Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q2 FY26 Earnings Presentation
68 slides from Reliance Industries's earnings presentation, Oct 17, 2025
Slide 1: Financial Results Presentation Q2 FY26
Financial Results Presentation Q2 FY26 17 October 2025 1
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or
Slide 3: Table of Contents
Table of Contents # Particulars Page No. A Group Performance 4 B Jio Platforms 9 C Artificial Intelligence 22 D Retail 25 E JioStar 36 F Exploration and Production (E&P) 41 G Oil to Chemicals 46 H New Energy 59 3
Slide 4: Group Performance
a eee A_ Group Performance _F
Slide 5: Strong Performance Across Businesses
Strong Performance Across Businesses EBITDA 18% EBITDA 17% FMCG Media • 500 Mn+ subscribers; • 18% YoY growth in • Rs 5,300 Cr. gross • 400 Mn MAUs - 2nd 234 Mn 5G users gross revenue despite revenue, 2x YoY largest OTT platform demand deferment pre- globally • ~23 Mn fixed broadband • Focused on br
Slide 6: Consolidated Financial Results: Q2 FY26
Consolidated Financial Results: Q2 FY26 YoY Q2 FY25 Q2 FY26 1. Revenue growth led by strong performance in Change Particulars RRVL (+18%) and JPL (+15%) Rs crore Rs crore $ Bn % Revenue 258,027 283,548 32.0 10.0 2. Robust EBITDA growth underpinned by new initiatives, buoyant economic activity and EB
Slide 7: Strong Growth Momentum Across Businesses
Strong Growth Momentum Across Businesses Q2 Q2 YoY Q1 1. O2C: Operational excellence, yield optimization, Rs crore FY25 FY26 Change % FY26 improving domestic placement and light-feed cracking. Oil to 12,413 15,008 21.0 14,511 Chemicals 2. E&P: Focus on sustaining field production and increasing CBM
Slide 8: Strong Balance Sheet: Q2 FY26
Strong Balance Sheet: Q2 FY26 Jun-25 Sept-25 Particulars Rs crore Rs crore $ Bn Net Debt 117,581 118,545 13.3 LTM EBITDA 198,698 205,131 23.1 Net Debt to LTM EBITDA (x) 0.59 0.58 0.58 ➢ Strong underlying businesses generating high cash flows – maintaining financial strength through cycles ➢ Robust c
Slide 9: Jio Platforms
ll CD B_ Jio Platforms
Slide 10: Jio: Operating Next-Gen Technology, At Scale
Jio: Operating Next-Gen Technology, At Scale Indigenous Ability to Operate at End-to-End Control of Technology Population Scale Value Chain ➢ Proprietary technology stack ➢ Every Consumer ➢ Capability across network across 5G and Fixed Wireless operations, hardware and ➢ Every Home devices, software
Slide 11: Continued Market Leadership in Mobility and Home Solutions
Continued Market Leadership in Mobility and Home Solutions #1 in Connectivity #1 in Homes 506 Mn+ 234 Mn+ ~23 Mn Fixed Broadband ~9.5 Mn Subscribers 5G Users JioAirFiber Homes (8.3mn net additions in Q2FY26) (21mn additions in Q2FY26) Connects (~3mn net adds in Q2FY26) Translating into Sustained Mar
Slide 12: Mobility: Leadership in Traffic, Innovation and Efficiency
Mobility: Leadership in Traffic, Innovation and Efficiency ➢ Accelerating rural adoption: Pan India 5G site traffic Jio True5G Subscribers (Million) grew 2x while rural sites saw 2.2x growth 234 ➢ Jio 5G has achieved globally highest 5G data productivity per unit of spectrum: 191 ✓ Average 5G produc
Slide 13: Mobility: Growth Initiatives
Mobility: Growth Initiatives Winning New Customers (Scale Engine) Driving scale through adoption & accessibility ➢ Customer campaigns with bundled offerings like anniversary and festive offers ➢ JioBharat Companion phone as a mobility + security device to tap into new segments ➢ Strategic partnershi
Slide 14: Home: Driving Digitization of ~1 million Homes Monthly
Home: Driving Digitization of ~1 million Homes Monthly ➢ Jio has successfully scaled the multi-technology Fixed Broadband Subscribers (Million) architecture for fixed broadband to 1 million new home connects every month during the quarter 23 ➢ JioAirFiber extends global leadership with a subscriber
Slide 15: Home: Growth Initiatives
Home: Growth Initiatives Winning New Customers (Scale Engine) Driving scale through adoption & accessibility ➢ Latent Demand Generation: Driving mass adoption through One Jio offering & high-impact campaigns ➢ Coverage led expansion: With UBR readiness to give 1 Gbps connectivity anywhere on real-ti
Slide 16: JioTeleOS: Gateway to Digital Ecosystem
JioTeleOS: Gateway to Digital Ecosystem OTT & Live TV Hub All streaming & broadcast in one interface All Jio Set-Top Boxes (STB) are 01 powered by JioTeleOS to drive digital JioPC & Gaming Cloud based work & gaming on any screen discovery and adoption 02 JioStore Curated OTT, Gaming, Learning & 03
Slide 17: Enterprise: 'One Jio' Approach Across Products and Distribution
Enterprise: ‘One Jio’ Approach Across Products and Distribution for Faster Growth 1 3 Building Managed Services Stack as Driving Excellence Through Partnerships and Primary Driver for Service Adoption Unified Communication ✓ Comprehensive suite of managed services including ✓ SaaS partners leveragin
Slide 18: Continued Focus on Enhancing Our Key Digital Offerings
Continued Focus on Enhancing Our Key Digital Offerings JioPC JioFrames Converting TV Into a Cloud Computer Full stack AI smart glasses ➢ Launched JioPC AI Assistant - helps user generate ➢ Wearable ecosystem (Audio and Audio + Camera content in real time, automate desktop variants) powered by Jio’s
Slide 19: RJIL (Connectivity Business): Key Operating Metrics
RJIL (Connectivity Business): Key Operating Metrics Q2 Q1 Q2 Particulars Unit FY25 FY26 FY26 ➢ Subscriber additions another record quarter for home connects and Total Customer base Mn 478.8 498.1 506.4 sustained additions in mobility ➢ Increased consumption and positive Net Customer addition Mn (10.
Slide 20: RJIL: Q2 FY26 Financials
RJIL: Q2 FY26 Financials Operating Revenue (Rs crore) EBITDA (Rs crore) 56.1% 31,857 30,882 17,874 30,018 53.7% 17,301 29,307 16,188 28,338 15,798 15,225 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 EBITDA Margin ➢ RJIL operating revenue growth of 12.4 % YoY driven by contin
Slide 21: Jio Platforms Limited: Key Financials
Jio Platforms Limited: Key Financials JPL Consolidated % YoY Rs crore Q2 FY25 Q2 FY26 Change Q1 FY26 ➢ Q2 FY26 Revenue from operations at Gross Revenue1 37,119 42,652 15% 41,054 Rs 36,332 Crore; 14.6% YoY growth Operating Revenue 31,709 36,332 15% 35,032 EBITDA 15,931 18,757 18% 18,135 ➢ EBITDA incr
Slide 22: Artificial Intelligence
C Artificial Intelligence 22
Slide 23: Reliance Playbook for AI
Reliance Playbook for AI ➢ Reliance Intelligence will – Go-to-Market deliver trusted, easy-to- 1 Jio and Connectivity 2 Power Group of Reliance use AI services for Services Partner Global strategic partnerships, domain consumers, SMBs, and knowledge across multiple enterprises businesses and financi
Slide 24: Reliance Intelligence Vision: "AI Everywhere For Everyone"
Reliance Intelligence Vision: “AI Everywhere For Everyone” RIL’s AI DC Infrastructure Access to AI Model Capabilities ➢ GW-scale DC in Jamnagar ➢ Preferential access to best-in-class open-source and closed model ➢ AI-focused GCP cloud region in Jamnagar ➢ Powered by 100% RIL green energy AI for Sove
Slide 25: Retail
D Retail 25
Slide 26: Key Highlights: Q2 FY26
Key Highlights: Q2 FY26 ➢ Delivered strong operating and financial performance; gross revenue at Rs 90,018 crore ✓ Grocery and Fashion & Lifestyle businesses grew 23% and 22% YoY respectively, led by festive buying ✓ Consumer Electronics delivered 18% YoY growth aided by GST rate reduction and new l
Slide 27: Financial Performance: Q2 FY26
Financial Performance: Q2 FY26 Q2 FY25 Q2 FY26 YoY change Q1 FY26 Particulars Rs crore Rs crore % Rs crore Gross Revenue 76,302 90,018 18% 84,171 Net Revenue 66,502 79,128 19% 73,720 EBITDA from Operations 5,675 6,624 17% 6,044 EBITDA Margin from Operations (%) 8.50% 8.40% -10 bps 8.20% Investment I
Slide 28: Update on Consumption Baskets
Update on Consumption Baskets 28
Slide 29: Grocery: Foundation of Everyday Consumption
Grocery: Foundation of Everyday Consumption ➢ Industry-leading performance led by pick up in festive demand ➢ Double-digit growth YoY in core categories: Packaged Food (+20%), Staples (+18%), HPC (+13%); F&V volume up 62% YoY ➢ Large store formats registered a strong growth during Full Paisa Vasool
Slide 30: JioMart: India's Fastest Scaling Digital Commerce Platform
JioMart: India’s Fastest Scaling Digital Commerce Platform ➢ JioMart is the fastest growing Quick Hyper-Local Commerce platform with operations across 5,000 pin codes serviced by 3,000+ stores in 1,000+ cities ✓ Added 5.8 Mn new customers during Q2, up 120% QoQ ➢ Quick Hyper-Local Commerce maintains
Slide 31: Fashion & Lifestyle: Reinventing for the Next-Gen Shopper
Fashion & Lifestyle: Reinventing for the Next-Gen Shopper ➢ F&L business delivered strong growth with onset of festive season ✓ Emerging Formats Yousta and Azorte registered growth of 66% YoY; Yousta reached 100 store milestone ✓ Tapped into regional festivals such as Pujo through strong promotions;
Slide 32: Fashion & Lifestyle: Digital Commerce
Fashion & Lifestyle: Digital Commerce ➢ Ajio delivered steady growth led by wider assortment, promotions and festive buying ➢ Successful execution of All Stars Dussehra event; recorded highest ever daily sales ➢ Expanded catalogue to 2.7 Mn+ options, up 35% YoY; launched 20+ leading brands All Star
Slide 33: Fashion & Lifestyle: Capturing Aspirations Through Premiumisation
Fashion & Lifestyle: Capturing Aspirations Through Premiumisation Premium Brands ➢ Signed exclusive partnerships with Stella McCartney (conscious luxury brand across RTW1, vegan accessories & footwear) and Max & Co. (youth-oriented women’s RTW1 affordable luxury brand) ➢ Sephora exclusively launched
Slide 34: Consumer Electronics: Service, Brand & Solution-Led Business
Consumer Electronics: Service, Brand & Solution-Led Business ➢ Digital stores maintained strong growth momentum ✓ Growth driven by festive build-up, demand impacted between announcement & implementation of lower GST rates on Sep 22nd with strong pickup post that ➢ Strong category performance: Laptop
Slide 35: Consumer Products: India's Fastest Growing FMCG Company
Consumer Products: India’s Fastest Growing FMCG Company Rs 9,850 Cr. (2x YoY) Sustained double-digit market share1 in key General Trade contributed 1H FY 26 Gross Revenue markets for Campa, with positive growth Rs. 5,400 Cr 75%+ of sales momentum across categories led by Campa Q2 FY26 Gross Revenueś
Slide 36: JioStar
E JioStar 36
Slide 37: Entertainment: New Benchmarks Set by Original Content
Entertainment: New Benchmarks Set by Original Content On Track to post highest Ad 2nd Highest Highest Watched Biggest Fiction Launch on Revenues Watched Regional long TV & Digital in the Last 5 across Languages Web Series on JHS running series Years 54% Growth in Watch Time, No.1 for 4 weeks In Top
Slide 38: JioStar Continues to be the Largest Sports Platform
JioStar Continues to be the Largest Sports Platform Wimbledon Pro Kabaddi Premier League League (Ongoing) (Ongoing) 61% YoY growth in 148% YoY 16% YoY growth watch time on growth in watch in watch time on JHS time on JHS JHS US Open Women’s World India - England Cup (Ongoing) Record maiden 170 Mn vi
Slide 39: Operational Performance: Q2 FY26
Operational Performance: Q2 FY26 ➢ The 3 completed tournaments - India vs England, Wimbledon and the US open, delivered record performance across viewership and monetization Sports ➢ The ongoing Pro Kabaddi League season has grown by a massive 148% YoY in Watch Time on JHS ➢ Average Platform MAU sus
Slide 40: Key Financials: Q2 FY26
Key Financials: Q2 FY26 ➢ Record EBITDA performance with industry Q2 FY26 Q1 FY26 leading margins, in a challenging macro Particulars environment Rs crore Rs crore ➢ Strong performance in subscription revenue across both Digital and TV Total Revenue 6,179 9,601 ➢ Digital Ads (ex-Sports) on a strong
Slide 41: Exploration and Production (E&P)
F Exploration and Production (E&P) 41
Slide 42: Financial Performance: Q2 FY26
Financial Performance: Q2 FY26 Q2 FY25 Q2 FY26 YoY change Q1 FY26 ➢ Revenue remained largely stable Particulars Rs crore Rs crore % Rs crore ➢ YoY EBITDA lower due to Revenue 6,222 6,058 (2.6)% 6,103 ✓ Natural decline in KGD6 volume ✓ Weak price realization for CMB gas EBITDA 5,290 5,002 (5.4)% 4,99
Slide 43: Operating Performance: Q2 FY26
Operating Performance: Q2 FY26 YoY QoQ ➢ Average production for the quarter Q2 FY25 Q2 FY26 Q1 FY26 Production change change RIL Share ✓ KGD6 gas at 26.1 MMSCMD (BCFe) (BCFe) % (BCFe) % KGD6 69.3 63.5 (8.4)% 63.9 (0.6)% ✓ CBM at 0.82 MMSCMD CBM 2.6 2.75 5.8% 2.8 (1.8)% ✓ Oil / Condensate at 18,746 b
Slide 44: Global Gas / LNG Markets
Global Gas / LNG Markets 1. Gas/LNG prices trended lower, averaging at a 16-month Historical Prices ($ / MMBtu) low of $11.7/ MMBtu in 2Q 14 ➢ Weak demand across regions, coupled with steady growth in US LNG exports, contributed to oversupply. 11 ➢ Fuel switching due to softer crude and LPG prices m
Slide 45: India Gas Market
India Gas Market ➢ Domestic Gas consumption increased marginally Ceiling Price Vs WIM LNG ($/MMBtu) to 192 MMSCMD in Q2 FY26, from 189 MMSCMD in Q1: 13.68 12.91 ✓ Fertilizer sector saw a rebound in 12.52 12.12 consumption following planned maintenance in Q1 10.53 ✓ CGD continued its increase in dema
Slide 46: Oil to Chemicals
ee G Oil to Chemicals 46
Slide 47: Financial Performance: Q2 FY26
Financial Performance: Q2 FY26 Q2 Q2 YoY Q1 ➢ Strong YoY EBITDA growth of 21% led by Rs crore FY25 FY26 change % FY26 ✓ Sharp recovery in fuel cracks – up 22-37% ✓ Improvement in Polymer deltas: PE (+6%), PP (+8%), Revenue 155,580 160,558 3.2 154,804 PVC (+5%) ✓ Weak polyester chain deltas (-9%) con
Slide 48: Operating Performance: Q2 FY26
Operating Performance: Q2 FY26 Q2 Q1 Q2 Volume (in MMT) ➢ Crude throughput maximized with supplemental FY25 FY26 FY26 domestic feedstock Throughput 20.2 19.1 20.8 Production meant for sale ➢ Throughput of major secondary units like Platformer Transportation fuels 11.2 11.4 12.1 and FCC maximized Pol
Slide 49: Strong Domestic Placement Driven by Jio-bp
Strong Domestic Placement Driven by Jio-bp Volume Growth MS & HSD: ATF: E Mobility: CBG & CNG: (2Q’26 vs 2Q’25) 1.8 Mn KL (34%) 157 TKL 9.9 GWh (32%) 8.3 TMT (70%) Market Share & MS: HSD: ATF: Market Share:3.59% 6.23% 5.9% Effectiveness (ME)1 ME:1.7 ME: 3.0 CBG & CNG Convenience Retail Outlets: Char
Slide 50: Energy Market Environment: Q2 FY26
Energy Market Environment: Q2 FY26 Avg. Brent Crude ($/bbl) ➢ Average Brent Crude prices fell ~14% YoY 80.2 ✓ OPEC+ accelerating its rollback of production 75.7 cuts and signaling additional output hikes 74.7 67.8 69.1 ➢ Global refinery operating rates rose owing to higher refining margins particula
Slide 51: Global Oil Demand: Q2 FY26
Global Oil Demand: Q2 FY26 Global Oil Demand (Million Barrels Per Day) 104.1 104.8 103.4 ➢ Global oil demand rose by 0.7 mb/d YoY ✓ Non-OECD Asia - 0.5 mb/d ✓ Africa - 0.2 mb/d 2QFY25 1QFY26 2QFY26 ➢ Global transportation fuel demand growth remained healthy 27.6 27.5 27.6 29.4 29.5 29.6 ✓ Diesel
Slide 52: Domestic Oil Environment: Demand
Domestic Oil Environment: Demand Domestic Oil Demand (MMT) ➢ Oil demand at 56.8 MMT, up 1.6% YoY 9.8 Gasoline 10.8 ➢ Gasoline demand up 6.4% 10.4 ✓ Higher personal mobility with growth in automotive sales 20.1 Diesel 25.0 ➢ HSD demand up 3.3% 20.7 ✓ Positive momentum from manufacturing and 2.2 logis
Slide 53: Fuels: Cracks Recovered YoY
Fuels: Cracks Recovered YoY Q2 FY26 Avg. Product YoY Change Key Factors (YoY) Price / Margin Brent crude ➢ Accelerated unwinding of production cuts by 14% $69.1/bbl price OPEC+ and expected further output hike ➢ Lower inventory in Asia and Europe Gasoil cracks 37% $18.7/bbl ➢ Ukrainian drone attacks
Slide 54: Downstream Chemicals Market Environment: Q2 FY26
Downstream Chemicals Market Environment: Q2 FY26 Avg. US Ethane Price (cpg) 27.3 ➢ US Ethane price averaged at 23.1 cpg, up 47% 24.1 23.1 YoY inline with US natural gas prices 22.0 15.7 ✓ Ethane cracking economics continues to remain favourable over naphtha despite higher ethane price ➢ Naphtha pric
Slide 55: Polymers and Polyester Domestic Demand YoY
Polymers and Polyester Domestic Demand YoY Polymer Demand Growth Key end markets driving medium term growth1 (3-yr CAGR) PE 4% PP 9% Textiles, Furnishing & 5-6% Non-woven PVC -9% Polymer 3% Packaging 6-8% Polyester Demand Growth FMCG, Beverages & PSF 6% 6-8% Consumer Durables PFY 7% PET -13% Infrast
Slide 56: Downstream: Margin Environment
Downstream: Margin Environment Q2 FY26 Avg. Product YoY Change Key Factors (YoY) Price / Margin Naphtha prices 12% $570/MT ➢ Lower crude price and subdued downstream scenario US Ethane ➢ Increased US natural gas prices 47% 23.1 cpg prices ➢ Capacity expansion leading to higher supplies PE 6% $323/MT
Slide 57: Cracker Feedstock Margins: Ethane Continues to Remain Most Competitive Feedstock
Cracker Feedstock Margins: Ethane Continues to Remain Most Competitive Feedstock in Q2 FY26 Crude Dubai Integrated Ethane Cracker Integrated Propane Cracker Integrated Naphtha Cracker 120 950 100 SEA Ethylene Margins ($ / MT) 750 80 550 Crude ($ / bbl ) 350 60 150 40 -50 20 -250 -450 0 1. Naphtha Ma
Slide 58: Business Dynamics and Priorities
Business Dynamics and Priorities Business Dynamics ➢ Oil demand growth tracking 0.7 mb/d for CY25 – India contributing 14% of incremental growth, China 10% ➢ Refinery rationalization and disruptions to support export demand ➢ Domestic demand expected to pickup during festive season in 3Q FY26 ➢ Down
Slide 59: New Energy
H New Energy 59
Slide 60: World's ONLY End-to-End Integrated Green Energy Business
World’s ONLY End-to-End Integrated Green Energy Business Manufacturing Gigafactories forming integrated Generation / Production Solar PV value chain RE – RTC Power Captive RE-RTC Polysilicon Plant Demand of RIL Ingot RE Generation Battery Energy Storage Wafer External Third- Solar Cells Party Sales
Slide 61: Key Updates
Key Updates ➢ Continue to gradually expand our solar PV giga-factory ✓ Already commissioned 4 PV module lines, and the 1st cell line is expected to be commissioned soon ✓ On track to achieve our targeted capacity and further expand in a modular fashion ➢ The work on Battery Energy Storage giga-facto
Slide 62: Construction Site: Bird's Eye-view
Construction Site: Bird’s Eye-view Rapidly progressing towards the vision of building the world’s largest New Energy complex 62
Slide 63: Update on Solar PV Integrated Gigafactories: Cell
Update on Solar PV Integrated Gigafactories: Cell Print Line Loaders Texturization Tool Plays a crucial automation and logistics role within the cell Enables wafer surface etching to enhance light absorption production and metallization (printing line) and overall cell efficiency 1st line to be comm
Slide 64: Update on Solar PV Integrated Gigafactories: Glass
Update on Solar PV Integrated Gigafactories: Glass 64
Slide 65: Update on Solar PV Integrated Gigafactories: Polysilicon
Update on Solar PV Integrated Gigafactories: Polysilicon 65
Slide 66: Update on Solar PV Integrated Gigafactories: Wafers
Update on Solar PV Integrated Gigafactories: Wafers 66
Slide 67: Update on Integrated Battery Gigafactories
Update on Integrated Battery Gigafactories Substation Container Building On track to commission 40 GWh Battery Energy Storage giga factory 67
Slide 68: Thank You
THANK YOU 68