Reliance Industries Q2 profit jumps 33.8% to hit record high of ₹29,550 crore; H1 PAT crosses ₹50,000 crore mark

Reliance Industries delivered a record-breaking performance in the July-September quarter of FY27, posting its highest-ever quarterly revenue and EBITDA, along with a record quarterly profit. Its profit after tax (PAT) for the September quarter surged 33.8% year-on-year (YoY) to ₹29,550 crore, taking first-half PAT past the ₹50,000-crore milestone to a record ₹52,746 crore.

The Mukesh Ambani-led conglomerate saw its consolidated gross revenue jump 27.8% YoY to ₹3,62,268 crore, while EBITDA increased 23.9% YoY to a record ₹62,409 crore.

The company’s quarterly performance was led by a strong recovery in its oil-to-chemicals (O2C) business and continued growth in digital services. Reliance Retail reported steady revenue growth, although its earnings were impacted by investments and a shift in the festive calendar.

“During 2Q FY27, 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,” said Mukesh D. Ambani, Chairman and Managing Director of RIL.

He said the O2C business delivered a particularly strong performance, supported by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand.

O2C business delivers record performance

Reliance’s O2C business delivered its best-ever quarterly performance, with EBITDA rising 67.9% year-on-year to ₹25,203 crore. The improvement was driven by a sharp increase in transportation fuel cracks and stronger downstream petrochemical margins amid tight global refining conditions.

Fuel cracks were up 3–3.7 times, while polyester chain margins improved 33%, supported by higher paraxylene and purified terephthalic acid deltas. O2C revenue increased 44.2% year-on-year, aided by higher crude oil and product prices.

However, the business faced pressure from higher crude oil premiums, elevated freight rates, costs related to the Special Additional Excise Duty (SAED) and under-recoveries in domestic fuel retail.

Digital services EBITDA rises 17.7%; Jio makes market debut

Reliance’s digital services business, Jio Platforms, continued its growth momentum, with EBITDA increasing 17.7% year-on-year to ₹22,223 crore. Its revenue rose 11.3%, driven by subscriber additions, higher average revenue per user (ARPU) and growth in digital services. Jio Platforms’ EBITDA increased 16.6%, supported by revenue growth and a 250-basis-point expansion in margin.

The quarter also marked a major milestone for Jio Platforms, which made its stock market debut this week and emerged as India’s second-most valuable company.

“The faith placed in us by millions of our investors reinforces our commitment to building indigenous, world-class deep-tech solutions to deliver sustained value to customers and shareholders,” Ambani said.

He added that Jio had built a proprietary technology stack and a growing portfolio of digital services, platforms and enterprise offerings that extend well beyond connectivity.

Retail revenue grows 6.4%; capex at ₹38,153 crore

Reliance Retail Ventures reported a 6.4% year-on-year increase in revenue to ₹91,716 crore. Its EBITDA, however, declined 8.6% to ₹6,228 crore, with margins contracting 120 basis points to 7.8%. The company attributed the performance to investments in digital commerce, input-cost inflation absorbed for customers and a shift in the festive calendar to the December quarter.

RIL’s capital expenditure stood at ₹38,153 crore during the quarter, largely driven by investments in O2C and new energy projects, along with the expansion of infrastructure and distribution networks across its consumer businesses.

Finance costs increased 24.2% year-on-year to ₹8,481 crore, while depreciation rose 6.2% to ₹15,315 crore, partly due to the capitalisation of 5G assets in the Digital Services business.

Reliance’s net debt stood at ₹1,17,140 crore at the end of September 2026, compared with ₹1,18,545 crore a year earlier. Its net debt-to-EBITDA ratio improved to 0.47 times from 0.59 times in Q2 FY26.

Ahead of the Q2 results, Reliance Industries shares settled 0.44% lower at ₹1,163.55 on the BSE, with a market capitalisation of ₹15.74 lakh crore.