Reliance results: Q2 profit jumps 40.6% to Rs 25,548 crore, beats estimates
By Rohit SharmaMarkets Analyst, Peepals Business
Representative image: rauschenberger / Pixabay
Reliance Industries on 30 October 2026 reported Q2 FY27 attributable profit of Rs 25,548 crore, up 40.6%, as fuel margins lifted O2C earnings 68%; retail profit fell.
What Happened
Reliance Industries Ltd (RIL) reported on Friday, 30 October 2026 that its consolidated net profit attributable to shareholders rose 40.6% year on year to a record Rs 25,548 crore for the July-September quarter (Q2 of financial year 2026-27). The result came in well above the Rs 21,368 crore average estimate of nine analysts polled by Bloomberg. The jump was driven mainly by the oil-to-chemicals (O2C) business, where earnings before interest, tax, depreciation and amortisation (EBITDA) rose 68%, while the retail arm's profit fell 24.3%.
Key Facts
- Attributable net profit: Rs 25,548 crore, up 40.6% year on year; total profit after tax, including minority shareholders' share, was Rs 29,550 crore, up 33.8%.
- Gross revenue: about Rs 3.62 lakh crore, up 27.8% year on year, the highest for any September quarter.
- Consolidated EBITDA: a record Rs 62,409 crore, up 23.9%.
- O2C EBITDA: Rs 25,203 crore, up 68%, on stronger transport-fuel margins and better chemical margins.
- Jio Platforms: net profit up 13.7% to Rs 8,389 crore.
- Reliance Retail: net profit down 24.3% to Rs 2,611 crore, including a one-time Rs 108 crore impairment linked to closing 7-Eleven stores.
- The O2C business accounted for 80.6% of the growth in group operating profit (EBIT), according to one analysis of the results.
Why It Matters
Reliance is one of the biggest companies on India's stock market, so its results can move the Sensex and Nifty and shape how investors read the health of Indian corporate earnings. A profit nearly Rs 4,200 crore above the analysts' consensus is a large surprise for a company of this size.
The quality of the beat matters as much as its size. Most of the extra profit came from refining and petrochemicals, where earnings depend on "cracks", the difference between the price of crude oil and the price of the fuels made from it. The results show that cracks were strong in the quarter. That kind of profit can fall back quickly if fuel prices ease. By contrast, the consumer businesses that investors usually see as Reliance's steadier growth engines were mixed: Jio Platforms grew profit by 13.7%, but the retail arm's profit dropped by almost a quarter, with revenue growth of only about 6% and operating earnings lower than a year ago.
For shareholders, the fuller share-price reaction will come when trading resumes on Monday, 2 November. Analysts' views on the stock will follow over the coming days; this report gives no view on whether to buy or sell.
| Segment | Q2 FY27 figure | Change year on year |
|---|---|---|
| Group attributable net profit | Rs 25,548 crore | Up 40.6% |
| Consolidated EBITDA | Rs 62,409 crore | Up 23.9% |
| O2C EBITDA | Rs 25,203 crore | Up 68% |
| Jio Platforms net profit | Rs 8,389 crore | Up 13.7% |
| Reliance Retail net profit | Rs 2,611 crore | Down 24.3% |
Impact
Short-term: The strong headline profit is likely to be the focus of Monday's trading in Reliance shares and in the wider index, while the weaker retail numbers may draw questions from analysts.
Long-term: The results show how much Reliance's earnings still depend on the oil cycle. Investors will watch whether retail recovers and how Jio, now listed separately, keeps growing, since these businesses are meant to reduce that dependence.
Who is affected: Reliance's shareholders, including mutual funds and index funds that hold the stock; Jio and Reliance Retail customers and staff; and investors tracking the Sensex and Nifty.
Key Takeaway
Reliance's Q2 FY27 profit of Rs 25,548 crore beat estimates by a wide margin, but most of the gain came from fuel margins rather than its consumer businesses.
Questions and Answers
What were Reliance's Q2 FY27 results?
For July to September 2026, Reliance Industries reported net profit attributable to shareholders of Rs 25,548 crore, up 40.6% from a year earlier, on gross revenue of about Rs 3.62 lakh crore, up 27.8%. Consolidated EBITDA was a record Rs 62,409 crore.
Why did Reliance's profit rise so much?
Mainly because of the oil-to-chemicals business, whose EBITDA rose 68% to Rs 25,203 crore on stronger fuel and chemical margins. This segment accounted for about 80% of the growth in group operating profit.
How did Jio and Reliance Retail perform in Q2?
Jio Platforms' net profit rose 13.7% to Rs 8,389 crore. Reliance Retail's net profit fell 24.3% to Rs 2,611 crore, which included a one-time Rs 108 crore charge linked to closing 7-Eleven stores.
Why are there two different Reliance profit figures?
Rs 25,548 crore is the profit attributable to Reliance's own shareholders. Rs 29,550 crore is total profit after tax, which also includes the share belonging to minority investors in its subsidiaries.
Disclaimer: Prepared by the Peepals newsroom from publicly available sources with AI assistance. Information is accurate to the best of our knowledge at the time of publication and may change. Images may be representative. Not professional advice. Report an error via our contact page.
By Rohit Sharma, Markets AnalystCovers Markets Watch and more for Peepals Business. All stories by Rohit Sharma
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Rohit Sharma is a pen name of the Peepals Global Editorial Team, which researches, fact-checks and publishes every story. The portrait is an illustration.
