Group Performance Highlights (Presented by V Srikanth, CFO)

  • Record Quarterly Performance: Consolidated EBITDA of Rs. 62,409 Crores, up 24% YoY - highest ever declared
  • Record PAT: Nearly Rs. 30,000 Crores, up 34% YoY - crossing Rs. 50,000 Crores mark for PAT
  • O2C Leadership: O2C EBITDA up 68% YoY, benefiting from unprecedented tightness in energy markets and operational excellence
  • Jio Platforms IPO: Completed India's largest IPO, making Jio the second most valuable company with first-day listing value of ~$137 billion
  • New Energy Timeline: Earnings contribution expected to start in FY2028
  • Consumer Business Update: Jio with 300 million 5G customers and 30 million fixed customers; Retail strategy focused on building scalable digital commerce platform
  • Financial Metrics: Revenue up 28%, EBITDA up 24%, PAT up 34%; O2C EBITDA at Rs. 25,203 Crores (69% higher); Digital services EBITDA at Rs. 22,200 Crores (18% higher); Retail EBITDA at Rs. 6,120 Crores
  • Debt and Capex: Net debt at ~Rs. 250,000 Crores; capex remained flat compared to previous quarters

Jio Platforms Performance (Presented by Anshuman Thakur)

  • Subscriber Base: 542 million total subscribers with 36 million net adds over last 12 months
  • 5G Penetration: 300 million 5G subscribers
  • Fixed Wireless: 15.1 million connections with 78% market share - world's largest fixed wireless service
  • Financial Performance: Revenue from operations Rs. 40,475 Crores (11.4% YoY increase); EBITDA Rs. 21,879 Crores (16.6% YoY increase); PAT Rs. 8,387 Crores
  • Operational Metrics: ARPU at Rs. 218.8 (3.5% YoY growth without tariff increases); data consumption at 44.2 GB per user per month (14% YoY growth)
  • Competitive Advantages: Full stack tech company, unmatched distribution capabilities, culture of innovation, multiple growth engines

Reliance Retail Performance (Presented by Dinesh Taluja)

  • Revenue Growth: 6.4% YoY to ~Rs. 90,000 Crores (festive season shifted to Q3)
  • Customer Base: Crossed 400 million registered customers, up 10% YoY
  • Store Network: 303 new stores opened, net adds of 200 after closing 500 unviable stores
  • EBITDA Performance: EBITDA of Rs. 6,228 Crores (before one-time exceptional charge of Rs. 108 Crores for 7-eleven format shutdown); EBITDA margin at 7.8%
  • Digital Commerce Strategy: Conscious investment in online infrastructure affecting short-term margins; online grocery growth of 42% YoY
  • Market Challenges: Inflation at two-year high, currency depreciation, monsoon deficit impacting demand
  • Segment Performance:
  • Grocery: 3% like-for-like growth; online share increased 270 basis points
  • Electronics: 8% like-for-like growth; distribution business grew 20%
  • Fashion: 3% like-for-like growth; own brand share increased 710 basis points to 3.3 million options
  • Premium Business: Crossed 1,000 stores milestone

FMCG Business (Presented by Ashutosh Goyal)

  • Revenue: Rs. 8,266 Crores in Q2 (1.6x YoY growth); H1 revenue Rs. 16,900 Crores (1.8x YoY growth)
  • Category Performance: Daily essentials at Rs. 7,000 Crores; Beverages at Rs. 5,250 Crores in H1 (90% of FY2026 full-year sales)
  • New Launches: Entered dairy segment with Bombay Creamery ice creams
  • International Expansion: Presence in Australia, Kenya, Ghana, Nigeria, UAE, Oman, and Malaysia

JioStar Media Business (Presented by Ishan Chatterjee)

  • Digital Platform: 440 million MAU (10% YoY growth)
  • Innovations: Launched conversational discovery feature with ChatGPT integration; extended Swiggy partnership to entertainment
  • International Launch: JioHotstar launched in UK, Canada, and Singapore
  • Sports Business: Strong viewership for India-England series, EPL, and India-West Indies series
  • Entertainment: Bigg Boss launched simultaneously in six languages; Pritam and Pedro became highest-performing streaming original
  • Financials: 10% YoY revenue growth driven by subscription growth and digital entertainment ad revenue

Refining & Marketing (Presented by Srinivas Tuttagunta)

  • Market Context: Structural supply constraints with refining capacity outages of 11.8 million barrels/day, currently 4-5 million barrels affected
  • Record Performance: Strongest ever quarterly performance with annualized EBITDA run-rate exceeding Rs. 80,000 Crores
  • Crack Spreads: Gasoline cracks ~3x YoY, diesel ~3.5x YoY, jet ~3.7x YoY
  • Operational Excellence: Record crude runs despite disruptions; agile crude sourcing between Americas, Middle East, and Mediterranean regions
  • Product Optimization: Increased exports to East, West, South Africa, LATAM, and EU markets for better netback
  • Domestic Demand: Diesel growth at 7.5%, gasoline at 8.5% despite prices not fully aligned with international markets
  • Outlook: Continued market tightness expected due to geopolitical uncertainties and low inventories

Petrochemicals (Presented by Amit Chaturvedi)

  • Volatile Quarter: Significant feedstock challenges with naphtha flows from Middle East dropping from 12.5 to 6.5 million tonnes
  • Cost Advantages: Steady ethane supply from US at competitive prices vs elevated naphtha costs in region
  • Margin Expansion: Ethane-naphtha differential widened to $557/tonne (2.3x YoY)
  • Capacity Impacts: Global cracker utilization rates dropped from 81% to 71%; Middle East operating rates down from 80% to 50%
  • Logistics Challenges: Freight rates increased from $86 to $186/tonne during quarter, averaging $122/tonne (3x YoY)
  • New Vessels: First of three new ethane vessels delivered and operating; second vessel en route to US

Exploration & Production (Presented by Sanjay Barman Roy)

  • Steady Performance: Natural decline in KG-D6 offset by elevated oil and gas prices
  • Production: Sustained at ~25 million standard cubic meters with CBM showing uptrend
  • Development: Deepwater rig back in KG-D6 for workovers and additional development wells
  • Market Context: LNG prices elevated at ~$29; India demand robust despite high prices
  • Pricing: Ceiling price increased to $9.9 for current half

Q&A Session Highlights

  • Refinery Outlook: 4-5 million barrels/day capacity expected to remain affected for 6-9 months minimum due to geopolitical uncertainties
  • Capex Plans: 44MW data center capacity in progress; additional 120MW planned; hyperscaler infrastructure development ongoing
  • IPL Rights: Keen interest in bidding for IPL rights but will maintain disciplined approach
  • Retail Strategy: Target of doubling EBITDA in 2 years remains unchanged; investments in dark stores and online infrastructure continuing
  • New Energy Timeline: Solar module capacity at 6+ GW reaching 20 GW early next year; battery cell production (35-40 GWh) expected late next year
  • O2C Capture Rates: Improvement in spread capture due to operational agility and TC fleet mitigating freight impacts