News

We will now wrap up the blog. Good night, folks!

RIL consolidated revenue rose 10% YoY to ₹2.55 lakh crore, compared with ₹2.44 lakh crore in the previous quarter and ₹2.32 lakh crore in the same quarter last year. here.

Total subscribers rose to 506.4 million, compared with 498.1 million in the previous quarter and 478.8 million a year earlier, crossing the 500 million milestone for the first time. here.

JioStar Entertainment delivered a strong quarter with multiple new content releases across digital and TV, dominating the social landscape, trending on industry leaderboards, and setting new benchmarks.

Popular reality show Bigg Boss, across Hindi, Malayalam, and Telugu, registered a 55% year-on-year growth in watch-time on digital platforms, reaffirming its enduring popularity across markets.

The iconic series Kyunki Saas Bhi Kabhi Bahu Thi made a historic return, marking the biggest Hindi GEC fiction launch in the past five years across TV and digital. Network TV shows continued to perform strongly on JioHotstar, driven by high viewer engagement and the sustained success of tentpole titles.

In films, the third instalment of the Jolly LLB franchise received strong acceptance from both viewers and critics, delivering a notable performance at the box office.

JioStar Sports, through Star Sports and JioHotstar, delivered a strong quarter with record-breaking performances across marquee sporting properties. The India–England Anderson-Tendulkar Trophy became the most-watched Test series ever on digital platforms, attracting 170 million viewers and setting a new reach benchmark.

Wimbledon 2025 witnessed 77% growth on JioHotstar, while the newly acquired US Open 2025 set new viewership records, including the highest-ever 388 million minutes on linear TV. Other key properties, including the Premier League, PKL Season 12, and the ICC Women’s World Cup, also kicked off successfully during the quarter, further reinforcing the network’s leadership in sports broadcasting.

JioStar’s digital entertainment platform, JioHotstar, averaged approximately 400 million monthly active users (MAUs) during the quarter, reflecting strong user engagement post-IPL. The robust performance of both sports and entertainment content contributed to this sustained stickiness.

The company’s focus on personalisation and seamless content discovery, combined with targeted marketing strategies, helped improve user retention and boost overall engagement. Digital subscriptions also continued to grow strongly, supported by a carefully curated content calendar and effective subscriber lifecycle management, both on and off the platform.

Special shows such as Special Ops 2, Sarzameen, and Heart Beat 2 set new platform benchmarks and topped external ranking charts. Additionally, the extensive international content library maintained strong performance, aided by wider adoption across various dubbed local languages, further expanding audience reach and engagement.

JioStar Business posted a record quarterly EBITDA, supported by industry-leading margins of 28.1%. The platform continued to dominate digital sports and entertainment, with the India–England Test Series becoming the most-watched Test series ever on a digital platform, attracting 170 million viewers.

During the quarter, JioHotstar averaged 400 million monthly active users (MAUs), reflecting strong engagement across its offerings. The platform also secured an industry-leading TV entertainment viewership share of 34.5%, reinforcing its position as a market leader in both digital and traditional broadcasting segments.

Reliance Industries’ Oil and Gas (Exploration & Production) segment reported a 2.6% year-on-year decline in revenue for the second quarter of FY26, which stood at ₹6,058 crore ($682 million). The decline was mainly due to the natural production drop in the KGD6 block and lower realisations for coalbed methane (CBM) gas and condensate, partly offset by higher KGD6 gas prices and increased CBM gas volumes.

The average price realised for KGD6 gas in Q2 FY26 was $9.97/MMBTU, up from $9.55/MMBTU a year ago. For CBM gas, the average price declined to $9.53/MMBTU from $11.4/MMBTU in Q2 FY25. EBITDA for the segment fell 5.4% YoY to ₹5,002 crore ($563 million), with the EBITDA margin at 82.6%, affected by lower revenues and higher operating costs due to scheduled maintenance activities.

Production in KGD6 averaged 26.1 MMSCMD of gas and 18,746 barrels per day of oil and condensate during the quarter. Current production rates remain around 26.1 MMSCMD of gas and 18,400 barrels per day of oil/condensate.

For the CBM operations, the second phase of the multi-lateral well (MLW) campaign is underway to enhance production. Out of 40 planned MLW wells, seven have been drilled, with six wells connected to the production system, of which three are currently ramping up production.

Reliance Industries’ Oil-to-Chemicals (O2C) segment reported a 3.2% year-on-year increase in revenue for the second quarter of FY26, reaching ₹160,558 crore ($18.1 billion). The growth was supported by a 2.3% rise in production for sale, driven by higher throughput in both primary and secondary units.

The company’s Jio-bp network continued its expansion, adding 236 fuel retail outlets on a year-on-year basis, bringing the total to 2,057 outlets across the country. This expansion contributed to volume growth of 34% for high-speed diesel (HSD) and 32% for motor spirit (MS).

EBITDA for the O2C segment rose 20.9% YoY to ₹15,008 crore ($1.7 billion), driven by a sharp rebound in transportation fuel cracks, which increased by 22-37%, and improvements in polymer margins. This growth was partially offset by weaker polyester chain deltas but was supported by sustained higher volumes in domestic fuel retailing.

“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.

GST rate changes will further accelerate consumption growth as consumers get the benefit of lower prices. Our success is a testament to our deep understanding of the consumer. We consistently innovate, from curating new collections to creating campaigns that connect with today’s Indian consumer, and our focus remains on building brands that inspire and resonate across India.”

Reliance Retail’s Consumer Electronics segment maintained strong growth momentum during the quarter, driven by the festive season, despite a temporary impact on demand between the announcement and implementation of lower GST rates on September 22, 2025. Demand picked up sharply after the GST reduction, contributing to robust sales across categories.

Category-wise performance was strong, with laptops growing 37% year-on-year, mobiles up 22%, and appliances rising 10% YoY. The Digital India Sale, the company’s flagship Independence Day event, recorded its highest-ever single-day sales and delivered 24% growth compared with the same period last year.

The resQ services network continued to expand, now covering 1,625 locations, a 15% increase year-on-year. Reliance Retail’s Own Brands business tapped into overseas markets and introduced new variants in refrigerators and TVs. Additionally, JioMart Digital maintained strong performance, supported by an uptick in mobile phones and TV sales.

Reliance Retail’s Consumer Electronics segment maintained strong growth momentum during the quarter, driven by the festive season, despite a temporary impact on demand between the announcement and implementation of lower GST rates on September 22, 2025. Demand picked up sharply after the GST reduction, contributing to robust sales across categories.

Category-wise performance was strong, with laptops growing 37% year-on-year, mobiles up 22%, and appliances rising 10% YoY. The Digital India Sale, the company’s flagship Independence Day event, recorded its highest-ever single-day sales and delivered 24% growth compared with the same period last year.

The resQ services network continued to expand, now covering 1,625 locations, a 15% increase year-on-year. Reliance Retail’s Own Brands business tapped into overseas markets and introduced new variants in refrigerators and TVs. Additionally, JioMart Digital maintained strong performance, supported by an uptick in mobile phones and TV sales.

Reliance Retail’s Fashion and Lifestyle business delivered strong growth during the early festive season, driven by emerging formats and strategic promotions. Emerging formats such as Yousta and Azorte grew 66% year-on-year, with Yousta reaching the milestone of 100 stores.

Regional festivals, including Pujo in Navratri, boosted eastern markets, delivering their best-ever sales. Ethnic wear saw a pickup during the early festive period, while smart casuals and semi-formals performed well, strengthening the company’s own brands play.

The business shifted from seasonal fashion to fresh fashion every day, introducing over 300 new options per week. Customers increasingly sought a “complete look,” with growing demand for non-apparel items such as footwear, beauty products, accessories, and imitation jewelry. AJIO recorded steady growth through a wider assortment, festive promotions, and the successful execution of the All Stars Dussehra event, achieving its highest-ever daily sales.

AJIO expanded its catalogue to over 2.7 million options, a 35% increase year-on-year, and launched several new brands. AJIO Rush gained traction across 300+ pin codes in the top six cities, achieving a 16% higher Average Selling Price (ASP), 17% better conversion rates, and 500 basis points lower sales returns compared with the platform average. Shein surpassed 6 million app installs, reached 11.4 million Monthly Active Users (MAU), and expanded its portfolio to over 25,000 options.

The Premium brands business signed exclusive partnerships with British designer Stella McCartney and Max & Co., while Sephora launched Fenty Beauty in India and continued to expand into new Tier 1 markets. AJIO Luxe grew its brand portfolio by 33% year-on-year and expanded its catalogue by 16% YoY. The Jewels business delivered steady performance despite volatile gold prices, with the Average Bill Value rising 52% YoY and old gold exchange contribution increasing to 32.5% from 21.9% last year.

JioMart continued to strengthen its position as the fastest-growing Quick Hyper-Local Commerce platform, extending operations across 5,000 pin codes and supported by over 3,000 stores in more than 1,000 cities.

The platform saw a strong surge in customer acquisition, adding 5.8 million new customers during the quarter, representing a quarter-on-quarter growth rate of 120%. Quick Hyper-Local deliveries also expanded rapidly, registering 42% growth QoQ and over 200% growth YoY in average daily orders.

JioMart’s seller base grew 20% YoY, while the live catalogue was further expanded to enhance customer choice. The platform also extended Quick Hyper-Local deliveries to electronics and accessories, offering 30-minute delivery across 10 cities. The business maintained a focus on brand building, with its festive campaign “JioUtsav” launched under the proposition “Kyonki India Chahe Aur.”

Reliance Retail’s Grocery business delivered industry-leading performance in Q2 FY26, driven by strong festive demand. Core categories saw robust growth year-on-year, with Packaged Food up 20%, Staples up 18%, and Home and Personal Care (HPC) up 13%. The volume of Fruits and Vegetables (F&V) surged 62% YoY, reflecting heightened consumer demand.

Large store formats registered strong performance during the Full Paisa Vasool Sale, posting 19% YoY growth. Staples and HPC categories outperformed, with growth of 35% YoY and 25% YoY, respectively. Premium formats, which provide an immersive food experience, continued gaining traction, with FreshPik growing 35% on a like-for-like (LFL) basis.

Metro stores maintained strong momentum, registering growth across all categories. Commodities grew 20% YoY, while Home Care, Hair Care, and Air Care each grew 15% YoY. The business also launched a specialised corporate gifting campaign, ‘A World of Gifts’, to capture new gifting opportunities.

Consolidated Reliance Retail Ventures Limited (RRVL) reported a strong performance for the second quarter of FY26, with quarterly revenue rising 18% year-on-year to ₹90,018 crore. Grocery and Fashion & Lifestyle businesses led growth with 23% and 22% YoY increases, respectively, supported by festive buying.

Consumer Electronics grew 18% YoY, aided by GST rate reductions and new product launches. EBITDA for the quarter stood at ₹6,816 crore, up 16.5% YoY. EBITDA before investment income grew 16.7% YoY to ₹6,624 crore.

The company continued to expand its store network, opening 412 new stores during the quarter. This brought the total store count to 19,821, with a total area under operation of 77.8 million square feet. Quick Hyper-Local Commerce also maintained strong growth during the period.

Reliance Retail’s registered customer base increased to 369 million, reinforcing its position as one of India’s most preferred retailers.

“Jio has proudly served over 500 million subscribers, addressing multiple digital needs of their everyday life. This has been possible due to Jio’s Deep-Tech initiatives, which have sparked India’s technological revolution and have become the backbone of our Prime Minister’s Digital India Mission.

Jio will continue to bring new-age technologies and enhance the lives of every Indian citizen. Jio has successfully delivered its indigenous technology stack at India scale and is now set to take our homegrown technology around the world.”

Jio Platforms reported that its JioTrue5G user base reached 234 million as of September 2025, with 5G now accounting for roughly 50% of total wireless traffic, driven by consistent increases in customer engagement.

During the quarter, Jio added over 1 million new homes each month, taking the total fixed broadband-connected premises to approximately 23 million. JioAirFiber further extended its global leadership with a subscriber base of 9.5 million.

To celebrate the milestone of connecting 500 million subscribers and its 9th anniversary, Jio launched a range of initiatives for both mobile and home users, including unlimited data over the anniversary weekend, a free one-month service on timely recharges, 2% extra digital gold through Jio Finance, and vouchers worth up to ₹3,000.

During the quarter, Jio introduced “Safety-First” capabilities in JioBharat phones at the India Mobile Congress 2025 (IMC 2025). The feature allows families to stay connected and protected, enabling guardians to monitor children, elderly parents, and dependents through a secure, always-on experience. JioBharat devices are available across multiple channels starting at ₹799.

JioAICloud’s functionalities were enhanced with AI Events, which automatically creates albums powered by face tagging for easy photo sharing, and voice search available in Hindi and English. The platform now has around 42 million registered users, supporting Jio’s goal to democratize AI and cloud storage in India.

Additionally, Jio upgraded JioPC with an AI Assistant for real-time content generation and desktop automation, and integrated JioWorkspace to provide productivity tools comparable to Office 360. At IMC 2025, Jio also launched a four-week AI Classroom Foundation Course in collaboration with Jio Institute, offering hands-on training in AI tools for productivity, learning, and creativity.

Consolidated Jio Platforms Ltd (JPL) reported a 14.9% year-on-year increase in quarterly revenue to ₹42,652 crore for Q2 FY26. EBITDA rose 17.7% YoY to ₹18,757 crore, with margins expanding 140 basis points, supported by improved monetisation and operational efficiencies.

Jio’s subscriber base crossed the 500 million milestone, reaching over 506 million as of September 2025. The Jio AirFiber rollout continued at scale, connecting over 1 million new homes each month, with the service achieving 9.5 million global subscribers.

Total data traffic grew 29.8% YoY to over 58 Exabytes, while per capita data consumption averaged 38.7 GB per month. Average revenue per user (ARPU) increased to ₹211.4, driven by higher customer engagement, though temporarily impacted by promotional 5G offers.

Monthly churn remained stable at 1.9%, and the company added 8.3 million net subscribers during the quarter, marking another record in home connections and gains in mobility market share. Revenue growth was supported by market share gains in mobility and homes, higher ARPU, and continued expansion in digital services, while double-digit EBITDA growth reflected both revenue improvement and margin expansion.

“Reliance delivered a robust performance during 2QFY26, led by strong

contributions from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a Yo-Y basis, reflecting agile business operations, domestic-focused portfolio and structural growth in the Indian economy. Digital services business continues to scale-up with positive momentum in subscriber addition across homes and mobility services, driven by Jio’s network and technology leadership. Jio’s innovative radio solutions and ubiquitous stand-alone 5G network have enabled it to provide broadband connectivity to households across India.

We continue to augment our capabilities with pioneering systems and platforms, ensuring the benefits of ever-evolving technology landscape for all Indians. I am happy to highlight the growth momentum of our Retail business. All formats registered higher volume, propelling strong growth in both revenue and EBITDA. There has also been a sustained pick-up in our quick hyperlocal delivery model.

The recently announced progressive reforms in the GST regime provide a boost to continuing consumption-led growth. O2C business delivered robust growth on a Y-o-Y basis, despite continued volatility in energy markets. Fuel

margins recovered over the previous year, led by middle distillate cracks. Downstream chemicals continue to be impacted by overcapacity. Corrective steps by the industry stakeholders will help balance global downstream markets in the medium term. Reliance’s operational delivery is supported by integrated assets, a high mix of light-feed cracking, including a virtual ethane pipeline from the US, and a strong focus on domestic markets.

I am happy with the progress we are making in our new growth engines – new energy, media and consumer brands. I believe these businesses will build on Reliance’s legacy of creating industry leaders, focused on technology and innovation to provide Indian consumers the right products and services at the right price. Our initiatives in the AI domain are aimed at ensuring Reliance stays at the forefront of evolving technologies and leverage these capabilities for the benefit of India and Indians.”

Gross Revenue increased by 9.9% Y-o-Y to ₹ 283,548 crore ($ 31.9 billion)

JPL revenue increased by 14.9% Y-o-Y, led by industry-leading subscriber growth across mobility and homes, sustained improvement in ARPU and continued ramp-up in digital service offerings.

RRVL revenue increased by 18.0% Y-o-Y, with significant growth across consumption baskets.

Grocery and Fashion delivered market-leading performance, growing 23% and 22% respectively.

Consumer Electronics delivered 18% Y-o-Y growth, aided by GST rate reduction and new launches.

Oil to Chemicals (O2C) revenue increased by 3.2% Y-o-Y. Production meant for sale increased 2.3% on a Y-o-Y basis. The company’s fuel retailing operations through Jio-bp further expanded its domestic placement of transportation fuels. Jio-bp achieved a volume growth of 34% for HSD and 32% for MS.

Oil and Gas segment revenue decreased by 2.6% Y-o-Y mainly on account of the natural decline of production in KGD6, and lower condensate price realisation. This was partly offset by improved. KGD6 gas price realisation and higher volume of CBM.

Avg Revenue Per User (ARPU) At ₹211.40 Vs ₹208.80 (QoQ) and Vs ₹195.10 (YoY)

Total Subscribers At 506.4 Million Vs 498.1 Million (QoQ) & Vs 478.8 Million (YoY)

Retail Biz Revenue At ₹90,544 crore Vs ₹84,172 crore (QoQ) & Vs ₹76,325 crore (YoY)

Retail Biz EBITDA At ₹6,817 crore Vs ₹6,381 crore (QoQ) & Vs ₹5,861 crore (YoY)

Retail Biz Margin At 7.5% Vs 7.6% (QoQ) & 7.7% (YoY)

O2C Biz Revenue At ₹1.61 Lk Cr Vs ₹1.55 Lk Cr (QoQ) & Vs ₹1.56 Lk Cr (YoY)

O2C Biz EBITDA At ₹15,008 Cr Vs ₹14,511 Cr (QoQ) & Vs ₹12,413 Cr (YoY)

O2C Biz EBITDA Margin At 9.4% Vs 9.4% (QoQ) & Vs 8% (YoY)

Oil & Gas Biz Revenue At ₹6,058 Cr Vs ₹6,103 Cr (QoQ) & Vs ₹6,222 Cr (YoY)

Oil & Gas Biz EBITDA At ₹5,002 Cr Vs ₹4,996 Cr (QoQ) & VS ₹5,290 Cr (YoY)

Oil & Gas Biz EBITDA Margin At 82.6% Vs 81.9% (QoQ) & Vs 85% (YoY)

Consolidated Net Profit At ₹18,165 crore Vs ₹26,994 crore (QoQ) & Vs ₹16,563 crore (YoY)

Consolidated Revenue at ₹2.55 lakh crore Vs ₹2.44 lakh crore  (QoQ) & Vs ₹2.32 lakh crore (YoY)

Consolidated EBITDA at ₹45,885 crore Vs ₹39,058 Cr (QoQ) & Vs ₹39,058 crore (YoY)

Consolidated EBITDA Margin At 18% Vs 16.9% (YoY)

On September 1, 2025, Jefferies initiated a Buy call on Reliance Industries Limited with a target price of ₹1,670 per share.

The brokerage highlighted plans for a Jio IPO in H1 CY26, along with strong broadband traction and proposals to sell Reliance’s 5G stack to overseas customers. In the retail segment, Reliance aims for a revenue CAGR of 20% over the next three years.

For its FMCG business, the company plans significant investments to achieve revenues of $12 billion within five years. Reliance’s new energy ambitions have been scaled up, with clear targets outlined. Jefferies noted that the potential Jio IPO could lead to a holdco discount in Reliance’s valuation.

Kotak Institutional Equity added a call on Reliance Industries Limited with a target price of ₹1,555 per share. The brokerage expects Reliance to double its EBITDA between FY2022 and FY2027.

In the organised retail segment, the company is projected to achieve a revenue CAGR of over 20% over the next three years. For its FMCG business, Reliance has set a five-year revenue target of ₹1 lakh crore. Reliance also aims to become India’s largest FMCG company with a global presence.

The company announced a new joint venture with Meta and expanded its partnership with Google Cloud.

Note: The call was added on September 1, 2025.

The conglomerate began FY26 on a strong note, posting its highest-ever quarterly profit of ₹26,994 crore, up 76% year-on-year, driven by robust growth across its consumer-facing businesses and a one-time gain from the sale of its Asian Paints stake. Even excluding this gain, profits rose 25%, underlining strong operational momentum.

– Entering a phase of broad-based earnings recovery & strong cash generation

– Group EBITDA should double by FY27 vs FY22, as guided at 2025 AGM

– Growth will be broad-basedNewsLive TVMarketPopular CategoriesCalculatorsTrending NowLet's Connect with CNBCTV 18Network 18 Group :©TV18 Broadcast Limited. All rights reserved.