THEBUSINESSBYTES
BUREAU
MUMBAI,
OCTOBER 30, 2026
Reliance Industries
Limited (RIL), India's largest private-sector conglomerate, has delivered a
blockbuster financial performance in the second quarter of FY27, posting its
highest-ever quarterly consolidated revenue and record recurring profit,
powered by a stellar showing in its oil-to-chemicals (O2C) business.
The Mukesh Ambani-led
conglomerate reported a 33.8% year-on-year jump in consolidated profit to Rs
29,550 crore for the July-September quarter, while gross revenue surged 27.8%
to Rs 3,62,268 crore, marking an all-time quarterly high. The company's
consolidated earnings before interest, tax, depreciation and amortisation
(EBITDA) also touched a record Rs 62,409 crore, registering a robust 23.9%
increase from Rs 50,367 crore in the corresponding quarter of the previous
financial year.
The strong quarterly
performance further strengthened Reliance's earnings momentum, with
consolidated profit for the first half of FY27 crossing the Rs 50,000-crore
milestone to reach Rs 52,746 crore, the highest-ever recurring profit for the
period.
The O2C business
emerged as the principal growth engine, delivering its best-ever quarterly
performance. Segment EBITDA soared 67.9% year-on-year to Rs 25,203 crore, while
revenue jumped 44.2% to Rs 2,31,601 crore. The impressive growth was driven by
stronger transportation fuel refining margins and improved petrochemical
margins amid global supply disruptions.
"Our O2C
business delivered a particularly strong performance this quarter, led by tight
fuel markets, improved downstream petrochemical deltas and firm domestic
demand," said Mukesh Ambani, Chairman and Managing Director of Reliance
Industries.
Reliance Retail
Ventures Ltd continued to expand its revenue base, reporting a 6.4% year-on-year
increase in gross revenue to Rs 91,716 crore. However, EBITDA before a one-time
impairment charge declined 8.6% to Rs 6,228 crore, reflecting sustained
investments in digital commerce, elevated input costs and the impact of major
festivals shifting to the third quarter.
The company's digital
commerce ambitions continued to gain traction, with JioMart registering an
impressive 42% revenue growth compared with the corresponding quarter last
year, underscoring the expanding contribution of online retail to Reliance's
consumer business.
In contrast,
Reliance's oil and gas exploration business witnessed a marginal decline in
performance. Revenue slipped 0.6% year-on-year to Rs 6,020 crore, while EBITDA
declined 2% to Rs 4,901 crore. The moderation was primarily attributed to lower
natural gas production from the KG-D6 block and weaker price realisations.
"During 2Q FY27,
our businesses delivered a strong performance despite a complex operating
environment," Ambani said.
Reliance continued to
pursue its long-term expansion strategy, investing Rs 38,153 crore in capital
expenditure during the July-September quarter. The bulk of the spending was
channelled towards strengthening its O2C operations, advancing New Energy
projects and expanding its consumer-facing businesses.
The company's balance
sheet also showed an improvement in leverage. Net debt declined to Rs 1,17,140
crore as of September 30, 2026, compared with Rs 1,22,914 crore at the end of
the preceding quarter, reflecting a sequential reduction of Rs 5,774 crore.
With record quarterly
revenue, its highest recurring profit and a landmark EBITDA performance,
Reliance has entered the second half of FY27 on a strong financial footing.
