Reliance Industries reported a Reliance Q2 profit of Rs 25,548 crore attributable to owners of the company for the July-September quarter, up 40% from Rs 18,165 crore in the same period last year. Profit after tax, including the share of associates and joint ventures, was Rs 29,550 crore, up 33.8% from Rs 22,092 crore a year earlier. The company disclosed the results on 30 October 2026, after the market had closed, and the profit after tax figure passed the Rs 23,196 crore reported in the previous quarter.
Consolidated revenue rose 27.8% from a year earlier to Rs 3,62,268 crore. Earnings before interest, tax, depreciation and amortisation, known as EBITDA, rose 23.9% to Rs 62,409 crore, a record for the company. The oil-to-chemicals business supplied the largest part of the increase, and digital services added steady growth. Retail profit fell during the quarter, and earnings from the oil and gas business declined, so the result was not uniform across the group.
Reliance Q2 profit and the oil-to-chemicals recovery
The oil-to-chemicals business, called O2C, was the main driver of the Reliance Q2 profit increase. Segment EBITDA rose 67.9% from a year earlier to Rs 25,203 crore. The company benefited from stronger global fuel margins, as the difference between crude oil prices and the prices of refined fuels widened, and from better petrochemical margins.
Refining margins matter to the Reliance Q2 profit result because its Jamnagar complex is one of the largest refining sites in the world, and it sells fuels into domestic and export markets. When fuel cracks, the margin refiners earn over crude costs, improve, a larger share of each barrel sold stays with the refiner. The September quarter gave the business that lift, after a weaker period for refining in the previous year.
The Reliance Q2 profit result also reflects feedstock sourcing. The company buys crude from a range of suppliers, and cheaper or better matched grades can lower the cost of each barrel processed. Reports on the results pointed to favourable sourcing opportunities in the quarter, alongside tighter global fuel markets that supported product prices.
Reliance Q2 profit from digital services
Digital services were the second support for the Reliance Q2 profit figure. Segment EBITDA rose 17.7% from a year earlier to Rs 22,223 crore. Within that segment, Reliance Jio reported a 10.8% increase in operating revenue to Rs 35,307 crore, while its EBITDA climbed 14.7% to Rs 20,505 crore.
Jio Platforms, the holding company for the digital business, reported EBITDA growth of 16.6% for the quarter. Its subscriber base expanded to 542.4 million, including 300 million users on its 5G network. The growth in subscribers and in average usage per user has kept telecom earnings rising even as the retail business faced pressure.
The digital business now sits beside refining as one of the two largest contributors to the Reliance Q2 profit result each quarter. That balance has changed the shape of Reliance over the past decade, from a company led almost entirely by energy into one where telecom and digital services carry a large share of profit each quarter.
Reliance Q2 profit: where growth was weaker
Not every part of the group grew. Reliance Retail Ventures reported a 24.3% decline in profit after tax, including its share of associates and joint ventures, to Rs 2,611 crore. The retail business has been expanding its store network and online reach, but profit fell in the quarter even as the group result rose.
Earnings from the oil and gas exploration and production business also declined, according to the company’s results summary. The fall in those two segments kept the group result below what the refining and digital gains alone would have produced, and it showed the limits of a quarter led by two businesses.
Capital expenditure during the September quarter was Rs 38,153 crore. Most of that spending went to the oil-to-chemicals business and to new energy projects, with the rest directed at expanding infrastructure and distribution networks across the consumer businesses.