Reliance Industries500325Earnings call transcript

Q2 FY27 call: record consolidated EBITDA, Jio listing, retail transition and FY2028 new energy guidance

Consolidated EBITDA Rs.62,409 Crores, up 24% YoY – highest ever.

By ScoutQuest · Sun 1 Nov 2026, 11:06 PM IST · 3 min read

Consolidated EBITDA: Rs.62,409 Crores, up 24% YoY – highest ever
PAT: close to Rs.30,000 Crores, up 34%
Guidance: H1 FY27 tracking annualised EBITDA well over Rs.80,000 Crores; new energy earnings from FY2028

Group performance

Management described the quarter as exceptionally strong in a turbulent macro and energy environment. Consolidated EBITDA was Rs.62,409 Crores, up 24% year-on-year and the highest the company has reported. Profit after tax was close to Rs.30,000 Crores, up 34%. Revenue growth of 28%, EBITDA growth of 24% and PAT growth of 34% were attributed mainly to O2C and Jio. Net debt to EBITDA was about 0.47, and capex was described as almost flat compared with recent quarters.

O2C and other businesses

O2C EBITDA was Rs.25,203 Crores; the opening highlight put O2C EBITDA growth at 68%, and the segment commentary later described it as 69% higher.
Drivers cited: tight fuel markets, strong downstream and fuel cracks, flexibility to switch crude grades between the Americas and the Meds, and one of the widest naphtha-ethane spreads seen.
Digital services EBITDA was about Rs.22,200 Crores, 18% higher.
Retail EBITDA was Rs.6,120 crores.
Oil and gas was almost flat, 2% lower.

Jio Platforms

Total subscribers 542 million, with 36 million net adds over 12 months and 9.1 million net adds in the quarter.
5G subscribers 300 million; 30 million homes connected, about half of them through fixed wireless.
Fixed wireless: 15.1 million connections and over 78% market share.
ARPU Rs.218.8, up 3.5% year-on-year without tariff increases; management said organic ARPU growth has been running in a 3.5% to 4.5% range.
Data use 44.2 GB per user per month, up 14%; total data traffic 71.3 billion GB.
Revenue from operations Rs.40,475 Crores (up 11.4%), EBITDA 21,879 Crores (up 16.6%) and PAT Rs.8,387 Crores.
RJIL revenue Rs.35,307 Crores, up 10.8%, EBITDA Rs.20,505 Crores, margin 58.1%, an expansion of almost 200 basis points.
The listing took place at a 26.7% premium; management said it became the second largest by market cap on listing day and referred to a first-day listing value of almost $137 billion.
Bulk of the capex is described as behind, with 5G and the fixed wireless core deployed across the country, so capex has started tapering.

Retail

Revenue up about 6%, EBITDA about 10% lower, and RRVL PAT at Rs. 2,611 crores.
Management said it is deliberately trading short-term earnings growth to build a digital commerce platform, with store cash flows funding it.
Early signs cited: online grocery B2C scale up 42%, and sharp increases in the online share of grocery and apparel and footwear.
The benefit of this transition is expected to show through FY 2028 and FY 2029.

Guidance shared on the call

First half FY 2027 performance is tracking an annualised EBITDA well over Rs.80,000 Crores.
New energy is described as accelerating, with earnings contribution starting in FY 2028.
Jio: management sees visibility of high teen growth.
Fixed wireless connections are expected to ramp up in the coming quarters.
In RCPL, the focus stays on building manufacturing capability and distribution.

What this means for a retail investor

The numbers show where profit is coming from right now: energy and materials, helped by unusually tight fuel markets, plus steady digital services. Consumer businesses are at different stages – Jio is scaling subscribers and data use with capex easing, while retail earnings are lower by choice and the payoff is projected for later years. Two things worth tracking are whether the strong refining margins persist and whether the retail digital build-out starts showing the earnings benefit management has timed to FY 2028 and FY 2029.

Also from Reliance Industries