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Reliance Industries H1FY27 profit crosses ₹50,000 crore for the first time - Published OnOct 30, 2026 | 19:59 IST - Last Updated OnOct 30, 2026 | 21:16 IST A stellar oil-to-chemicals performance and record Jio Platforms earnings powered the conglomerate's sharp profit acceleration, even as retail margins softened due to festive calendar shifts. Discover how management plans to sustain capital allocation across its expanding energy and digital verticals. Reliance Industries (RIL) Q2 results: RIL delivered its strongest-ever quarterly performance in the September quarter, with consolidated net profit surging 33.8% year-on-year to a record ₹29,550 crore and revenue rising 27.8% to an all-time high of ₹3.62 lakh crore. The company's first-half profit crossed ₹50,000 crore for the first time, as record earnings from its oil-to-chemicals (O2C) business and sustained growth in digital services offset a challenging global operating environment. Consolidated Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) rose 23.9% year-on-year to a record ₹62,409 crore, while profit before tax increased 32.6% to ₹38,613 crore. Revenue growth was broad-based across O2C, digital services and retail, even as inflationary pressures weighed on retail margins and the festive calendar shifted to the December quarter. O2C delivers record earnings and all-time high profitability Reliance's O2C business reported a 44.2% year-on-year jump in revenue to ₹2.32 lakh crore, while EBITDA surged 67.9% to an all-time high of ₹25,203 crore. The EBITDA margin expanded to 10.9% from 9.3% a year earlier. The performance was driven by higher crude oil and product prices, transportation fuel cracks that rose three to 3.7 times year-on-year to historic highs, and polyester chain margins reaching a three-year peak. The improvement in polyester margins was supported by stronger paraxylene and purified terephthalic acid price spreads. Despite disruptions linked to the Strait of Hormuz, Reliance achieved record crude processing volumes by sourcing supplies from Europe, Latin America and North America. Chairman and Managing Director Mukesh Ambani said the business benefited from tight fuel markets, improved downstream petrochemical spreads and firm domestic demand. He added that flexible feedstock sourcing and product placement helped the company improve margin capture across the value chain. Jio Platforms benefits from subscriber growth Jio Platforms reported an 11.3% year-on-year increase in gross revenue to ₹47,485 crore, while EBITDA grew 16.6% to ₹21,879 crore. Its EBITDA margin expanded 250 basis points to 54.1%. The digital services business continued to benefit from subscriber additions, higher average revenue per user (ARPU) and growth in digital services. ARPU rose 3.5% year-on-year to ₹218.8. Jio's subscriber base crossed 542 million, including more than 300 million 5G subscribers and 30 million fixed broadband connections. The company also completed its stock market listing on October 28 following a ₹30,188 crore initial public offering that was subscribed more than 22 times. Ambani described the listing as a defining milestone, reiterating the company's focus on developing indigenous technology platforms and digital services. He said, "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." Reliance Retail sees steady growth Reliance Retail's gross revenue increased 6.4% year-on-year to ₹91,716 crore, adjusted for the demerger of its Consumer Brands business. EBITDA before a one-time impairment charge stood at ₹6,228 crore, with a margin of 7.8%. The company said performance was affected by the shift of the festive calendar to the December quarter, higher input costs and continued investments in digital commerce and B2B operations. Retail transactions nevertheless grew 7% year-on-year, while the company added 303 stores, taking its total network to 19,947. Isha Ambani, Executive Director of Reliance Retail Ventures, said the company's combination of physical stores, digital commerce and B2B channels was supporting growth, with offline business profits funding expansion in newer channels. Oil and Gas earnings Reliance's oil and gas revenue declined 0.6% year-on-year to ₹6,020 crore, while EBITDA fell 2% to ₹4,901 crore. Lower production and price realisations from the KG-D6 gas fields were largely offset by higher condensate realisations and improved coal-bed methane volumes and pricing. At the consolidated level, Reliance's net debt declined to ₹1.17 lakh crore as of September 30, from ₹1.23 lakh crore at the end of June. Capital expenditure during the quarter stood at ₹38,153 crore, directed towards O2C, new energy projects and consumer business infrastructure. Analysts see strong refining margins, steady Jio growth Deven Choksey, Managing Director of DRChoksey FinServ, said Reliance's O2C performance benefited from exceptionally strong refining margins, particularly for diesel, and its ability to pass on higher crude costs quickly to customers. He said the company also benefited from lower-cost crude inventories and improved petrochemical spreads, helping it capture stronger margins across refining and petrochemicals. On Jio Platforms, Piyush Pandey, Research Analyst at Centrum Broking, described the results as broadly in line with expectations, with revenue growth supported by subscriber additions and higher average revenue per user (ARPU). Pandey expects Jio Platforms to deliver around 12% revenue growth, 13% EBITDA growth and 14-15% profit growth in the current financial year. Earnings per share growth could approach 15%, he said, depending on the timing of the next tariff increase. On retail, Choksey highlighted Reliance's portfolio of around 3,500 own brands as a potential margin lever, while pointing to quick commerce as a key driver of JioMart's growth. He also expects the consumer electronics business to perform relatively better in the December quarter, when festive-season demand could support growth. Reliance Industries shares settled at ₹1,164.90 apiece on the NSE, lower by 0.21%. Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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