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Informist, Friday, Oct. 17, 2025

 

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--Analysts saw RIL Jul-Sept consol net profit at INR 189.11 bln
--RIL Jul-Sept consol net profit INR 181.65 bln
--Analysts saw RIL Jul-Sept consol revenue at INR 2.47 tln
--RIL Jul-Sept consol revenue INR 2.59 tln
--RIL Jul-Sept consol net profit INR 181.65 bln vs INR 165.63 bln year ago
--RIL Jul-Sept consol revenue INR 2.59 tln vs INR 2.35 tln year ago
--RIL Apr-Sept consol net profit INR 451.59 bln vs INR 317.01 bln year ago
--RIL Apr-Sept consol revenue INR 5.08 tln vs INR 4.72 tln year ago
--RIL Jul-Sept consol EBITDA INR 503.67 bln vs INR 439.34 bln year ago
--RIL: Jio Platforms Jul-Sept ARPU INR 211.4/month
--RIL Jul-Sept consol EBITDA margin 17.8% vs 17.0% year ago
--RIL Jul-Sept oil-to-chemicals revenue INR 1.61 tln vs INR 1.56 tln year ago
--RIL Jul-Sept capex INR 400.10 bln vs INR 340.22 bln year ago
--RIL: Jio Platforms Jul-Sept ARPU INR 211.4/month vs INR 208.8/month qtr ago
--RIL: Consol cash, cash equivalent as on Sept 30 at INR 2.30 tln
--RIL Jul-Sept oil-to-chemicals EBITDA INR 150.08 bln vs INR 124.13 bln year ago
--RIL outstanding debt INR 3.48 tln as on Sept 30 vs INR 3.36 tln year ago
--RIL Jul-Sept oil-to-chemicals EBITDA margin 9.3%, up 130 bps on year
--RIL net debt INR 1.19 tln as on Sept 30 vs INR 1.16 tln year ago
--RIL Q2 CBM production 2.75 bln of cubic feet equivalent, up 5.8% YoY
--RIL Q2 KG-D6 production 63.5 bln of cubic feet equivalent, dn 8.4% YoY
--RIL Jul-Sept CBM gas avg price realised $9.53/mBtu vs $11.4/mBtu year ago
--RIL Jul-Sept KG-D6 gas avg price realised $9.97/mBtu vs $9.55/mBtu year ago
--RIL Jul-Sept oil and gas EBITDA dn on lower sales, higher operating costs
--RIL Jul-Sept oil and gas EBITDA margin 82.6%, dn 240 bps on year
--RIL Jul-Sept oil and gas EBITDA INR 50.02 bln vs INR 52.90 bln year ago
--RIL Jul-Sept oil and gas revenue INR 60.58 bln vs INR 62.22 bln year ago
--RIL:Oil-to-chemicals EBITDA up on higher volumes in domestic fuel retailing
--RIL: Jio Platforms Jul-Sept EBITDA margin 51.60% vs 51.80% qtr ago
--RIL: Oil-to-chemicals EBITDA up on improvement in polymer margins
--RIL:Jio Platforms Jul-Sept EBITDA INR 187.57 bln vs INR 181.35 bln qtr ago
--RIL:Oil-to-chemicals EBITDA up on rebound in transportation fuel cracks
--RIL: Jio Platforms Q2 revenue INR 363.32 bln vs INR 350.32 bln qtr ago
--RIL: GST rate changes to further accelerate consumption growth
--RIL:Jio Platforms Jul-Sept data traffic 58.4 bln GB vs 54.7 bln GB qtr ago
--RIL: Reliance Retail area operated 77.8 mln sq ft in Jul-Sept, dn 2% YoY
--RIL: Reliance Retail store count 19,821 as on Sept 30 vs 18,946 year ago
--RIL: Jio Platforms customer base 506.40 mln Sept 30 vs 498.10 mln qtr ago
--RIL Jul-Sept Reliance Retail EBITDA margin 8.6% vs 8.8% year ago
--RIL Jul-Sept oil-to-chemicals output for sale 18.1 mln tn, up 2.3% on year
--RIL Jul-Sept Reliance Retail EBITDA INR 68.16 bln vs INR 58.50 bln year ago
--RIL Q2 Reliance Retail revenue INR 791.28 bln vs INR 665.02 bln year ago
--RIL: Jul-Sept ARPU impacted for the time being by promotional 5G offers
--RIL Jul-Sept oil-to-chemicals ops throughput 20.8 mln tn, up 3% on year
--RIL: Jul-Sept ARPU rose due to higher engagement of customers
 

 

By Anand JC, Anjana Antony, and Shakshi Jain

 

NEW DELHI/MUMBAI – Reliance Industries Ltd. just about reported a double-digit increase in its consolidated net profit and revenue for the September quarter as most segments reported growth, barring the oil and gas segment. The Mukesh Ambani-led conglomerate's top line exceeded analysts' estimates but the bottom line was below expectations.

 

Reliance Industries reported a consolidated net profit of INR 181.65 billion for the quarter, up nearly 10% on year but down almost 33% on quarter. Analysts had projected a net profit growth of a little over 14% on year.

 

The company's revenue from operations for the period stood at INR 2.59 trillion, up 10% year and just over 4% on quarter. Analysts had pegged a top line growth of nearly 7% on year.

 

"Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses," Mukesh Ambani, chairman and managing director of Reliance Industries, said in a statement.

 

The company's consolidated earnings before interest, tax, depreciation, and amortisation for the September quarter were INR 503.67 billion, nearly 15% higher on year. Consolidated EBITDA margin for the period increased to 17.8% from 17.00% in the year-ago quarter.

 

Reliance Industries primarily earns its revenues from four segments – oil-to-chemicals, retail, digital services, oil and gas, and others.

 

OIL-TO-CHEMICALS SEGMENT
This is by far the most significant vertical for Reliance Industries, as it contributed around 62% to the company's consolidated revenue for the reporting quarter. The oil-to-chemicals segment reported net sales of INR 1.61 trillion, up just over 3% on year and on quarter. Total throughput during the September quarter was 20.8 million tonnes, up 3% on year. Production meant for sales increased just over 2% on year due to higher throughput in the primary and secondary units.

 

This segment's EBITDA grew nearly 21% on year to INR 150.08 billion while EBITDA margin reported a 130 bps on-year growth to 9.3%. While this growth was led by a strong rebound in transportation fuel cracks and an improvement in polymer margins, it was partially offset by weaker polyester chain deltas.

 

"Segment EBITDA was also supported by sustained higher volumes in domestic fuel retailing," the company said. This segment refines raw crude oil into finished products such as transportation fuels, polymers, and chemicals. Transportation fuel cracks saw a healthy on-year increase in the September quarter.

 

Healthy growth in demand for jet fuel on international routes supported the segment's margins, Reliance Industries said in a statement. Positive impact of higher polymer deltas was partially offset by the weakness in polyester chain margins in the downstream chemicals operations.

 

The segment also includes its fuel-retailing joint venture Reliance BP Mobility Ltd. with British firm bp, and operates under the brand name Jio-bp. Retail outlets of this arm grew to 2,057 in the September quarter, up from 1,821 in the year-ago quarter. For Jio-bp, volumes of high speed diesel grew 34% while volumes of motor spirit, or petrol, grew 32%.

 

RETAIL BUSINESS

Revenue from the retail segment grew to INR 905.44 billion in the reporting quarter, up a robust 19% on year and nearly 8% on quarter. This segment contributed nearly 35% to Reliance Industries' overall revenue, the second highest after the oil-to-chemicals segment. The retail segment's EBITDA stood at INR 68.16 billion, up nearly 17% on year. Its EBITDA margin fell 20 bps on year to 8.6%.

 

EBITDA of Reliance Industries' retail segment grew due to higher revenue ramp-up in store-footprint and hyperlocal deliveries, favourable mix, and a focus on operational efficiencies, the company said.

 

While the grocery business grew 23% on year, fashion and lifestyle business reported a growth of 22% due to increased buying ahead of festival season. Consumer electronics vertical gained from a cut in goods and services tax and new product launches, as it grew 18% on year.

 

Reliance Retail Ventures opened 412 new stores in Jul-Sept, taking the overall store count to 19,821. Area under operation of these stores fell 2% on year to 77.8 million square feet.

 

The company's quick hyperlocal commerce platform JioMart expanded operations during the quarter, extending its services to over 1,000 cities. JioMart added 5.8 million new customers, up 120% on quarter.

 

"Reliance Retail delivered strong performance during the quarter led by our relentless focus on operational excellence, investments in stores and digital platforms and festive buying across consumption baskets," said Isha Ambani, the executive director of Reliance Retail Ventures.

 

DIGITAL SERVICES SEGMENT

Revenue from the conglomerate's digital services segment grew 15% on year and 4% sequentially to INR 436.17 billion in Jul-Sept. The EBITDA of this segment grew 17% on year and 3% on quarter to INR 188.82 billion.

 

Within the larger segment, Jio Platforms posted revenue growth of nearly 15% on year and 4% sequentially to INR 363.32 billion for the September quarter. Its EBITDA for the quarter was INR 187.57 billion, higher than the INR 181.35 billion reported for the June quarter and INR 159.31 billion in the year-ago quarter. The subsidiary's EBITDA margin expanded by 140 basis points on year but contracted by 20 bps sequentially to 51.60% in Jul-Sept.

 

Jio Platforms' subscriber base grew 5.8% on year to 506.40 million as of Sept. 30. The company added 8.3 million net new subscribers during the quarter. The average revenue per user improved to INR 211.4 in Jul-Sept from INR 195.1 a year ago. In the June quarter, the average revenue per user was INR 208.8. The company said the average revenue per user is impacted for the time being by the promotional 5G offers.

 

The total data traffic for the September quarter increased nearly 30% on year to 58.4 billion gigabytes, with the per capita data consumption at 38.7 GB per month. "5G now accounts for (around) 50% of total wireless traffic driven by consistent increase in customer engagement," the company said.

 

OIL AND GAS BUSINESS

The fall in production of KG-D6 gas and lower realisation from CBM gas prices dragged down the conglomerate's revenue from its oil and gas business as well as the segment's margin. This segment's top line declined almost 3% on year to INR 60.58 billion and earnings before interest, tax, depreciation, and amortisation fell more than 5% to INR 50.02 billion.

 

This vertical's EBITDA margin shrank 240 basis points from the year-ago period to 82.6% on higher operating cost due to periodic maintenance activity. For the six months ended September, revenue from this business fell almost 2% to INR 121.61 billion from a year ago. EBITDA fell almost 5% to INR 99.98 billion and margin declined almost 300 bps to 82.2%.

 

KG-D6 refers to natural gas which is extracted from the Krishna-Godavari basin's D6 block. CBM is the natural gas extracted from coal seams in Sohagpur blocks in Madhya Pradesh. The production of KG-D6 gas in the September quarter fell over 8% on year to 63.5 billion cubic feet equivalent while that of CBM gas increased almost 6% to 2.75 billion cubic feet equivalent.

 

The company's net debt stood at INR 1.19 trillion as of Sept. 30, higher than INR 1.18 trillion as of Jun. 30. The net debt load was 0.59 times its EBITDA as of Sept. 30, higher than 0.51 times the EBITDA as of Jun. 30.

 

Reliance Industries incurred a capital expenditure of INR 400 billion on a consolidated basis during the September quarter, higher than INR 340 billion in the year-ago quarter. The capital expenditure was mainly on expansion of its oil-to-chemicals business' capacity, augmenting Jio Telecom network and digital services, increasing retail footprint, and building new energy giga factories, the company said in a statement.

 

Reliance Industries reported cash and cash equivalents of INR 2.30 trillion as of Sept. 30, higher than INR 2.20 trillion as of Jun. 30.

 

APR-SEPT EARNINGS

For the six months ended September, the conglomerate's consolidated net profit increased almost 43% on year to INR 451.59 billion and revenue rose 8% to INR 5.08 trillion. EBITDA grew 25% to INR 1.08 trillion and margin improved to 19.5% from 16.8% in the year-ago period.

 

For the first half of FY26, Jio Platforms' consolidated bottom line rose 18% from the year-ago period to almost INR 145 billion and revenue grew 17% to INR 713.64 billion. EBITDA for the period increased 13% to nearly INR 367 billion and margin rose 170 bps to 51.7%.

 

The retail business' consolidated net profit grew 25% on year to more than INR 67 billion and revenue increased 15% to INR 1.53 trillion. EBITDA for the six-month period grew 14% to almost INR 127 billion but margin fell 10 bps to 8.6%.

 

The core oil-to-chemicals segment's consolidated revenue for the six months ended September increased a mere 1% from a year ago to INR 3.15 trillion and EBITDA for the period rose 16% to almost INR 295.19 billion. EBITDA margin increased 120 bps to 9.4%.

The company detailed its earnings late Friday, much after the markets had closed. Its shares closed 1.3% higher on the National Stock Exchange at INR 1,416.80.  End

 

Edited by Ashish Shirke

 

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