Business
Reliance Industries: Profit Climbs 14% On Strong Growth In Refining, Retail, And Digital Units
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Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a 10% year-on-year growth in its consolidated Q2 net profit at Rs 18,165 crore
Reliance Q2 Results
Reliance Industries Ltd posted a 14.3 percent rise in quarterly net profit to Rs 22,092 crore (pre-minority interest), helped by improved refining margins and steady expansion in its retail and digital services businesses. Consolidated revenue rose 10 percent from a year earlier to Rs 2.84 lakh crore, led by the consumer-facing segments.
Consolidated EBITDA stood at Rs 50,367 crore, up 14.6 percent from a year earlier, led by growth in the oil-to-chemicals (O2C), retail, and digital services businesses. Profit before tax rose 16.3 percent to Rs 29,124 crore. Capex for the quarter was higher at Rs 40,010 crore, which was fully covered by strong internal cash flows, with cash profit of Rs 40,778 crore.
Net debt remained largely stable at Rs 1.19 lakh crore as of September 30 compared with Rs 1.18 lakh crore as of June 30. Reliance said broad-based growth in consumer businesses, together with improved refining margins and continued thrust on domestic fuel retailing operations, helped deliver a robust consolidated performance during the quarter.
Commenting on the earnings, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries, said: “Reliance delivered a robust performance during 2QFY26 led by strong contribution from O2C, Jio and Retail businesses. Consolidated EBITDA registered 14.6% growth on a YoY basis, reflecting agile business operations, a 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.”
Oil-to-chemicals (O2C)
O2C EBITDA grew 20.9 percent to Rs 15,008 crore, benefiting from a sharp rebound in transportation fuel cracks (up 22–37 percent) and improvement in polymer margins (up 5–8 percent), though partly constrained by weak polyester chain deltas. Segment performance was also supported by sustained higher volumes in domestic fuel retailing operations. Production meant for sale during the quarter rose 2.3 percent to 18.1 million tonnes.
The O2C business delivered its highest-ever quarterly throughput of 20.8 million tonnes, up 3 percent from a year earlier. Jio-bp continued to expand its presence in domestic fuel retail, with the network crossing the 2,000-outlet mark to reach 2,057 as of September 30, adding 236 outlets over the past year.
The Oil & Gas segment recorded EBITDA of Rs 5,002 crore, down 5.4 percent from a year earlier, with margins at 82.6 percent, lower by 240 basis points. The decline was due to lower revenues and higher operating costs arising from periodic maintenance activity. KGD6 sales volumes fell due to the natural decline in gas production, while lower CBM gas and crude price realisations also impacted earnings.
The effect was partially offset by improved gas price realisation for KG D6 and higher CBM volumes. Average KGD6 gas production was 26.1 MMSCMD, with oil and condensate output of about 18,746 barrels per day.
Digital Services
Digital Services revenue increased 15 percent from a year earlier to Rs 42,652 crore, led by continued expansion of the subscriber base and improvement in average revenue per user (ARPU). Segment EBITDA grew 17.7 percent to Rs 18,757 crore, with a 140-basis-point expansion in margin.
Jio’s 5G subscriber base rose to 234 million, while total home connections reached 22.7 million, with more than one million homes added each month during the quarter. JioAirFiber continued to demonstrate global leadership with about 9.5 million subscribers. ARPU improved 8.4 percent to Rs 211.4.
JioStar delivered a robust performance, reporting EBITDA of Rs 1,738 crore and PAT of Rs 1,322 crore, with an EBITDA margin of 28.1%.
Retail
Revenue for the retail business grew strongly by 18 percent year-on-year to Rs 90,018 crore, with significant contributions from all formats. Grocery and Fashion & Lifestyle delivered market-leading performance, growing 23 percent and 22 percent, respectively. Segment EBITDA rose 16.5 percent to Rs 6,816 crore, driven by higher revenues with a favourable mix and improvement in store operating metrics. The business continues to expand its footprint, with 19,821 stores spanning 77.8 million sq. ft. of operational area.
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October 17, 2025, 19:51 IST
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Pakistan’s struggling economy is likely to remain under sustained pressure, with double-digit inflation expected to persist if global oil prices continue to surge amid the ongoing Middle East crisis, according to a report by Dawn.Topline Securities Ltd, in its latest “Pakistan Strategy” report released Saturday, provided a grim assessment of the impact of rising energy costs and regional instability on the country’s economy and stock market. The brokerage described the situation as “prolonged and evolving,” warning that any improvement depends on an immediate and peaceful resolution to the conflict.The report, asx cited by ANI, said that under current conditions, inflation could average between 9 and 10 per cent over the next year, with fourth-quarter FY26 figures expected to exceed 11 per cent. These projections are based on oil prices at $100 per barrel, with every $10 increase adding around 50 basis points to inflation. If oil rises to $120 per barrel, annual inflation could reach 11 per cent, potentially forcing the State Bank of Pakistan into further aggressive interest rate hikes.The rising inflationary pressure is expected to slow economic growth. Topline Securities has cut its GDP forecast for FY27 to between 2.5 and 3.0 per cent from an earlier estimate of 4.0 per cent. Growth for FY26 is projected at 3.5 to 4.0 per cent, but the industrial sector remains vulnerable, with growth possibly dropping to just 1 per cent from nearly 4 per cent.According to Dawn, the current account deficit for FY27 could exceed $8 billion if the government fails to maintain strict import controls, worsening pressure on foreign exchange reserves. The fiscal deficit for FY26 is expected to range between 4.0 and 4.5 per cent of GDP, exceeding targets set by the International Monetary Fund.The Pakistan Stock Exchange has been among the worst-performing markets globally, reflecting the country’s heavy reliance on imported energy. Petroleum imports are projected to reach $15 billion in FY26, while Pakistan imports around 85 per cent of its energy needs. This dependence contributed to a 15 per cent decline in the market during the first quarter of the year.The economic outlook is further affected by a projected 3.5 per cent decline in remittances, with inflows from the Gulf Cooperation Council region expected to fall by 10 per cent. Exports are also forecast to decline by 4 per cent.On the currency front, the Pakistani rupee is expected to weaken to 298 against the US dollar by FY27. Persistent conflict could push depreciation beyond historical averages, increasing pressure on supply and demand.Dawn noted that while domestic exploration firms may eventually increase production to reduce reliance on liquefied natural gas imports, the near-term outlook remains marked by high interest rates, rising urea prices, and a growing dependence on emergency administrative measures to prevent a deeper economic crisis.
Trump’s strikes on Iran, and the subsequent closure of the Strait of Hormuz, have driven oil prices up, with a barrel of Brent crude, a major oil benchmark, hitting a four-year high of $126 on Thursday. It has since fallen back to $111 but it was trading at around $73 before the war broke out at the end of February.
MUMBAI: Kotak Mahindra Bank Saturday confirmed that it is looking at Deutsche Bank’s retail business, which is on the block, while stating that it has dropped out of IDBI Bank acquisition race because of the valuation and it would be ‘difficult to swallow’.Responding to queries at an earnings press conference Ashok Vaswani, MD & CEO said the bank would pursue deals only if they met three filters — strategic fit, financial viability and manageable execution without straining management bandwidth — and would apply the same criteria to evaluate Deutsche Bank’s assets.On IDBI, Vaswani said that Kotak had looked at the bank from every single position from a valuation perspective. “Obviously it was very highly valued. Of course, it has some kind of scale but it wasn’t really a must for us to do. Obviously, it would have been a difficult thing to swallow,” he said.Govt is reviewing how it should go about with a fresh bid to sell its stake in IDBI Bank, along with LIC’s.Kotak Mahindra Bank reported standalone net profit of Rs 4,026.6 crore for the quarter ending March 31, 2026, up 13.4% year-on-year from Rs 3,551.7 crore, supported by strong loan growth, lower provisions.
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