stood at ₹40,010 in Q2 FY26 and ₹69,890 crore in H1 FY26.

Reliance Jio's ARPU, or average revenue per user, rose to ₹211.4 in Q2 FY26 from ₹208.8 crore in Q1 FY26. The subscriber base of India's largest telecom operator stood at 50.6 crore as on 30 September, as against 49.81 crore on 30 June.

Net profit of India's largest telecom operator rose 3.7% sequentially to ₹7,375 crore in Q2 FY26, on the back of revenue that increased 3.71% QoQ to ₹36,332 crore.

Jio Q2 Results: Key Highlights (QoQ)

- Revenue up 3.71% at ₹36,332 crore

- Net profit up 3.7% at ₹7,375 crore

Net profit of India's largest retail-chain operator rose 5.7% QoQ to ₹3,457 crore in Q2 FY26, on the back of revenue that increased 7% sequentially to ₹79,128 crore.

Reliance Retail Q2 Results: Key Highlights (QoQ)

- Revenue up 7% at ₹79,128 crore

- EBITDA up 6.9% at ₹6,816 crore

- EBITDA margin down 10 bps at 8.6%

- Net profit up 5.7% at ₹3,457 crore

- Revenue up 4.5% at ₹2.55 lakh crore (Estimate: ₹2,47,800 crore)

- EBITDA up 7% at ₹45,885 crore (Estimate: ₹45,151 crore)

- EBITDA margin up 40 basis points at 18% (Estimate: 18.2%)

- Net profit down 32.7% at ₹18,165 crore (Estimate: ₹19,883 crore)

One basis point is one-hundredth of a percentage point

Reliance Industries, along with Nayara Energy, likely increased their Russian oil imports in September — the third month of the second quarter, according to Reuters report dated 28 August 2025. Cues from such a move should be visible in O2C margins.

Reliance O2C EBITDA is likely to be up 3.1% QoQ at ₹15,000 crore on higher refining throughput, according to JM Financial. The grosss refining margin is seen at $9.5/barrel versus RIL's implied gross refining margin of $9.4/barrel in Q1 FY26.

Investors would do well to watch out for cues on Reliance Jio IPO from the earnings presentation today.

RIL has started informal talks with banks about the Jio IPO for a potential listing in the first half of 2026, Bloomberg News reported on 3 October.

A formal process may begin by the end of this month and Reliance could start officially appointing investment bankers in November, the people said, asking not to be identified because the discussions are private.

The Jio Platforms IPO could raise more than $6 billion with Reliance selling just 5% of the company, Bloomberg News reported in July. That’s far more than the record $3.3-billion raised in Hyundai Motor India Ltd. in 2024.

Deliberations are ongoing and details such as the size and timing of the Jio IPO could change, the people said. A representative for Reliance didn’t have any immediate comment.

Mukesh Ambani, chairman of Reliance Industries, had said in August the Jio listing could take place in the first half of 2026.

According to Antique Broking, Reliance's consolidated EBITDA likely rose 4.3% QoQ to ₹44,750 crore on all-round business growth.

- The O2C EBITDA likely grew 3.8% QoQ due to higher refining throughput, partly offset by weaker petrochemical margins.

- Jio EBITDA is seen up 2.7% QoQ due to a 1.1% rise in ARPU and 40 crore net subscriber additions in July-September 2025.

- Reliance Retail EBITDA growth is seen at 4.1% QoQ on store expansion and higher footfalls.

According to JM Financial, RIL is likely to grow its operational profitability by 3.6% QoQ to ₹44,500 crore due to steady growth in the oil-to-chemicals, retail and digital businesses.

Reliance O2C: EBITDA is likely to be up 3.1% QoQ at ₹15,000 crore on higher refining throughput — up 6% QoQ at 17.3 million metric tons (mmt). The grosss refining margin is seen at $9.5/barrel versus RIL's implied gross refining margin of $9.4/barrel in Q1 FY26.

Reliance Retail: EBITDA is likely to be up 3.5% QoQ at ₹6,600 crore

Reliance Jio: EBITDA is likely to grow at 2.5% QoQ to ₹18,800 crore due to subscriber gains, which would also lift the average revenue per user (ARPU) to ₹211. That's due an increase in cost of minimum recharge plans as well as one extra day in the second quarter.

Reliance Retail: Revenue likely fell 7% sequentially to ₹77,979 crore due to seasonal weakness, but operational profitability likely grew 2.7% QoQ to ₹6,556 crore.

Reliance O2C: The operating income likely grew 4% QoQ to ₹15,093 crore as volumes are likely to have grown following a maintenance shutdown in April-June. The EBITDA for the oil-and-gas exploration segment is seen at ₹4,607 crore—down 7.8%.

Revenue of Reliance Jio Infocomm Ltd. likely rose 3% over the previous quarter to ₹31,806 crore in the three months ended 30 September 2025, according to analysts polled by Bloomberg.

Reliance Jio Q2 Results: Estimates QoQ)

- Revenue seen up 3% at ₹31,806 crore

- EBITDA seen up 3.3% at ₹17,242 crore

- EBITDA margin seen up 20 basis points

- Net profit seen up 3.7% at ₹6,962 crore

One basis point is one-hundredth of a percentage point.

Reliance Jio is seen clocking an average revenue per user of ₹211.7 crore from a subscriber base of 50.36 crore.

Reliance Industries is likely to post potentially subdued quarterly results—a marginal rise in revenue but a steep drop in profit, according to Bloomberg estimates.

Consolidated revenue of India's most valuable company likely rose 1.7% over the previous three months to ₹2,47,800 crore in the quarter ended 30 September, according to analysts polled by Bloomberg. The net profit, however, likely fell during the quarter — down 26% sequentially at ₹19,883 crore, according to Bloomberg estimates.

Reliance Industries Ltd.'s share price rose 1.35% to ₹1,416.95 apiece on the BSE today even as the benchmark BSE Sensex ended the day 0.58% higher at 83,952.19 points.

The company controlled by billionaire Mukesh Ambani is set to report second-quarter results today. Both Reliance Jio and Reliance Retail are in focus, while investors will watch for cues on how the refining business is evolving amid US pushback against India's Russian oil imports.

Reliance Q2 Results Preview: Key Highlights (Cons, YoY)

- Revenue seen up 1.7% at ₹2,47,800 crore

- EBITDA seen up 5.2% at ₹45,151 crore

- EBITDA margin seen up 60 basis points at 18.2%

- Net profit seen down 26% at ₹19,883 crore

One basis point is one-hundredth of a percentage point.