AI-assisted research analysis by FutureKnowledge. Sources checked 31 October 2026. This is not investment advice.
Reviewed by FutureKnowledge: figures, dates and attributions were checked against the linked sources before publication.
Reliance Industries’ Q2 results show profit attributable to shareholders rising about 41% to ₹25,548 crore, as its oil-to-chemicals business had its best quarter, offsetting a weaker retail arm.
What Reliance reported in its Q2 results
Reliance announced results for the July to September quarter (Q2 FY27) on Friday, 30 October, after market hours. According to the company’s media release, consolidated gross revenue rose 27.8% year on year to ₹3,62,268 crore and EBITDA rose 23.9% to ₹62,409 crore from ₹50,367 crore. Profit after tax including associates and joint ventures was ₹29,550 crore, up 33.8% from ₹22,092 crore.
The figure that belongs to Reliance shareholders, after removing minority holders’ share in units such as Jio Platforms and Reliance Retail, was ₹25,548 crore against ₹18,165 crore a year earlier, a rise of about 40.6%. ANI described gross revenue as the company’s highest ever for a quarter and first-half profit of ₹52,746 crore as a record on a recurring basis.
Why the headline numbers differ between reports
Early coverage quoted different growth rates. An IANS report carried by The Hans India put profit growth at about 22%, but that compares ₹25,548 crore with the June quarter, not with a year earlier. Other reports used ₹29,250 crore, which is profit before the share of associates and joint ventures. The IANS report also gave a lower EBITDA figure of ₹56,616 crore; this article uses the ₹62,409 crore in the company’s release. NiftyTrader’s breakdown matches the release on the main lines.
Segment by segment
Oil-to-chemicals: the main driver
O2C revenue rose 44.2% to ₹2,31,601 crore and segment EBITDA jumped 67.9% to ₹25,203 crore from ₹15,008 crore, the release shows. NiftyTrader calculated the O2C EBITDA margin at 10.9%, up from 9.3%, and exports at ₹1,04,250 crore. Mukesh Ambani said the O2C business “delivered a particularly strong performance this quarter”, crediting feedstock sourcing and product placement. IANS also pointed to stronger fuel cracks in tight global fuel markets, partly offset by logistics costs and the special additional excise duty on fuel.
The backdrop is a refining boom that has also lifted global majors: Exxon and Chevron reported sharply higher Q3 earnings on refining the same day, with crude prices elevated by Middle East supply risks.
Jio Platforms: steady growth, new listing
Jio Platforms’ gross revenue rose 11.3% to ₹47,485 crore and EBITDA 16.6% to ₹21,879 crore, according to the release. The customer base reached 542.4 million, with 9.1 million net additions, 300 million 5G users and 30 million fixed broadband users. Average revenue per user rose to ₹218.8 a month from ₹211.4. This was the first quarterly report since Jio Platforms shares closed 27% above their IPO price on debut on 28 October, a listing Ambani called “record-setting”.
Retail: the weak spot
Reliance Retail’s gross revenue rose 6.4% to ₹91,716 crore on a basis adjusted for the consumer brands demerger, but EBITDA before a one-time impairment fell 8.6% to ₹6,228 crore, ANI and the release show. NiftyTrader put the margin at 7.8%, down 120 basis points. The company opened 303 stores in the quarter but closed others, a net reduction of 222 for the quarter, leaving 19,947 stores. ANI reported JioMart revenue up 42%, which suggests the margin drop partly reflects spending on digital commerce.
Oil and gas
The upstream business was roughly flat: revenue fell 0.6% to ₹6,020 crore and EBITDA 2% to ₹4,901 crore, according to the release.
Balance sheet and capex
Capital spending, excluding spectrum, was ₹38,153 crore in the quarter against ₹40,010 crore a year earlier, and ₹76,835 crore in the first half. Net debt was ₹1,17,140 crore at 30 September, slightly below ₹1,18,545 crore a year earlier, and net debt was 0.47 times annualised EBITDA compared with 0.59 times, the release shows. The company said spending is partly going into new energy projects under implementation, without giving fresh timelines.
Why it matters for India and for businesses
Reliance is one of the heaviest weights in India’s main stock indices, so its earnings shape index profit growth. A quarter driven mostly by refining margins is a reminder that its profits still depend heavily on the oil cycle, even as Jio and retail grow. High fuel cracks help refiners but raise costs for airlines, logistics firms and other fuel users. The retail slowdown, after store closures and margin pressure, is a data point for consumer demand watchers in the festive season, though APAC News Network noted a festive-season shift into the December quarter.
Who is more or less exposed
- More exposed to a fall in refining margins: refiners and petrochemical producers whose earnings, like Reliance’s this quarter, lean on fuel cracks.
- More exposed to high fuel prices: airlines, road freight and chemical users that buy fuel and feedstock.
- Less exposed to oil swings: telecom and digital businesses such as Jio, whose growth rests on subscribers and pricing.
- Watching retail margins: organised retailers and quick-commerce players competing for the same festive spending.
Scenarios to watch
The table below sets out conditional scenarios, not predictions.
| If… | Then a plausible outcome is… |
|---|---|
| Fuel cracks stay high into the December quarter | O2C could keep carrying group profit growth |
| A US-Iran de-escalation pulls crude and cracks lower | O2C earnings could normalise, putting more weight on Jio and retail |
| Festive demand shifted into Q3 lifts retail sales | Retail margins could recover part of the 120 basis-point drop |
| Jio raises tariffs or keeps growing ARPU | Digital earnings could grow faster than the 16.6% EBITDA rise seen this quarter |
What to watch next
- How Reliance shares react when Indian markets reopen on Monday, 2 November.
- Commentary on retail store rationalisation and digital commerce spending.
- Any update on new energy project timelines and capex.
- Crude prices and fuel cracks, which depend on developments in the Gulf.
Bottom line
Reliance’s Q2 results were driven by an exceptional quarter in oil-to-chemicals, with steady growth at Jio and a weaker retail business. Profit attributable to shareholders rose about 41%, but the mix shows the group’s earnings remain closely tied to the refining cycle.
Method note
This analysis compared Reliance’s official media release with reports from ANI, IANS (via The Hans India) and NiftyTrader. Where reports differed on profit growth and EBITDA, the company’s release was used, and the reason for the differences is explained above.