Reliance Share Price Deliver Their Biggest Rally in Years
Reliance Industries shares grabbed investors’ attention on Monday, November 2, after the Mukesh Ambani-led conglomerate delivered record Q2 FY27 earnings. But the bigger question now is whether the company’s refining business can maintain its strong momentum in the December quarter.
Reliance Industries share price surged 8.1% intraday to ₹1,259, taking its market capitalisation above ₹17 lakh crore to approximately ₹17.05 lakh crore. The stock recorded its biggest intraday gain since April 2020 and emerged as the top Nifty gainer.
The rally also made Reliance Industries the biggest positive contributor to the benchmark index. At 11:20 am, the Sensex was up 966 points, or 1.3%, at 75,425, while the Nifty gained 274 points, or 1.2%, to 23,327.
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Reliance Share Price: Retail Q2 FY27: Why Did Profit Fall 24.3% Despite Revenue Growth?
Reliance Retail Ventures Ltd (RRVL), the retail arm of Reliance Industries, reported mixed financial performance for the July–September quarter of FY27. While revenue continued to grow, higher operating expenses, investments in digital commerce and the shift in the festive calendar weighed on profitability.
Reliance Retail Q2 FY27 financial performance
QUARTER ENDED SEPTEMBER 30, 2026
| Financial metric | Q2 FY27 | Q2 FY26 | YoY change |
|---|---|---|---|
| Gross revenue | ₹91,716 cr | ₹86,169 cr | +6.4% |
| Revenue from operations | ₹80,220 cr | ₹75,836 cr | +5.8% |
| EBITDA before impairment | ₹6,228 cr | ₹6,816 cr | -8.6% |
| EBITDA margin | 7.8% | 9.0% | -120 bps |
| PAT including associates and JVs | ₹2,611 cr | ₹3,451 cr | -24.3% |
Jio Platforms Q2 FY27: ARPU Rises to ₹218.8 as 5G Users Cross 300 Million
Jio Platforms delivered double-digit growth in revenue, EBITDA and net profit during Q2 FY27, supported by higher average revenue per user (ARPU), subscriber additions, increasing data consumption and expansion of its 5G and fixed broadband businesses.
The September-quarter results show that Reliance Industries‘ digital services business continues to strengthen its contribution to the group’s earnings, with improving customer monetisation and operating margins.
Jio Platforms Q2 FY27 Financial Performance
QUARTER ENDED SEPTEMBER 30, 2026
| Financial metric | Q2 FY27 | YoY growth |
|---|---|---|
| Gross Revenue | ₹47,485 crore | +11.3% |
| EBITDA | ₹21,879 crore | +16.6% |
| Profit After Tax (PAT) | ₹8,387 crore | +13.7% |
| EBITDA Margin | 54.1% | +250 bps |
Other financial details:
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Revenue from operations increased 11.4% to ₹40,475 crore.
-
EBITDA increased from ₹18,757 crore in Q2 FY26 to ₹21,879 crore.
-
PAT increased from ₹7,375 crore to ₹8,387 crore.
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EBITDA margin improved from 51.6% to 54.1%.
The improvement in EBITDA was supported by revenue growth, better operating leverage and margin expansion. However, higher finance costs, partly associated with 5G asset capitalisation, remained a factor affecting earnings.
Jio’s subscriber base reaches 542.4 million
Jio continued expanding its customer base during the September quarter.
| Operating indicator | Q2 FY27 |
|---|---|
| Total subscribers | 542.4 million |
| Net additions during quarter | 9.1 million |
| Monthly churn | 1.6% |
| 5G mobility users | 300 million |
| Monthly data consumption | 44.2 GB per customer |
The total subscriber base increased 7.1% year-on-year from 506.4 million.
Jio added 9.1 million net customers during Q2 FY27, compared with 8.3 million additions in the corresponding quarter last year.
Monthly churn declined to 1.6% from 1.9% a year earlier, indicating improved customer retention.
| Indicator | Key figure |
|---|---|
| Jio gross revenue | ₹47,485 crore |
| EBITDA | ₹21,879 crore |
| Net profit | ₹8,387 crore |
| Monthly ARPU | ₹218.8 |
| Total subscribers | 542.4 million |
| 5G subscribers | 300 million |
| Fixed broadband | 30 million |
| Jio AirFiber subscribers | 15.1 million |
| EBITDA margin | 54.1% |
| Data traffic growth | 22.1% |
Reliance O2C Business Emerges as the Biggest Earnings Driver
Reliance’s oil-to-chemicals (O2C) business delivered its strongest-ever quarterly performance, becoming a major driver of the company’s earnings growth.
O2C revenue surged 44.2% year-on-year to ₹2.32 lakh crore, while EBITDA jumped 67.9% to ₹25,203 crore. Its EBITDA margin expanded 160 basis points to 10.9%.
Transportation fuel cracks increased three to 3.7 times from a year earlier, reaching historic highs.
The petrochemicals business also witnessed improving conditions, with polyester margins reaching a three-year high. Paraxylene spreads increased 15%, while purified terephthalic acid spreads climbed 52%.
Meanwhile, Jio Platforms reported an 11.3% increase in revenue to ₹47,485 crore. EBITDA rose 16.6% to ₹21,879 crore, supported by subscriber additions, higher average revenue per user and digital services growth.
Can Reliance Refining Margins Remain Strong in Q3 FY27?
Investors are now closely tracking whether the refining boom can continue during October-December.
Dharmesh Kant of Chola Securities said favourable global trade developments supported Reliance’s O2C performance and expects these conditions to continue in Q3. He recommended investors consider buying Reliance shares on every dip.
However, higher very large crude carrier (VLCC) freight costs remain a concern. Goldman Sachs believes these additional expenses could moderate refining margins, although processing discounted heavy crude may partly offset the pressure.
Brent crude averaged $91.4 per barrel during Q2 FY27 following a September surge amid renewed US-Iran tensions.
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Goldman Sachs and Nomura See Further Upside in RIL Shares
Brokerage confidence has added another positive trigger for Reliance Industries shares.
Goldman Sachs maintained its Buy rating with a target price of ₹1,840, implying approximately 58% upside from Friday’s closing price of ₹1,164.90.
Nomura also retained its Buy recommendation with a target price of ₹1,560, citing multi-decade-high refining cracks and stronger-than-expected earnings.
Read More : Reliance Q2 FY27 Results on Oct 30: Rs 20,900 Crore Profit Seen, Retail the Weak Link
Here’s What Happened Today and Why Traders Reacted
The sharp buying interest in RIL shares came after the company reported its strongest-ever quarterly financial performance for Q2 FY27.
Consolidated revenue increased 28% year-on-year to a record ₹3.62 lakh crore. EBITDA climbed 24% to ₹62,409 crore, while consolidated net profit jumped 34% to ₹29,550 crore.
The performance exceeded market expectations and strengthened investor confidence in Reliance’s oil-to-chemicals, digital and retail businesses.
The stock also attracted buying interest after leading brokerages maintained their Buy ratings, highlighting the company’s earnings potential and strong refining performance.
What Should Traders and Investors Watch Next?
For traders, Reliance’s sharp rally could influence Nifty movement because of the stock’s significant index contribution. However, after an 8.1% intraday surge, volatility and profit-booking cannot be ruled out.
Long-term investors should monitor refining margins, crude procurement costs, freight expenses, Jio’s growth and retail profitability.
The key question is whether record Q2 earnings represent the beginning of a sustained earnings cycle or whether refining margins will moderate in Q3.
