Reliance Industries reports highest-ever revenue, quarterly profit at new high in Q2; here are 10 key highlights

Meanwhile, this week marked a historic moment in Reliance's value creation journey with Jio Platforms' record-setting listing on Indian bourses. The stock recorded a 27.9 percent rally in the last three sessions since listing, to end at Rs 1,431.3 on October 30, against an issue price of Rs 1,119. Here are 10 key highlights of Consolidated Q2FY27 Earnings: Quarterly profit hit a new high of Rs 29,550 crore in the September 2026 quarter, up 33.8 percent from Rs 22,092 crore in the corresponding period last year, supported by strong topline and operating income growth.

The half-yearly profit crossed the Rs 50,000 crore milestone, soaring 20 percent year-on-year to Rs 52,746 crore in the April-September period. Finance costs during the quarter increased by 24.2 percent YoY to Rs 8,481 crore, largely due to higher liability balances and capitalisation of 5G assets. Tax expenses rose by 34.2 percent YoY to Rs 9,363 crore in the same period. Reliance Industries reported its highest-ever revenue of Rs 3.62 lakh crore for the quarter, up 27.8 percent from the year-ago period, driven by strong growth in the oil-to-chemicals segment amid sharp increases in crude and product prices, and robust growth in the digital services business.

3) Operating Performance The company saw a record quarterly EBITDA (earnings before interest, tax, depreciation and amortisation) of Rs 62,409 crore for the second quarter of the current fiscal year, growing 23.9 percent YoY, backed majorly by Jio Platforms and oil-to-chemicals. EBITDA margin for the quarter was 17.2 percent, against 17.8 percent in the corresponding period of the last fiscal year.

Jio Platforms Ltd (JPL), which recently successfully completed its initial public offering of Rs 30,188 crore - the largest in India till date, recorded 13.7 year-on-year growth in profit to Rs 8,387 crore, and 11.3 percent increase in revenue to Rs 47,485 crore for the July-September 2026 quarter, with double-digit growth across connectivity (11 percent) and digital services (16 percent). During the quarter, JPL crossed twin milestones of 3 crore fixed broadband and 30 crore 5G mobility subscribers.

Its customer base at the end of Q2FY27 was 54.24 crore, up 7.1 percent year-on-year. "Jio’s performance across mobility, home broadband and enterprise was strong, with healthy growth in earnings. Jio has built a proprietary technology stack and a growing portfolio of digital services, platforms and enterprise offerings that extend well beyond connectivity," Mukesh Ambani said. JPL, India's second-largest company by market capitalisation, reported EBITDA growth of 16.6 percent YoY led by revenue growth and operating leverage, with margin improvement of 250 bps YoY.

The segment's profit grew 13.7 percent YoY to Rs 8,387 crore, with EBITDA growth offset by higher finance costs due to 5G asset capitalisation in March 2026. Monthly average revenue per user (ARPU) increased further to Rs 218.8, up 3.5 percent YoY with promotional schemes for fixed broadband customers offsetting better subscriber mix and increased usage, while the per capita data consumption was 44.2 GB per month with total data traffic growth of 22.1 percent YoY during the quarter, JPL said.

Reliance Retail had a steady quarter, with growth sustained across all formats and channels. The consumer products business kept its growth momentum, with the FMCG brand portfolio gaining further ground among Indian consumers, Ambani said. Reliance Retail Ventures (RRVL) registered a gross revenue of Rs 91,716 crore for the quarter ended September 2026, growing 6.4 percent YoY after adjusting for the demerger of the consumer brands business.

The business performance was impacted by the shift in the festive calendar to Q3, the company said. Its EBITDA before one-time impairment charge at Rs 6,228 crore was down 8.6 percent year-on-year. EBITDA margin for the quarter at 7.8 percent moderated 120 bps YoY due to planned investment phase in Digital Commerce, input cost inflation absorbed for customers, and the festive shift to Q3FY27. RRVL opened 303 stores during the quarter with a net reduction of 222 stores after accounting for the closure of unproductive stores.

The total store count was 19,947 at the end of the September quarter. The business achieved 7 percent YoY growth in transactions in a quarter even with major festivals shift to Q3, indicating strong customer engagement and continued growth. 6) Oil-to-Chemicals (O2C) The O2C business delivered a particularly strong performance in the September quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand, Mukesh Ambani said.

Revenue rose sharply by 44.2 percent year-on-year to Rs 2.32 lakh crore, while exports grew 46.9 percent to Rs 1,04,250 crore. The Middle East conflict disrupted energy market supply chains, resulting in a 40.6 percent increase in crude oil prices and a 50-78 percent increase in transportation fuel prices on a YoY basis. Further revenue growth was aided by 25-35 percent YoY higher prices for most of the downstream chemical products, the company said.

At the operating level, EBITDA surged 67.9 percent YoY to Rs 25,203 crore, with margin expanding 160 bps to 10.9 percent in Q2FY27. Fuel cracks were up 3-3.7 times YoY and reached historic highs during the quarter, while polyester chain margins also recovered sharply, reaching a 3-year high, led by PX and PTA deltas. Meanwhile, Reliance BP Mobility, operating under brand Jio-bp, operates a country-wide network of 2,304 retail outlets, supported by 5,900+ EV charge points, 200 CBG/CNG stations and 184 convenience stores.

Its oil & gas exploration and production segment recorded quarterly revenue of Rs 6,020 crore for the second quarter of the current fiscal year, down 0.6 percent YoY. The fall was mainly on account of lower production and gas price realisation from KG D6. This was offset by higher prices for condensate and improved CBM price and volumes, Reliance said. The average price realised for KGD6 gas was $8.88 per MMBTU in Q2FY27 against $9.97 per MMBTU in Q2FY26, while the average price realised for CBM gas was $13.24 per MMBTU against $9.53 per MMBTU in the same period, it added.

Oil & gas' EBITDA was marginally down by 2 percent YoY to Rs 4,901 crore with lower revenue and higher Government of India levies. Favourable exchange rate movements supported earnings, the company said. Jio Star reported robust revenue from operations of Rs 6,806 crore in the September 2026 quarter, growing by 10.1 percent YoY driven by strong growth in subscription revenue and digital entertainment advertising revenue.

EBITDA from operations stood at Rs 1,372 crore with a margin of 22.1 percent for the quarter. The company said the September quarter marked the relaunch and rebranding of its digital destination as ‘JioHotstar’ in the international markets of Singapore, the UK and Canada. TV Entertainment continued to dominate the market with the roll-out of new shows across the spectrum of JioStar’s Hindi and regional channels, it added.

JioHotstar averaged around 44 crore MAUs (monthly active users) during the quarter, a growth of 10 percent YoY. 9) Capital Expenditure Capital Expenditure for the quarter ended September stood at Rs 38,153 crore, against Rs 40,010 crore in the quarter ended September 2025. "The capex was largely driven by investments in the O2C and New Energy projects under implementation, and on building and expanding the infrastructure and distribution reach of the consumer businesses," Reliance said.

10) Cash & Cash Equivalents, Debt Further, cash and cash equivalents at the end of the September quarter were Rs 2.68 lakh crore, increasing from Rs 2.3 lakh crore in the quarter ended September 2025. Net debt stood at Rs 1,17,140 crore in the quarter, falling from Rs 1,18,545 crore in the corresponding quarter of the previous fiscal year.