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Reliance Share Price Jumps 6% After Q2 Results; Jefferies, Goldman Sachs Retain BUY Ratings

Posted on 2nd Nov 2026 11:53 am by rohit kumar

Shares of Reliance Industries Ltd (RIL) witnessed a strong rally on Monday, November 2, following the company's impressive second-quarter results for the financial year 2026-27 (Q2 FY27). The stock climbed as much as 6% on the BSE, touching an intraday high of ₹1,234 against its previous closing price of ₹1,163.55.

 

Reliance shares opened at ₹1,227.40, reflecting a significant gap-up start. At around 9:30 AM, the stock was trading near ₹1,215, up ₹51.45 or approximately 4.42%. The positive market reaction followed the quarterly earnings announcement released by Reliance on Friday, October 30.

 

The strong performance of the company's Oil-to-Chemicals (O2C) business, along with robust contributions from its digital services segment, helped improve investor sentiment. Several leading brokerage firms have maintained their positive outlook on the stock, although their target prices differ.

 

Reliance Share Price: What Are Brokerage Firms' Target Prices?

 

Brokerage firms remain broadly positive on Reliance Industries after its Q2 FY27 performance. However, analysts have highlighted different expectations regarding the sustainability of O2C margins and the recovery of the retail business.

 

Here are the target prices cited in recent brokerage assessments:

 

JPMorgan: Raised its target price to ₹1,675.

 

Jefferies: Maintained its target price at ₹1,710.

 

Emkay: Retained its Buy rating but reduced its September 2027 target from ₹1,680 to ₹1,550.

 

Motilal Oswal: Maintained its Buy rating while lowering its target price from ₹1,560 to ₹1,520.

 

Jefferies' ₹1,710 target is the highest among these four recommendations. The differences in valuations reflect varying views on future earnings, O2C profitability and the pace at which Reliance Retail can improve its margins.

 

These target prices are brokerage estimates and should not be interpreted as assured returns.

 

Reliance Industries Q2 FY27 Results: Key Highlights

 

Reliance Industries delivered a record quarterly performance in Q2 FY27, supported by strong earnings from its O2C business and continued growth in digital services.

 

According to the company's official results announcement, key consolidated financial figures were:

 

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

 

EBITDA: ₹62,409 crore, up 23.9% year-on-year.

 

Profit after tax: ₹29,250 crore, up 32.1% year-on-year.

 

Profit including the share of associates and joint ventures: ₹29,550 crore, up 33.8% year-on-year.

 

O2C EBITDA: ₹25,203 crore, up 67.9% year-on-year.

 

Digital Services EBITDA: ₹22,223 crore, up 17.7% year-on-year.

 

The company also reported a strong improvement in its quarterly financial performance compared with the previous quarter. Consolidated EBITDA increased from ₹54,067 crore in Q1 FY27 to ₹62,409 crore in Q2 FY27.

 

O2C Business Leads Reliance's Quarterly Performance

 

The Oil-to-Chemicals business emerged as the biggest contributor to Reliance's earnings growth during the September quarter.

 

O2C EBITDA increased 67.9% year-on-year to a record ₹25,203 crore. Strong refining margins, improved product realisations, better asset utilisation and favourable feedstock sourcing supported the segment's performance.

 

The improvement in global energy market conditions also helped the business deliver stronger earnings. The company's integrated operations and sourcing flexibility provided additional support during a period of volatility in international energy markets.

 

The record O2C performance was a major factor behind the improvement in Reliance's overall profitability.

 

Jio and Digital Services Support Earnings Growth

 

Reliance's digital services business continued to contribute positively to the company's financial performance.

 

Digital Services EBITDA increased 17.7% year-on-year to ₹22,223 crore in Q2 FY27. Growth in the subscriber base, expanding digital services and improving monetisation supported the segment.

 

Jio Platforms also reported a quarterly profit of ₹8,387 crore, up 13.7% year-on-year, according to the company's results presentation.

 

The performance highlights the growing contribution of Reliance's telecom and digital businesses to its diversified earnings profile.

 

What Should Investors Watch Next?

 

Despite the strong quarterly results and positive brokerage recommendations, investors will be watching the sustainability of O2C margins and the recovery of Reliance Retail.

 

The O2C business benefited from favourable energy-market conditions, and any change in refining margins or petrochemical spreads could influence future earnings. Meanwhile, retail profitability remains an important factor in determining the company's overall growth outlook.

 

The different brokerage target prices also indicate that analysts are assessing these opportunities and risks differently.

 

Reliance Shares: Key Takeaway

Reliance Industries shares rallied sharply after the company reported strong Q2 FY27 results, with record O2C earnings providing a major boost. JPMorgan and Jefferies have set target prices of ₹1,675 and ₹1,710, respectively, while Emkay and Motilal Oswal have retained Buy ratings despite reducing their targets.

 

Investors should keep an eye on upcoming quarterly performance, segment-level margins and broader market conditions before making investment decisions. Brokerage recommendations and target prices are estimates, not guarantees of future share-price performance.

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