Reliance Industries (RIL) — India’s biggest company by revenue, profit and market capitalisation — reported high double-digit growth in consolidated and standalone revenue and net profit in the July-September 2026 quarter (Q2FY27), driven by a sharp rise in transportation fuel and downstream petrochemical (petchem) prices. The performance beat consensus estimates, while revenue and profit before interest, depreciation and taxes (PBIDT) hit record levels.
The results came two days after the record-setting listing of the conglomerate’s digital business on the bourses.
The oil-retail-telecom major’s consolidated net profit attributable to owners of the company rose 40.6 per cent year-on-year (Y-o-Y) to a record ₹25,548 crore in Q2FY27, from ₹18,165 crore in Q2FY26 and ₹20,946 crore in Q1FY27. Reported net profit rose 33.8 per cent Y-o-Y to ₹29,550 crore. For the first six months (H1) of FY27, reported net profit stood at ₹52,746 crore, making RIL the first Indian company to cross the ₹50,000 crore mark in a half-year. Likewise, in a first in India, RIL’s H1 revenues crossed ₹6 trillion mark.
Net profit attributable to owners stood at ₹46,494 crore.
Commenting on the results, Mukesh D Ambani, chairman and managing director of RIL, said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks.”
“I am proud to witness the rejuvenation of ‘the equity cult’ originally pioneered by our founder-chairman during the 1977 Reliance IPO,” he said.
A poll of nine analysts by Bloomberg had pegged net profit at ₹21,368 crore for the quarter.
RIL’s consolidated net sales rose 29.8 per cent Y-o-Y to an all-time high of ₹3.31 trillion in Q2FY27, from ₹2.55 trillion a year earlier and ₹3.09 trillion in Q1FY27. This was also higher than the estimate of ₹3.14 trillion.
“During Q2FY27, our businesses delivered a strong performance despite a complex operating environment. Commodity markets remained volatile while geopolitical tensions continued to weigh on global supply chains. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively,” Ambani said.
The oil-to-chemicals (O2C) division, which includes oil refining and petrochemical products, accounted for a little over 80 per cent of the incremental growth in RIL’s consolidated gross revenue and earnings before interest and taxes (Ebit) on a Y-o-Y basis in Q2FY27.
Crude prices rose 40 per cent during the quarter amid the West Asia crisis, while transportation fuel prices increased 50-78 per cent Y-o-Y. Prices of most downstream chemical products rose 25-35 per cent, driven by higher feedstock costs.
RIL’s standalone net sales, which largely represent the O2C business, rose 36.5 per cent Y-o-Y to ₹1.72 trillion in Q2FY27, while standalone net profit increased 68.2 per cent to ₹15,354 crore.
Big contribution from O2C
The O2C segment’s earnings before interest, taxes, depreciation and amortisation (Ebitda) rose sharply by 68 per cent Y-o-Y to ₹25,203 crore during the quarter, driven by a surge in transportation fuel cracks and improved downstream chemical margins.
“Fuel cracks were up 3-3.7 times Y-o-Y and reached historic highs during the quarter. Polyester chain margins also recovered sharply, reaching a three-year high, led by Paraxylene and Purified Terephthalic Acid deltas. Earnings growth was constrained by continued Special Additional Excise Duty (SAED)-related costs and under-recoveries in Jio-bp business,” RIL said.
The O2C division added ₹71,043 crore to gross revenue in Q2FY27 over Q2FY26, against an overall increase of ₹86,156 crore in RIL’s gross revenue. In comparison, Jio Platforms, or digital services, contributed 5.7 per cent of incremental revenue growth in Q2FY27, while Reliance Retail accounted for 1.4 per cent.
Similarly, the O2C division accounted for 80.6 per cent of the incremental growth in RIL’s consolidated Ebit in Q2FY27, while digital services contributed 18 per cent. Retail’s contribution declined as its EBIT fell 18.4 per cent Y-o-Y.
O2C’s Ebit rose by ₹9,787 crore Y-o-Y in Q2FY27, compared with a ₹12,139 crore increase in RIL’s consolidated EBIT. Digital services added ₹2,184 crore to RIL’s Ebit during the quarter.
The O2C division’s gross revenue rose 44.2 per cent Y-o-Y to a record ₹2.32 trillion in Q2FY27, from ₹1.6 trillion a year earlier. It was up 14.8 per cent quarter-on-quarter (Q-o-Q) from around ₹2.02 trillion in Q1FY27.
The division’s share of RIL’s consolidated gross revenue rose to 57.4 per cent in Q2FY27, from 50.7 per cent a year earlier and 53.6 per cent in Q1FY27. Its share of consolidated Ebit increased to 48.3 per cent, from 36.8 per cent and 38.6 per cent, respectively.
Retail faced earnings headwinds
Reliance Retail Ventures Ltd (RRVL) on Friday reported a 24.3 per cent Y-o-Y decline in net profit to ₹2,611 crore in Q2FY27. During the quarter, the company took a one-time impairment charge of ₹108 crore following the discontinuation of its 7-Eleven stores. The company also said the festive quarter falls entirely in Q3.
RRVL executive director Isha Ambani said in the earnings release: “We are building a future-ready retail business by combining our extensive physical network with digital convenience, technology, and a deep understanding of Indian consumers. The new model with fast growing Digital Commerce and B2B (business-to-business) channels is working and funded by the profits of offline business.”
Reliance Retail’s Ebitda from operations fell 11.1 per cent to ₹5,886 crore in Q2FY27, while finance costs rose 53.9 per cent Y-o-Y to ₹905 crore.
Mukesh Ambani said: “Reliance Retail had a steady quarter, with growth sustained across all formats and channels. Consumer demand stayed healthy, supported by our extensive physical and digital presence and our continued focus on serving the diverse needs of Indian consumers. Our consumer products business kept its growth momentum, with the FMCG brand portfolio gaining further ground among Indian consumers.”
India’s largest retailer reported revenue from operations of ₹80,220 crore, up 5.8 per cent Y-o-Y, while gross revenue rose 6.4 per cent to ₹91,716 crore, adjusted for the demerger of the Consumer Brands business.
Jio Platforms steady show
Jio Platforms, India’s largest telecom services provider, reported a 13.7 per cent Y-o-Y rise in net profit to ₹8,389 crore in Q2FY27, from ₹7,379 crore. Revenue increased 11.4 per cent Y-o-Y to ₹40,475 crore.
Sequentially, net profit rose from ₹7,765 crore in the previous quarter, while revenue increased from ₹39,173 crore.
Quarterly PBIDT climbed 16.6 per cent Y-o-Y to ₹21,879 crore. The 250 basis-point expansion in margins was driven by revenue growth and operating leverage.
