Reliance Hits Record High: Q2 Revenue Soars to Rs 3.62 Lakh Crore, Profits Jump 33.8%
Reliance Industries hits record Q2 revenue of Rs 3.62 lakh crore with profits surging 33.8%. Discover the growth in O2C and Jio's historic IPO.
Reliance Industries Limited (RIL) has shattered its own records, reporting the highest-ever quarterly consolidated gross revenue of Rs 3,62,268 crore for the July-September quarter of the financial year 2026-27 (Q2 FY27). This represents a massive 27.8 per cent increase compared to the same period last year. The company's financial health is further underscored by a 33.8 per cent surge in profit, which reached a recurring quarterly peak of Rs 29,550 crore.
The company's consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) also hit a record high, climbing 23.9 per cent to Rs 62,409 crore, up from Rs 50,367 crore in the previous year's corresponding quarter. This strong momentum has pushed Reliance past the Rs 50,000 crore profit mark for the first half of FY27, with consolidated profits totaling Rs 52,746 crore.
O2C Business Leads the Charge
The Oil-to-Chemicals (O2C) segment emerged as the star performer of the quarter, delivering its best-ever quarterly results. The segment's EBITDA skyrocketed by 67.9 per cent year-on-year to reach Rs 25,203 crore, while revenue jumped 44.2 per cent to Rs 2,31,601 crore.
This exceptional growth was driven by stronger refining margins for transportation fuels and improved petrochemical margins, which were bolstered by global supply disruptions. Mukesh D Ambani, Chairman and Managing Director of Reliance Industries, attributed this success to tight fuel markets, firm domestic demand, and improved downstream petrochemical deltas.
Jio Platforms: Milestones and a Historic IPO
The digital services arm, Jio Platforms, continued its aggressive growth trajectory. Revenue rose by 11.3 per cent to Rs 47,485 crore, while EBITDA increased by 16.6 per cent to Rs 21,879 crore. The company also saw its Average Revenue Per User (ARPU) climb to Rs 218.8, up from Rs 211.4 a year ago.
Jio achieved two significant scale milestones during the quarter:
- 5G Adoption: Reached 300 million 5G mobile subscribers.
- Broadband Reach: Crossed 30 million fixed broadband subscribers.
The total customer base now stands at 542.4 million, with 9.1 million net additions in the quarter alone. Furthermore, the company completed the initial public offering (IPO) of Jio Platforms on October 28, 2026, raising Rs 30,188 crore. Described as India's largest IPO to date, the listing has made Jio Platforms the second-most valuable company in India. Ambani described the listing as a "historic moment" in the company's value creation journey.
Retail and Exploration: A Mixed Bag
Reliance Retail Ventures saw its gross revenue grow by 6.4 per cent to Rs 91,716 crore. However, the segment's EBITDA (before a one-time impairment charge) dipped by 8.6 per cent to Rs 6,228 crore. The company noted that this decline was due to higher input costs, investments in digital commerce, and the fact that major festivals shifted into the third quarter.
Despite the EBITDA dip, JioMart showed strong momentum with a 42 per cent year-on-year increase in revenue.
On the other hand, the oil and gas exploration business faced a slight downturn. Revenue fell 0.6 per cent to Rs 6,020 crore, and EBITDA decreased by 2 per cent to Rs 4,901 crore, primarily attributed to lower price realisations and reduced gas production from the KG-D6 block.
Investment and Debt Profile
Reliance continues to invest heavily in its future. Capital expenditure for the quarter totaled Rs 38,153 crore, focused primarily on New Energy projects, O2C, and the expansion of consumer-facing businesses.
In terms of liabilities, the company's net debt stood at Rs 1,17,140 crore as of September 30, 2026, showing a decrease from the Rs 1,22,914 crore reported at the end of the previous quarter.
"During 2Q FY27, our businesses delivered a strong performance despite a complex operating environment," stated Mukesh D Ambani.