Reliance Industries' revenue from operations increased 28.57% year-on-year to ₹3,32,861 crore in the second quarter, against ₹2,58,898 crore in the same period last year. This represents an increase of ₹73,963 crore in revenue within a year. Revenue from operations refers to the total income generated by a company through its primary day-to-day business activities.
The company informed the stock exchanges about its quarterly financial performance on Friday. Growth in both profit and revenue reflects the expansion of its business operations during the reporting period.
Reliance Industries is also preparing to raise up to ₹15,000 crore through debt instruments. The company's board has approved a proposal to issue non-convertible debentures (NCDs) for this purpose. NCDs are a form of borrowing through which a company raises funds from investors and pays interest according to predetermined terms. Unlike convertible debentures, these instruments cannot be converted into company shares.
Reliance plans to issue the debentures through private placement in one or more tranches. The instruments may be secured or unsecured.
Jio Platforms, Reliance's digital and telecommunications subsidiary, also reported strong financial growth in the second quarter of FY2026-27. Its consolidated revenue increased 11.3% year-on-year to ₹47,485 crore.
Jio's EBITDA rose 16.6% to ₹21,879 crore during the quarter. EBITDA is a measure of a company's earnings before interest, taxes and certain other expenses, helping assess the financial performance of its core business operations.
Revenue from Jio's connectivity business, which includes mobile and internet services, increased 11%, while revenue from digital services grew 16%. According to the company, higher business revenue and improved expense management contributed to EBITDA growth of approximately 17%.
Jio's operating margin also improved year-on-year by 250 basis points, equivalent to 2.5 percentage points.
The company recorded a significant increase in free cash flow during the first half of FY2026-27, covering April to September 2026. Jio Platforms reported free cash flow of ₹32,130 crore, representing a 98% increase compared with the corresponding period last year.
Free cash flow refers to the amount of money remaining with a company after accounting for earnings from operations and necessary investments. In this case, Jio calculated the figure by deducting cash capital expenditure from EBITDA.
Jio also crossed two major customer milestones during the second quarter. Its 5G mobile subscriber base exceeded 30 crore, while the number of fixed broadband customers, covering internet connections for homes and offices, crossed 3 crore.
The company's total subscriber base stood at 54.24 crore. Jio added 3.6 crore new customers over the past 12 months.
Its average revenue per user (ARPU) increased to ₹218.8. ARPU measures the average revenue a telecommunications company generates from each customer, with an increase indicating improved earnings per subscriber.
Reliance Industries Chairman and Managing Director Mukesh D. Ambani described the stock market listing of Jio Platforms as a historic achievement for the company. He said Jio's initial public offering (IPO) received more than 22 times subscription and witnessed a strong rise in its share price during listing, reflecting investor confidence in the company's business and future prospects.
Ambani also said Jio had become India's second-largest company.
Describing the development as an important milestone in Reliance's value-creation journey, Ambani recalled the contribution of the company's founder chairman, Dhirubhai Ambani. He said Dhirubhai Ambani had brought ordinary investors into the stock market through Reliance's IPO in 1977, and Jio's listing had given fresh momentum to that legacy.
Jio Platforms' ₹30,188 crore IPO was completed on October 28, 2026. It is India's largest IPO to date.
The latest quarterly results, combined with Jio's subscriber growth, improving financial performance and successful stock market listing, mark significant developments across Reliance Industries' businesses. The company's approval to raise up to ₹15,000 crore through NCDs also signals its plans to access additional funding through the debt market.
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