Reliance Industries Posts Record ₹29,550 Crore Q2 Profit as Oil-to-Chemicals Earnings Jump Nearly 68%

Reliance Industries Ltd reported its highest-ever quarterly profit and revenue for the July-September period, with its oil-to-chemicals (O2C) business delivering its strongest quarter as global fuel markets stayed tight. The company released the results after Indian markets closed on Friday, October 30, 2026, so its shares will first trade on the numbers when the market reopens on Monday, November 2.

Consolidated profit for the second quarter of fiscal 2027 rose 33.8% from a year earlier to ₹29,550 crore, up from ₹22,092 crore, Moneycontrol reported. Consolidated gross revenue climbed 27.8% to ₹3,62,268 crore, and EBITDA (earnings before interest, tax, depreciation and amortisation) rose 23.9% to a record ₹62,409 crore from ₹50,367 crore, according to the company's release filed with the stock exchanges, as reported by The Times of India.

Profit for the April-September half rose 20% to ₹52,746 crore. The consolidated EBITDA margin was 17.2%, compared with 17.8% a year earlier, Moneycontrol reported.

Oil-to-chemicals leads the quarter

O2C segment EBITDA rose 67.9% to ₹25,203 crore, with the margin widening 160 basis points to 10.9%. Segment revenue rose 44.2% to ₹2,31,601 crore, and exports grew 46.9% to ₹1,04,250 crore, according to Moneycontrol and The Times of India.

The company said the Middle East conflict disrupted energy supply chains, lifting crude oil prices 40.6% and transportation fuel prices 50% to 78% from a year earlier. Fuel cracks were up three to 3.7 times and reached historic highs during the quarter, while polyester chain margins reached a three-year high, Moneycontrol reported.

"Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand," Chairman and Managing Director Mukesh Ambani said, according to The Times of India. Fortune India reported that the business also faced higher crude oil premiums, elevated freight rates, Special Additional Excise Duty costs and under-recoveries in domestic fuel retail.

Jio, retail, and oil and gas

Jio Platforms, which recently completed a ₹30,188 crore initial public offering that Moneycontrol described as India's largest, reported a 13.7% rise in profit to ₹8,387 crore and an 11.3% increase in revenue to ₹47,485 crore. Its EBITDA grew 16.6%, with the margin up 250 basis points. Average revenue per user rose 3.5% to ₹218.8 a month, and the subscriber base reached 54.24 crore, up 7.1%.

Reliance Retail Ventures' gross revenue rose 6.4% to ₹91,716 crore after adjusting for the demerger of the consumer brands business. EBITDA before a one-time impairment charge fell 8.6% to ₹6,228 crore, and the margin narrowed 120 basis points to 7.8%. The company attributed the decline to investment in digital commerce, input-cost inflation absorbed for customers, and a shift of major festivals into the October-December quarter. The retailer opened 303 stores and ended the quarter with 19,947 after closing unproductive locations, Moneycontrol reported.

Oil and gas exploration revenue slipped 0.6% to ₹6,020 crore, and segment EBITDA fell 2% to ₹4,901 crore, mainly because of lower production and gas price realisation from the KG-D6 block. JioStar's revenue from operations rose 10.1% to ₹6,806 crore.

Costs, capex and debt

Finance costs increased 24.2% to ₹8,481 crore, and depreciation rose 6.2% to ₹15,315 crore, partly because of the capitalisation of 5G assets, according to Fortune India. Tax expense rose 34.2% to ₹9,363 crore, Moneycontrol reported.

Capital expenditure for the quarter was ₹38,153 crore, mainly for O2C and new energy projects and the expansion of consumer businesses. Net debt stood at ₹1,17,140 crore on September 30, 2026, down from ₹1,22,914 crore at the end of June, The Times of India reported. Fortune India said the net debt-to-EBITDA ratio improved to 0.47 times from 0.59 times a year earlier.

Before the results, Reliance shares closed 0.44% lower at ₹1,163.55 on the BSE on Friday, giving the company a market value of ₹15.74 lakh crore, according to Fortune India.