Reliance Raises Net Profit 40.6% to 255.48 Billion Rupees in Second Quarter
Key Facts
Reliance Industries’ quarterly net profit rose 40.6% to 255.48 billion rupees in the quarter ended September 30, 2026, the second quarter of its 2026-2027 financial year. The result exceeded the average analyst estimate of 214.19 billion rupees, according to data compiled by the London Stock Exchange Group and cited by Reuters. The figures reflect profit growth during a period of strong performance in energy and digital services. Refining was the main driver of the increase, while the Jio digital platform provided additional support. The company reported results after the trading session closed, according to Reuters’ report published on October 30.
Core earnings at the refining unit rose 68% year on year, the fastest growth among the unit growth rates cited in the report. Mukesh Ambani said, "Tight fuel markets, improved petrochemical margins and strong domestic demand supported a strong quarter for the oil-to-chemicals business." The refinery processed record volumes of crude, according to Reuters. The company also redirected fuel exports to markets it described as more profitable, including Africa, Europe and Latin America. This shows that the unit’s support came not only from product margins, but also from directing exports to higher-return destinations.
Digital services contributed to the group’s strong results, with core earnings at the Jio platform rising 16.6% year on year. The platform had a major stock market listing earlier in the week, according to Reuters. At the group level, earnings before interest, taxes, depreciation and amortization rose 23.9% to a record 62,409 crore rupees. Profit before tax also increased 32.6% to 38,613 crore rupees. These indicators point to growth in operating profitability alongside contributions from refining and digital services.
Performance varied across business units, extending to retail, where the core earnings margin fell 120 basis points year on year to 7.8%. Reuters attributed the pressure to digital commerce investments, higher input costs and a delayed festive season. Net debt, meanwhile, declined to 1.17 lakh crore rupees on September 30, from 1.23 lakh crore rupees at the end of June. This means net debt fell during the quarter despite spending growth that weighed on the retail margin. The debt and margin figures provide additional context for assessing the results across the company’s different units.
Reliance shares closed at 1,164.90 rupees on the National Stock Exchange of India on October 30, down 0.21%. The close came before the results announcement, so it does not reflect a trading reaction to them, based on the announcement timing reported by Reuters. Looking to the next quarter, an analyst at Centrum Broking expected consumer electronics performance to improve in the December quarter, with seasonal demand potentially supporting growth. He said earnings-per-share growth could approach 15% in the current financial year, depending on the timing of the next tariff increase. That estimate remains conditional on the timing of the increase, according to the analyst’s comments carried by CNBC-TV18.