# Reliance Q2 FY27 Results Explained: Profit Up 41% on a Record O2C Quarter > RIL's July-September 2026 results in plain English: INR 25,548 crore profit (+40.6%), record oil-to-chemicals earnings, Jio and Retail numbers, net debt, and what it means for RIL shareholders and Jio IPO allottees. - **Published**: 2026-11-01 - **Modified**: 2026-11-01 - **Category**: ipo - **URL**: https://www.tldr.money/articles/ipo/reliance-q2-fy27-results-explained --- Reliance Industries (RIL) has published its first quarterly results since Jio Platforms listed on the stock market. This page explains the **July-September 2026 quarter (Q2 FY27)** in plain English: what grew, what shrank, and what it means if you own RIL shares or got Jio shares in the IPO. For the bigger picture on RIL as a stock, see [Is Reliance Industries a good buy?](/articles/ipo/is-reliance-industries-a-good-buy). **Last updated: 1 November 2026 (Asia/Calcutta).** Results were approved and released on **Friday 30 October 2026**, after market hours. All company figures are from RIL's media release filed with the exchanges that day. Changes marked "our calculation" are worked out by us from those figures. > **Educational content, not investment advice.** This page explains reported results using company filings and reputable press. tldr.money is not a SEBI-registered investment adviser or research analyst. Nothing here is a recommendation to buy, sell or hold any security. Speak to a SEBI-registered adviser if you need personal advice.
- **Profit to owners:** INR 25,548 crore, **up 40.6%** from a year ago and about 22% from the June quarter. - **The big driver was fuel margins:** oil-to-chemicals (O2C) EBITDA jumped **67.9% to INR 25,203 crore**, RIL's best ever for that business. - **Jio grew steadily:** EBITDA up **16.6%**, ARPU **INR 218.8**, 542.4 million users. - **Retail slipped:** EBITDA down **8.6%**; RIL says festive shopping moved into October-December this year. - **Debt eased:** net debt fell to **INR 1,17,140 crore**. The Jio IPO cash came after the quarter, so it is not in these numbers yet.
Gross revenue INR 3,62,268 cr (+27.8% YoY); EBITDA INR 62,409 cr (+23.9%); profit to owners INR 25,548 cr (+40.6%); EPS INR 18.88; capex INR 38,153 cr; net debt INR 1,17,140 cr.
## The results in one table RIL is a group of businesses: refining and petrochemicals (O2C), Jio (digital), Reliance Retail, oil and gas production, plus media and new energy. "Consolidated" numbers add them all up. | INR crore | Q2 FY27 (Jul-Sep 2026) | Q1 FY27 (Apr-Jun 2026) | Q2 FY26 (Jul-Sep 2025) | Change YoY | |---|---|---|---|---| | Gross revenue | 3,62,268 | 3,40,257 | 2,83,548 | +27.8% | | Revenue from operations | 3,32,861 | 3,11,850 | 2,58,898 | +28.6% (our calc.) | | EBITDA | 62,409 | 54,067 | 50,367 | +23.9% | | EBITDA margin | 17.2% | 15.9% | 17.8% | −0.6 pts | | Profit after tax (incl. associates) | 29,550 | 23,196 | 22,092 | +33.8% | | Profit to RIL's owners | 25,548 | 20,946 | 18,165 | +40.6% | | EPS (INR , for the quarter) | 18.88 | 15.48 | 13.42 | +40.7% (our calc.) | Source: RIL media release, 30 October 2026.
- **EBITDA:** operating profit before interest, tax, depreciation and amortisation. A rough measure of how much the businesses earn from operations. - **Profit to owners:** the profit that belongs to RIL's own shareholders, after setting aside the share of partners and minority shareholders in Jio, Retail and other units. This is the number behind EPS. - **YoY / QoQ:** year on year (vs July-September 2025) and quarter on quarter (vs April-June 2026).
Profit grew faster than EBITDA because depreciation rose only 6.2% (to INR 15,315 crore). Interest costs rose 24.2% to INR 8,481 crore, which RIL attributes mainly to 5G network assets being put into use. Over the first half of FY27 (April-September), profit after tax including associates crossed **INR 50,000 crore** (INR 52,746 crore).
RIL EBITDA: INR 50,367 cr (Q2 FY26), INR 54,067 cr (Q1 FY27), INR 62,409 cr (Q2 FY27). Profit to owners: INR 18,165 cr, INR 20,946 cr, INR 25,548 cr.
## Business by business
Segment EBITDA INR 61,224 cr: O2C INR 25,203 cr (41%), Digital INR 22,223 cr (36%), Retail INR 6,120 cr (10%), Oil & gas INR 4,901 cr (8%), Others INR 2,777 cr (5%).
Segment EBITDA Q2 FY26 vs Q2 FY27: O2C INR 15,008 cr vs INR 25,203 cr; Digital INR 18,882 cr vs INR 22,223 cr; Retail INR 6,817 cr vs INR 6,120 cr; Oil & gas INR 5,002 cr vs INR 4,901 cr; Others INR 2,771 cr vs INR 2,777 cr.
### Oil-to-chemicals (O2C): a record quarter O2C is RIL's refining and petrochemicals business at Jamnagar and elsewhere. It turns crude oil into diesel, petrol, jet fuel and plastics. - **Revenue:** INR 2,31,601 crore, up 44.2%, helped by higher oil prices (Brent averaged **$97 a barrel**, up 40.6%). - **EBITDA:** INR 25,203 crore, up **67.9%** year on year and about 48% over the June quarter (our calculation). EBITDA margin was 10.9%. - **Why:** refining margins ("cracks") rose sharply. RIL's release points to supply disruption around the **Strait of Hormuz**. Polyester chain margins also rose 33%. - **What held it back:** special additional excise duty (SAED) on fuel exports and losses at Jio-bp's fuel pumps from selling below cost (under-recoveries).
Singapore cracks Q2 FY27: gasoil $65.8/bbl (+252%), jet/kerosene $59.3 (+268%), gasoline $24.9 (+196%).
Anant Ambani, Executive Director, called it O2C's "best ever quarterly performance." ### Jio Platforms: the first report as a listed company Jio Platforms listed on **28 October 2026** at INR 1,358 against an issue price of INR 1,119, and closed its first day near INR 1,417 ([listing-day details](/articles/ipo/jio-ipo-listing-gain)). These are Jio's numbers for July-September, before the IPO.
Jio revenue from operations INR 40,475 cr (+11.4%); EBITDA INR 21,879 cr (+16.6%, 54.1% margin); profit INR 8,387 cr (+13.7%); ARPU INR 218.8 (+3.5%); 542.4 mn subscribers; 30.0 mn home broadband.
- **ARPU** (average revenue per user per month) rose to **INR 218.8** from INR 215.6 in the June quarter. - **Users:** 542.4 million, including about **300 million on 5G**. Monthly churn was 1.6%. - **Home broadband:** 30.0 million connections, of which 15.1 million on AirFiber. - **Margins widened:** EBITDA margin rose 250 basis points to 54.1%. - **IPO money:** INR 30,188 crore raised (27 crore new shares at INR 1,119). RIL says **INR 27,500 crore** has been used to prepay foreign currency loans of Reliance Jio Infocomm. Mukesh Ambani called it a "record-setting listing... over 22x subscription" and said JPL "is now India's second largest company." ### Retail: festive timing hurt - **Revenue:** INR 91,716 crore, up 6.4% (on a comparable basis, after the consumer brands business was demerged). - **EBITDA:** INR 6,228 crore before a INR 108 crore impairment, **down 8.6%**; margin fell 120 basis points to 7.8%. - **Profit:** INR 2,611 crore, down 24.3%. - **Why:** RIL says the festive season shifted into Q3 this year. Transactions still rose 7% and JioMart revenue grew 42%. The store count ended at 19,947 after 303 openings and a net reduction of 222. ### Oil & gas: lower prices and output EBITDA was INR 4,901 crore, slightly down from INR 5,002 crore. KG-D6 gas sold at **$8.88 per MMBTU** versus $9.97 a year ago, and KG-D6 production fell 9% to 57.8 BCFe. ### Media, new energy and AI - **JioStar** (media): revenue INR 6,806 crore (+10.1%), EBITDA INR 1,502 crore (−13.6%). - **New energy:** the release gives no separate revenue or profit figures. It says the quarter's capex was "largely driven by investments in the O2C and New Energy projects." Brokerage Nuvama, quoted by Mint, expects new energy to start contributing in FY28. That is a brokerage estimate, not company guidance. - **AI data centres:** the Q2 release has no new numbers on RIL's AI infrastructure plans. We will update this page if the company gives details. ## Debt, capex and cash - **Capex:** INR 38,153 crore this quarter (excluding spectrum), compared with INR 38,682 crore in June and INR 40,010 crore a year ago. - **Net debt:** INR 1,17,140 crore (gross debt INR 3,84,952 crore minus cash INR 2,67,812 crore). Net debt is about **0.47 times** annualised EBITDA, down from 0.57 in June. - **Fund-raising:** RIL issued INR 12,000 crore of non-convertible debentures (NCDs) during the quarter. The Economic Times reports the board also approved raising up to INR 15,000 crore more through NCDs.
RIL net debt: Sep 2025 INR 1,18,545 cr; Mar 2026 INR 1,24,717 cr; Jun 2026 INR 1,22,914 cr; Sep 2026 INR 1,17,140 cr.
## How the market saw it - **Against expectations:** Business Today, citing Bloomberg, put the consensus net profit estimate at about INR 21,367 crore, so the reported INR 25,548 crore came in well above. Equirus, quoted by Mint, said EBITDA was 11% above consensus. - **Share price:** RIL closed at **INR 1,163.55** on BSE on Friday 30 October, near its 52-week low of INR 1,152.20 (Mint). The results came out that evening, so **Monday 2 November** is the first session to trade on them. - **Brokerages (as reported by Mint):** Nuvama kept a Buy rating but cut its target to INR 1,703 from INR 1,766. Equirus kept a Long view with a INR 1,537 target, under review. These are third-party opinions, not ours. ## What it means for you
The quarter shows how much RIL still depends on refining margins: O2C supplied about 41% of segment EBITDA. Strong fuel cracks lifted profit this time, but cracks move with geopolitics and can fall quickly. Jio gives steadier growth; Retail had a soft quarter. Your RIL share still carries about 64.5% of Jio's economics (our calculation from the post-IPO 64.48% stake).
These are Jio's last pre-IPO numbers: revenue up 11.4%, EBITDA up 16.6%, ARPU INR 218.8. Jio Platforms is now listed separately, so watch its own filings too. Anchor shares start unlocking from 24 November 2026 ([lock-in timeline](/articles/ipo/jio-ipo-lock-in-shareholder-selling)). For tax on any sale, see [tax on IPO listing gains](/articles/ipo/ipo-listing-gains-tax).
If you hold both, remember that Jio's profits are counted inside RIL's consolidated results. Adding the two market caps double-counts RIL's 64.48% stake. ## Risks to watch
The record O2C quarter rested on unusually high fuel cracks tied to supply disruption. **What it means for you:** if cracks fall back to normal, RIL's profit growth could slow sharply even if Jio and Retail do well.
Special additional excise duty on exports and under-recoveries at Jio-bp pumps already capped O2C gains this quarter. **What it means for you:** policy changes can move earnings as much as oil markets do.
Retail EBITDA and profit fell year on year and the store count shrank on a net basis. **What it means for you:** a strong October-December festive quarter is now needed to back up the timing explanation.
Capex of INR 38,153 crore a quarter and higher interest costs mean cash keeps going into new projects, including new energy, which is not yet reported as a separate profit line. **What it means for you:** returns on those projects are still unproven.
## Related guides - [Is Reliance Industries a good buy?](/articles/ipo/is-reliance-industries-a-good-buy) - [Jio IPO listing gain and top valuations](/articles/ipo/jio-ipo-listing-gain) - [Jio IPO lock-in and shareholder selling](/articles/ipo/jio-ipo-lock-in-shareholder-selling) - [Jio IPO: DRHP and RHP breakdown](/articles/ipo/jio-ipo) - [Jio vs Airtel](/articles/ipo/jio-vs-airtel) - [Tax on IPO listing gains](/articles/ipo/ipo-listing-gains-tax) - [IPO overview](/ipo) ## Sources Company filings first. Links accessed 31 October-1 November 2026. - [RIL media release: Q2 FY2026-27 financial and operational performance, 30 October 2026 (PDF, ril.com)](https://www.ril.com/sites/default/files/2026-10/30102026_Media%20Release_RIL_Q2_FY2026-27_Financial_and_Operational_Performance.pdf) (all company figures, segment data, Jio, Retail, O2C, net debt, quotes) - [Same media release as filed with BSE (PDF)](https://www.bseindia.com/xml-data/corpfiling/AttachLive/aacc5fc7-25e5-4901-b682-d9911fe1d21b.pdf) - [Jio Platforms post-issue shareholding annexure on BSE (PDF)](https://www.bseindia.com/downloads/UploadDocs/Notices/Attach/AnnexureII$f5d7fb22-efc0-4715-8187-14d888264f6b.pdf) (RIL's 64.48% stake) - [The Economic Times: Reliance Q2 results, profit up 41% to INR 25,548 crore, 30 October 2026](https://economictimes.indiatimes.com/markets/stocks/earnings/reliance-industries-q2-results-profit-shoots-up-41-yoy-to-rs-25548-crore-revenue-up-12/articleshow/135361960.cms) (NCD enabling resolution) - [Mint: Reliance Industries Q2 results 2026, 30 October 2026](https://www.livemint.com/market/stock-market-news/reliance-industries-q2-results-2026-ril-quarterly-earnings-announced-check-profit-revenue-ebitda-11793369864628.html) (release timing, closing price) - [Mint: Reliance shares, buy, sell or hold after Q2 results, brokerage views](https://www.livemint.com/market/stock-market-news/reliance-shares-buy-sell-or-hold-after-q2-results-2026-ril-stock-up-384-in-10-yrs-brokerages-advice-to-investors-11793504303710.html) (Nuvama, Equirus) - [Indian Express: Reliance Industries Q2 results, 30 October 2026](https://indianexpress.com/article/business/reliance-industries-q2-results-revenue-net-profit-growth-10943804/) - [Business Today: RIL shares ahead of Q2 results, consensus estimates, 30 October 2026](https://www.businesstoday.in/markets/stocks/story/ril-shares-fall-ahead-of-q2-results-fundraise-key-expectations-consensus-target-564715-2026-10-30) (Bloomberg consensus) - [Business Today: Who owns Jio Platforms after listing, 29 October 2026](https://www.businesstoday.in/latest/trends/photo/who-owns-jio-platforms-reliance-meta-google-and-the-global-investors-behind-the-newly-listed-company-564550-2026-10-29) --- - [More ipo articles](https://www.tldr.money/articles/category/ipo) - [All articles](https://www.tldr.money/articles)