Analysts/Institutional Investor Meet/Con. Call Updates

November 1, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G Block, Bandra - Kurla Complex, Mumbai 400 001 Bandra (East), Mumbai 400 051 Scrip Code: 500325 Trading Symbol: RELIANCE Dear Sirs, Sub: Disclosure under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 - Transcript Transcript of the discussion on the Unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026, at the analyst meet held on October 30, 2026, is attached and also available on the website of the Company at https://www.ril.com/investors/events-presentations#webcast-sec. The analyst meet, conducted physically, concluded at 10.35 p.m. (IST) on October 30, 2026. This is for information and records. Thanking you Yours faithfully, For Reliance Industries Limited Savithri Parekh Company Secretary and Compliance Officer Encl.: as above Copy to: Luxembourg Stock Exchange Singapore Exchange Limited 35A Boulevard Joseph II, 2 Shenton Way, #02-02 SGX Centre 1, L-1840 Luxembourg Singapore 068804 Regd. Office: 3rd Floor, Maker Chambers IV, 222, Nariman Point, Mumbai- 400 021, India Phone #: +91-22-3555 5000, Telefax: +91-22-2204 2268. E-mail: investor.relations@ril.com, Website: www.ril.com CIN- L17110MH1973PLC019786 RIL Q2 FY2026 - 2027 Media & Analyst Meet Transcript 30 October 2026 20:30 IST Call Participants: • Sh V Srikanth, CFO, Reliance Industries Limited • Sh Anshuman Thakur, Head of Strategy, Jio Platforms Limited • Sh Dinesh Taluja, CFO & Head of Corporate Development, Reliance Retail • Sh Ashutosh Goyal, CFO - FMCG Business, Reliance Consumer Products Limited • Sh Ishan Chatterjee, CEO - Sports, JioStar • Sh Srinivas Tuttagunta, COO - Refining & Marketing, Reliance Industries Limited • Sh Amit Chaturvedi, President - Petrochemicals, Reliance Industries Limited • Sh Sanjay Barman Roy, President - E&P, Reliance Industries Limited Duration: 01:45:05 minutes Presentation Link: https://www.ril.com/sites/default/files/2026-10/RIL- 2Q_FY27_Analyst_Presentation_30Oct26.pdf Meeting Audio: https://www.ril.com/investors/events-presentations#webcast-sec • Sh V Srikanth 00:00:01 – 00:09:00 (Group Performance) • Sh Anshuman Thakur 00:09:07 – 00:15:37 (Jio Platforms) • Sh Dinesh Taluja 00:15:42 – 00:41:00 (Reliance Retail) • Sh Ashutosh Goyal 00:41:08 - 00:45:01 (FMCG) • Sh Ishan Chatterjee 00:45:13 – 00:50:08 (JioStar) • Sh Srinivas Tuttagunta 00:50:20 – 01:06:49 (Refining & Marketing, O2C) • Sh Amit Chaturvedi 01:07:02 - 01:17:25 (Petrochemicals, O2C) • Sh Sanjay Barman Roy 01:17:35 – 01:21:05 (Exploration & Production) • Q&A Session 01:21:10 - 01:45:05 © Reliance Industries Limited 2020 1 Transcript: PRESENTATION Sh V Srikanth 00:00:01 – 00:09:00 (Group Performance) Starting with the consol presentation. Quick highlights. One was, of course, it is an exceptionally strong quarter in a turbulent world and turbulence in macro, turbulence because of energy disruption. It was an EBITDA of Rs.62,409 Crores, which is 24% up on a year-on- year basis. This is the highest EBITDA that we have declared for consol and simultaneously, the PAT also at close to Rs.30,000 Crores, up 34%. Again, all time high, and with this, we crossed the Rs.50,000 Crores mark as far as PAT is concerned. So, O2C led the charge with EBITDA up 68%. Of course, we benefited from the unprecedented tightness that we saw in energy markets, downstream cracks, fuel cracks, all of them, that is the markets were there, but the operational excellence is something that Srini and Amit will cover. The IPO was absolutely a defining moment, making Jio the second most valuable company. It is particularly nice that it follows Reliance, which is the largest market cap company, and first day listing of almost $137 billion in terms of value. A lot of firsts, which Akash talked about. Largest from size or subscription, QIB portion, retail, those records were pretty good. On O2C, as you recall, we have been always talking about, we have been having this very structurally positive view about this business. And when you see our results, it really vindicates, validates what we have been saying in terms of what the market has been and what are the opportunities in this market. And what is particularly impressive is that it came on the back of significantly elevated OpEx, the kind of crude premiums that we saw, the kind of surge in freight rates, insurance costs. So, it is all coming on the back of despite all these. And we have talked about flexibility and again coming in useful when you see the kind of grades of crude that we were able to switch from the Americas and from the Meds, being able to offset the impact of Gulf and the premium ethane advantage is something Amit keeps talking about. This time it is among the widest that I have seen ever between naphtha and ethane. And when you think about that, and in the context of the new ship that we have, it came in. So downstream has been enormously valuable for us. Of course, the price realization is good. Important that you have to be able to run the assets in full capacity. Asset is good, but if you cannot get the crude, it is a problem. If you cannot sell the products, it is a problem. So, to overcome and run it from an operational excellence, that has been particularly impressive. When you look forward and look at the tight global balance, if you look at the structural supply issues that we have, so we are very, very constructive. So, when you look at the first half of FY 2027 performance, it is in our minds tracking annualized EBITDA well over Rs.80,000 Crores and I think this is something, it just tells you how the markets are. And on new energy, I just wanted to say that it is accelerating and we see the benefit, earnings contribution definitely starting in FY 2028. So, we will talk through I do not have a presentation this time, but we will take it as part of the Q&A in terms of the progress in each of these categories. Just the updates on the consumer side, this we have spent a lot of time, © Reliance Industries Limited 2020 2 but so I do not want to go back in Jio, but just two, three points here with number of subs, but 300 million 5G customers, 30 million fixed, and that is half of it is FWA. What is important is. We are able to, in our minds at least, we see visibility of high teen growth for Jio, and those are the points that Akash was talking about. In essence, it is about customer base, be it home, be it mobility, be it enterprises, then the ability to layer a digital service on top of it, and then, of course, because of ownership of technology, IP, the ability to access international markets. Retail performance has been, you would have seen the numbers, about 6% revenue increase, about 10% lower on the EBITDA side. But this is something that we have been consistently flagging, and definitely last quarter we spent a lot of time. So, the strategy has remained unchanged from what we said in the last quarter. We have been building online presence. It has been coming on the back of a lot of discipline. We have been trading off short term earnings growth to build a very scalable digital commerce platform. And the cash flow from our store business, in a way, is funding digital commerce growth. And the benefit of all this will be seen through FY 2028 and FY 2029 when this conversion of this scale will translate in terms of value. What is good is that we are seeing the early signs of progress are pretty good when you look at online scale, especially on grocery B2C, that number is up 42%, very impressive set of numbers. Also, the online share of digital, both in grocery and apparel and footwear, there have been also very sharp increases. We like that kind of percentage increase. And we will see this transition happening over the next few quarters. In RCPL, the focus re [Showing first 8,000 characters — download PDF for full document]