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This article first appeared on GuruFocus.

Release Date: October 17, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Reliance Industries Ltd (WBO:RLI) reported strong performance across all business segments, with a notable 18% growth in EBITDA for Jio, driven by strong customer additions in both mobility and home segments.

• The retail segment saw a robust year-on-year growth of 17% in EBITDA, with revenues increasing by 18%, supported by significant growth in fashion, lifestyle, grocery, and electronics categories.

• The energy business reported a 21% increase in performance, driven by higher cracks across gasoline, gas oil, and ATF, along with increased domestic placements.

• Reliance Industries Ltd (WBO:RLI) is making significant progress in its new energy initiatives, with plans to start renewable energy round-the-clock power plants in Kutch next year.

• The company is expanding its digital services and AI capabilities, with Reliance Intelligence set to develop AI products and solutions, leveraging partnerships with global tech companies like Meta.

• Despite strong overall performance, the upstream segment experienced a decline due to natural production falls in the KGD6 fields.

• Finance costs increased by 14%, and depreciation rose by 12%, primarily due to 5G capitalization and spectrum interest.

• The petrochemical segment faced challenges with weak demand for PVC and PET due to heavy rains and floods affecting agricultural and packaging sectors.

• The media business, while showing growth, faces challenges in maintaining momentum post-IPL, with a need to convert cricket audiences to entertainment content.

• The geopolitical situation and increased OSPs have impacted the refining margins, despite high cracks in the refining segment.

Q: Are there any plans for a tariff hike in the near future? A: Unidentified_2: No immediate plans for a tariff hike. We are encouraging consumers to use more services, but there are no current plans to change tariffs.

Q: Is the current monthly run rate for connecting new homes expected to increase? A: Unidentified_2: We expect to ramp up the rate of connecting new homes. The technology is working well, and many new connections are being done wirelessly, allowing for simpler and faster implementation.

Q: How will Reliance Intelligence and Geo Platforms collaborate on AI initiatives? A: Unidentified_2: Reliance Intelligence will develop AI products and solutions, while Geo Platforms will bring these to market. Geo Platforms can also work with other partners like Meta, OpenAI, and Google.

Q: What is the status of the battery cell assembly plant, and how is Reliance handling equipment sourcing given China’s export restrictions? A: Unidentified_8: The battery cell factories are progressing well, and we have secured all equipment for the first phase of cell manufacturing. Equipment sourcing is happening globally, and we are monitoring the impact of new regulations.

Q: How is the Quick commerce model different from other models, and what advantages does it offer? A: Unidentified_3: The Quick commerce model has pivoted to focus on instant deliveries, offering the widest assortment, best pricing, and no hidden charges. The model leverages a vast store network and localized assortment knowledge, providing a significant advantage over competitors.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

At the ESMO Congress 2025 in Berlin, Dr. Yelena Y. Janjigian (Memorial Sloan Kettering Cancer Center, New York, USA) presented updated long-term results from the Phase II EDGE Gastric study (NCT05329766), sponsored by Arcus Biosciences and Gilead Sciences. The trial evaluated the dual immune checkpoint blockade of domvanalimab (Dom)—an Fc-silent anti-TIGIT antibody developed by Arcus—and zimberelimab (Zim)—an anti–PD-1 antibody—in combination with FOLFOX chemotherapy in the first-line (1L) treatment of HER2-negative advanced gastric (GC), gastroesophageal junction (GEJC), and esophageal adenocarcinoma (EAC).

At a 26-month follow-up, the combination demonstrated durable efficacy, achieving a median overall survival (OS) of 26.7 months and median progression-free survival (PFS) of 13.2 months, reinforcing dual PD-1/TIGIT blockade as a promising next-generation immunotherapy strategy for upper gastrointestinal adenocarcinomas.

Background

Despite advances in immunotherapy, long-term outcomes for patients with advanced gastric and GEJ cancers remain poor. While PD-1 inhibitors have become a mainstay of first-line therapy, resistance and limited response durability remain major challenges.

The TIGIT pathway, a key regulator of T-cell exhaustion, has emerged as a complementary target to PD-1, with potential to deepen and sustain immune responses.
The EDGE-Gastric trial (Arm A1) was designed to assess whether dual inhibition of PD-1 and TIGIT, combined with chemotherapy, could enhance anti-tumor immunity and improve survival outcomes in this population.

Methods

Patients received:

• Domvanalimab 1600 mg IV every 4 weeks (Q4W),
• Zimberelimab 480 mg IV Q4W, and
• FOLFOX chemotherapy (oxaliplatin, leucovorin, fluorouracil) every 2 weeks (Q2W).

Primary endpoints included safety and objective response rate (ORR) by RECIST v1.1, while secondary endpoints assessed progression-free survival (PFS) and overall survival (OS).

A total of 41 patients were enrolled, 63% of whom had gastric cancer.
The median follow-up at data cutoff (March 3, 2025) was 26.4 months.

Results

The combination of Dom + Zim + FOLFOX continued to yield durable and consistent efficacy:

• Confirmed ORR: 59% (90% CI: 45–72)
• Median PFS: 13.2 months (90% CI: 9.8–13.8)
• Median OS: 26.7 months (90% CI: 18.4–not estimable)
• 24-month PFS rate: 25.9% (90% CI: 14.8–38.5)
• 24-month OS rate: 50.2% (90% CI: 36.3–62.6)

The benefit was consistent across PD-L1 subgroups:

• PD-L1 positive (TAP ≥1%): ORR 62%, median OS 26.7 months
• PD-L1 high (TAP ≥5%): ORR 69%, median PFS 14.5 months, median OS not yet reached

These findings highlight robust, long-lasting responses, particularly in PD-L1–high tumors, with durable benefit extending beyond two years.

Safety

The safety profile of Dom + Zim + FOLFOX remained manageable and comparable to PD-1–based chemotherapy regimens.

• Immune-mediated TEAEs: 22%
• Infusion-related reactions: 7%
• Grade ≥3 TEAEs: consistent with prior reports
  No new safety signals or TIGIT-specific toxicities were observed.
  Overall, the regimen was well tolerated, supporting its feasibility in frontline management.Conclusions
  At 26 months of follow-up, dual PD-1/TIGIT blockade with domvanalimab and zimberelimab plus FOLFOX achieved prolonged survival outcomes—with a median OS of 26.7 months—and sustained responses in patients with HER2-negative advanced gastric, GEJ, and esophageal adenocarcinoma.

The regimen demonstrated a favorable safety profile and consistent benefit across PD-L1 subgroups, establishing a strong rationale for phase III validation.
The ongoing STAR-221 trial (NCT05568095) will compare Dom + Zim + chemotherapy directly with nivolumab + chemotherapy in the same setting.

You Can Also Raed INTEGRATE IIb Trial at ESMO 2025: Regorafenib Plus Nivolumab vs Chemotherapy in Advanced Gastric and GEJ Cancer by OncoDaily

You can read the full abstract here