Categories: Business

Reliance Q2 Results LIVE: Jio ARPU Rises to ₹211, Retail Growth Accelerates

Reliance Q2 Results LIVE: Jio ARPU Rises to ₹211, Retail Growth Accelerates

Reliance Q2 Results LIVE: A snapshot of growth across segments

Reliance Industries delivered a robust second-quarter performance, highlighted by a double-digit year-on-year rise in revenue and profit driven by its telecom, retail, and digital services. Jio’s ARPU reaching ₹211.4 and a sustained push in Reliance Retail Ventures’ grocery, fashion & lifestyle, and electronics categories underscored the conglomerate’s diverse engine of growth ahead of broader market milestones.

Jio: ARPU gains and subscriber momentum

Jio Infocomm reported a continued ARPU expansion to ₹211.4, up from ₹208.8 in Q1 and ₹195.1 in the prior year quarter. The rise reflects stronger engagement and monetisation, aided by ongoing 5G promotions that boosted data usage and subscriber activity. Per capita data consumption stood at 38.7 GB per month, with total data traffic rising 29.8% year-on-year in 2Q FY26. Net subscriber additions were healthy at 8.3 million for the quarter, while monthly churn remained steady at 1.9%.

Implications for profitability and margins

Jio’s quarterly EBITDA rose in double digits, supported by improved ARPU and higher digital service uptake. The company also reported a margin improvement of approximately 140 basis points year-on-year, reflecting better monetisation and operational efficiencies. Revenue growth across mobility, home broadband, and digital services points to a broad-based rebound in demand and a successful monetisation strategy as the market absorbs next-generation connectivity offerings.

Reliance Retail Ventures: Grocery, fashion and electronics lead

Reliance Retail Ventures posted an 18% YoY jump in revenue to ₹90,018 crore and a 21.9% rise in quarterly profit to ₹3,457 crore. Growth was broad-based but led by grocery (23%), fashion & lifestyle (22%), and consumer electronics (18%). The festive season contributed to higher discretionary spending, supporting margin expansion and stronger EBITDA generation.

EBITDA and operating performance

The reported EBITDA for the segment stood at ₹6,816 crore, up 16.5% YoY, with EBITDA before investment income at ₹6,624 crore (up 16.7% YoY). These numbers reflect continued store expansion, better footfalls, and improved product mix across categories, helping sustain profitability even as input costs remain a consideration for merchants and suppliers alike.

Oil-to- chemicals and oil & gas: mixed signals

O2C revenue grew 3.2% YoY, supported by higher throughput and a gradual recovery in margins. In contrast, the Oil & Gas segment faced headwinds from natural production declines in KG D6 and softer condensate realisations, though gas pricing and CBM volume gains offered some offset. Jio-bp’s fuel retailing expansion also contributed to higher volumes in HSD and MS, reinforcing the group’s integrated play across energy and consumer assets.

Market expectations and strategic outlook

Industry observers noted strong expectations for consolidated EBITDA growth in Q2 FY26, with JM Financial and Kotak Institutional Equities forecasting solid gains across O2C, Retail, and Digital. Analysts highlighted that Jio’s ARPU trajectory, store expansion, and digital services ramp would be critical drivers of sustained profitability, while the E&P segment may pose some pressure due to natural declines.

What investors should watch next

Key metrics to monitor include ARPU progression, subscriber momentum, and the incremental margin profile across major divisions. Mid- to long-term catalysts include monetisation of 5G capabilities, the pace of retail store additions, and the scalability of Reliance’s digital ecosystem as it expands its footprint domestically and potentially internationally.

Overall, the Q2 performance reaffirms Reliance Industries’ multi‑line growth engine. With Jio’s ARPU uplift and Retail’s ongoing sales momentum, the conglomerate appears well-positioned to navigate near-term macro headwinds while pursuing longer-term profitability and cash generation goals.