Reliance Industries Ltd Q2 FY26 Concall Decoded: “Mukesh Bhai Reloaded – from Data to Dharma of Decarbonisation”
1. Opening Hook Just before Diwali, Reliance threw not one but eight rockets — each business head came armed with a slide deck, optimism, and caffeine. Srikanth opened the show declaring “strong performance across businesses,” as if a ₹22,100 crore PAT was just another Friday evening. From 5G to food parks, from JioFrames to polysilicon, the group covered more ground than a cricket World Cup. The energy business sparkled, retail doubled FMCG, and new energy sounded like Elon Musk had joined Jamnagar. Oh, and they casually mentioned building the world’s largest clean-energy complex — because why not. Read on, it gets very spicy when AI, AirFiber, and Ambani ambition collide.
2. At a Glance
Revenue up 10% – Because 500 million Jio users clearly didn’t get the “slow down” memo.
EBITDA ₹50,000 Cr (+15%) – Every vertical contributed, even media binge-watchers.
Net Profit ₹22,100 Cr (+14%) – Despite 5G depreciation bills partying in the P&L.
Retail revenue up 18% – Quick commerce and Campa Cola fizzed it up.
Jio EBITDA +18% – 506M users; half on 5G, all addicted.
O2C margin +130 bps – When refining becomes an Olympic sport.
Stock up 7% post-call – Traders heard “AI + Green Energy” and stopped listening.
3. Management’s Key Commentary
V. Srikanth (CFO): “Quality of numbers improving quarter after quarter.” (Translation: We’ve finally tamed the Excel demons — or hired better ones.) 😏
Anshuman Thakur (Jio): “We’re a next-gen technology company at scale.” (Translation: We’re basically India’s AWS + Netflix + Google rolled into one — minus the modesty.)
Dinesh Taluja (Retail): “Quick commerce up 200% YoY.” (Translation: People can’t wait even 30 minutes for biscuits anymore.)
Kevin Vaz (Media): “Bigg Boss is what IPL is to cricket.” (Translation: Our business runs on gossip and dopamine.)
Srinivas Tuttagunta (Refining): “Diesel sales up 34%.” (Translation: Indian highways are basically running on Reliance now.)
Amit Chaturvedi (Petchem): “Ethane remains the evergreen feedstock.” (Translation: Even chemistry loves Reliance.)
Sriram Ramakrishnan (New Energy): “We’re building the world’s largest green ecosystem.” (Translation: Jamnagar is about to look like Silicon Valley wearing solar panels.) 🌞
