Reliance Q2 FY27 Results: Profit Jumps 41% to ₹25,548 Crore, Markets End October Higher
Reliance Industries Ltd (RIL) reported its strongest September quarter on record on Friday, 30 October 2026, after market hours. Consolidated net profit attributable to owners rose 40.64% year-on-year to ₹25,548 crore, while revenue from operations climbed 28.57% to ₹3,32,861 crore — its highest-ever quarterly revenue. The same evening, the company also announced a board-approved plan to raise up to ₹15,000 crore through non-convertible debentures (NCDs).
The results landed after a positive close for Indian equities. The BSE Sensex gained 308.49 points (0.42%) to settle at 74,459.53 and the NSE Nifty 50 rose 116.35 points (0.51%) to 23,053.10 on Friday, the final trading day of October — a second straight session of gains led by IT and pharmaceutical stocks. Reliance shares will react to the results on Monday, 2 November, the next trading session.
Reliance Q2 FY27: Key Numbers at a Glance
| Metric | Q2 FY27 | Q2 FY26 | Change (YoY) |
|---|---|---|---|
| Gross revenue | ₹3,62,268 crore | ₹2,83,548 crore | +27.8% |
| Revenue from operations | ₹3,32,861 crore | ₹2,58,898 crore | +28.57% |
| EBITDA | ₹62,409 crore | ₹50,367 crore | +23.9% |
| Net profit (attributable to owners) | ₹25,548 crore | ₹18,165 crore | +40.64% |
| Total profit after tax (incl. associates/JVs) | ₹29,550 crore | — | +33.8% |
| Capital expenditure (Q2) | ₹38,153 crore | — | — |
| Net debt (30 Sept 2026) | ₹1,17,140 crore | — | Down from ₹1,22,914 crore at end-Q1 |
Note on the two profit figures: ₹25,548 crore is the net profit attributable to RIL's owners (the headline figure in most reports, up 41% YoY). ₹29,550 crore is total profit after tax including the share of profit from associates and joint ventures (up 33.8% YoY). First-half FY27 profit crossed ₹50,000 crore for the first time, reaching ₹52,746 crore on a recurring basis.
What Drove the Beat: Oil-to-Chemicals and Jio
Oil-to-Chemicals (O2C) was the standout. Segment revenue jumped 44.2% YoY to ₹2,31,601 crore, helped by elevated crude oil prices and higher refining margins, while segment EBITDA surged 67.9% to ₹25,203 crore — its best-ever quarterly performance. O2C alone accounted for about 41% of total operating profit. Chairman Mukesh Ambani credited tight fuel markets, improved petrochemical margins and firm domestic demand.
Digital services (Jio Platforms) also delivered. Jio Platforms reported consolidated revenue of ₹47,485 crore, up 11.3% YoY, and EBITDA of ₹21,879 crore, up 16.6% YoY, with margins improving about 250 basis points. Jio's total subscriber base stood at 542.4 million (36 million net additions over the trailing 12 months), with 5G mobility subscribers crossing 300 million and fixed broadband passing 30 million. Average revenue per user (ARPU) rose to ₹218.8 per month. Jio Platforms' own consolidated net profit was ₹8,339–8,389 crore, up roughly 13–14% YoY, in its first quarterly results since its record ₹30,188-crore IPO listed on 28 October 2026.
Retail was the soft spot. Reliance Retail's gross revenue grew 6.4% YoY to ₹91,716 crore, but profit after tax fell about 24% YoY to ₹2,611 crore, and EBITDA before a one-time impairment charge declined 8.6% to ₹6,228 crore. The oil and gas exploration business reported revenue of ₹6,020 crore (down 0.6% YoY) and EBITDA of ₹4,901 crore (down 2%), mainly on lower KG-D6 gas production and price realisations.
Friday's Market Close: Nifty Reclaims 23,000
| Index | Close (30 Oct 2026) | Change |
|---|---|---|
| BSE Sensex | 74,459.53 | +308.49 (+0.42%) |
| NSE Nifty 50 | 23,053.10 | +116.35 (+0.51%) |
| Nifty Bank | 54,686.95 | −222.70 (−0.41%) |
| Nifty Midcap 100 | 57,301.25 | −540.40 (−0.93%) |
| Nifty Smallcap 100 | 18,463.60 | −347.75 (−1.85%) |
The headline gains masked a narrow rally. Nifty IT surged 2.32% and Nifty Pharma 1.51%, while midcaps and smallcaps fell sharply — breadth was weak, with the Nifty 50 recording 29 advances against 21 declines. Top Nifty gainers included Trent (+5.44% to ₹3,017.30, after its own strong quarterly results), InterGlobe Aviation (IndiGo, +4.33%), Infosys (+3.36%) and Apollo Hospitals (+3.02%). Shriram Finance (−2.13%), Nestle India (−1.82%) and Mahindra & Mahindra (−1.72%) led the losers.
Institutional flows were supportive: foreign investors bought a net ₹3,598.54 crore while domestic institutions sold a net ₹817.51 crore, for combined net buying of ₹2,781.03 crore. The rupee strengthened to about ₹94.95 per US dollar, while Brent crude stayed elevated near $113 per barrel — the key overhang for India's import bill.
For the month as a whole, October ended in positive territory, breaking a two-month losing streak: the Nifty gained about 1.9% and the Sensex about 2.7% in October, with Nifty IT up roughly 17.7% — its strongest month in over six years — even as midcaps (−3.4%) and smallcaps (−4.2%) fell.
What to Watch on Monday, 2 November
- Reliance and Jio Platforms shares react to the Q2 results — the first trading session after the numbers.
- Whether the Nifty holds above 23,000 — immediate support at 22,900–22,800, resistance at 23,100–23,150.
- Brent crude and the rupee — crude near $113 keeps pressure on energy costs; the rupee near ₹94.95 is a level to watch.
- Broader-market breadth — whether midcaps and smallcaps recover after Friday's 0.93% and 1.85% falls.
- IPO listings — EAAA India Alternatives lists on 2 November, while BLS Polymers and SFC Environmental list on 3 November.
Frequently Asked Questions
What was Reliance's net profit in Q2 FY27?
Net profit attributable to owners was ₹25,548 crore, up 40.64% from ₹18,165 crore a year earlier. Total profit after tax including associates and joint ventures was ₹29,550 crore, up 33.8%.
What was Reliance's revenue in Q2 FY27?
Gross revenue hit a record ₹3,62,268 crore (up 27.8% YoY), while revenue from operations was ₹3,32,861 crore (up 28.57% YoY).
Which Reliance segment performed best in Q2 FY27?
Oil-to-Chemicals, with revenue up 44.2% to ₹2,31,601 crore and EBITDA up 67.9% to ₹25,203 crore, driven by elevated crude prices and stronger refining margins.
How did Jio Platforms perform in Q2 FY27?
Revenue rose 11.3% YoY to ₹47,485 crore and EBITDA grew 16.6% to ₹21,879 crore. Subscribers reached 542.4 million, 5G users crossed 300 million, and ARPU rose to ₹218.8 per month.
How did the Sensex and Nifty close on 30 October 2026?
The Sensex closed at 74,459.53 (+308.49 points, +0.42%) and the Nifty 50 at 23,053.10 (+116.35 points, +0.51%), reclaiming the 23,000 mark for the first time in the recent recovery.
When do markets reopen after the weekend?
Markets were closed on Saturday, 31 October 2026, and reopen on Monday, 2 November 2026, when Reliance and Jio Platforms shares will first react to the Q2 results.
Conclusion
Reliance's record September quarter — powered by a blockbuster O2C performance and steady Jio growth — capped a month in which Indian benchmarks recovered, with the Nifty reclaiming 23,000. The caveats are a soft retail quarter, weak midcap and smallcap breadth, and Brent crude still near $113. Monday's session will show whether investors reward the record numbers or focus on those risks. This article is for information only and is not investment advice.
Related reading: Reliance Industries Financial Breakdown: Revenue, Profit • Sensex, Nifty Today 30 Oct: Flat as Brent Tops $116 • Sensex, Nifty Today 28 Oct: IT Sell-Off Sinks Markets