Write News

Reliance Q2 Results: Profit Jumps 34% to ₹29,550 Crore, Revenue Surges 27.8%; O2C Business Leads Growth

Posted on 31st Oct 2026 12:40 pm by rohit kumar

Reliance Industries Limited (RIL), led by Mukesh Ambani, has reported its strongest-ever quarterly financial performance for the second quarter of FY2026-27. The company recorded a consolidated profit of ₹29,550 crore, including its share of profit from associates and joint ventures, marking a 33.8% year-on-year increase.

 

Reliance's gross revenue rose 27.8% to a record ₹3,62,268 crore in the July-September quarter, compared with ₹2,83,548 crore in the corresponding period last year. The strong performance was primarily driven by its Oil-to-Chemicals (O2C) business, while digital services also contributed to growth.

 

The results were announced on October 30, 2026, after market hours. Despite the strong earnings, Reliance shares have faced considerable pressure during the year.

 

Reliance Q2 Results: Key Financial Highlights

 

Reliance Industries delivered growth across several key financial parameters in Q2 FY27.

 

Consolidated profit: ₹29,550 crore, up 33.8% year-on-year.

 

Gross revenue: ₹3,62,268 crore, up 27.8%.

 

EBITDA: ₹62,409 crore, up 23.9%.

 

EBITDA margin: 17.2%, compared with 17.8% a year earlier.

 

Profit before tax: ₹38,613 crore, up 32.6%.

 

First-half profit: ₹52,746 crore, including associates and joint ventures.

 

The company's consolidated profit in the previous quarter was ₹23,196 crore. This means profit increased approximately 27.4% sequentially. Revenue also grew from ₹3,40,257 crore in Q1 FY27, representing an increase of around 6.5%.

 

O2C Business Drives Reliance's Record Profit Growth

 

Reliance's Oil-to-Chemicals business was the biggest contributor to the strong quarterly performance.

 

The O2C segment recorded revenue growth of approximately 44.2% year-on-year, reaching around ₹2.32 lakh crore. Its EBITDA increased 67.9% to a record ₹25,203 crore.

 

Improved transportation fuel cracks, stronger petrochemical margins and better price realisation supported the segment's performance. Higher global energy prices and favourable refining conditions also contributed to the improvement.

 

The O2C business benefited from strong fuel margins and improved downstream chemical profitability. This helped offset challenges arising from higher operating costs and volatility in global energy markets.

 

Jio Platforms Results: Profit Rises 13.7%

 

Reliance's digital services business, Jio Platforms, also reported healthy growth during the September quarter.

 

Jio Platforms recorded a consolidated net profit of ₹8,387 crore, increasing 13.7% year-on-year from ₹7,375 crore. Revenue from operations rose 11.4% to ₹40,475 crore, compared with ₹36,332 crore in the corresponding quarter last year.

 

Its EBITDA increased 16.6% to ₹21,879 crore, while the EBITDA margin improved to 54.1%.

 

Jio's average revenue per user (ARPU) increased to ₹218.80 per month from ₹211.40 a year earlier. Its total subscriber base reached 542.4 million, while the 5G subscriber base crossed 300 million.

 

Average monthly data consumption per user stood at approximately 44.2 GB, highlighting continued growth in mobile data usage.

 

The quarter was also significant because Jio Platforms made its stock-market debut following its public issue, becoming India's second-most valuable listed company by market capitalisation.

 

Reliance Retail Reports Revenue Growth, but Profitability Faces Pressure

 

Reliance Retail continued to expand its business, although profitability remained under pressure.

 

The retail business reported gross revenue of ₹91,716 crore, representing 6.4% year-on-year growth on a comparable basis reported by the company.

 

However, EBITDA before a one-time impairment charge declined 8.6% to ₹6,228 crore. The EBITDA margin moderated to 7.8%, reflecting cost pressures, investment in digital commerce and a shift in the festive calendar.

 

Reliance Retail added 303 stores during the quarter, taking its total store network to 19,947.

 

The company is continuing to invest in grocery, fashion, consumer electronics and online commerce as it works to strengthen its retail presence.

 

Reliance Shares Have Fallen Despite Strong Quarterly Results

 

Reliance Industries shares have experienced a significant correction during 2026, even as the company reported record quarterly earnings.

 

According to the price performance figures provided, the stock closed at ₹1,164 ahead of the results announcement, down around 0.2% during the session.

 

The shares have reportedly declined around 26% since the beginning of the year. The stock's performance has also been affected by broader market conditions, investor expectations and changing valuations.

 

A strong quarterly result does not automatically mean that a share price will recover immediately. Investors will also consider future earnings growth, business margins, capital expenditure, cash flows, and valuation.

 

Why Did Reliance Industries' Profit Increase?

 

The main reason behind Reliance's strong Q2 performance was the sharp improvement in its O2C business.

 

The segment benefited from stronger transportation fuel cracks and improved petrochemical margins. Meanwhile, Jio Platforms delivered higher revenue and earnings, supported by subscriber growth and improved ARPU.

 

The company's diversified business model also helped it manage volatility in the global energy market.

 

However, not every segment reported equally strong growth. Reliance Retail faced margin pressure, while the oil and gas business reported a modest decline in EBITDA.

1 0 Tweet