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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-based

Investec initiated coverage on Reliance Industries on the day of its results.

The brokerage has a “buy” rating on the stock with a price target of ₹1,890.

The target implies a potential upside of 30% from current levels.

– Scale up new categories

– Higher penetration of Q-Comm

– Completed recalibration of store network

– Reliance Consumer Brands

– 13% to 15% revenue growth

– 14% to 15% EBITDA growth

– Revenue growth seen at 13% to ₹86,250 crore from ₹76,325 crore

– EBITDA seen 15% higher at ₹6,750 crore from ₹5,861 crore

– EBITDA margin seen at 7.8% from 7.6%

– Numbers compared on a year-on-year and from a CNBC-TV18 poll

– ARPU seen 1.1% higher at ₹211 from ₹208.7

– Subscribers up 1.4% to 505 million

– Sequential growth to be moderate driven by ARPU improvement and subscriber gains

– All numbers part of CNBC-TV18 poll.

– Revenue seen 2.7% higher at ₹31,717 crore from ₹30,882 crore

– EBITDA seen at ₹17,595 crore from ₹17,301 crore

– EBITDA margin seen at 55.5% from 56%

– Net profit seen 3.2% higher at ₹6,925 crore

– All numbers part of a CNBC-TV18 poll and compared quarter-on-quarter

Growth to be led by the O2C business.

Retail will contribute to growth due to GST cuts and higher revenue per square feet.

Expectations from various segments coming up in subsequent posts.

Reliance Industries is likely to report a 22% drop in its net profit on a sequential basis for the September quarter.

However, this is due to a one-time income of over ₹8,900 crore that the company had earned in the June quarter due to their stake sale in Asian Paints.

– Revenue at ₹2.46 lakh crore from ₹2.44 lakh crore

– EBITDA seen 3.7% higher at ₹4.45 lakh crore from ₹4.29 lakh crore

– EBITDA margin seen at 18.1% from 17.6%

– Net profit seen 22% lower at ₹21,704 crore from ₹26,994 crore

– All numbers part of CNBC-TV18 poll and compared sequentially

Reliance Industries Ltd., the oil-to-chemicals-to-telecom-to-retail conglomerate and the Nifty 50 heavyweight is likely to see broad-based growth led by key segments this quarter.

Street expectations in subsequent posts.

Good Morning!

Welcome to CNBC-TV18’s live coverage of Reliance Industries’ second quarter results that will be reported after market hours today.

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