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Reliance Industries (RIL) delivered its strongest-ever quarterly performance in the September quarter despite a volatile global energy environment, with consolidated revenue surging 28% year-on-year to an all-time high of over ₹3.6 lakh crore and net profit jumping 34% to a record ₹29,550 crore. Billionaire Mukesh Ambani-led oil-telecom-retail conglomerate reported broad-based growth across its businesses, led by record earnings from its oil-to-chemicals (O2C) segment. Consolidated profit after tax for the first half of the financial year crossed ₹50,000 crore for the first time.
The performance came as Reliance navigated disruptions in global energy markets, including those linked to the Strait of Hormuz, while its retail business contended with inflationary pressures and a shift in the festive calendar. Jio Platforms also reported double-digit revenue growth in its maiden earnings announcement since its blockbuster stock market listing.
O2C delivers record revenue, EBITDA on higher oil prices and refining margins
Reliance's oil-to-chemicals (O2C) business recorded its strongest quarterly performance, with revenue surging 44.2% year-on-year to ₹2,31,601 crore, driven by higher crude oil and product prices.
On the operational front, earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 67.9% to an all-time high of ₹25,203 crore. The EBITDA margin expanded 160 basis points to 10.9%.
Reliance's oil and gas segment reported revenue of ₹6,020 crore, as lower gas production and price realisations from the KG-D6 block offset gains from higher condensate realisations and improved coal-bed methane (CBM) volumes and pricing.
EBITDA declined 2% to ₹4,901 crore, with favourable currency movements partly cushioning the impact of lower revenue and higher government levies.
CBM production increased 23.6% year-on-year. The company's multi-lateral well drilling programme is progressing, with 37 of 40 wells drilled and 35 connected to production.
Average quarterly output stood at 24 million standard cubic metres per day (MMSCMD) of KG-D6 gas and around 15,903 barrels per day of oil and condensate.
Jio Platforms reports double-digit growth in maiden results since listing
Jio Platforms reported a 13.7% year-on-year increase in consolidated net profit to ₹8,389 crore in the September quarter, marking its first earnings announcement since its stock market listing.
Operating revenue rose 11.4% to ₹40,475 crore, while gross revenue increased 11.3% to ₹47,485 crore.
On a sequential basis, net profit grew 8% from ₹7,764 crore in the June quarter, while operating and gross revenue each increased 3.3%.
The company attributed its growth to subscriber additions, a 3.5% increase in average revenue per user (ARPU) to ₹218.80 and continued expansion in digital services.
Reliance Retail revenue rises 6.4%; JioMart growth hits 42%
Reliance Retail reported gross revenue growth of 6.4% year-on-year to ₹91,716 crore, adjusted for the demerger of its Consumer Brands business. Performance was affected by the shift of major festivals to the December quarter, although customer transactions increased 7% from a year earlier.
EBITDA, before a one-time impairment charge, stood at ₹6,228 crore, with the margin at 7.8%. The 120-basis-point moderation in margins reflected the festive calendar shift, the absorption of higher input costs and continued investment in scaling business-to-business (B2B) operations and digital commerce.
The retailer opened 303 stores during the quarter, taking its total store count to 19,947, with an operating area of 77.5 million square feet.
Within its consumption businesses, JioMart emerged as a key growth driver, with revenue jumping 42% year-on-year. Growth was supported by higher average order values and a 24% increase in units per order. The platform's network expanded to more than 5,000 stores across over 1,000 cities, while digital commerce's share of B2C grocery revenue increased 270 basis points year-on-year.
The grocery business recorded like-for-like growth of 3%, while B2B revenue rose 10%. Consumer electronics posted 8% like-for-like growth, led by mobile phones, laptops, IT peripherals and appliances. Fashion and lifestyle registered 3% like-for-like growth, while AJIO expanded its catalogue by 23% to 3.3 million options.
Reliance Retail also strengthened its premium and luxury portfolio, which crossed 1,000 exclusive brand stores. The business launched Fabletics and signed an exclusive partnership with SKIMS as it continued to broaden its fashion offerings.
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director, Reliance Industries said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India’s second largest company. It demonstrates the depth of confidence investors place in Jio’s solid foundation and strong growth visibility. I am proud to witness the rejuvenation of “the equity cult” originally pioneered by our founder-chairman during the 1977 Reliance IPO. During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment.”
He further added, “Our disciplined capital allocation has helped create businesses that provide sustainable cash-flows and will remain significant contributors to India’s energy independence and technology evolution.”
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