Reliance Q2 results: record profit of Rs 29,550 crore led by oil-to-chemicals

RIL Q2 results 2026 show Reliance Industries posting a record quarterly profit, led by a sharp recovery in its oil-to-chemicals business. The company reported a consolidated profit after tax of Rs 29,550 crore for the July-September 2026 quarter (Q2 FY27), up 33.8% from Rs 22,092 crore a year earlier.

Reliance and Jio Platforms both reported their Q2 numbers on Friday, and both stocks are in focus when the market opens on Monday, 2 November.

RIL Q2 Results 2026: key numbers

• Consolidated revenue: Rs 3,62,268 crore, up 27.8% year on year
• EBITDA (operating profit before interest, tax, depreciation and amortisation): a record Rs 62,409 crore, up 23.9%
• Profit after tax: Rs 29,550 crore, up 33.8%
• Oil-to-chemicals (O2C) EBITDA: Rs 25,203 crore, up 67.9%
• O2C revenue: Rs 2,31,601 crore, up 44.2%

Oil-to-chemicals drives the gains

The O2C business, which covers refining and petrochemicals, delivered most of the improvement. Its EBITDA surged 67.9%, supported by higher global fuel margins and better petrochemical spreads, which is the gap between the price of inputs and the price of the products made from them. Supply disruptions in West Asia and other regions pushed transportation fuel margins higher, according to the report.

Chairman Mukesh Ambani said the businesses delivered a strong performance despite volatile commodity markets and geopolitical tensions. He pointed to tight fuel markets, better downstream petrochemical margins and firm domestic demand as the reasons for the O2C strength.

Jio Platforms and retail

Jio Platforms reported revenue of Rs 47,485 crore, up 11.3%, and net profit of Rs 21,879 crore, up 16.6%. Its profit margin widened by 250 basis points (2.5 percentage points) to 54.1%. Its net debt fell to Rs 8,800 crore after an initial public offering worth Rs 30,188 crore, which debuted on 28 October 2026. The company also reported a rise in average revenue per user (ARPU), a measure of earnings from each subscriber.

Retail was the weak spot. Reliance Retail Ventures’ profit after tax fell 24.3% to Rs 2,611 crore, even though revenue rose 6.4% to Rs 91,716 crore. Its EBITDA before a one-time impairment charge fell 8.6% to Rs 6,228 crore.

What to watch on Monday

The first trading session after the results will show how investors weigh the O2C recovery against the slowdown in retail. One analyst quoted by Mint expects the O2C recovery to continue into the next quarter. Fuel and petrochemical margins can shift quickly with commodity prices and geopolitical events, so the strength in this quarter may not repeat automatically.

Read more quarterly results news on ArthaWire.