Reliance Industries (RIL) saw its market capitalisation cross ₹17 lakh crore on November 2, 2026, after its shares surged more than 8% during intraday trading. The rally followed the company’s announcement of record second-quarter FY27 financial results, with strong growth in revenue, EBITDA and net profit. The stock also recorded its biggest intraday gain in at least three years, making it one of the major drivers of the broader Indian stock market rally.
The company’s shares climbed to an intraday high of ₹1,259, taking its market valuation to approximately ₹17.05 lakh crore. Investors responded positively to strong performance in Reliance’s oil-to-chemicals (O2C) business and continued growth in digital services. However, the quarterly performance was not equally strong across every segment, with retail earnings facing pressure despite revenue growth. The rally also followed positive commentary from brokerages including Goldman Sachs and Nomura.
Key Takeaways
- Reliance Industries’ market capitalisation crossed ₹17 lakh crore on November 2, 2026.
- RIL shares surged as much as 8.1% to an intraday high of ₹1,259.
- The company reported record Q2 FY27 consolidated revenue of ₹3.62 lakh crore.
- Consolidated EBITDA increased 23.9% to ₹62,409 crore.
- Net profit rose 33.8% year-on-year to ₹29,550 crore.
- The O2C business delivered a particularly strong quarter, with EBITDA increasing 67.9%.
- Goldman Sachs and Nomura maintained Buy ratings following the results.
Reliance Industries Shares Surge Over 8%
Reliance Industries shares rallied sharply during Monday’s trading session, November 2, following the company’s September-quarter earnings announcement.
The stock climbed to an intraday high of ₹1,259, representing an increase of approximately 8.1% from its previous closing price. This took RIL’s market capitalisation to around ₹17.05 lakh crore.
According to Moneycontrol, the rally represented the company’s biggest intraday gain in at least three years. Reliance also emerged as the top Nifty gainer and the largest positive contributor to the benchmark index during the trading session.
The stock’s strong performance reflected investor optimism about the company’s latest financial results, particularly the improvement in its refining and petrochemicals operations.
The shares also attracted substantial trading activity on both the National Stock Exchange and the Bombay Stock Exchange.
Reliance Industries Q2 FY27 Results: Record Revenue and Profit
Reliance Industries reported its strongest-ever quarterly financial performance for the July-September 2026 period.
The company benefited from a strong recovery in its O2C business, alongside continued expansion in digital services.
Its consolidated financial performance was as follows:
| Financial metric | Q2 FY27 | Year-on-year growth |
|---|---|---|
| Gross revenue | ₹3,62,268 crore | 27.8% |
| EBITDA | ₹62,409 crore | 23.9% |
| Profit before tax | ₹38,613 crore | 32.6% |
| Net profit including associates and JVs | ₹29,550 crore | 33.8% |
<text color=”secondary” size=”xs”>Source: Reliance Industries’ Q2 FY27 financial results. Figures are consolidated.</text>
The company’s quarterly revenue crossed ₹3.62 lakh crore, while EBITDA reached a record ₹62,409 crore.
Net profit, including the share of profits from associates and joint ventures, increased to ₹29,550 crore from ₹22,092 crore in the corresponding quarter last year.
Reliance also reported that its profit for the first half of FY27 crossed ₹50,000 crore, reaching ₹52,746 crore.
However, the consolidated EBITDA margin declined to 17.2% from 17.8% a year earlier. This indicates that revenue and EBITDA growth did not translate into an improvement in the overall margin.
O2C Business Drives Reliance’s Strong Quarterly Performance
The oil-to-chemicals business was one of the biggest contributors to Reliance’s Q2 performance.
The segment benefited from stronger refining conditions, higher transportation fuel cracks and improved petrochemical economics.
O2C revenue increased 44.2% year-on-year to ₹2.32 lakh crore, while EBITDA surged 67.9% to ₹25,203 crore.
Fuel cracks, which measure the difference between the price of refined petroleum products and crude oil, strengthened considerably during the quarter.
According to the company’s results, transportation fuel cracks were between three and 3.7 times their year-earlier levels, reaching historic highs during the period.
This improvement supported the profitability of Reliance’s refining operations.
The strong O2C performance was particularly important because the business accounts for a significant portion of the company’s consolidated revenue.
However, refining conditions can change with crude oil prices, product demand, geopolitical developments and global supply conditions. The sustainability of these earnings will therefore depend partly on how market conditions evolve.
Jio Platforms Continues to Report Growth
Reliance’s digital services business also contributed to the company’s quarterly performance.
Jio Platforms reported revenue of ₹47,485 crore, an increase of 11.3% year-on-year. Its EBITDA increased 16.6% to ₹21,879 crore, according to the company’s reported segment figures.
Growth was supported by subscriber additions, higher average revenue per user and expansion in digital services.
Jio’s telecom operations have become an important earnings contributor for Reliance, while its digital businesses provide opportunities beyond traditional mobile connectivity.
The growth in digital services helped balance the company’s diversified business portfolio during the quarter.
Jio’s performance also attracted attention in the stock market following its recent public-market debut.
Retail Business Shows Revenue Growth but Faces Earnings Pressure
Reliance Retail reported revenue growth during the quarter, although its earnings performance was comparatively weaker than that of the O2C and digital services businesses.
The company said retail operations were affected by investments and a shift in the festive calendar.
This distinction is important because revenue growth does not necessarily translate into an equivalent increase in profitability.
Retail businesses can face pressure from operating expenses, store expansion, promotional activity and changes in consumer demand.
For Reliance, improving retail profitability while continuing to expand its physical and digital operations remains an important part of its wider growth strategy.
Goldman Sachs and Nomura Maintain Buy Ratings
The strong quarterly results prompted positive commentary from major brokerages.
Goldman Sachs and Nomura maintained their Buy ratings on Reliance Industries following the earnings announcement.
Goldman Sachs assigned a target price of ₹1,840 per share, while Nomura set a target price of ₹1,560.
Goldman Sachs highlighted the stronger-than-expected O2C performance, noting that quarterly EBITDA exceeded its estimates by approximately 9%.
Nomura also pointed to strong refining margins and the improvement in consolidated EBITDA.
These target prices represent brokerage estimates rather than guaranteed future share prices. Actual stock performance will depend on company results, market conditions, valuation and investor sentiment.
The Bigger Picture
Reliance Industries’ market-capitalisation milestone reflects the importance of its diversified business model to India’s stock market. Its operations span oil refining, petrochemicals, retail, telecommunications and digital services, giving investors exposure to several major sectors through one company.
The latest results also show how individual business segments can influence the group’s overall performance differently. Strong refining conditions supported earnings, while Jio continued to expand and retail faced profitability pressures. For investors, the important question is whether Reliance can maintain earnings growth across its businesses as commodity markets, consumer demand and competition evolve.
Looking Ahead
Investors will closely monitor refining margins, Jio’s subscriber growth, retail profitability and the company’s capital expenditure requirements in the coming quarters. The latest results have strengthened market sentiment, but the sustainability of the share-price rally will depend on whether the company can maintain its financial performance. Brokerage target prices may influence expectations, but they should not be treated as assured outcomes.
Reliance’s move above the ₹17 lakh crore market-capitalisation mark is another milestone for India’s largest listed company by market value. Its Q2 performance demonstrates the contribution of its energy and digital businesses, while the retail segment remains an area to watch. The company’s ability to balance growth, profitability and investment across these businesses will shape its financial performance in the remainder of FY27.
Frequently Asked Questions
1. Why did Reliance Industries shares surge over 8%?
Reliance shares rallied after the company announced record Q2 FY27 financial results. Strong revenue, EBITDA and net profit growth, particularly from the O2C business, supported investor sentiment.
2. What is Reliance Industries’ market capitalisation after the rally?
Reliance’s market capitalisation crossed ₹17 lakh crore during intraday trading on November 2, 2026, reaching approximately ₹17.05 lakh crore at the reported share-price high.
3. How much net profit did Reliance Industries report in Q2 FY27?
Reliance reported consolidated net profit, including its share of profits from associates and joint ventures, of ₹29,550 crore, up 33.8% year-on-year.
4. What was Reliance Industries’ Q2 FY27 revenue?
The company reported consolidated gross revenue of ₹3,62,268 crore, an increase of 27.8% compared with the same quarter last year.
5. Which Reliance business performed best in Q2 FY27?
The O2C business delivered particularly strong growth. Its EBITDA increased 67.9% year-on-year to ₹25,203 crore, supported by stronger refining conditions and improved petrochemical economics.
6. What are Goldman Sachs and Nomura’s target prices for Reliance shares?
Goldman Sachs maintained a Buy rating with a target price of ₹1,840, while Nomura maintained a Buy rating with a target price of ₹1,560. These are brokerage estimates, not guaranteed returns.
7. Did Reliance Retail also report strong earnings growth?
Retail revenue increased, but earnings faced pressure from investments and a shift in the festive calendar. Its performance was comparatively weaker than the O2C and digital services businesses.
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