7 November 2026 | Curated by Gurdeep Singh, Amritsar, Punjab
Reliance Industries delivered a strong second-quarter performance in FY2026–27, with consolidated revenue reaching a record ₹3,62,268 crore for the quarter ended 30 September 2026. The company’s consolidated profit after tax, including its share of profit from associates and joint ventures, rose 33.8% year on year to ₹29,550 crore.
The results, approved by the board and released on 30 October 2026, show broad support from the oil-to-chemicals business and continued growth in digital services. However, the quarter also highlights differences across Reliance’s businesses, particularly in retail profitability.
Reliance Q2 FY27: Key financial numbers
Gross revenue: ₹3,62,268 crore, up 27.8% year on year.
EBITDA: ₹62,409 crore, up 23.9%.
EBITDA margin: 17.2%, compared with 17.8% a year earlier.
Profit after tax including associates and joint ventures: ₹29,550 crore, up 33.8%.
Capital expenditure: ₹38,153 crore during the quarter.
Net debt: ₹1,17,140 crore at 30 September 2026.
It is important to distinguish the company’s headline consolidated PAT of ₹29,550 crore from the standalone “profit after tax” line of ₹29,250 crore before adding the ₹300 crore share of profit from associates and joint ventures.
Oil-to-chemicals leads the improvement
Reliance’s oil-to-chemicals (O2C) business was a major contributor to the quarter’s stronger earnings. O2C EBITDA increased 67.9% year on year to ₹25,203 crore. The company attributed the improvement to stronger transportation-fuel cracks and better downstream petrochemical margins.
Higher crude and product prices also lifted O2C revenue. At the same time, Reliance flagged cost pressures from crude premiums, elevated freight rates, special additional excise duty-related costs and under-recoveries in domestic fuel retail. The improvement therefore reflects a favourable refining and petrochemical environment, not simply higher volumes.
Jio Platforms continues to expand
Jio Platforms reported gross revenue of ₹47,485 crore, up 11.3% year on year, while revenue from operations increased 11.4% to ₹40,475 crore. EBITDA rose 16.6% to ₹21,879 crore, with the EBITDA margin expanding by 250 basis points to 54.1%.
Jio Platforms’ profit after tax, including associates and joint ventures, increased 13.7% to ₹8,387 crore. Its customer base reached 542.4 million, and it added 9.1 million net customers during the quarter. Monthly average revenue per user (ARPU) improved to ₹218.80.
Jio Platforms’ shares began trading separately on 28 October 2026 following its public issue. Its Q2 figures are reported as a Reliance business segment and subsidiary performance in the group release; investors should distinguish Jio Platforms’ standalone listed-company disclosures from Reliance Industries’ consolidated accounts.
Retail grows, but margins need attention
Reliance Retail Ventures reported gross revenue of ₹91,716 crore, up 6.4% year on year. Yet EBITDA before a one-time impairment charge declined 8.6% to ₹6,228 crore, and its EBITDA margin was 7.8%, down 120 basis points.
The company cited a shift in the festive calendar, investment in digital commerce and input-cost inflation absorbed for customers. This makes retail profitability an important area to monitor in the coming quarters, even as revenue continues to expand.
What the results mean
Reliance’s Q2 performance reflects a strong contribution from refining and petrochemicals, steady digital-services growth and a more mixed picture in retail. Consolidated profit grew faster than revenue, but the decline in the group EBITDA margin and the pressure on retail EBITDA show why investors should look beyond headline growth.
For the next quarter, key indicators include global refining margins, crude prices, petrochemical spreads, Jio’s customer economics, retail margins and the pace of capital expenditure. These factors will help determine whether the current earnings momentum can be sustained.
Important note for readers
This report summarises the company’s Q2 FY27 results for the quarter ended 30 September 2026. It is intended for news and general information only, not as a recommendation to buy, hold or sell Reliance Industries or any other security. Investors should review official exchange disclosures and consider their own risk profile before making financial decisions.
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