Reliance Industries Limited (RIL), led by Mukesh Ambani, reported a 40.6% year-on-year increase in consolidated net profit attributable to shareholders to ₹25,548 crore for the second quarter of financial year 2026-27 (Q2 FY27). The company had reported ₹18,165 crore in the corresponding quarter last year. Revenue from operations rose 28% to a record ₹3.38 lakh crore, supported by stronger refining earnings and growth in digital services.
The September-quarter performance was primarily driven by Reliance’s oil-to-chemicals (O2C) business, which benefited from improved global refining margins and stronger petrochemical profitability. Jio Platforms also reported higher revenue and profit, while the retail business remained relatively subdued. The results demonstrate how Reliance’s diversified business portfolio helped offset uneven performance across its different segments.
Key Takeaways
- Net profit attributable to shareholders: ₹25,548 crore, up 40.6% year-on-year.
- Revenue from operations: ₹3.38 lakh crore, up 28% year-on-year.
- O2C EBITDA: ₹25,203 crore, up 68% year-on-year.
- Jio Platforms profit: ₹8,387 crore, up approximately 14%.
- Jio revenue: ₹40,475 crore, up 11.4%.
- Earnings per share: ₹18.88, compared with ₹13.42 in Q2 FY26.
- Fundraising plan: Board approved an enabling resolution for issuing up to ₹15,000 crore in non-convertible debentures.
Reliance Industries Q2 Profit Rises 40.6% to ₹25,548 Crore
Reliance Industries reported consolidated net profit attributable to shareholders of ₹25,548 crore in Q2 FY27, compared with ₹18,165 crore in Q2 FY26.
The result exceeded the analyst estimate of approximately ₹21,419 crore reported by Business Standard. Profit also increased from ₹20,946 crore in the June quarter, indicating stronger sequential performance.
Revenue from operations increased 28% year-on-year to ₹3.38 lakh crore, setting a new quarterly record. Earnings per share rose to ₹18.88 from ₹13.42 a year earlier.
The improvement came primarily from the company’s refining and petrochemical operations, alongside continued growth in digital services.
One important point when interpreting the results is that the profit figure of ₹25,548 crore represents earnings attributable to RIL shareholders. It should not be confused with broader consolidated profit measures that may include the share of earnings from associates and joint ventures.
O2C Business Becomes the Biggest Profit Growth Driver
Reliance’s oil-to-chemicals business emerged as the strongest contributor to the quarter’s earnings growth.
The segment reported EBITDA of ₹25,203 crore in Q2 FY27, increasing 68% from ₹15,008 crore in the year-ago quarter. Segment revenue rose 44% to approximately ₹2.31 lakh crore.
The improvement was supported by stronger refining margins, better transportation fuel realisations and improved petrochemical margins.
Global fuel markets experienced supply disruptions and tighter product availability, supporting higher refining margins. Reliance also benefited from improved sourcing and refining operations.
Diesel and aviation fuel refining margins strengthen
The improvement in fuel cracks was particularly significant.
| Refining indicator | Q2 FY27 performance |
|---|---|
| Diesel refining cracks | $65.8 per barrel |
| Jet fuel cracks | $59.3 per barrel |
| Gasoline cracks | $24.9 per barrel |
| O2C EBITDA | ₹25,203 crore |
| O2C EBITDA growth | 68% YoY |
Diesel refining cracks increased 252% year-on-year, while jet fuel cracks rose 268%. Gasoline cracks nearly tripled to $24.9 per barrel.
A refining crack spread represents the difference between the price of crude oil and the price of refined petroleum products. Higher crack spreads can improve refinery profitability, although actual earnings also depend on crude sourcing costs, operating expenses and product mix.
Petrochemical profitability improved as well. Polyester chain margins increased 33% to their highest levels in three years.
Reliance’s refinery throughput recovered to 20.6 million tonnes from 18.1 million tonnes in the previous quarter, which had been affected by planned maintenance.
However, higher freight costs, crude premiums and under-recoveries in domestic fuel retailing partially offset the gains.
Jio Platforms Reports 14% Profit Growth
Reliance’s digital services business, Jio Platforms, also contributed to the company’s performance.
Jio Platforms reported profit after tax of ₹8,387 crore in Q2 FY27, up approximately 14% from ₹7,379 crore in the corresponding quarter last year.
Revenue from operations increased 11.4% to ₹40,475 crore from ₹36,332 crore.
Its EBITDA rose 16.6% to ₹21,879 crore, while the EBITDA margin expanded to 54.1%.
Subscriber additions and higher ARPU support growth
Jio added approximately 91 lakh subscribers during the quarter, taking its customer base to 54.24 crore from 53.33 crore at the end of June.
Its average revenue per user (ARPU) increased to ₹218.8 per month, compared with ₹215.6 in the previous quarter and ₹211.4 a year earlier.
ARPU measures the average monthly revenue generated from each customer. Higher ARPU can support revenue growth even without a proportional increase in subscribers.
Other important developments included:
- Jio’s 5G subscriber base crossed 30 crore.
- Fixed broadband connections reached 3 crore.
- Monthly data consumption per customer increased to 44.2 GB from 38.7 GB a year earlier.
The results were also significant because they followed Jio Platforms’ stock market listing earlier in the week.
Reliance Retail Delivers a Relatively Subdued Performance
While O2C and digital services supported earnings, Reliance Retail’s performance was comparatively weaker.
Reliance Retail Ventures reported a 24.3% year-on-year decline in Q2 FY27 net profit to ₹2,611 crore. Revenue from operations increased 5.8% to ₹80,220 crore.
Its operating EBITDA declined 11.1% to ₹5,886 crore, while finance costs increased 53.9% to ₹905 crore.
The company cited the shift in the festive calendar to the December quarter as one factor affecting its September-quarter performance.
Reliance Retail operates across grocery, fashion, lifestyle, consumer electronics and digital commerce. Its performance is important to RIL because the retail business represents a major part of the group’s consumer-facing operations.
The contrast between retail and O2C also highlights the diversified nature of Reliance’s earnings. Strong performance in one segment can offset weaker results elsewhere, but sustained growth across businesses remains important.
Reliance Plans to Raise Up to ₹15,000 Crore Through NCDs
Alongside its quarterly results, Reliance Industries announced a fundraising plan through non-convertible debentures (NCDs).
The company’s board passed an enabling resolution authorising the issuance of up to ₹15,000 crore in listed, secured or unsecured, redeemable NCDs.
The proposed fundraising will take place through private placement in one or more tranches.
NCDs are debt instruments that companies issue to raise money from investors. Unlike convertible debentures, they do not automatically convert into equity shares.
The resolution authorises the company to proceed with the fundraising within the approved limit. It does not mean that the entire ₹15,000 crore has already been raised.
The funds could provide additional financing flexibility for Reliance’s business and investment requirements. The actual issuance details, including timing and terms, will depend on subsequent decisions and market conditions.
The Bigger Picture
Reliance Industries’ Q2 FY27 results show how its integrated business model can benefit from different sources of growth. Higher refining margins provided a major boost to O2C earnings, while Jio continued to expand its subscriber base, improve ARPU and increase digital services revenue. These contributions helped offset relatively weak retail profitability.
However, the quarter also highlights Reliance’s exposure to global commodity markets. Strong refining margins can significantly improve earnings, but these conditions can change with crude prices, fuel demand, geopolitical developments and refinery supply. The longer-term performance of digital services, retail and new energy investments will therefore remain important to the company’s overall growth strategy.
Looking Ahead
Reliance Industries will need to maintain operating momentum across its major businesses as it moves into the second half of FY27. O2C earnings will remain sensitive to global refining and petrochemical margins, while Jio’s growth will depend on subscriber additions, ARPU improvement and increasing demand for broadband and digital services. Retail’s ability to improve store productivity and operating margins will also be closely watched.
For investors, the key indicators will include consolidated revenue, EBITDA, refining margins, Jio’s ARPU, retail profitability and capital expenditure. The Q2 results provide evidence of strong earnings growth, but sustaining that performance will depend on how effectively Reliance manages commodity-market volatility while expanding its consumer and digital businesses.
Frequently Asked Questions
1. What was Reliance Industries’ net profit in Q2 FY27?
Reliance Industries reported consolidated net profit attributable to shareholders of ₹25,548 crore in Q2 FY27, up 40.6% from ₹18,165 crore in Q2 FY26.
2. What was RIL’s revenue in Q2 FY27?
Revenue from operations increased 28% year-on-year to a record ₹3.38 lakh crore.
3. Which business contributed most to Reliance’s profit growth?
The oil-to-chemicals business was the biggest earnings growth driver. Its EBITDA increased 68% year-on-year to ₹25,203 crore.
4. How did Jio Platforms perform in Q2 FY27?
Jio Platforms reported profit after tax of ₹8,387 crore, up approximately 14%, while revenue from operations rose 11.4% to ₹40,475 crore.
5. How did Reliance Retail perform?
Reliance Retail reported a 24.3% decline in net profit to ₹2,611 crore, although revenue from operations increased 5.8% to ₹80,220 crore.
6. How much money does Reliance plan to raise through NCDs?
Reliance Industries’ board approved an enabling resolution to issue up to ₹15,000 crore in non-convertible debentures through private placement in one or more tranches.
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