Reliance Industries Limited (RIL) reported its strongest-ever quarterly financial performance for Q2 FY27, with record revenue, EBITDA and net profit. The September 2026 quarter benefited from strong performance in its oil-to-chemicals (O2C) business and continued growth in digital services.
The company’s consolidated revenue increased 27.8% year-on-year to ₹3,62,268 crore, while quarterly profit reached a record ₹29,550 crore, up 33.8%. EBITDA also climbed 23.9% to ₹62,409 crore.
Here are 10 major highlights from Reliance Industries’ Q2 FY27 results.
1. Record quarterly net profit
Reliance reported quarterly profit of ₹29,550 crore, compared with ₹22,092 crore in the corresponding quarter last year. First-half profit crossed ₹50,000 crore for the first time, reaching ₹52,746 crore.
2. Highest-ever revenue
Consolidated revenue reached ₹3.62 lakh crore, representing 27.8% year-on-year growth. Higher oil-to-chemicals revenue and expansion in digital services supported the increase.
3. EBITDA reaches a new high
Quarterly EBITDA increased 23.9% to ₹62,409 crore. However, the EBITDA margin moderated to 17.2%, compared with 17.8% a year earlier.
4. Jio Platforms delivers steady growth
Jio Platforms recorded revenue of ₹47,485 crore, up 11.3%, while profit increased 13.7% to ₹8,387 crore. Its subscriber base reached 54.24 crore, including 30 crore 5G subscribers.
5. Jio ARPU continues to improve
Average revenue per user (ARPU) increased 3.5% year-on-year to ₹218.8. Monthly data consumption reached 44.2 GB per user, reflecting continued growth in digital usage.
6. Reliance Retail faces margin pressure
Reliance Retail Ventures reported gross revenue of ₹91,716 crore, up 6.4% year-on-year on an adjusted basis. However, EBITDA before one-time impairment declined 8.6% to ₹6,228 crore, partly reflecting higher costs and the shift in the festive calendar.
7. O2C business records strong performance
The oil-to-chemicals segment was a major growth driver. Revenue increased 44.2% to ₹2.32 lakh crore, while EBITDA surged 67.9% to ₹25,203 crore, supported by stronger fuel margins and improved chemical spreads.
8. Oil and gas business remains under pressure
Oil and gas revenue declined marginally by 0.6% to ₹6,020 crore. EBITDA fell 2% to ₹4,901 crore, primarily due to lower KG-D6 production and gas price realisation.
9. JioStar continues to expand
JioStar reported revenue from operations of ₹6,806 crore, growing 10.1% year-on-year. Its platform JioHotstar averaged approximately 44 crore monthly active users during the quarter.
10. Capital expenditure and debt position
Reliance spent ₹38,153 crore on capital expenditure during the quarter. Cash and cash equivalents stood at ₹2.68 lakh crore, while net debt was ₹1,17,140 crore, lower than the year-ago level.
What do Reliance’s Q2 results indicate?
Reliance Industries’ Q2 FY27 results demonstrate the contribution of its diversified business model, particularly the strong performance of O2C and Jio Platforms. At the same time, weaker retail EBITDA and lower oil-and-gas earnings highlight areas that investors should monitor.
Going forward, investors will be watching the expansion of Jio’s digital ecosystem, retail profitability, new energy investments and the sustainability of O2C margins.
Disclaimer: This article is for informational and educational purposes only. It is not investment advice. Investors should conduct their own research before making investment decisions.