Highest ever Revenue at Rs 362,268 crore, up 27.8% Y-o-Y
FinTech BizNews Service
Mumbai, 30 October, 2026: Reliance Industries today announced its Q2 FY27 results.
CONSOLIDATED RESULTS FOR QUARTER ENDED 30TH SEPTEMBER, 2026:
Highest ever Revenue at Rs 362,268 crore, up 27.8% Y-o-Y
Record quarterly EBITDA at Rs 62,409 crore, up 23.9% Y-o-Y
Quarterly PAT hits new high of Rs 29,550 crore, up 33.8% Y-o-Y
1H FY27 PAT crosses Rs 50,000 crore mark
Best ever O2C business performance, EBITDA at Rs 25,203 crore, up 67.9% Y-o-Y
Digital Services EBITDA at Rs 22,223 crore up 17.7% Y-o-Y
JPL has momentous capital market debut as India’s 2nd most valuable company
Quarterly Performance (2Q FY27 vs 2Q FY26)
Gross Revenue increased by 27.8% Y-o-Y to Rs 362,268 crore ($ 37.8 billion).
o JPL revenue increased by 11.3% Y-o-Y driven by continued subscriber additions, ARPU increase and healthy growth in digital services.
o RRVL revenue grew 6.4% Y-o-Y to Rs 91,716 crore, with performance impacted by the festive calendar shift to Q3.
o Oil to Chemicals (O2C) revenue increased by 44.2% Y-o-Y led by sharp increase in crude and product prices. Crude price for the quarter increased 40.6%, whereas transportation fuel prices were up 50-78% Y-o-Y. Prices for most of the downstream chemical products were up 25-35% Y-o-Y, driven by strong feedstock prices.
o Oil and Gas segment revenue was stable Y-o-Y. KGD6 gas production as well as price realization was lower, which was offset by higher condensate price realization. Further, improved volumes and price realization for CBM supported revenues.
EBITDA increased by 23.9% Y-o-Y to Rs 62,409 crore ($ 6.5 billion).
o JPL EBITDA increased by 16.6% Y-o-Y with strong revenue growth and margin expansion of 250 bps Y-o-Y.
o RRVL EBITDA decreased 8.6% Y-o-Y to Rs 6,228 crore, with margin at 7.8%, down 120 bps Y-o-
Y, reflecting planned investment phase in Digital Commerce, input-cost inflation absorbed for customers, and the festive shift to Q3.
o O2C EBITDA increased by 67.9% Y-o-Y with a steep rise in transportation fuel cracks and downstream petrochemical margins. Fuel cracks were up 3-3.7x in a very tight global refining environment. Polyester chain margins improved sharply by 33%, led by 15% higher PX delta and 52% increase in PTA delta. Earnings were constrained by higher crude oil premiums, elevated freight rates, SAED related costs and under-recoveries in domestic fuel retail.
o Oil and Gas segment EBITDA was lower by 2.0% on Y-o-Y basis on account of declining KG D6 gas revenues and higher GoI levies. This was partly offset by favourable movement in exchange rate.
Depreciation increased by 6.2% Y-o-Y to Rs 15,315 crore ($ 1.6 billion), largely on account of higher depreciation in Digital Services with capitalisation of 5G assets.
Finance Costs increased by 24.2% Y-o-Y to Rs 8,481 crore ($ 885 million), largely due to higher liability balances and capitalisation of 5G assets.
Tax Expenses increased by 34.2% Y-o-Y at Rs 9,363 crore ($ 977 million).
Profit After Tax and Share of Profit/(Loss) of Associates & JVs increased by 33.8% Y-o-Y to Rs 29,550 crore ($ 3.1 billion).
Capital Expenditure for the quarter ended 30th September 2026, stood at Rs 38,153 crore ($ 4.0 billion). 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.
Commenting on the results, Mukesh D. Ambani, Chairman and Managing Director, Reliance Industries Limited said: “This week marked a historic moment in Reliance’s value creation journey with Jio’s record-setting listing on Indian bourses. With over 22x subscription, and strong listing appreciation, the issue has set multiple global benchmarks. JPL is now India’s second largest company. It demonstrates the depth of confidence investors place in Jio’s solid foundation and strong growth visibility. I am proud to witness the rejuvenation of “the equity cult” originally pioneered by our founder-chairman during the 1977 Reliance IPO.
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. Against this backdrop, the domestic orientation of our portfolio, combined with operational discipline and versatility of our integrated businesses, helped Reliance navigate external volatility effectively.
Our O2C business delivered a particularly strong performance this quarter, led by tight fuel markets, improved downstream petrochemical deltas and firm domestic demand. Our ability to optimise feedstock sourcing and product placement along with operations across the value chain enabled us to improve margin capture. This performance underscores the strength and resilience of our O2C business.
The Digital Services business continued its robust growth this quarter. 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. The Jio IPO is a defining milestone. 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.
Reliance Retail had a steady quarter, with growth sustained across all formats and channels. Consumer demand stayed healthy, supported by our extensive physical and digital presence and our continued focus on serving the diverse needs of Indian consumers. Our consumer products business kept its growth momentum, with the FMCG brand portfolio gaining further ground among Indian consumers.
Our disciplined capital allocation has helped create businesses that provide sustainable cash-flows and will remain significant contributors to India’s energy independence and technology evolution.”
