Financial and Operational Performance of Reliance Industries Limited (RIL) for the Quarter and Half Year ended 30th September 2026
Quarterly Performance (2Q FY27 vs 2Q FY26)
* Gross Revenue increased by 27.8% Y-o-Y to Rs 362,268 crore ($ 37.8 billion).
* JPL revenue increased by 11.3% Y-o-Y driven by continued subscriber additions, ARPU increase and healthy growth in digital services.
* RRVL revenue grew 6.4% Y-o-Y to Rs 91,716 crore, with performance impacted by the festive calendar shift to Q3.
* Oil to Chemicals (O2C) revenue increased by 44.2% Y-o-Y led by sharp increase in crude and product prices. Crude price for the quarter increased 40.6%, whereas transportation fuel prices were up 50-78% Y-o-Y. Prices for most of the downstream chemical products were up 25-35% Y-o-Y, driven by strong feedstock prices.
* Oil and Gas segment revenue was stable Y-o-Y. KGD6 gas production as well as price realization was lower, which was offset by higher condensate price realization. Further, improved volumes and price realization for CBM supported revenues.
* EBITDA increased by 23.9% Y-o-Y to Rs 62,409 crore ($ 6.5 billion).
* JPL EBITDA increased by 16.6% Y-o-Y with strong revenue growth and margin expansion of 250 bps Y-o-Y.
* RRVL EBITDA decreased 8.6% Y-o-Y to Rs 6,228 crore, with margin at 7.8%, down 120 bps Y-oY, reflecting planned investment phase in Digital Commerce, input-cost inflation absorbed for customers, and the festive shift to Q3.
* O2C EBITDA increased by 67.9% Y-o-Y with a steep rise in transportation fuel cracks and downstream petrochemical margins. Fuel cracks were up 3-3.7x in a very tight global refining environment. Polyester chain margins improved sharply by 33%, led by 15% higher PX delta and 52% increase in PTA delta. Earnings were constrained by higher crude oil premiums, elevated freight rates, SAED related costs and under-recoveries in domestic fuel retail.
* Oil and Gas segment EBITDA was lower by 2.0% on Y-o-Y basis on account of declining KG D6 gas revenues and higher GoI levies. This was partly offset by favourable movement in exchange rate.
* Depreciation increased by 6.2% Y-o-Y to Rs 15,315 crore ($ 1.6 billion), largely on account of higher depreciation in Digital Services with capitalisation of 5G assets.
* Finance Costs increased by 24.2% Y-o-Y to Rs 8,481 crore ($ 885 million), largely due to higher liability balances and capitalisation of 5G assets.
* Tax Expenses increased by 34.2% Y-o-Y at Rs 9,363 crore ($ 977 million)
* Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 33.8% Y-o-Y to Rs 29,550 crore ($ 3.1 billion).
* Capital Expenditure for the quarter ended 30th September 2026, stood at Rs 38,153 crore ($ 4.0 billion). The capex was largely driven by investments in the O2C and New Energy projects under implementation, and on building and expanding the infrastructure and distribution reach of the consumer businesses
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