Reliance Industries (RIL), India's largest company by revenue, profit, and market capitalization, reported significant double-digit growth in consolidated and standalone revenue, as well as net profit for the July-September 2026 quarter (Q2FY27). This growth was driven by sharp increases in prices for transport fuel and petrochemical products (petchem). The results surpassed consensus forecasts, and revenue and earnings before interest, depreciation, and taxes (PBIDT) reached record levels.
These financial reports were published two days after the conglomerate's record digital business listing on stock exchanges. Consolidated net profit attributable to shareholders increased by 40.6% year-over-year (Y-o-Y) to a record ₹25,548 crore in Q2FY27, compared to ₹18,165 crore in Q2FY26 and ₹20,946 crore in Q1FY27. Meanwhile, the company's declared net profit grew by 33.8% Y-o-Y to ₹29,550 crore.
For the first six months of the fiscal year 2027 (H1 FY27), declared net profit reached ₹52,746 crore, making RIL the first Indian company to cross the ₹50,000 crore mark in half a year. Furthermore, for the first time in India, RIL's revenue for the first half exceeded ₹6 trillion. Net profit attributable to owners stood at ₹46,494 crore.
Management Commentary
Commenting on the results, Mukesh D Ambani, Chairman and Managing Director of RIL, noted that the current week marked a historic moment in Reliance's value creation process due to the record listing of Jio on Indian stock exchanges. He emphasized that the IPO set many global standards thanks to strong post-listing growth with over 22 times subscription.
He also expressed pride in the revival of the 'shareholder capital cult,' which was initially established by the founder-chairman during Reliance's IPO in 1977. Bloomberg analysts had forecasted a net profit of ₹21,368 crore for the quarter.
RIL's consolidated net sales grew by 29.8% Y-o-Y, reaching an all-time high of ₹3.31 trillion in Q2FY27, compared to ₹2.55 trillion a year earlier and ₹3.09 trillion in Q1FY27. This figure also exceeded the projected value of ₹3.14 trillion.
Ambani explained that despite the challenging operating environment in Q2FY27, the business demonstrated strong performance. He noted that despite volatility in commodity markets and geopolitical tensions affecting global supply chains, the portfolio's domestic orientation, along with operational discipline and the versatility of the integrated business, helped Reliance effectively navigate external instability.
Significant Contribution from O2C Division
The Oil-to-Chemicals (O2C) division, which includes refining and petrochemical production, contributed slightly over 80% of the increase in consolidated gross revenue and earnings before interest and taxes (Ebit) in RIL in Q2FY27 compared to the previous year. Crude oil prices rose by 40% during the quarter amid a crisis in West Asia, and transport fuel prices increased by 50–78% Y-o-Y. The cost of most deep-refining products rose by 25–35% due to increased raw material costs.
RIL's standalone net sales, which primarily reflect O2C's operations, increased by 36.5% Y-o-Y, reaching ₹1.72 trillion in Q2FY27, while standalone net profit grew by 68.2% to ₹15,354 crore.
Earnings before interest, taxes, depreciation, and amortization (Ebitda) for the O2C segment surged by 68% Y-o-Y, amounting to ₹25,203 crore during the quarter. The growth was driven by a spike in transport fuel fractions prices and improved margins on deep-refining products. RIL reported that fuel fractions rose 3–3.7 times Y-o-Y and reached all-time highs. Polyester margins also recovered, reaching a three-year high, supported by changes in paraxylene and purified terephthalic acid prices. However, profit growth was constrained by expenses related to Special Additional Excise Duty (SAED) and missed profits in the Jio-bp business.
The O2C division added ₹71,043 crore to gross revenue in Q2FY27 compared to Q2FY26, while RIL's total gross revenue increased by ₹86,156 crore. In comparison, Jio Platforms, or digital services, contributed 5.7% revenue growth in Q2FY27, and Reliance Retail contributed 1.4%. Similarly, O2C accounted for 80.6% of RIL's consolidated Ebit growth in Q2FY27, while digital services contributed 18%. The contribution of retail declined as its EBIT fell by 18.4% Y-o-Y.
O2C's Ebit grew by ₹9,787 crore Y-o-Y in Q2FY27, compared to RIL's consolidated EBIT increase of ₹12,139 crore. Digital services added ₹2,184 crore to RIL's EBIT for the quarter. O2C's gross revenue grew by 44.2% Y-o-Y, reaching a record ₹2.32 trillion in Q2FY27, compared to ₹1.6 trillion a year earlier. This increase was 14.8% quarter-over-quarter (Q-o-Q) compared to approximately ₹2.02 trillion in Q1FY27. O2C's share in RIL's consolidated gross revenue rose to 57.4% in Q2FY27 from 50.7% a year earlier and 53.6% in Q1FY27. Its share in consolidated Ebit increased to 48.3% from 36.8% and 38.6% respectively.
Retail Faces Revenue Headwinds
Reliance Retail Ventures Ltd (RRVL) reported a 24.3% Y-o-Y decline in net profit, amounting to ₹2,611 crore in Q2FY27. During the quarter, the company recognized a one-time write-off of ₹108 crore following the closure of its 7-Eleven stores. The company also clarified that the festive quarter falls entirely in the third quarter.
Isha Ambani, CEO of RRVL, stated in the earnings report: 'We are building a retail ready for the future, 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 channels is working and is funded by the profits of the offline business.'
Retail's Ebitda decreased by 11.1% in Q2FY27 to ₹5,886 crore, while financial costs rose by 53.9% Y-o-Y to ₹905 crore. Mukesh Ambani noted that 'Reliance Retail has had a stable quarter, with growth sustained across all formats and channels. Consumer demand remained healthy, supported by our extensive physical and digital network and our constant focus on satisfying the diverse needs of Indian consumers. Our consumer goods business maintained growth momentum, and the FMCG brand portfolio gained new ground among Indian consumers.'
India's largest retailer reported operating revenue of ₹80,220 crore, which is 5.8% higher Y-o-Y, and gross revenue grew by 6.4% to ₹91,716 crore, adjusted for the separation of the consumer brands business.
Stable Performance of Jio Platforms
Jio Platforms, India's largest telecommunications service provider, reported a 13.7% Y-o-Y increase in net profit, reaching ₹8,389 crore in Q2FY27, compared to ₹7,379 crore. Revenue increased by 11.4% Y-o-Y to ₹40,475 crore. Compared to the previous quarter, net profit rose from ₹7,765 crore, and revenue rose from ₹39,173 crore.
Quarterly PBIDT increased by 16.6% Y-o-Y, reaching ₹21,879 crore. The margin expansion of 250 basis points was attributed to revenue growth and operating leverage.