Reliance Posts Second-Quarter Profit After Tax of 29,250 Crore Rupees

Key Facts

Reliance Industries reported second-quarter fiscal 2027 profit after tax of 29,250 crore rupees, up 32% from 22,146 crore rupees in the year-earlier period, according to Business Standard. The company beat the 21,368 crore rupee profit estimate from 9 analysts surveyed by Bloomberg. Quarter on quarter, profit rose 27% from 23,196 crore rupees in the June quarter, while revenue increased 6% from 3.11 lakh crore rupees in the previous quarter, according to The Economic Times. The difference between the two profit measures highlights the importance of distinguishing profit after tax from net profit attributable to the company’s owners when reading results.

The oil-to-chemicals segment was a major driver of growth, with revenue rising 44.2% year on year to 231,601 crore rupees and earnings before interest, taxes, depreciation and amortization climbing 67.9% to 25,203 crore rupees, according to LiveMint. The company attributed the performance to tight fuel markets, improved downstream petrochemical margins and steady domestic demand, according to Business Standard. Chairman Mukesh Ambani said improvements in feedstock sourcing and product placement helped boost margin capture. Prices for most downstream chemical products rose 25% to 35% year on year in the September quarter, driven by higher feedstock prices, according to Business Standard. Refineries also recorded record crude processing levels, and the company redirected fuel exports to more profitable markets, including Africa, Europe and Latin America, according to Reuters.

The group’s performance extended beyond energy and chemicals. Jio Platforms’ revenue from operations rose 11.4% to 40,475 crore rupees, while its earnings before interest, taxes, depreciation and amortization increased 16.6% to 21,879 crore rupees, according to The Indian Express. Jio had 542.4 million subscribers at the end of September, compared with 506.4 million a year earlier, while its 5G user base exceeded 300 million. By contrast, core retail earnings fell 10.2% year on year, and its margin contracted 120 basis points to 7.8%, according to Reuters. The agency attributed pressure on the segment to digital commerce investments, higher input costs and a delayed festive season. Reliance plans to expand JioMart and its dark stores and improve delivery during fiscal 2027, before moving to monetization in 2028 and 2029, according to Reuters.

Ambani said commodity markets remained volatile and geopolitical tensions affected global supply chains, adding that the portfolio’s domestic focus, operating discipline and business integration helped the company navigate these conditions, according to The Indian Express. The quarterly results showed diverging performance across the group: strong growth in oil-to-chemicals and Jio, against pressure on core retail earnings. Jio Platforms’ IPO was subscribed 22 times, and Ambani said the company had become India’s second-largest company after its stock market listing during the week of the results announcement, according to The Indian Express. Jio’s performance and listing put the telecom business among the key developments coinciding with the group’s results. Reliance’s digital commerce expansion plans, according to the timeline reported by Reuters, are aimed at improving infrastructure and delivery ahead of the monetization phase scheduled for 2028 and 2029.

Capital expenditure was 38,153 crore rupees in the second quarter of fiscal 2027, according to Business Standard. Spending drivers included investments in the oil-to-chemicals segment and ongoing new energy projects, alongside the construction and expansion of infrastructure and distribution reach for consumer businesses. In a separate financing decision, the board on October 30, 2026, authorized the issuance of non-convertible debentures worth up to 15,000 crore rupees, in one or more tranches through a private placement, according to The Economic Times. The authorization sets the issuance cap and method, but does not specify a date for execution. In the market, the stock listed under ticker RIGD.L closed at 49.55 on October 30, compared with 48.85 in the previous session, according to EL7 data. The close came on the day the authorization was issued, as profit and revenue increased quarter on quarter and year on year.