Reliance Industries Limited – Investor Presentation Summary
Key Operational Highlights
- Total Jio Platforms subscriber base at 542.4 million with 36 million net additions over past 12 months
- 5G subscriber base reached 300 million with 66 million net additions year-over-year
- Jio's fixed broadband subscriber base reached 30 million with 7.5 million net additions over past 12 months
- Jio's AirFiber is world's largest FWA service with approximately 15.1 million connections and over 78% FWA market share
- Retail registered customers crossed 400 million (+10% YoY); transactions up 7% YoY
- Retail store count at 19,947 stores across 7,000+ towns with 303 new stores opened in Q2
- Retail warehousing space at 24.5 million square feet
- O2C throughput at 20.6 MMT in Q2 FY27
Key drivers of operational performance: Strong subscriber additions in digital services, expansion of fixed wireless access, retail network densification, and agile crude sourcing strategies amid global supply disruptions.
Segment-wise Performance
- Oil to Chemicals: EBITDA ₹25,203 crore, up 67.9% YoY
- Oil and Gas: EBITDA ₹4,901 crore, down 2.0% YoY
- Digital Services: EBITDA ₹22,223 crore, up 17.7% YoY
- Retail: EBITDA ₹6,120 crore, down 10.2% YoY
- Others: EBITDA ₹3,962 crore, down 14.9% YoY
Explanation of significant changes in segment performance: O2C performance driven by tight fuel markets and advantaged feedstock sourcing. Oil and Gas impacted by lower KG D6 gas volumes. Digital Services growth from strong subscriber addition. Retail affected by shift in festive season demand and continued investment in scaling online commerce.
Financial Highlights
Revenue: ₹362,268 crore
EBITDA: ₹62,409 crore
PAT: ₹29,550 crore
EPS: Not Specified
Margins: Consolidated EBITDA margin improved YoY; O2C EBITDA margin at 10.9% (+160 bps YoY); Jio Platforms EBITDA margin at 54.1% (+250 bps YoY); Retail EBITDA margin at 7.8% (-120 bps YoY)
YoY/QoQ comparison: Revenue up 27.8% YoY; EBITDA up 23.9% YoY; PAT up 33.8% YoY
Drivers of financial performance: Unprecedented tightness in global energy markets, all-time-high fuel cracks, feedstock advantage, strong subscriber growth in digital services
Comparison to market estimates: Not Specified
Key Risks: Geopolitical conflicts disrupting supplies, elevated operating costs, high crude premiums, surge in freight rates and insurance, input-cost inflation
Geographical Revenue Split
Domestic vs Export/Regional Revenue: Not Specified in detail
Regional Breakdown: Not Specified
Balance Sheet Snapshot
Net Debt: ₹117,140 crore (₹122,914 crore in Jun-26)
Net Debt/Equity: Not Specified
Reserves: Not Specified
Current Assets/Liabilities: Not Specified
Working Capital/Leverage Metrics: Net Debt to EBITDA at 0.47x (0.57x in Jun-26)
Financial Health Insights: High internal cash-flow generation funded growth-related investments; strong liquidity sustaining premium credit ratings (A- / Baa1)
Capex & Cash Flow Health
Capital Expenditure: ₹38,153 crore in Q2 FY27 directed towards new energy capacity build-out, retail network densification for hyper local delivery and O2C expansion projects
Free Cash Flow: Not Specified
Operating Cash Flow: Not Specified
Net Debt Movement: Reduced by ₹5,774 crore QoQ
Investment Rationale: Focus on new energy capacity build-out, retail network densification, and O2C expansion projects
Strategic & R&D Initiatives
Investments in Innovation: New energy projects poised for accelerated operationalization in coming quarters; expanding VLEC fleet for increased ethane sourcing from US; integrated food and beverages greenfield projects
Expected impact on growth: New energy projects to contribute earnings from FY28; ethane sourcing advantage to continue supporting cracker economics
Strategic Rationale: Building unmatched flexibility, asset utilization and integration across businesses; expanding into high-growth markets including international FMCG presence
Industry Trends & Business Environment
Macro/Industry Trends: Unprecedented tightness in global energy markets; structural supply constraints in refining infrastructure; geopolitical conflicts disrupting hydrocarbon chains; elevated feedstock and operating costs; inflation at two-year high; weaker rupee; monsoon deficit
Impact on Company: Benefitted from high fuel cracks and feedstock advantage; faced challenges from high crude premiums, elevated freight rates and insurance costs; retail margins pressured by input-cost inflation absorbed for customers
Management Commentary & Growth Outlook
Strategic Outlook: "Strong quarter in a turbulent world" with RIL delivering strongest quarterly performance ever; "Structurally positive view on O2C validated"; "Strong visibility of sustained elevated earnings in O2C"
FY Guidance: O2C H1 FY27 performance tracking annualized EBITDA of over ₹80,000 crore; Retail expects FY28-FY29 to see conversion of scale into value
Market Share Targets: Jio adding every second new broadband home in India; Jio-bp achieved 3.86% market share in MS & HSD fuels
Risks and Opportunities: Geopolitical conflicts continuing to disrupt supplies; product inventories remain low globally; overcapacity to persist particularly in Asia petchem
Additional Headings
Jio Platforms IPO Update
- India's largest IPO: ₹30,188 crore (US$3.2 billion)
- Listed at 26.7% premium to issue price
- Market capitalization of ₹13.1 lakh crore on Day 1, making it India's 2nd most valuable company
New Energy Business
- New energy projects poised for accelerated operationalization in coming quarters
- Earning contribution expected from FY28
International Expansion (FMCG)
- Australia: Campa launched in major supermarkets (Coles, Woolworths) with local production
- Africa: Launched in Kenya in addition to existing operations in Ghana, Nigeria
- GCC & South-East Asia: Expanded presence in UAE, Oman and Malaysia