Earnings call transcript: Reliance posts Q2 2026 beat as energy drives record profit
Reliance Industries Limited reported stronger-than-expected quarterly results for Q2 2026, with earnings per share (EPS) of 17.65 versus forecasts of 16.77 and revenue of INR 3.2162 trillion versus expectations of INR 3.19085 trillion. The company disclosed consolidated EBITDA of INR 62,409 crores, marking a record and a 24% year-on-year increase.
Profit after tax rose to INR 30,000 crores, up 34% year-on-year. Oil-to-chemicals division drove the growth, with EBITDA up 68% year-on-year. Jio continued scaling with 542 million subscribers and 300 million 5G users. Retail and new energy remained key investment areas. Management attributed the strong quarter to tight global energy markets and operational execution, particularly in refining and petrochemicals.
Net debt-to-EBITDA improved to 0.47x from 0.50x. Revenue for the quarter grew 28% year-on-year, while EBITDA increased 24% and profit after tax climbed 34%. The company sees retail, telecom, and new energy as long-term growth platforms, despite macroeconomic and geopolitical disruption.
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