Reliance Industries Limited · NSE:RELIANCE
Reliance Industries — Q2 FY27 Earnings Presentation
68 slides from Reliance Industries's earnings presentation, Oct 30, 2026
Slide 1: Financial Results Presentation Q2 FY27
Financial Results Presentation Q2 FY27 30 October 2026 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 Consolidated Financial Performance 4 B Jio Platforms 12 C Retail 19 D FMCG 34 E Media 39 F Oil to Chemicals 45 G Oil and Gas 63 3
Slide 4: Consolidated Financial Performance
A Consolidated Financial Performance 4
Slide 5: Key Highlights: Q2 FY27
Key Highlights: Q2 FY27 ➢ Strong quarter in a turbulent world ➢ O2C leads the charge: EBITDA up 68% - largest RIL delivered strongest quarterly performance ever, even as driver of consolidated EBITDA growth, benefitting global macro volatility and energy market disruption tested from unprecedented t
Slide 6: O2C: Record Earnings, Excellent Execution, Built for Resilience
O2C : Record Earnings, Excellent Execution, Built for Resilience Structurally positive view on O2C validated, geopolitical conflicts have further tightened energy markets ➢ Record performance even after elevated opex, high crude premiums and surge in freight rates and insurance RIL well positioned w
Slide 7: Robust India Centric Consumer Growth Platforms (1/2)
Robust India Centric Consumer Growth Platforms (1/2) Jio Platforms – Unmatched reach with clear path to improved monetization ➢ Total subs at 542.4 Mn, Industry-leading 5G subscriber base of 300 Mn ➢ 30 Mn fixed broadband subscriber base; FWA accounts for more than 50% of the current base ➢ Multiple
Slide 8: Robust India Centric Consumer Growth Platforms (2/2)
Robust India Centric Consumer Growth Platforms (2/2) Retail – Continuing focus on profitable growth ➢ Strategy unchanged from Q1 FY27 ✓ Building online presence with discipline, trading-off short-term earning growth to build scalable digital commerce platform ✓ Cashflows from stores business funding
Slide 9: Consolidated Financial Results: Q2 FY27
Consolidated Financial Results: Q2 FY27 YoY Q2 FY26 Q2 FY27 ➢ Strong revenue growth led by O2C (+44%) and Change Particulars Digital Services (+11%) ₹ crore ₹ crore $ Bn % ➢ Record quarterly consol EBITDA with improved Revenue 283,548 362,268 37.8 27.8% margin capture in O2C and sustained subscriber
Slide 10: RIL Segment Performance: Q2 FY27
RIL Segment Performance: Q2 FY27 YoY ➢ O2C: All-time high quarterly performance ₹ crore Q2 FY26 Q2 FY27 Change % Oil to ✓ Tight fuel markets, advantaged feedstock sourcing 15,008 25,203 67.9% Chemicals ✓ High logistics cost, SAED constrained EBITDA Oil and Gas 5,002 4,901 (2.0%) ➢ Oil and Gas: Lower
Slide 11: Strong Balance Sheet: Q2 FY27
Strong Balance Sheet: Q2 FY27 Jun-26 Sep-26 Particulars ₹ crore ₹ crore $ Bn Net Debt 122,914 117,140 12.2 EBITDA (Annualized) 216,268 249,636 26.0 Net Debt to EBITDA (x) 0.57 0.47 ➢ High internal cash-flow generation funded growth-related investments ➢ Capex of ₹ 38,153 crore directed towards new e
Slide 12: Jio Platforms
ll eC B_Jio Platforms
Slide 13: Business Update Summary: Q2 FY27
Business Update Summary: Q2 FY27 1. India’s largest IPO: ₹30,188 crore (US$3.2 Bn) i. India’s 2nd Largest company by Market Cap on Day 1 ii. Listed at 26.7% premium to issue price, reaching market capitalisation of ₹13.1 lakh crore; ranks only behind RIL 2. Mobility Leadership in Q2 i. Total Subscri
Slide 14: Key Performance Metrics: Q2 FY27
Key Performance Metrics: Q2 FY27 Total Customer Base 5G Customer Base Total Broadband Homes Monthly Data Consumption / Customer 542.4 Mn 300 Mn 30 Mn 44.2 GB / Month Net Adds 36 Mn YoY Net Adds 66 Mn YoY Net Adds 7.3 Mn YoY ~14% YoY Cconnectivity ARPU Revenue from Operations Reported EBITDA EBITDA L
Slide 15: RJIL Financials: Q2 FY27
RJIL Financials: Q2 FY27 Operating Revenue (₹ crore) EBITDA (₹ crore) 58.1% 35,307 20,505 34,212 19,590 33,381 56.1% 32,751 18,408 18,771 31,857 17,874 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 Sep-25 Dec-25 Mar-26 Jun-26 Sep-26 EBITDA Margin ➢ RJIL operating revenue growth of 10.8% YoY with sustained subs
Slide 16: JPL Operating and Financial KPIs: Q2 FY27
JPL Operating and Financial KPIs: Q2 FY27 KPI / unit Q2 FY27 Q1 FY27 Q2 FY26 H1 FY27 H1 FY26 Operating KPIs Total Customer Base (Mn) 542.4 533.3 506.4 542.4 506.4 Net Customer Addition (Mn) 9.1 8.9 8.3 18.0 18.2 ARPU (For exit quarter) (₹ / month) 218.8 215.6 211.4 218.8 211.4 Data Traffic (billion
Slide 17: JPL Financial Performance: Q2 FY27
JPL Financial Performance: Q2 FY27 JPL Consolidated % YoY ➢ Revenue from operations at ₹ crore Q2 FY26 Q2 FY27 Change Q1 FY27 ₹40,475 crore, 11.4% YoY growth 1 Gross Revenue 42,652 47,485 11.3 45,961 Operating Revenue 36,332 40,475 11.4 39,173 ➢ EBITDA increased to ₹21,879 crore; EBITDA 18,757 21,87
Slide 18: Jio's Unbeatable Competitive Advantage
Jio’s Unbeatable Competitive Advantage 1 Full-Stack Technology Company with Deep Engineering and Proprietary IP 2 Serving Consumers, Homes and Businesses at Nation Scale 3 Unmatched Distribution Capabilities 4 Culture of Innovation Driving Execution and Operating Excellence 5 Multiple Growth Engines
Slide 19: Retail
C Retail 19
Slide 20: Key Highlights: Q2 FY27
Key Highlights: Q2 FY27 ➢ Gross revenue ₹91,716 crore, up 6.4% YoY; Growth without a festive season ➢ Gross revenue ₹91,716 crore, up 6.4% YoY adjusted for the Consumer Brands demerger ➢ Registered customers crossed 400 million (+10% YoY); Transactions up 7% YoY; every consumption basket grew ➢ 303
Slide 21: Key Macro Economic Trends
Key Macro Economic Trends Inflation at a two-year high, a weaker rupee, a monsoon deficit and a festive calendar that moved to Q3 Inflation at a Rupee near its low Monsoon deficit Festive calendar two-year high in Q3 CPI 5.5% and Imported electronics and Deficit across key agri- Navratri 22nd Sep la
Slide 22: Our Scale Gives Us Ability to Lead the Next Phase of Indian Retail
Our Scale Gives Us Ability to Lead the Next Phase of Indian Retail A nationwide physical and digital platform serving consumers, merchants and brands Registered Retail Stores Retail Space Customers 19,947 77.5 Mn sq. ft. 400 Mn+ +10% YoY 303 stores opened in Q2 Space productivity up Warehousing Tran
Slide 23: Financial Performance: Growth with Near-term Margin Pressure
Financial Performance: Growth with Near-term Margin Pressure Q2 Q1 QoQ Q2 YoY Particulars (₹ crore) FY27 FY27 change FY26* change ➢ Festive calendar shifted to Q3 Gross revenue 91,716 90,408 1.4% 86,169 6.4% Net revenue 80,220 79,745 0.6% 75,836 5.8% ➢ EBITDA margin reflects planned EBITDA from Oper
Slide 24: Value Creation is Sequenced
Value Creation is Sequenced FY27 FY28 - FY29 Build online scale Convert scale into value ➢ Grow JioMart and omni-channel reach across ➢ Increase repeat, basket & customer lifetime value platforms ➢ Expand own brands, monetisation and ➢ Improve availability, speed and reliability marketplace income ➢
Slide 25: FY27 Plan: Online Scale is Building as Set Out in Q1
FY27 Plan: Online Scale is Building as Set Out in Q1 What moved this quarter against the four FY27 priorities Grow JioMart & omni-channel Grocery B2C online revenue up 42% YoY; online share of Grocery B2C up 270 bps, reach & of Apparel & Footwear up 100 bps; 5,000+ stores across 1,000+ cities on net
Slide 26: Online Growth Measured by Quality, Not Volume Alone
Online Growth Measured by Quality, Not Volume Alone We monitor key performance metrics and intervene early where economics do not improve Customer Commercial Operations Financial ➢ Active customers ➢ Net revenue ➢ Availability ➢ Contribution margin ➢ Repeat rate ➢ Basket size ➢ On-time fulfilment ➢
Slide 27: Performance by Consumption Basket
Performance by Consumption Basket The same customer, supply chain and data platform to create value across every format
Slide 28: Grocery: Strengthen the Everyday Basket through Availability, Value, and Trust
Grocery: Strengthen the Everyday Basket through Availability, Value, and Trust Digital share of Grocery Like-for-like B2C revenue YoY +3% +270 bps Revenue growth ➢ Held price trust with customers: input-cost inflation not fully passed on, which weighed on margin ➢ Regional festivals drove engagement
Slide 29: JioMart is Our Principal Growth Platform
JioMart is Our Principal Growth Platform Stores on the JioMart Grocery B2C online revenue YoY Units per order YoY network +42% +24% 5,000+ Digital commerce scaling Customers build larger baskets Across 1,000+ cities ➢ Average order value growing; customers build baskets to earn free delivery ➢ Consu
Slide 30: B2B: Create a Dependable Growth Platform for Merchant Partners
B2B: Create a Dependable Growth Platform for Merchant Partners B2B revenue growth YoY Business customers +10% 4 Mn+ Transactions and bill value up Kiranas, HoReCa and Institutions ➢ Growth momentum continued, led by higher transactions and Average Bill Value ➢ Key category growth drivers: Beverages,
Slide 31: Consumer Electronics: Product Access with Trusted Service
Consumer Electronics: Product Access with Trusted Service Partner Distribution Gross resQ services completed Like-for-like revenue growth YoY within 48 hours +8% +20% 97% Revenue growth Led by mobiles and laptops Trusted service partner ➢ Revenue growth led by product availability, sharper pricing a
Slide 32: Fashion & Lifestyle: Grow through Freshness, Digital Reach and Differentiated Brands
Fashion & Lifestyle: Grow through Freshness, Digital Reach and Differentiated Brands Digital Commerce share in Own-brand contribution AJIO catalogue Like-for-like Apparel & Footwear YoY YoY +3% 100 bps +710 bps 3.3 Mn+ Revenue growth YoY Margin lever +23% YoY ➢ Apparel & Footwear stores held sales w
Slide 33: Key Takeaways
Key Takeaways ➢ Revenue grew in a quarter with no major festivals; every consumption basket grew ➢ Online scale is building as planned in Q1: share of online in Grocery B2C and Apparel & Footwear growing ➢ Margins reflect the planned investment phase in Digital Commerce and input-cost inflation abso
Slide 34: FMCG
D FMCG 34
Slide 35: RCPL: Q2 FY27 Overview
RCPL: Q2 FY27 Overview ₹8,266 Cr 1.6x vs ( Q2 FY26) ₹16,900 Cr 1.8x vs ( H1FY26) Q2 FY27 Gross Revenue H1FY27 Gross Revenue Achieved ~80% of last year’s total sales in just 6 months Daily Essentials, led by Independence, grew by 1.7x YoY delivering ~₹7,000 Cr H1FY27 sales Beverages led by Campa reac
Slide 36: Business Performance across Categories
Business Performance across Categories Beverages Daily Essentials Other FMCG Categories ➢ With 2.1x growth YoY, we are #3 ➢ Achieved significant pan India ➢ Home and Personal care led by NARTD1 player in India growth with Independence & Glimmer is gaining early Good Life driving Pan India consumer t
Slide 37: Scaling Inhouse Manufacturing Capabilities & Expanding International Presence
We are Scaling Inhouse Manufacturing Capabilities & Expanding International Presence Expanding International Presence Scaling Manufacturing Capabilities ➢ Australia: In addition to existing network, Campa is now Integrated Food & Beverage Manufacturing launched in major supermarkets (Coles, Woolwort
Slide 38: Our Marketing Activations
Our Marketing Activations New Category Entry Festive Activations On-Ground Activations ➢ India’s first accessible ➢ Festive season celebrated with ➢ Campa is a proud Associate premium dairy brand Navratri activations, Ganesh Partner of BCCI Chaturthi pairing large activations ➢ Made with real dairy
Slide 39: JioStar
E JioStar 39
Slide 40: JioHotstar: Platform Momentum Sustains in the Post-IPL Season
JioHotstar: Platform Momentum Sustains in the Post-IPL Season ⮚ ~440 Mn MAUs in Q2FY27, up 10% YoY led by new launches and curated content Platform MAUs (Mn) 440 400 Q2 FY26 Q2 FY27 ⮚ Conversational Discovery now powers entertainment discovery, from deciding what to watch to answering questions abou
Slide 41: Sports: JioStar Continues to be the Home of Sports
Sports: JioStar Continues to be the Home of Sports Premier League ‘26/27 25% growth over PL’25/26 Digital Viewership 13% growth over PL’25/26 CTV Viewership England - India India - West Indies (5 T20s + 3 ODIs) (3 ODIs + 5 T20s) 12% growth over Aus v Ind’25 12% growth over Eng v Ind’26 Digital Viewe
Slide 42: Entertainment: Strong Performance Across Genres Continues
Entertainment: Strong Performance Across Genres Continues Unscripted Originals Theatrical Bigg Boss Khatron Ke Khiladi 15 Pritam and Pedro Drishyam 3 franchise (Hindi, Bangla & 4 Delivered its best season, Highest-performing streaming ₹500 Cr global NBO to date; south languages) grew WT by with 2X g
Slide 43: Operational Performance: Q2 FY27
Operational Performance: Q2 FY27 ⮚ Conversational Discovery: Now powering mid-watch queries on Entertainment content; strong traction amongst users Digital ⮚ Commerce: Food delivery integration complete across Entertainment ⮚ Launched in the international markets of Singapore, the United Kingdom and
Slide 44: JioStar: Key Financials
JioStar: Key Financials YoY Q2 FY26 Q2 FY27 Q1 FY27 ⮚ Strong 10% YoY growth in revenue Change Particulars ✓ Subscription revenue posted strong Rs crore Rs crore % Rs crore growth across Digital and Linear TV Operating 6,179 6,806 10% 10,946 ✓ Linear TV Ad revenue continues to be Revenue under transi
Slide 45: Oil to Chemicals
F Oil to Chemicals 45
Slide 46: O2C - Operating Context
O2C - Operating Context Strong O2C margin environment with unprecedented tightness in product balances Structural supply constraints continue ➢ Damage to refining infrastructure in Middle East / Russia to lower exports / export ban ➢ SoH oil shipments are recovering with active participation by ME N
Slide 47: Financial Performance: Q2 FY27 vs. Q2 FY26
Financial Performance: Q2 FY27 vs. Q2 FY26 YoY ➢ Strongest ever quarterly performance Q2 Q2 Q1 ₹ crore change FY26 FY27 FY27 ➢ Earnings led by tight fuel and feedstock markets due to % ✓ Higher product realization amid supply disruptions in Russia Revenue 160,558 231,601 44.2 201,803 and ME, low inv
Slide 48: Operating Performance: Q2 FY27
Operating Performance: Q2 FY27 ➢ Record crude runs despite SoH disruptions by agile Q2 Q2 Volume (in MMT) sourcing and proactive logistics management FY26 FY27 ➢ Recalibrated crude sourcing to capture opportunities Throughput 20.8 20.6 amongst Americas, ME, Med regions Production meant for sale ➢ Sw
Slide 49: Refining – Continuing Volatility in Dislocated Markets
Refining – Continuing Volatility in Dislocated Markets Metric Impact (Q2 vs pre-conflict) ➢ Refining margins sharply higher across regions ✓ Diesel (up 3.5x YoY) and Jet kero (up 3.7x YoY) Brent $97 vs $69 cracks remain primary margin drivers SoH transit – ✓ Gasoline cracks (up 3x YoY) firmed as ref
Slide 50: Global Oil Demand: Q2 FY27
Global Oil Demand: Q2 FY27 Global Oil Demand (Mn Barrels Per Day) ➢ Oil demand recovered QoQ at 102.5 mb/d, but 105.9 102.5 tracking below CY 2025 levels 99.1 ➢ Transportation fuel demand marginally lower YoY Q2 FY26 Q1 FY27 Q2 FY27 ➢ IEA estimates global oil demand to decline by 2.6 28.0 26.9 27.7
Slide 51: Fuel Markets: Gasoline
Fuel Markets: Gasoline Q2 FY27 Drivers Gasoline Cracks ($ / bbl) ➢ Tight balances due to lower refinery runs across Middle East, Russia and Asia Pacific ➢ Low gasoline inventories in the US amid summer driving demand 25.6 24.9 ➢ Lower gasoline exports from China y-o-y tightened regional supply RIL A
Slide 52: Fuel Markets: Middle Distillates
Fuel Markets: Middle Distillates Gasoil Cracks ($bbl) Q2 FY27 Drivers 63.0 65.8 ➢ Disruptions to diesel flows through SoH and renewed attacks on Saudi refining infrastructure tightened regional supply ➢ Russia's diesel export ban, amid refinery outages, due to drone attacks further 28. 18.7 tightene
Slide 53: Domestic Oil Environment: Demand Q2 FY27
Domestic Oil Environment: Demand Q2 FY27 Domestic Oil Demand (MMT) ➢ Oil demand at 57.1 MMT, flat YoY as resilient petrol and diesel offset weak LPG & Naphtha. 25.7 22.3 ➢ Key demand growth drivers 20.7 ✓ MS - Sustained personal mobility and steady 11.4 11.3 automotive sales 10.4 ✓ HSD - Deficient m
Slide 54: Jio-bp: From Resilience to Growth momentum
Jio-bp: From Resilience to Growth momentum Market Share & Market Volume (Q2 YoY Growth) Network Effectiveness (ME)1 1.83 Mn KL 36.3 TKL Share: 3.86% Share: 5.46% ME: 1.72 ME: 2.34 2,304 5,9432 (+4.2%) MS & HSD ATF MS HSD Retail Outlets Charge points 15.8 GWh 18.1 TMT Share: 1.3% 200 184 (+60%) (+121
Slide 55: Refining Business Dynamics and Priorities
Refining Business Dynamics and Priorities BUSINESS DYNAMICS ➢ Ex-China refining capacity flat to negative for 2026: ~0.3 mb/d of potential additions vs ~0.6 mb/d of closures ➢ Global oil demand to decline by 2.6 mb/d in CY 2026 before rebounding by 2.0 mb/d in CY 2027 ➢ Continued Middle East crude s
Slide 56: Petchem – Conflict Impacting Operations, Feedstock Economics
Petchem – Conflict Impacting Operations, Feedstock Economics ➢ Structural overcapacity in global olefins alleviated by feedstock Metric Impact (2Q vs pre-conflict) disruption and damage to infrastructure Naphtha flow from 6.5 MMT vs 12.5 MMT ➢ Downstream chemical margins up with supply shock ME ✓ Po
Slide 57: Feedstock Environment and Cracker Economics
Feedstock Environment and Cracker Economics ➢ Sharp escalation in crude oil and naphtha prices YoY, driven by prolonged SoH disruptions ✓ Naphtha availability across Asia remained constrained as traditional ME trade flows faced logistics disruptions ✓ Naphtha flows from ME partly recovered in Q2, st
Slide 58: Global Cracker Operating Rates – Q2 FY27
Global Cracker Operating Rates – Q2 FY27 Cracker Operating Rates ➢ Global cracker OR improved primarily due to marginal normalization from conflict-related operating disruptions 89% 89% 90% 81% 82% ➢ Limitations on moving feedstocks and exporting products 79% 72% remained key factors for ME cracker
Slide 59: Cracker Feedstock Margin Trend
Cracker Feedstock Margin Trend Cracker Feedstock Average Margins SEA Ethylene Margins ($ / MT) Integrated Ethane Cracker Integrated Naphtha Cracker 708 472 439 414 335 328 298 283 145 134 39 45 51 11 -117 -164 2021 2022 2023 2024 2025 Q1 CY26 Q2 CY26 Q3 CY26 Source : RIL internal estimates, Margins
Slide 60: Downstream Margin Environment - 2Q FY27
Downstream Margin Environment - 2Q FY27 Q2 FY27 Avg. Product YoY Change Key Factors (YoY) Price / Margin Naphtha ➢ Tracking higher crude prices caused by ME supply (MOPS) prices 43% $815/MT disruptions US Ethane 5% 24.3 cpg ➢ Strong export-led petrochemical demand prices PE 5% $340/MT ➢ Higher produ
Slide 61: Domestic Demand YoY: Q2 FY27
Domestic Demand YoY: Q2 FY27 ➢ Polymer demand declined 4% YoY due to ME supply disruptions constrained -4% Polymer product availability -18% PVC ✓ PVC demand impacted by seasonality and lower import availability -3% PP ➢ QoQ Polymer demand recovered sharply with 18% growth 3% PE ✓ India remained str
Slide 62: Downstream Chemicals' Business Dynamics and Priorities
Downstream Chemicals’ Business Dynamics and Priorities BUSINESS DYNAMICS ➢ Geopolitical disruptions and feedstock volatility continue to weigh on product prices and deltas ➢ Domestic demand expected to remain resilient driven by inventory replenishment, festive season and healthy demand from agricul
Slide 63: Oil and Gas
ee G Oil and Gas 63
Slide 64: Financial Performance: Q2 FY27
Financial Performance: Q2 FY27 Q2 FY26 Q2 FY27 YoY change Q1 FY27 Particulars ➢ YoY EBITDA marginally lower despite 9% Rs crore Rs crore % Rs crore lower production from KG D6 Revenue 6,058 6,020 (0.6) % 6,298 ➢ EBITDA supported by EBITDA 5,002 4,901 (2.0)% 4,973 ✓ Improved oil / condensate realizat
Slide 65: Operating Performance: Q2 FY27
Operating Performance: Q2 FY27 ➢ Average production for the quarter YoY Q2 FY26 Q2 FY27 Q1 FY27 Production change RIL Share ✓ KGD6 gas at 24.0 MMSCMD (BCFe) (BCFe) % (BCFe) ✓ CBM at 1.04 MMSCMD KGD6 63.5 57.8 (9.0)% 59.2 CBM 2.8 3.4 21.4% 3.1 ✓ Oil / Condensate at 15,903 bbl / day Average KG D6 Gas
Slide 66: Global Gas / LNG Markets
Global Gas / LNG Markets ➢ Gas/LNG market structurally tightened by ME conflict Regional Gas Prices ($ / MMBtu) ✓ Prolonged SoH disruption spiked spot LNG prices from ~$16/MMBtu 35 to ~$29/MMBtu in 2Q 28 ✓ ~32 MMT of LNG supply disrupted till Aug’26; shortfall offset by: 21 a) Increased production f
Slide 67: India Gas Market
India Gas Market ➢ India’s gas consumption remained broadly flat YoY Ceiling Price Vs WIM LNG ($/MMBtu) ✓ 23% CGD growth offset lower consumption in other sectors 19.85 ✓ Fertiliser demand remained stable with alternate sources replacing supplies from SoH ➢ LNG imports remained elevated, reflecting
Slide 68: Thank You
THANK YOU 68